Infosys lowers revenue forecasts
Business
OYO New Year Eve bookings up 64%
Business
Borouge signs supply agreement
Business
GSK to buy Aiolos Bio
Business
Business
IDB inks pact with IRENA
IDB will fund renewable projects by joining ETAF platform.
- The IDB plans to co-finance renewable energy projects and energy transition technologies worth US$100 million in Latin America and the Caribbean.
- By leveraging its global reach and energy transition knowledge, IRENA is actively developing a pipeline of energy transition projects .
Business
Ethmar net profit up $114m
The company's net profit in H1 2022 was only $6.5 million.
- The increase reflects the continuous efforts of EIH to diversify its revenue sources, the company said.
- The total assets of EIH have also increased significantly, from AED77.7 million at the end of 2022 to over AED2.23 billion at the end of the first half of 2023.
Business
TCS Q1 profit at US$1.35bn
Revenue from operations was US$7.2 billion.
- TCS, India's second-most valuable company by market cap, reported a net profit of 110.7 billion rupees ($1.35 billion).
- TCS was boosted by 16.1 percent growth in its UK market, while North America and Europe grew by 4.6 percent and 3.4 percent.
Business
Agthia Group launches Agthia Ventures
New firm is a $54 million corporate venture capital fund.
- Funded by Agthia and its parent company ADQ, Agthia Ventures will be managed together with Touchdown Ventures.
- Agthia Ventures will help entrepreneurs through access to the firm’s extensive industry knowledge, diverse distribution networks.
Business
Maaden acquires 9.9% stake in Ivanhoe
It also completes conditions for a joint venture.
- There is no change in the associated costs related to the event, Maaden noted.
- Maaden has posted a net profit of SAR 419.4 million ($111 million) for the first quarter of 2023.
Business
Yahsat to invest US$100m
It is for capital expenditure of T4-NGS satellite program.
- The program, the next-generation telecommunications system for Thuraya, is scheduled to begin operational service in H1 2025.
- The total cost of the program is up to $550 million, including manufacturing, launch, insurance and new ground infrastructure.
Business
Invictus plans $272m expansion
The company will invest through acquisitions and JVs.
- Abu-Dhabi Securities Exchange-listed Invictus is a prominent trader with growing business in the African markets.
- Invictus recently reported completing over one million metric tons of agro-commodity exports to Egypt during 2023.
Business
Taaleem nine-month revenue up 30.3%
The revenue for the period ended May 2023 reached $193m.
- Taaleem's net profit grew marginally by 1 percent YoY to reach 28.2 percent, while the like-for-like net profit margin saw a 2.4 percent YoY improvement.
- The growth in net profit is primarily attributed to the operational efficiency and increasing enrollment in the company's Premium schools portfolio.
Business
KEZAD Group, GFCF ink deal
GFCF will triple its production after setting up its Phase II in Musasafah.
- Four more chemical products will be added to GFCF's product mix with the opening of the second phase of the factory.
- GFCF's processes minimize water waste, and the production unit will incorporate heat recycling, aligning with KEZAD Group's sustainability goals.
Business
4 bids for Al Ajban power project
There will be a process to select the best proposal.
- Al Ajban Solar PV is EWEC’s third world-leading solar power project.
- Abu Dhabi is home to world’s three largest single-site solar power plants.
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Company News
PureHealth buys Circle Health
Business
ADQ, ADNEC Group sign agreements
Business
QNB net profits up 8% in 2023
Business
Latest News
Infosys lowers revenue forecasts
Business
OYO New Year Eve bookings up 64%
Business
Borouge signs supply agreement
Business
QatarEnergy signs LNG deal with Petronet
QatarEnergy will supply 7.5m tons of LNG per year to Petronet.
Economy
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Business
McDonald Q4 profit up
McDonald's cited war in the Middle East as a drag.
- Profits in the quarter grew seven percent to $2.0 billion, while revenues increased eight percent to $6.4 billion.
- Global comparable sales grew 3.4 percent in fourth quarter, down from 8.8 percent in the third quarter and below the annual average
Business
Vodafone Q3 revenue dips
Poor display across Italy, Spain is said to be the reason for loss.
- Revenues dipped 2.3 percent to 11.4 billion euros ($12.3 billion) in the three months to the end of December, compared with a year earlier.
- "We maintained... revenue momentum in the third quarter," said chief executive Margherita Della Valle, adding the group had made "good strategic progress".
Business
QatarEnergy, Mitsui ink pact
The agreement provide for a rise in condensate volumes.
- The 10-year supply agreement stipulates the supply of up to 11 million barrels of condensates per annum, starting from April 2024.
- The agreement highlights QatarEnergy's strategy of establishing longer-term strategic business relationship and cooperation.