Business
Ryanair inks pact with Joramco
The airline is likely to carry 300m passengers a year by 2034.
- Ryanair will now utilize six heavy maintenance lines at the new facility in Amman- Jordan where Joramco is set to conduct 41 checks
- The 110,000sq meter facility will facilitate the heavy maintenance of Ryanair’s aircraft as the airline grows its fleet to 800 aircraft.
Business
ICIEC, SAPICO ink pact
Pact to enhance commercial activities between the two.
- The ICIEC is a member of the Islamic Development Bank (IsDB) Group and a leading Shariah-compliant multilateral insurer.
- This partnership aligns with both parties' shared vision of fostering international trade and economic development.
Geostrategy
French President says change in existing world order would weaken West, Europe
PARIS, FRANCE - Attempts to change the existing world order threaten to weaken the West and especially Europe, French President...
- Emmanuel Macron said the role of the UN Security Council, International Monetary Fund and World Bank are constantly being challenged.
- Emmanuel Macron said the role of the UN Security Council, International Monetary Fund and World Bank are constantly being challenged.
Business
AviLease acquires aircraft leasing platform
The $3.6bn deal will see AviLease acquire a portfolio of 100 aircraft.
- The combined platform will own and manage 167 of the latest technology, fuel efficient aircraft, consisting of 145 owned valued at around $6 billion.
- AviLease arranged $2.1 billion of competitive bridge financing commitments from four banks: BNP Paribas, Citibank N.A., HSBC Bank Middle East and MUFG Bank.
Business
SAMI launches radio systems line
PIF-owned SAMI will be partnering with the Ministry of Defense.
- SAMI CEO Waleed Abdulmajeed Abu Khalid underlined the partnership in strengthening relationships with L3Harris, the world's leading defense company.
- In June, SAMI signed an agreement with Safran Helicopter Engines for engine maintenance and repair.
Business
NIDC drills 195 oil wells in 2 years
Wells were drilled in onshore, offshore operations.
- The oil and gas wells were put into operation by affiliated companies of the National Iranian Oil Company.
- 13 wells were completed 201 days sooner than expected due to round-the-clock efforts of NIDC’s employees.
Business
$202m contract signed for Jeddah project
The contract involves MEP works for Al Muhammadiyah Hospital.
- The contract was signed between Zamil Air Conditioning and Refrigeration Services Co. Ltd. and Al Muhammadiyah Hospital for Healthcare Co.
- Sulaiman Al Habib plans to finance the project from its own resources and Shariah-compliant long-term bank loans.
Business
Evergrande posts H1 loss
Firm said it has $556 million remaining in cash assets.
- The developer's January-June losses amounted to 33 billion yuan ($4.53 billion), compared to 66.4 billion yuan lost in the same period last year.
- Its statement on Sunday estimated its liabilities now stood at almost $328 billion, down from nearly $340 billion at the end of 2022.
Business
stc Group begins work in Europe
stc’s subsidiary TAWAL buys assets in eastern Europe.
- TAWAL aims to ensure a reliable and efficient ICT infrastructure network to all mobile networks operators in the market.
- TAWAL aims to bring significant investments, best processes and practices, as well as innovative products to its portfolio.
Business
Bing, LinkedIn vow more ads transparency
It comes as EU rules on tech platforms enter into force.
- Internet giants must now enforce the milestone EU's Digital Services Act (DSA), which demands they protect users online from harmful content.
- Microsoft-owned LinkedIn said in a blog post they had implemented this change for the desktop and mobile version of the network.
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Company News
Nokia sees ‘challenging’ 2024
Business
Latest News
Masdar, 3 firms sign agreement
Business
Siemens posts increased Q1 profit
The company said orders nearly doubled in mobility division.
Business
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Business
DEWA 2023 net profit $2.15bn
The system demand for power surged to 56.5 TWh in 2023.
- The fourth quarter revenue was AED 7.1 billion and net profit AED 1.8 billion. The full-year audited results are expected to be released in the first week of March 2024.
- DEWA’s annual consolidated revenue increased by 7 percent, mainly driven by an increase in demand for electricity, water and cooling services.
Business
Alibaba share buyback program up $25bn
Following the announcement, the firm's shares rise 5% in trading.
- In the quarter ending Mar 31, Alibaba posted sales of 260.3 billion yuan ($36.7 billion), up five percent year on year, the firm said -- but below analysts' forecasts.
- Based in eastern China's Hangzhou, Alibaba is a key player in the country's digital sector and is considered a barometer of consumer spending in the world's second-largest economy.
Business
ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
- The company said it successfully delivered on the five-year target it communicated to the market during its first Capital Markets Day in May 2019.
- The company recommended a dividend of $350 million for the second half of 2023.