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.
Business
Goldman Sachs Q2 profits at $1.1bn
Profit fell due to anemic M&A market, weakness in trading.
- The big investment bank has essentially abandoned a once-touted push to compete with retail banks for Main Street consumers.
- Goldman also suffered a drop in its other main division, asset and wealth management, citing net losses and markdowns in real estate.
Business
Microsoft, Activision gaming deal deferred
July 18 was the cut off point to finalize the $75bn deal.
- The deal for Microsoft to acquire Activision now gets pushed by three months to October 18.
- In return, Microsoft agreed to pay Activision an increased break-up fee in case either side walks away from the deal.
Business
Tata to build car battery factory in UK
The $5.2bn factory is expected to create up to 4,000 jobs.
- The factory is Tata's first giga facility outside India, and will be built in Somerset, southwest England.
- The British government said the new manufacturing facility is expected to provide almost half of the battery production that the UK will need by 2030.
Business
Almarai trust certificates raise $750m
The dollar-denominated certificates have annual return of 5.23%.
- Almarai told Tadawul in a statement that the certificates will be listed on the Irish Stock Exchange under Euronext Dublin.
- The certificates were issued under the $200 million Trust Certificate Issuance Program updated by the company on July 14.Â
Business
SALIC buys 10.7% stake in BRF
The deal is worth US$266 million (SAR1.27 billion).
- SALIC is fully owned by the Public Investment Fund.
- Brazilian firm BRF is a global leader in the poultry sector.
Business
ADIA acquires hotel portfolio
The portfolio comprises 27 hotels across Japan.
- The portfolio was acquired from Daiwa House Industry for $900 million and comprises a total of 7,124 hotel rooms.
- The acquisition was made along with a consortium led by Singapore-based private equity real estate firm, SC Capital Partners and Goldman Sachs Asset Management.
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Sony to decide on Zee merger
Business
Maersk and Hapag-Lloyd ink deal
Business
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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.
Business
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Business
stc Group inks several pacts
The pacts were signed at the PIF’s Private Sector Forum.
- The annual Private Sector Forum brings together policymakers, key local private sector players, visionaries and industry leaders.
- The agreements signed covered a range of strategic stc Group objectives, from sustainability to digital transformation.
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.