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Company News

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Burjeel profit nearly doubles

Healthcare demand drives stronger earnings.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

Business

TAQA H1 net income $1bn

The group's revenue reached $7.73 billion.

Business
Business

Al Akaria signs $610m infra contracts

The Public Investment Fund is a related party to the contracts.
  • The contracts pertain to development of the main infrastructure networks and bridges for the Qiddiya project.
  • The contracts also include the design, construction, testing and commissioning of a sewage treatment plant.
Business

Investcorp portfolio firm listed

The firm, PT Multitrend Indo, was listed on the Indonesian stock exchange.
  • This is Investcorp's first IPO on the Indonesian stock exchange and the 26th IPO in the Firm's 40-year history.
  • Investcorp currently has five offices spread across Asia with over US$1.2 billion invested in 40 portfolio companies.
Business

Alpha Dhabi acquires stake in Metito

With this deal, Alpha Dhabi marks entry into water and wastewater domain.
  • The acquisition sees Alpha Dhabi purchasing the majority stake from selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital.
  • The Ghandour family, Metito's founding shareholders, will retain their leadership roles.
Business

Amazon to pour US$4bn into Anthropic

Its investment will heat up the race for dominance in AI.
  • As part of the deal, Anthropic will use Amazon's chips and its cloud services -- the data cen that store and process data on a vast scale -- for "mission critical workloads"
  • The deal intensifies competition between Amazon and Google, which had earlier opened its cloud services to Anthropic and invested $300 million to acquire 10 percent of the company
Business

Microsoft to acquire Activision Blizzard

Activision Blizzard makes popular games like "Call of Duty".
  • The transaction faced scrutiny from regulators in the United States as well as Britain, where the CMA blocked a similar deal in April.
  • Activision Blizzard CEO Bobby Kotick said the UK regulator's announcement was "a significant milestone for the merger".
Business

ADIB completes $750m sukuk redemption

The sukuk, issued on Sept 20, 2018, carried profit rate of 7.125%.
  • ADIB redeemed them at the trustee call amount, equivalent to the prevailing face value of the certificates along with any outstanding payments as of September 20, 2023.
  • Earlier in July 2023, ADIB had successfully raised an additional $750 million through the issuance of new additional tier-one (AT1) perpetual sukuk.
Business

Cisco buys Splunk for US$28bn

Splunk is a software platform that uses AI to identify malware.
  • Cisco will pay a premium of $157 per share, up from the $120 Splunk traded at before the announcement.
  • According to the company's website, Splunk was founded in 2003 and holds over 1,100 patents.
Business

Securiguard Middle East renews contract

Firm won $109 million contract extending over four years.
  • The contract can be extended for an additional two years in the event of satisfactory service.
  • The firm will deploy a team of over 2,000 experienced and qualified guards across Abu Dhabi.
Business

MODON inks $133 m pact

The pact will help manufacture vaccines in Saudi Arabia.
  • MODON and Vaccine Industrial Company will set up a joint venture factory in Sadeer City to strengthen the pharmaceutical security system.
  • It is in line with MODON's strategy to create an integrated industrial and investment community to attract national and foreign investor partners.
Business

Aramco, Cenomi see 4 negotiated deals

The $32.81 million deals were registered by Tadawul.
  • A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price.
  • The negotiated deal does not directly impact the last deal price, highest/lowest stock price and opening/closing price.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.
Business

Company News

Al Arabia subsidiary wins Dubai contract

CBI 2023 net profit at $46.5m

Aramco Digital, Intel to join hands

Mammoet, Aertssen sign agreement

PureHealth buys Circle Health

Latest News

Masdar to buy stake in Terra-Gen

Masdar to buy 50 percent stake in Terra-Gen from ECP.
Business

AstraZeneca to buy Fusion

The $2.4bn deal is its latest expansion into cancer treatments.

Sovcomflot 2023 net profit $900m   

In 2023, the firm demonstrated strong financial results.
Business
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INSEAD Day 4- 300x600

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Business

AstraZeneca to buy Amolyt for $1bn

It will pay $800 million upfront for the Lyon-based company.
  • The London-listed group added that the transaction would bolster its rare diseases division Alexion.
  • AstraZeneca's share price was up 0.1 percent in early morning London trading following the news.
Business

DP World 2023 profit is $1.5bn

The company's revenue grew 6.6 percent to $18.25 billion.
  • DP World logged a 13 percent decarbonization in Scope 1 and Scope 2 carbon emissions.
  • The cash generated from the company's operating activities rose to $4.5 billion in 2023.

Inditex posts record net profit

Inditex, the world's biggest fashion retailer, is owned by Zara.
  • The net profit of Inditex reached 5.4 billion euros ($5.9 billion) last year, up 30 percent from 4.1 billion euros in 2022
  • The figure was in line with the expectations of analysts polled by financial data firm FactSet, who predicted profits of 5.36 billion euros