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.
Business
VMware takeover by Broadcom okayed
Broadcom is seeking to expand into the software market.
- The Competition and Markets Authority said the deal "would not weaken competition in the supply of critical computer server products".
- The CMA in March said the deal could harm innovation and drive up the cost of computer parts used by key clients including banks, retailers and telecoms.
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Sony to decide on Zee merger
Business
Maersk and Hapag-Lloyd ink deal
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EDGE, Baykar collaborate
Business
Goldman Sachs profits up 58%
Business
Siemens posts increased Q1 profit
The company said orders nearly doubled in mobility division.
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Business
Presight net profit $155m
The net profit grew by 5.1 percent to $155 million.
- The company said the financial results were underpinned by major domestic project deployments throughout the year and more so in the last quarter of the year.
- Presight listed on the Abu Dhabi Stock Exchange on March 27, 2023, with an offering, excluding its corner stone investor, that was oversubscribed 136 times.
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.