Bezos sells $2bn Amazon shares
Business
ESG 2023 net profit at US$187m
Business
Aldar net profit $1.19bn
Business
Etihad Atheeb 9M profit $47m
Business
Business
NHC, NAVER Cloud ink pact
The pact aims at establishing advanced digital solutions.
- The agreement aims to boost cooperation, achieve common goals, exchange experience in the application of the innovative solutions.
- The pact will help achieve the strategic visions of the municipal and housing sectors by adopting the best technologies for a sustainable future.
Business
General Motors Q3 profit surge
Revenues rose five percent to $44.1 billion, the company said.
- The big US automaker reported third-quarter profits of $3.1 billion, down seven percent from the year-ago period but better than analyst estimates
- GM notched higher vehicle sales in the United States amid still-strong pricing trends for popular truck and sport utility vehicles
Business
Stora Enso posts loss again
Stora Enso registered a loss of $272m euros in Q2 2023.
- The Finland-based company said it lost 34 million euros in the third quarter, down from the 367-million-euro net profit during the July to September period last year
- After experiencing sales growth in 2021 and 2022, Stora Enso saw sales tumble by 28 percent in the third quarter compared to the same period last year, to 2.1 billion euros
Business
DEWA okays H1 dividend of $843m
The company had reported a net profit of $540 million for Q2.
- The Board of Directors of DEWA authorized the payment of H1 2023 dividend on 10th August 2023.
- On 26th October 2023, the dividend will be paid to all shareholders via Dubai CSD.
Business
Aramco, ENOWA ink pact
The firms will jointly establish an e-fuel demonstration plant.
- The e-fuel technology has the potential to reduce CO2 emissions by over 70 percent on a complete life cycle basis.
- The integrated facility will generate 12 tons of synthetic methanol per day from green hydrogen and CO2, using proprietary technologies.
Business
RSG, KHC set up joint venture
The JV will develop and own the Four Seasons Resort Red Sea.
- The anticipated luxury resort is situated on Shura Island, the main hub for Red Sea destinations.
- It will offer 149 rooms and suites, plus 31 residential properties, as well as six restaurants and lounge outlets.
Business
Al Seer Marine, L3Harris renew pact
They have partnered with each other for the past six years.
- Al Seer Marine said the renewal of this new agreement will capitalize on L3Harris' extensive international experience in the design and deployment of uncrewed platforms.
- It will also enhance Al Seer Marine's ability to continue manufacturing and delivering Unmanned Surface Vessels (USV) across various markets in the Gulf Cooperation Council region.
Business
RAKBANK reports highest ever net profit
The bank's income increased by 35.4% year-on-year.
- The bank's income increased by 35.4% year-on-year, thanks to continued growth in low-cost deposits and expansion across all segments of its business
- The bank maintained strong credit quality, with a cost of risk at 2.5% and an impaired loan coverage ratio of 210.3% for the YTD through September 2023
Business
British Steel to cut 2000 jobs
British Steel is battling losses of $36 million a month.
- The potential staff cuts are said to be a key plank of plans to replace its coal-powered blast furnaces with electric arc furnace (EAF) technology.
- The switch could unlock new funding for Chinese group Jingye, which has owned British Steel since 2020, including up to £300 million of taxpayer funding.
Business
Qatar Airways’ CEO to quit
Akbar Al Baker led the state-owned airline for over 25 years.
- According to the reports which cited a memo to staff, Baker, who led the firm for over 25 years, is due to step down from November 5.
- Akbar Al Baker has been widely credited with transforming the fortunes of the fledgling airline he took control of in 1997,
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Company News
QEWC 2023 net profit US$426m
Business
Air Arabia 2023 net profit $408m
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Latest News
Bezos sells $2bn Amazon shares
Business
ESG 2023 net profit at US$187m
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Aldar net profit $1.19bn
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Business
Masdar to buy stake in Terra-Gen
Masdar to buy 50 percent stake in Terra-Gen from ECP.
- Masdar’s US portfolio of utility-scale wind, solar and storage assets has a generating capacity of over 1.4 GW.
- The US market will play a vital role as Masdar plans to build a renewable energy portfolio of 100 GW capacity by 2030
AstraZeneca to buy Fusion
The $2.4bn deal is its latest expansion into cancer treatments.
- Fusion is developing next-generation radiotherapy to treat cancer via precise targeting that minimizes damage to healthy cells
- AstraZeneca, whose cancer treatments represent a third of its overall sales, saw its share price drop one percent following the news
Business
Sovcomflot 2023 net profit $900m
In 2023, the firm demonstrated strong financial results.
- The company's revenue increased by 22.6 percent in 2023
- Sovcomflot’s operating profit in 2023 doubled to $1.16 billion.