CBI 2023 net profit at $46.5m
Business
Mammoet, Aertssen sign agreement
Business
The $10 mn bag: Original Birkin smashes records at Paris auction
Paris, France -- The first-ever Birkin bag designed by French luxury brand Hermes for celebrity Jane Birkin sold for 8.58...
Arts & Culture
Business
ADNOC L&S buys VLCC
Firm has committed $2 billion for more such carriers.
- The very large crude carrier is a four dual-fuel engine ship – which can also run on liquefied natural gas.
- The carriers, which can carry up to 2 million barrels of crude per voyage, were built in South Korea.
Business
ACWA to get land for Egypt wind project
The Saudi energy developer will be allocated 3,000 sq km of land.
- Once operational, the wind farm is expected to produce approximately 50,000 gigawatt-hours of clean energy annually.
- It will provide electricity to around 11 million households and significantly reduce carbon emissions by 25.5 million tons per year.
Business
Jarir Marketing H1 net profit down 4.4%
The company's sales increased by 19.92 percent.
- The gross profit fell by 1.8% due to discounts to promote sales, and due to the change in the sales mix towards the relatively less profitable sections.
- The fall in net profit for H1 was also attributed to an increase in selling and marketing expenses to promote sales.
Business
Almarai to offer trust certificates
The issuance will be made under a $200m program.
- The company has mandated Citigroup, Dubai Islamic Bank, HSBC, J.P. Morgan and Standard Chartered Bank as joint lead managers.
- The issuance value will be determined later based on market conditions at that time, Almarai said.
Business
Almarai profit rises 27% in H1
The higher earnings were driven by an increase in revenue.
- The first-half results were also lifted by Almarai’s full acquisition of International Dairy and Juice Limited (IDJ) despite higher finance costs.
- The company’s Q2 2023 net profit rose 7 percent to SAR557.1 million, compared to SAR520.36 million in the year-earlier period.
Business
Herald, SAIF Zone sign agreement
Herald aims to expand its presence in the region.
- Under the new deal, Herald Holdings has secured 173,000 square feet (sq.ft) on lease in SAIF Zone to construct a logistics facility.
- The facility will offer comprehensive warehousing services and seamless cargo transportation by air, land, and sea.
Business
CBD H1 2023 net profit $133m
Profit is a 41.5 percent jump compared to H1 2022.
- This remarkable growth in net profit is attributed to outstanding revenue contribution across net interest and other operating income.
- The economic outlook for the UAE and business confidence continue to be encouraging, powered by buoyant domestic activity.
Business
ADNOC in talks with OMV
Talk merger of shareholdings in Borouge, Borealis.
- Borouge is listed on the ADX with 54 percent owned by ADNOC.
- Borealis is owned 75 percent by OMV with ADNOC holding 25 percent.
Business
Burberry sales jump on China boost
Group sales grew 18 percent to $772 million in its Q1.
- The performance was buoyed by a 46-percent surge in Chinese purchases of items including Burberry's handbags and famed trench coats.
- Despite the upbeat trading update, Burberry's share price dipped 0.2 percent to £21 on the rising London stock market.
Business
ExxonMobil to buy Denbury
ExxonMobil will acquire Denbury for $4.9 billion.
- The all-stock acquisition provides ExxonMobil with Denbury's carbon dioxide pipeline network in Texas, Louisiana and Mississippi.
- Oil companies have championed carbon sequestration as a major response to climate change.
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Company News
CBI 2023 net profit at $46.5m
Business
Mammoet, Aertssen sign agreement
Business
Latest News
PureHealth buys Circle Health
Business
ADQ, ADNEC Group sign agreements
Business
QNB net profits up 8% in 2023
Business
Alibaba share buyback program up $25bn
Following the announcement, the firm's shares rise 5% in trading.
Business
ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
Business
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Economy
QatarEnergy signs LNG deal with Petronet
QatarEnergy will supply 7.5m tons of LNG per year to Petronet.
- Qatar is one of the world's top LNG producers alongside the United States, Australia and Russia.
- The first deliveries of gas to India by QatarEnergy's LNG fleet are due from May 2028.
Business
Maqta acquires stake in Dubai Technologies
The majority stake was acquired for $7.6 million.
- The founder will retain a 40 percent stake in the company, and the existing leadership team will remain in management to deliver on the strategic growth plans.
- The company's FY2023 financial performance recorded revenues of AED70.5 million and EBITDA of AED8.4 million.
Business
Abu Dhabi Airports appoints Elena Sorlini as Managing Director and CEO
Abu Dhabi, UAE - Abu Dhabi Airports, the operator of Abu Dhabi's five commercial airports, has announced the appointment of...
- Since joining Abu Dhabi Airports, Sorlini has overseen the successful opening of Abu Dhabi International Airport's new state-of-the-art Terminal A
- Additionally, she has played an important role in maintaining the steady increase of passenger traffic numbers, which continue to experience year-on-year growth