Nationwide offers to buy Virgin Money
Nationwide has offered US$3.7 billion for Virgin Money.
Business
Business
PIF sets up SRJ Sports Investments firm
The investments are expected to localize partnerships.
- The new company will target businesses specialized in offering unique fan engagement activities and transformative sports technology.
- This firm will help bolster Saudi Arabia’s position as one of the world’s leading sports and entertainment destinations.
Business
Dubai Investments net rises to $157m
Real estate sector remains one of the key business verticals.
- Total income for the Group increased by 31 percent from US$422 million (AED 1.55 billion) in H1 2022 to US$552 million (AED 2.03 billion) during H1 2023.
- Total shareholder equity increased to US$3.5 billon as of June 30 2023, compared to US$3.5 billion (AED12.84 billion) as of year ended December 31 2022.
Business
ADNOC Gas H1 revenue $10.6bn
The decline in revenue is due to lower gas prices.
- The second quarter revenue stood at AED 19.8 billion, compared to Pro Forma Adjusted Revenue of AED 26.1 billion in Q2 2022.
- ADNOC Gas said it shifted towards higher-margin export liquids and focused on increased efficiency.
Business
Empower H1 2023 revenue at $333m
The company’s EBITDA in H1 2023 was US$178 million.
- In the July 2022 to June 2023 period, Empower’s consolidated revenue was US$778 million.
- Empower CEO said the firm continues to expand investments in its portfolio of assets and infrastructure.
Business
Burjeel Holdings H1 net profit $61m
Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.
- Burjeel Holding reported revenue of US$599 million, up 13.9 percent y-o-y during H1 2023.
- The net profit was attributable to robust topline growth and significantly lower finance costs.
Business
ADNOC Drilling posts $446m net profit
The increase was attributed to expansion in fleet and services.
- ADNOC Drilling’s first half revenue increased to $1.4 billion, up 13 percent year-on-year.
- Second quarter revenue grew by 8 percent year-on-year to $724 million and by percent sequentially.
Business
ADNOC to acquire stake in Absheron field
TotalEnergies and SOCAR will hold 35% stake each in the field.
- Entering into a strategic partnership with SOCAR also elevates ADNOC’s long-standing partnership with TotalEnergies, who until now had held a 50% share alongside SOCAR in Absheron.
- The partnership will enable ADNOC to build a major footprint in a region with prolific natural resources and significant growth potential.
Business
Adidas posts $92m Q2 profit
Adidas now expects to end the year with an operating loss of $492m.
- The German sportswear giant reported a net profit of 84 million euros ($92 million) from April to June.
- Adidas shares were up 1.4 percent on the Frankfurt Stock Exchange after the results were released.
Business
Americana posts $144m H1 net profit
The company reported revenues of $1.24 billion for H1.
- In the second quarter of 2023, the company delivered 13.5 percent revenue growth compared to Q2 2022.
- Net profit (attributable to shareholders of the parent company) for Q2 2023 was US$86.6 million, an increase of 16.7 percent.
Business
EIH buys stake in Gewan Holding
Acquisition aims to diversify and expand into several sectors.
- EIH has cultivated a diversified, innovative, and sustainable investment portfolio comprising over 30 companies across various sectors.
- Gewan is a diversified holding company operating in various sectors, including real estate, general trading, hospitality, travel and tourism.
Company News
Hyundai to sell Russian plant
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AviLease, SDH Wings Sign MoU
Business
ADQ, ADNEC Group sign agreements
They will buy 40.5% stake in TMG Holding’s hospitality business.
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Business
OYO New Year Eve bookings up 64%
Oman emerges top performer in the GCC region.
- Saudi Arabia with 59 percent and United Arab Emirates with 31 percent growth were the other top performers.
- Siniya Island Resorts, a luxurious property in Dubai, was one of the most preferred destinations for new year celebrations.
Business
Borouge signs supply agreement
The two-year agreement is worth AED 160 million ($43.56 million).
- Under the two-year agreement, Borouge will provide advanced infrastructure solutions to NAFFCO for various infrastructure projects across the region.
- The Guggenheim Museum, the Riyadh city project, Mohamed bin Zayed City and the Yas Island Development Project are some of the projects.
Business
GSK to buy Aiolos Bio
The focus is on an asthma medication still at the testing stage.
- The acquisition hands GSK access to AIO-001, a long-acting antibody which is ready to enter Phase II clinical development for the treatment of adults with asthma
- AIO-001 was exclusively licensed to Aiolos outside of China by Jiangsu Hengrui Pharmaceuticals, which initially developed the asthma treatment