Bezos sells $2bn Amazon shares
He reportedly intends to sell, next July, 50 million shares of the group.
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KEZAD, Emtelle ink agreement
Emtelle to invest $50m to build manufacturing facility.
- The pact is the latest step in the expansion of Emtelle in the Middle East, following the acquisition and rebrand of AfriPipes Middle East in 2021.
- Emtelle is undertaking a major expansion into North America with the opening of a manufacturing facility in North Carolina, US.
Business
EGA posts $2 billion profit
The Aluminum producer claimed 2022 results as its strongest ever.
- EGA said the adjusted EBITDA for 2022 was up 37 percent to a record $3.4 billion, compared to $2.5 billion in 2021.
- The company paid shareholders E$1 billion in dividend --,an interim dividend of $600 million in July and further $400 million at the end of 2022.
Business
Majid Al Futtaim profit down 2%
The Group reported a 12 percent increase in revenue.
- Majid Al Futtaim Properties' revenue increased by 43 percent to AED 5.8 billion, while EBITDA grew 16 percent to AED 3 billion.
- Majid Al Futtaim Retail reported a 7 percent increase in revenue to AED 28 billion in 2022, driven by renewed consumer confidence.
Business
stc to sell stake in CCC
stc had in Jan signed sale and purchase pact with solutions.
- The company did not disclose the value of the deal that is expected to be closed in the second quarter of 2023.
- stc revenue exceeded $17 billion for the first time ever in 2022, reaching 67.43 billion riyals ($17.97 billion).
Business
SLG to build $54m facility
The facility will be constructed at Dubai Industrial City.
- Spanning 1.37 million square feet, the manufacturing and warehouse facility is set to open in 2025.
- The new facility will meet the demands of B2B and B2C customers across the GCC, African market and Southeast Asia.
Business
Saudi EXIM, SINOSURE ink MoU
Pact is likely to help enhance Kingdom's non-oil exports.
- The agreement was signed during a ceremony held at the Saudi EXIM Bank headquarters in Riyadh
- It aims at knowledge exchange, finance and investment opportunities in Saudi Arabia and China
Business
Alpha Dhabi posts $2.88bn profit
The net profit exceeded the Group's target of AED10 billion.
- Revenues hit AED 40.0 billion, which represents an increase of 114 percent
- The growth was driven primarily by strong contributions from the new acquisitions
Business
Apple to produce iPhones in India
The proposed factory will be spread over 300 acres.
- "Apple phones to be built in the state soon," Karnataka state chief minister Basavaraj S Bommai tweeted on Friday
- "Apart from creating about 100,000 jobs, it will create a whole lot of opportunities for Karnataka," he added
Business
VW 2022 net profit at $16.7bn
Firm booked profit despite supply chain disruptions.
- German automaker Volkswagen on Friday said it booked a higher profit in 2022 despite supply chain disruptions and increased costs.
- The group expects vehicle deliveries to rise to around 9.5 million this year, from 8.3 million in 2022.
Business
Lufthansa returns to profit
The airline reported $839m in profit in 2022.
- The group reported an adjusted operating profit of 1.5 billion euros, in line with expectations.
- The company suffered a net loss of 2.2 billion euros in 2021 and 6.7 billion euros in 2020
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stc, Microsoft to collaborate
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ACWA Power 9M net profit up 22%
Business
SABIC 9M net loss $277m
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e& net profit up 20% in Q3
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Maaden posts net loss in Q3
Business
NMDC, AD Ports Group ink MoU
Business
Presight AI, Samruk-Kazyna launch JV
The partnership aims to accelerate digital transformation in Kazakhstan.
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Business
Eve Air Mobility, flynas ink MoU
The firms will explore starting eVTOL services in Saudi Arabia.
- The agreement will contribute to Saudi Arabia’s aviation industry by building the ecosystem for electric flights.
- flynas operates over 1,500 weekly flights to over 70 domestic and international destinations.
Amazon releases AI chatbot
"Q" will be available only to the company's AWS cloud.
- "Q" will be available only to Amazon's AWS cloud computing customers and will be in direct competition with ChatGPT as well as Google's Bard and Microsoft's copilots
- Costing $20 monthly per user, Amazon Q will perform a variety of tasks including summarizing uploaded documents and answering questions about specific data
Business
Foxconn to invest $1.54bn more in India
The firm announced in May to purchase land for $37 million in India.
- Chairman Young Liu had said during an earnings call in August that the company saw the potential to invest "several billion dollars" in India
- The company is planning to expand its India operations to "critical components" for consumer electronics and electric vehicles to boost its competitiveness