ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
Business
Business
ADCB prices $650m green bond
The bond will be used to finance eligible green assets.
- It was 2.9 times oversubscribed, attracting interest from a range of local, regional and international investors that placed total orders of over $1.9 billion.
- As of 30th June 2023, ADCB’s eligible green loan portfolio had experienced notable year-on-year growth of 61 percent, reaching $1.65 billion, he said.
Business
L’Occitane shares nosedive
Shares dropped 29% after talks on taking the firm private called off.
- The firm, headquartered in Luxembourg and Geneva, said last month it was considering a possible take-private deal with an offer price of no less than HK$26 ($3.30) per share.
- The group's portfolio includes L'Occitane en Provence, French beauty brand Melvita, Korean skincare line Erborian, and Elemis, a British care product brand
Business
Arm seeks $52bn valuation
Arm is a world leader in designing chips that are used in smartphones.
- Arm's IPO is being closely watched by the financial markets, with large tech IPOs something of a rarity in recent months.
- Tech giants including Nvidia, Apple, Samsung Electronics and Intel are interested in investing in Arm once the company is listed.
Business
Turkish Airlines orders 10 A350 Airbus
The airline disclosed no financial details in a statement.
- Turkish Airlines now has 14 A350-900s and 20 Boeing 787-9 Dreamliners, which is the European jet's main competitor in the long-range.
- An A350-900 was worth 317.4 million euros ($343 million) in 2018, when the aircraft manufacturer's price catalogue was last released.
Business
Mubadala, Petrobras sign MoU
The two parties will explore potential investment in a biofuel project.
- The biofuel project currently being developed by Mubadala Capital in the State of Bahia, Brazil.
- The MoU builds on biorefinery project to produce renewable diesel and sustainable aviation fuel derived from Macauba, a native Brazilian crop.
Business
Emirates NBD invests in Komgo
The equity investment was made by Emirates NBD's Innovation Fund.
- Emirates NBD's corporate venture capital arm will enable the Group to invest in tech start-ups and companies supporting its digital strategy.
- Komgo has diverse customer base that includes more than 200 multinational corporations and global trade banks.
Business
PIF to buy Hadeed, Rajhi Steel
New firm will help Kingdom’s steel-making capacity.
- The transactions are in line with PIF’s broader efforts to accelerate Saudi Arabia’s industrial development.
- Move will help in construction, automotive, utilities, renewables, transport sectors in line with Saudi Vision 2030.
Business
Alahmadi joins SHUAA Board
He is set to be part of the Board's Investment Committee.
- Alahmadi's career includes stints at global giants like Mubadala and Rothschild & Co. More recently, he was associated with the CEO Office of ADQ
- His current portfolio also includes a position as an independent member of the Audit and Risk Committee for ADX-listed firm, Presight AI Holdings.
Business
Estithmar opens new subsidiary in Jordan
The subsidiary was set up in partnership with a Jordanian company.
- In August, Estithmar Holding subsidiary Elegancia Healthcare established a branch in Iraq.
- Estithmar Holding had signed agreements with the Iraqi investment authority worth $7 billion.
Business
SABIC-Sinopec China plant opens
The plant is located in their jointly owned petrochemical firm.
- Sinopec SABIC Tianjin Petrochemical Company, established in 2009, consisting of nine manufacturing units.
- The production capacity of the new polycarbonate factory is 260,000 tons per year.
ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
Business
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ADQ, ADNEC Group sign agreements
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QNB net profits up 8% in 2023
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Infosys lowers revenue forecasts
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Toyota sells record number of vehicles in 2023
It is the world's top automaker for the fourth year in a row.
Business
Dubai Investments buys GFP stake
GFP secures nearly $60 million in equity financing to expand its network.
Business
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Ryanair quarterly profit dives 93%
The carrier flies mostly throughout Europe.
- The carrier, which flies mostly throughout Europe, said net profit slumped to 14.8 million euros ($16 million) in the final three months of 2023
- Chief executive Michael O'Leary said Ryanair was narrowing its forecast for annual net profit to a range of 1.85 billion and 1.95 billion euros
Business
DAE, Turkish Airlines ink pact
Turkish Airlines will take on lease 10 Boeing 737-8 aircraft.
- The aircraft are scheduled to be delivered in 2025.
- DAE owns and manages 96 737 MAX family aircraft.
Business
QatarEnergy, Excelerate sign agreement
Under the 15-year deal, they will supply LNG to Bangladesh.
- Excelerate will purchase 0.85 MTPA of LNG in 2026 and 2027, and one MTPA from 2028 to 2040.
- Qatar is the largest LNG supplier to Bangladesh and aspires to continue being the LNG supplier of choice for partners in the South Asia LNG markets.