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
Business
Meta sells Giphy at over $260m loss
Meta had purchased Giphy in May 2020 for $315 million.
- Shutterstock paid $53 million in cash for Giphy in a deal that came months after the divestment order by Britain's CMA.
- Since the UK left the European Union in 2020, the CMA has proven to be one of the toughest antitrust regulators of big tech companies.
Business
Kingdom Holding Q1 net profit down 97%
The firm's net profit in Q1 2022 was $1.57bn versus $46m in Q1 23.
- The company said the fall in net profit was mainly because of one-off gains accrued in the first quarter of 2022 due to the sale of its stake in Four Seasons Holding.
- The drop was also attributed to decrease in share of results from equity-accounted investees, decrease in hotels and other operating revenues.
Business
NDMC to invest $60m in ADNOC (L&S) IPO
The decision came a day after ADNOC raised the size of the offering.
- NDMC said doubling the investment in the IPO was part of its strategy to diversify its business and investments.
- ADNOC will now offer 1.40 billion ordinary shares, equivalent to 19 percent of the Company’s total issued share capital.
Business
Allen & Overy to merge with US peer
The merged firm will have a combined revenues of $3.4bn.
- The new group, called Allen Overy Shearman Sterling or A&O Shearman, was "truly a game-changing moment for both firms".
- The merged firm will have around 3,900 lawyers and about 800 partners across a total of 49 offices worldwide.
Business
East Pipes, Aramco sign $480m contract
The firm will manufacture pipes for the global energy giant.
- East Pipes said the financial impact of the 12-month contract will show in the second half of 2023 and the first quarter of 2024.
- On 14 May, the company signed a contract with Abdullah Ibrahim Al Sayegh & Sons, valued at SAR81 million, for supplying steel pipes to the firm.
Business
Maaden Q1 net profit down 81%
The company posted a net profit of $111 million.
- The company said in a statement that the net profit was impacted by lower EBITDA of SAR 2.18 billion (Q1 2022 SAR 4.40 billion).
- Argaam reported that the decline in profit was driven by lower average selling prices of all products except gold and higher cost of sales.
Business
Emaar EC Q1 losses $45m
The losses, however, narrowed from $141m in Q4 2022.
- Argaam reported that the company's gross operating loss increased by SAR 3.3 million from SAR32.2 million in Q1 2022 to SAR 35.5 million the first quarter of this year.
- Total shareholders’ equity, excluding minority interest, fell to SAR 6.48 billion as of March 31, 2023, from SAR 7.61 billion a year earlier.
Business
Empower to run DXB’s cooling system
The airport's cooling systems have a total capacity of 110,000 RTs.
- The cooling capacity is equivalent to 11 times the consumption of Burj Khalifa, the world's tallest tower, valued at AED 1.1 billion.
- Emirates Central Cooling Systems Corporation (Empower) is the world's largest district cooling services provider.
Business
BT to axe 55,000 employees
BT employs 130,000 staff, including contractors.
- The news follows the axing this year of tens of thousands of jobs across the global tech sector.
- BT is implementing further cutbacks, having slashed costs under a plan launched three years ago.
Business
Walmart hikes 2023 profit forecast
Two thirds of Walmart sales originate from US.
- Walmart now sees full-year adjusted profits of $6.10 to $$6.20 per share, up from the prior range of $5.90 to $6.05.
- Profits were $1.7 billion, down 18.5 percent from the year-ago period. Revenues were $152.3 billion, up 7.6 percent.
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
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IsDB, SWCC sign agreement
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GIB, KSA wrap up Sukuk debut
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Toyota sells record number of vehicles in 2023
It is the world's top automaker for the fourth year in a row.
Business
Dubai Investments buys GFP stake
GFP secures nearly $60 million in equity financing to expand its network.
Business
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Ryanair quarterly profit dives 93%
The carrier flies mostly throughout Europe.
- The carrier, which flies mostly throughout Europe, said net profit slumped to 14.8 million euros ($16 million) in the final three months of 2023
- Chief executive Michael O'Leary said Ryanair was narrowing its forecast for annual net profit to a range of 1.85 billion and 1.95 billion euros
Business
DAE, Turkish Airlines ink pact
Turkish Airlines will take on lease 10 Boeing 737-8 aircraft.
- The aircraft are scheduled to be delivered in 2025.
- DAE owns and manages 96 737 MAX family aircraft.
Business
QatarEnergy, Excelerate sign agreement
Under the 15-year deal, they will supply LNG to Bangladesh.
- Excelerate will purchase 0.85 MTPA of LNG in 2026 and 2027, and one MTPA from 2028 to 2040.
- Qatar is the largest LNG supplier to Bangladesh and aspires to continue being the LNG supplier of choice for partners in the South Asia LNG markets.