Infosys lowers revenue forecasts
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OYO New Year Eve bookings up 64%
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Borouge signs supply agreement
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EVA Air orders 33 Airbus planes
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Nakilat expands its fleet
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Arada H1 sales $1.15bn
The company witnessed a 186 percent increase in sales.
- In total, Arada sold 1,616 homes at its communities during the first half, a 23 percent increase on the same period in 2022.
- Arada’s best-performing community in terms of sales was Masaar, the forested megaproject based in the up-and-coming Suyoh district of Sharjah.
Business
QNB H1 2023 net profit at $2bn
QNB set aside $1.3 billion as provision for loan losses.
- There was an increase in the operating income by 14 percent to reach US$5 billion.
- This reflects QNB’s success in maintaining strong growth in various sources of income.
Business
eXtra’s H1 2023 profit falls 35%
An increase in borrowing costs hurt the company in H1.
- The company's revenue increased slightly by 2.1 percent YoY, backed by the consumer finance segment revenues growth and retail segment’s sales mix enhancement, Argaam said.
- Gross profit increased by 7.3 percent YoY to SAR 655.9 million. Selling, general and administrative expenses (SG&A) slightly increased compared to H1 2022.
Business
East Pipes, Banque Saudi Fransi ink pact
Funds will be used to finance working capital for projects.
- The agreement is worth US$293 million (SAR 1.1 billion).
- A promissory note of $306 million was provided to guarantee the credit facility.
Business
QatarEnergy, ENOC sign supply pact
QE will supply up to 120m barrels of condensates to ENOC from Jul.
- The terms of the agreement allow parties to further increase the condensate volumes under the contract.
- The agreement was signed by Qatar Petroleum for the Sale of Petroleum Products Company Ltd. (QPSPP) and ENOC Supply and Trading, a subsidiary of ENOC.
Business
Ant Group to buyback shares
Share buyback plan values Ant Group at $78.5 billion.
- The China Securities Regulatory Commission (CSRC) on Friday slapped a $984 million fine on Ant and its subsidiaries "in view of... illegal and irregular acts".
- Ant operates Alipay, the world's largest digital payments platform, which boasts hundreds of millions of monthly users in China and beyond.
Business
Saudia raises seat capacity by 10%
The number of domestic, international flights will rise.
- This would be a 10 percent increase in the number of seats on a year-on-year (YoY) basis, the airlines said in a statement.
- Saudi Arabian Airlines said that more than 4.2 million seats would be added to international flights.
Business
Volkswagen to test self-driving cars
Commercial launch of self-driving vehicles is planned for 2026.
- The vehicles will collect data during the trials and, in the initial test phase, will have human safety drivers, VW said.
- "Moving into this next phase will help us test, validate and refine technology," said Christian Senger, a Volkswagen official.
Business
Verition opens office in DIFC
MENA is an important market for Verition.
- Verition’s strategic positioning of its Dubai headquarters gives it access to DIFC’s financial and innovation ecosystem
- Verition has a broad international footprint with offices in Greenwich, New York, London, Singapore and Hong Kong.
Business
ADQ acquires stake in Canada’s Sagard
The wealth fund invests in Sagard alongside Bank of Montreal.
- As part of the transaction, Great-West Lifeco (GWL), an international financial services holding company, will increase its existing minority share in Sagard.
- In a statement, the entities said that BMO, ADQ and GWL agreed to invest in Sagard to boost its growth including through mergers and acquisitions.
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Mubadala invests in Manipal Health
Manipal Health offers multispecialty care through 30 hospitals.
- Temasek, a Singapore-headquartered global investment company, will continue to hold a majority stake in Manipal.
- Employing more than 5,000 doctors, the company is India’s second-largest hospital chain by number of beds.
Business
Solutions-Devoteam deal completed
Devoteam Middle East is a subsidiary of Devoteam Group.
- The total value of Devoteam Middle East is approximately SAR741.7 million.
- Solutions by stc had signed a binding offer and first unveiled details of the transaction in June 2023.
Business
SAIB profit jumps 17% in 2023
The net profit for the fourth quarter increased by 28 percent.
- Total operating income grew by 21 percent year-on-year (YoY) as net special commission income rose due to an increase in net financing and investment commission.
- Shareholders’ equity, no minority interest and after excluding sukuk, increased to SAR 14.52 billion as of Dec. 31, 2023.