Business
DUBAL, Oriental Copper ink MoU
JV will manufacture high-quality copper products in UAE.
- As per the agreement, DUBAL Holding will assist with local resources and be a co-investor.
- Oriental Copper will contribute its extensive technical, operational, and market expertise.
Business
SABIC H1 net profit slumps 87%
The second quarter net profit fell 85 percent on weaker demand.
- Year to date, SABIC's share in the results of non-integral joint ventures and associated companies decreased versus prior year.
- Compared to Q1 2023, net profit climbed 78.8 percent from SAR 660 million, due to the re-measurement gains in option rights related to joint venture agreements.
Business
DAE H1 profit up 13%
The company posted a 15% increase in revenue to $670 million.
- The company acquired seven aircraft (two owned and five managed), while 16 aircraft were sold (10 owned and six managed), it added.
- A total of 64 lease agreements, extensions and amendments were signed -- 48 owned and 16 managed -- while its customers were spread across 60 countries.
Business
Mubadala invests in Aligned
Mubadala will become a minority partner with this investment.
- Aligned offers both Scale Data Centers (colocation) and Build-to-Scale (build-to-suit) solutions to support global hyperscale and enterprise customers.
- The investment is part of Mubadala’s expanding global digital infrastructure portfolio headed by its Executive Director, Mounir Barakat.
Business
Arabian Drilling H1 profit up 36%
The company has approved a cash dividend of SAR225 million.
- In a Tadawul disclosure, the company said that is second-quarter net profit climbed 22.8 percent to SAR 140 million from SAR 114 million in Q2 2022.
- The increase was mainly due to the additional revenue from the two new offshore rigs (AD110 and AD120) that started in December 2022.
Business
e& H1 net profit $1.27bn
The company's second quarter net profit increased 4% year on year.
- In a statement, the company said its consolidated EBITDA reached AED 12.8 billion, resulting in an EBITDA margin of 48 percent.
- In the UAE, etisalat by e& recorded 13.9 million subscribers, an increase of 5.1 percent compared to the same period of last year.
Business
Ooredoo Algeria gets new CEO
Roni Tohme, the Acting CEO, has been confirmed as the CEO.
- Tohme brings over 21 years of experience in telecoms and finance to his new role, having previously served as Ooredoo Algeria’s Chief Financial Officer.
- During his tenure as CFO, he played a vital role in shaping an agile and lean finance department, contributing to the company’s business transformation.
Business
Alpha Dhabi’s H1 net profit $2.8bn
The company's revenue grew by 29 percent year on year.
- The Group's total assets were AED 127.9 billion and cash position strong with AED 17.6 billion.
- Alpha Dhabi joint venture with Mubadala Investment Company aims to co-invest in credit opportunities.
Business
Bupa Arabia H1 2023 net profit $149m
Rise was driven by a jump in insurance revenue.
- The corresponding figure in the same period last year - H1 2022- was US$79.8 million.
- The company reported a jump of US$74.9 million YoY in insurance services results.
Business
SABIC AN profit slumps 71% in H1
The drop was even higher (79 percent) in the second quarter.
- The company attributed the H1 drop in profit to a decrease in average selling prices of company's products by 47 percent and a drop in sales volumes by 2 percent.
- The company's net profit dropped by 33.6 percent in Q2, from SAR 980.6 million in Q1 2023, as average selling prices fell by 18 percent.
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Nokia sees ‘challenging’ 2024
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Masdar, 3 firms sign agreement
Business
Google AI research hub in Paris to host 300 experts
The new hub part of a trend for big tech firms to base teams in European centers.
Business
Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.
Business
solutions by stc, Devoteam ink MoU
The aim is to foster avenues for collaboration in technology.
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Business
ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.
- ESG’s total assets witnessed a massive rise, standing at US$833 million.
- This is a significant 168 percent growth compared to December 2022.
Business
Aldar net profit $1.19bn
Expanded investment and record development sales boosted profit.
- Aldar reported the highest-ever quarterly development sales of AED 8.5 billion in Q4, with full-year sales hitting a record AED 27.9 billion.
- Development revenue backlog doubled to AED 36.8 billion, providing strong income visibility over the next two to three years, Aldar said.
Business
Etihad Atheeb 9M profit $47m
Higher revenues from various segments boosted profit.
- Allowance for impairment in trade receivables and finance charges (FCs) declined during the same period, Argaam reported.
- On a quarterly basis, the telecom operator's third quarter leapt from SAR 47.9 million in Q2 2023/24.