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Company News

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

Alujain widens 2025 loss

The increase in loss is due to impairment charges, weaker prices.

Masar 2025 net profit $262m

Higher land plot sales boost revenue and operating income.

Tasnee’s 2025 losses deepen

The petrochemicals' company's revenue also fell 17.7 percent.

DP World 2025 revenue $24.4bn

The profit for the year up 32.2% to reach $1.96bn.

CI Capital 2023 revenue $134m

The firm’s performance was fueled by strong growth.

EDGE Group, Indra form JV

It will make next-generation radar systems in UAE.

Business
Business

General Motors Q2 profits up

Revenues were recorded at $44.7 billion, up 25 percent.
  • General Motors (GM) reported profits of $2.6 billion, up 52 percent from the year-ago level.
  • GM scored higher deliveries compared with the year-ago period in both North America and China.
Business

Aldar to redevelop two malls

The plan is part of AED 1bn revitalization project.
  • The first phase of the project will focus on enhancing the customer experience and solidifying Al Jimi Mall's position as the go-to shopping hub for both residents and visitors.
  • The redevelopment plan seeks to increase the Gross Leasable Area (GLA) by a significant 20 percent, expanding it to 91,000 square meters.
Business

Al Rajhi Bank’s profit dips marginally

The decline was attributed to decrease in total operating income.
  • There was a decrease in impairment charge for financing from SAR 1.15 billion to SAR 719 million by 38 percent.
  • The second-quarter net profit declined 3 percent to SAR 4.15 billion from SAR 4.25 billion in Q2 2022.
Business

Bank Albilad H1 profit up 14%

The H1 profit reached SAR 1.14bn ($303m) and Q2 profit SAR 585.9m.
  • Albilad said net income has increased in the first half due to the increase in total operating income by 4 percent.
  • The Q2 2023 net profit rose by 15 percent to SAR 585.9 million from SAR 510.98 million in Q2 2022.
Business

ANB profit up 51 percent in H1

The growth was backed by net special commission income.
  • The bank reported an increase in the net provisions for expected credit losses and other provisions.
  • The second-quarter net profit jumped 39 percent to SAR 986 million from SAR 707.69 million in Q2 2022. 
Business

IHG to open Hotel Indigo in Oxagon

Oxagon is a coastal industrial city in Saudi Arabia's NEOM.
  • The 250-key Hotel Indigo property will be situated in the Oxagon’s first residential community and will open its doors in 2026.
  • IHG currently operates 37 hotels across five brands in Saudi Arabia, including InterContinental, Crowne Plaza and Holiday Inn.
Business

FAB second quarter net profit $1.14bn

The rise attributed to increase in net interest and non-interest income.
  • For the first six months of 2023, the net profit was $2.19 billion, up 7 percent from $2.08 billion.
  • The company said the operating income was $1.82 billion, up 37 percent from 2022.
Business

FAB H1 2023 net profit $2.2bn

It is highest ever profit achieved by FAB in a half-year.
  • Return on Tangible Equity (ROTE) increased substantially to 18.6 percent as of June-end 2023.
  • Strong capital accretion lifted group Common Equity Tier 1 to 13.6 percent as of June-end 2023.
Business

AD Ports Group, CMEC ink MoU

The two companies will explore opportunities globally.
  • The two companies will cooperate in various fields including global industry and infrastructure development, financing, building.
  • The agreement will be valid for three years and will focus on achieving complementary advantages, sharing resources.
Business

Volvo Cars Q2 net profit $342m

Firm in profit despite high inflation, rising interest rates.
  • Volvo Cars reported a 25 percent increase in retail sales, with 178,800 units sold in the second quarter.
  • Central banks have been raising interest rates in efforts to cool consumer price increases.

CI Capital 2023 revenue $134m

The firm’s performance was fueled by strong growth.

Company News

EVIQ to set up infra for EVs in KSA

ADNOC Drilling, Alpha Dhabi set up JV

DEWA Q3 2023 revenue $2.5bn

ADNOC Distribution Q3 net profit $227m

MIS net profit $7.1m in 9M 2023

Latest News

Baims acquires Orcas Edtech

The firm plans to incorporate one-to-one tutoring services.
Business

Bahrain Steel raises $450m SLL

The company produces and supplies high-grade iron ore pellets.
Business

ADQ appoints new ADX chairman

The company also appointed two new Board directors.
Business

Most Read

Business

Dragon Oil, Turkmennebit ink MoU

Aim is to expand Dragon Oil’s investments in Turkmenistan.
  • Dragon Oil has been engaged in oil and gas cooperation with Turkmenistan on the basis of a production sharing agreement since 2000.
  • The company’s primary focus is on the extraction of hydrocarbon resources in the Caspian Sea, in the Cheleken Contract Area.
Business

Tesla to recall 1.6m EVs in China

China is a vital component in US-based Tesla's global layout.
  • Problems related to assisted driving functions and door-locking systems are said to be the reason for the recall of cars
  • The recall also includes 7,538 imported Tesla models made between October 26, 2022 and November 16, 2023
Business

PIF completes investment in MEPCO

The sovereign wealth fund acquired 23% stake in the firm.
  • MEPCO is a manufacturer specializing in the production and recycling of paper-based products in the Middle East and North Africa region.
  • PIF aims to expand MEPCO production, enhance its operational efficiency, and support environmental sustainability, through recyclable products, including paper goods.