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
Aldar nets $953m in sales at Fahid
Aldar said 42 percent of the buyers are under the age of 45.
Geostrategy
Baidu cancels YY Live deal
Business
MODON launches 10 projects
Business
Business
SAMI, Safran sign helicopter pact
Paris, France -- SAMI, a PIF-owned national defense and security organization of Saudi Arabia, has signed an agreement with Safran...
- The agreement includes technical assistance and qualification, development of technical infrastructure, and technical training for Saudi talents.
- Safran Helicopter Engines is the world's leading manufacturer of helicopter engines, with more than 75,000 produced since being founded.
Business
Sipchem to pay 12.5% H1 dividend
The total dividend of $241.63 million will be paid on July 19.
- During the past three financial years, the company has paid cash dividends at SAR 5.99 per share.
- Sipchem's net profit for the first quarter of 2023 fell by 56 percent to SAR 470.3 million from SAR 1.07 billion in the same period of 2022.
Business
Lufthansa to sell payments subsidiary
The German group will sell AirPlus to Sweden's SEB Kort Bank.
- It comes after Lufthansa in April announced the divestment of its LSG catering business, and last month agreed to buy a 41-percent stake in Italy's ITA Airways.
- The Lufthansa group -- one of Europe's biggest airlines -- was brought to the brink of bankruptcy when the Covid-19 pandemic saw global air travel grind to a halt.
Business
ADNOC L&S gets new VLCC
VLCCs carry almost 2 million barrels of crude per voyage.
- The vessel is the first of four dual-fuel engine very large crude carrier which can also run on liquefied natural gas
- ADNOC L&S has committed approximately $2 billion to build more environmentally efficient vessels.
Business
ADIB, ADIO to fund businesses
ADIB will facilitate the opening of Shariah-compliant bank accounts.
- This strategic move ensures that businesses have access to banking solutions that align with Islamic principles, ADIB said in a statement.
- ADIB will also provide financing options based on collateral in the form of on-ground operating assets such as real estate, equipment, and machinery, the bank said.
Business
PIF to set up pharma firm Lifera
Lifera is a development and manufacturing company.
- Lifera will primarily focus on producing life-saving and essential pharmaceutical products, including insulins, vaccines, plasma therapeutics.
- PIF has also invested in the National Unified Procurement Company (Nupco), a prominent provider of medical procurement, storage, and distribution services for medicines.
Business
Mubadala investee firms sign pact
The partnership involves Tata Power Renewables, Princeton Digital.
- Under the agreement, PDG and Tata Power Renewables have co-invested in a captive power plant that will supply electricity to PDG’s MU1 data center in Airoli, Mumbai.
- First power from the solar plant, located in the Nanded district in the Indian state of Maharashtra, will be generated in June 2023.
Business
Allianz, Credit Agricole renew partnership
Credit Agricole Egypt is a subsidiary of Credit Agricole Group.
- The agreement is set to expand Allianz Egypt's customer base while delivering top-notch insurance services to the bank's customers, the companies said in a statement.
- The collaboration aims to provide integrated financial and insurance services, covering life, property, and casualty insurance, under one roof.
Business
Jamjoom Tadawul debut on Jun 20
Jamjoon Pharma IPO was launched on May 25 at SAR 60 per share.
- The company said the daily fluctuation limit is +/- 30% and static price fluctuation limit is +/-10%, Jamjoom said in a statement to Tadawul on Sunday.
- The company offered 21 million shares, representing 30 percent of its share capital. The IPO was the largest in Saudi Arabia since Saudi Aramco Base Oil's IPO in Dec 2022.
Business
Bupa renews contract with SABIC
It will provide health insurance to SABIC staff and their families.
- The contract revenue is forecast to exceed 10 percent of Bupa Arabia’s annual gross written premiums (GWPs) for 2022, Argaam said.
- The relevant financial impact will likely appear on the insurer’s 2023 and 2024 financial results. The contract included no related parties.
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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
Company News
Dragon Oil, Turkmennebit ink MoU
Business
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Penguin, SkyBlue ink MoU
Business
Baidu cancels YY Live deal
Business
Shares in India’s Paytm dive 20%
Banking arm asked to stop accepting fresh deposits.
Borouge full-year net profit $1bn
The firm posted third consecutive rise in quarterly earnings.
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Business
TECOM Group net profit up 49%
The company recorded its highest-ever revenue of AED 2.2 billion.
- The lease of industrial lands witnessed a strong demand in 2023, as the occupancy rate rose to 94 percent, compared to 81 percent in 2022.
- The company has recommended a dividend payout of AED400 million to the company's shareholders for the second half of 2023.
Business
UPS says will cut 12,000 jobs
The move comes as UPS seeks to "align" its resources.
- Three-quarters of the reductions are set to come in the first half, UPS CEO said.
- The decision comes after UPS reported Q4 2023 revenues of US$24.9 billion.
Business
Pfizer reports loss in Q4
The drugmaker's revenues fell 41 percent to $14.2 billion.
- The drugmaker lost $3.4 billion in the fourth quarter, compared with profits of $5.0 billion in the year-ago period
- Pfizer reiterated its 2024 revenue forecast of $58.5-$61.5 billion after 2023 revenues came in at $58.5 billion