Business
Allen & Overy to merge with US peer
The merged firm will have a combined revenues of $3.4bn.
- The new group, called Allen Overy Shearman Sterling or A&O Shearman, was "truly a game-changing moment for both firms".
- The merged firm will have around 3,900 lawyers and about 800 partners across a total of 49 offices worldwide.
Business
East Pipes, Aramco sign $480m contract
The firm will manufacture pipes for the global energy giant.
- East Pipes said the financial impact of the 12-month contract will show in the second half of 2023 and the first quarter of 2024.
- On 14 May, the company signed a contract with Abdullah Ibrahim Al Sayegh & Sons, valued at SAR81 million, for supplying steel pipes to the firm.
Business
Maaden Q1 net profit down 81%
The company posted a net profit of $111 million.
- The company said in a statement that the net profit was impacted by lower EBITDA of SAR 2.18 billion (Q1 2022 SAR 4.40 billion).
- Argaam reported that the decline in profit was driven by lower average selling prices of all products except gold and higher cost of sales.
Business
Emaar EC Q1 losses $45m
The losses, however, narrowed from $141m in Q4 2022.
- Argaam reported that the company's gross operating loss increased by SAR 3.3 million from SAR32.2 million in Q1 2022 to SAR 35.5 million the first quarter of this year.
- Total shareholders’ equity, excluding minority interest, fell to SAR 6.48 billion as of March 31, 2023, from SAR 7.61 billion a year earlier.
Business
Empower to run DXB’s cooling system
The airport's cooling systems have a total capacity of 110,000 RTs.
- The cooling capacity is equivalent to 11 times the consumption of Burj Khalifa, the world's tallest tower, valued at AED 1.1 billion.
- Emirates Central Cooling Systems Corporation (Empower) is the world's largest district cooling services provider.
Business
BT to axe 55,000 employees
BT employs 130,000 staff, including contractors.
- The news follows the axing this year of tens of thousands of jobs across the global tech sector.
- BT is implementing further cutbacks, having slashed costs under a plan launched three years ago.
Business
Walmart hikes 2023 profit forecast
Two thirds of Walmart sales originate from US.
- Walmart now sees full-year adjusted profits of $6.10 to $$6.20 per share, up from the prior range of $5.90 to $6.05.
- Profits were $1.7 billion, down 18.5 percent from the year-ago period. Revenues were $152.3 billion, up 7.6 percent.
Business
easyJet H1 loss $382m
Aviation sector is flying high after a tumultuous period
- The carrier added that revenues soared 80 percent to £2.7 billion ($3.36bn) on higher ticket prices and increased capacity.
- Costs, however, leapt 52 percent to £3.1 billion ($3.85bn) on a "significantly" increased jet fuel bill and "industry-wide" inflationary pressures.
Business
Saudi German Health Q1 profit $13.33m
The company achieved a 145 percent growth compared to Q1 2022.
- SGH generated total revenues of SAR628 million in Q1 2023, the highest the group has ever achieved in a single quarter.
- On a group level, the group served a total of 21,000 inpatients and 495,000 outpatients in Q1 2023 and four new facilities were added to the network.
Business
Aramco appoints two Presidents
The new appointments meant for upstream and downstream business.
- Nasir K. Al-Naimi, who has been apponted as President of its Upstream business, has held the position of Upstream Executive Vice President since April 1, 2021.
- Mohammed Y. Al Qahtani, President of its Downstream business, has served as Aramco’s Downstream Executive Vice President since September 13, 2020.
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Business
AviLease, SDH Wings Sign MoU
The MoU will expand SDH Wings' portfolio of aircraft.
- AviLease acquired a 10 percent share of SDH Wings as part of the recently completed acquisition of the aircraft leasing platform of Standard Chartered.
- AviLease and SDH Wings have already identified the first five new technology narrowbody aircraft from AviLease’s owned portfolio that are now under LOI.
Business
Japan’s Nippon to acquire US Steel
Nippon Steel will also assume the US firm's debt.
- Nippon Steel will acquire US Steel in an all-cash deal at $55 per share, a 40 percent premium above its closing price on December 15
- US Steel launched a strategic review in August after receiving several unsolicited offers for a partial or total takeover.
Business
Abu Dhabi fund CYVN invests $2.2bn in Nio
This follows an earlier investment of $738.5 million by CYVN in July.
- The investment for Nio, one of US-based Tesla's rivals in China, comes as the Shanghai-founded business remains largely loss-making.
- CYVN, an investment vehicle based in Abu Dhabi, had made an investment of $738.5 million by CYVN in July.