Qualcomm to Alphawave for $2.4 bn
The deal makes Alphawave the latest tech company to depart London.
Business
Business
easyJet H1 loss $382m
Aviation sector is flying high after a tumultuous period
- The carrier added that revenues soared 80 percent to £2.7 billion ($3.36bn) on higher ticket prices and increased capacity.
- Costs, however, leapt 52 percent to £3.1 billion ($3.85bn) on a "significantly" increased jet fuel bill and "industry-wide" inflationary pressures.
Business
Saudi German Health Q1 profit $13.33m
The company achieved a 145 percent growth compared to Q1 2022.
- SGH generated total revenues of SAR628 million in Q1 2023, the highest the group has ever achieved in a single quarter.
- On a group level, the group served a total of 21,000 inpatients and 495,000 outpatients in Q1 2023 and four new facilities were added to the network.
Business
Aramco appoints two Presidents
The new appointments meant for upstream and downstream business.
- Nasir K. Al-Naimi, who has been apponted as President of its Upstream business, has held the position of Upstream Executive Vice President since April 1, 2021.
- Mohammed Y. Al Qahtani, President of its Downstream business, has served as Aramco’s Downstream Executive Vice President since September 13, 2020.
Business
Al Seer Marine secures ADNOC investment
The cornerstone investment in ADNOC Logistics is valued $70m.
- The move comes as part of the company’s strategy to diversify its investment portfolio, the company said.
- Al Seer Marine was the sixth IHC Group company to list on the ADX in 2021. The company has a portfolio of services including management and training.
Business
Alcoa, EGA ink supply pact
Alcoa is now EGA's largest third-party supplier of alumina.
- The agreement, spanning eight years starting in 2024, includes options that enable EGA to procure up to 15.6 million metric tonnes of alumina.
- The pact is the largest alumina supply contract ever signed between the two firms and is one of the largest in the industry, said Alcoa CEO Roy Harvey.
Business
Khalifa Fund partners with Wio Bank
Wio will offer Khalifa members full digital account onboarding.
- The two entities aim to empower SMEs, entrepreneurs and freelancers in Abu Dhabi and the UAE with business banking tools and financial solutions.
- Wio Business will be extending a special promotion of a three-month free subscription plan to over 3,600 members and portfolio companies of Khalifa Fund.
Business
AD Ports Q1 revenue is $494m
The group's EBITDA also rose by 33 percent YoY.
- This growth is attributed to the robust performance of its Maritime, Economic Cities and Free Zones, and Ports Clusters, as well as the recent acquisitions
- The Group is continuing its ambitious revenue-generating CapEx programme, spending $278 million in Q1 2023 to diversify its income streams
Business
GIG to pay $49m in dividends
This amounts to cash dividend of 54 percent (54 fils per share)
- The group had announced a net profit of KD 38.2 million ($124.7 million) and earnings per share of 134.56 fils for 2022.
- The group had achieved extraordinary profits in 2021 amounting to KD 49.2 million ($160.9 million) resulting from the acquisition of AXA operations in the Gulf region.
Business
Emaar Development reports 26% growth
The company's EBITDA for the quarter was $310 million.
- The company's sales backlog stands at AED 45.680 billion (US$ 12.437 billion), indicating a healthy demand for its properties
- Emaar Development delivered 1,600 residential units in Q1, with over 28,500 residences currently under development in the UAE
Business
TAQA income rises to $3.16bn
The firm reported a 6% increase in group revenues.
- The company also reported a 6 percent increase in group revenues to $3.56 billion
- TAQA announced a capital expenditure of $300 million, 26% higher than the last year
Company News
IsDB, SWCC sign agreement
Business
GIB, KSA wrap up Sukuk debut
Business
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Al Saqr names chairman of board
Business
Ryanair quarterly profit dives 93%
The carrier flies mostly throughout Europe.
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Business
SAIF Zone signs MoU with Tokai Optical
The Japanese firm will lease a warehouse in the free zone.
- The leasing of the warehouse marks the first phase of Tokai Optical's expansion in SAIF Zone, representing an investment of around $2.17m
- The firm figures among the top 5 lens manufacturers worldwide and is positioned among the top 3 companies in research and development
Business
KACST, ACWA Power sign pact
The aim is to develop technologies for clean energy.
- The center will conduct studies, scientific research, and work to attain technical development in clean energy and water sector.
- It will also work in developing solar energy technologies, energy storage technologies to support future energy networks.
Business
Arab Bank Group net profit $829.6m
The Group posted a 52% increase in net income compared to 2022.
- Total Assets grew by 6 percent to reach $68.3 billion and loans grew by 5 percent to reach $37.1 billion.
- The Board has recommended to the shareholders the distribution of 30 percent cash dividends for the financial year 2023.