KIPCO sells its stake in GIG
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Hyundai Motor, Mubadala ink MoU
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ADNOC to buy stake in Fertiglobe
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ADCB, EIH sign agreement
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Pfizer set to acquire Seagen
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Sahara Q1 net profit $125m
The net profit plunged by more than 56 percent compared to Q1 2022.
- The company said in a Tadawul disclosure that its revenue of 2 billion riyals in Q1 was 11.11 percent less than 2.3 billion in the first quarter of 2022.
- Earnings per share was 0.65 riyal during the first three months of 2023, lower than 1.48 in Q1 2022.
Business
Novartis Q1 profit at $2.3bn
Heart disease, cancer medicines helped enhance revenue.
- Novartis said that its operating profit would likely increase in the high single-digits this year.
- The group would prioritize "high-value" medicines" across five core areas to drive its productivity.
Business
Samsung SDI unveils $3bn JV with GM
The firm will build an electric vehicle battery plant in the US.
- The location of the facility has not yet been determined but it is expected to be in full gear and ready to start mass production in 2026.
- It was expected to create thousands of jobs and the new factory would be equipped with "an annual production capacity of more than 30 gigawatts-hour".
Business
Coca-Cola profits surge
Coca-Cola's profits came in at $3.1 billion, up 12% from 2022.
- Sales volumes grew three percent thanks to increases at sporting events, movie theaters and other away-from-home venues.
- The company benefited from the reopening of China's economy, but noted that activity is still below pre-pandemic levels.
Business
Multiply Group, Media 247 sign pact
The Group will acquire a 55 percent stake in Media 247.
- The investment in Media 247 falls under the buy and build vertical strategy of acquiring profitable companies, Multiply Group said.
- Media 247 assets include over 45 exclusive outdoor premium hoardings, unipoles and 3D structures spread across Dubai's strategic locations.
Business
Maqta Gateway buys TTEK
The total acquisition cost comes to US$26.7 million.
- This move will reinforce Maqta Gateway's market position as a leading digital trade and holistic single window solution provider.
- TTEK’s solutions use over 1.5 million risk indicators and AI predictive modeling to establish more reliable border security controls.
Business
Bed Bath & Beyond files for bankruptcy
The firm was a regular on the Fortune 500 list of biggest American companies.
- The home goods chain filed voluntary petitions for relief under Chapter 11 at the United States Bankruptcy Court.
- The New Jersey-based retailer, sold everything from shower curtains and soaps to vacuum cleaners and duvet covers.
Business
P&G earnings solid on higher pricings
Its Q1 profits rose 1% to $3.4 billion, on a 4% increase in revenues.
- P&G shares rose 2.7 percent in pre-market trading following the results, which were better than expected.
- While there was a fall in sales volumes, this was offset by a 10 percent surge in product pricing -- boosting sales gains.
Business
Nokia Q1 earnings down
Nokia's share price was down seven percent at $4.35.
- Nokia's earnings per share amounted to six cents, weaker than the seven cents expected in a survey of analysts by financial data firm FactSet.
- Despite the mixed results, Nokia remains on track to "deliver another year of growth in 2023," said an official.
Business
DIB Q1 profit up
Net financing and sukuk investments stood at $65.35bn.
- DIB's total income rose to AED 4.431 billion ($1.21bn) compared to AED 3.016 billion ($820m), a solid expansion of 47 percent YoY.
- Net operating revenues showed a robust 12 percent YoY to reach $750 million, while net operating profit stood at $550 million.
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Company News
KIPCO sells its stake in GIG
Business
Hyundai Motor, Mubadala ink MoU
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ADNOC to buy stake in Fertiglobe
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ENEC, CNNC sign MoU
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ADCB, EIH sign agreement
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ADNOC Drilling begins use of hybrid rigs
The rigs use high-capacity battery to reduce emissions.
Business
DIB reports $1.86bn net profit
The bank's income rose by 43% YoY to $5.4 billion.
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Business
Masdar, 3 firms sign agreement
They will establish e-methane supply chain from UAE-Japan.
- Masdar tweeted that this partnership will contribute to both nations’ shared goal of achieving carbon neutrality by 2050.
- E-methane is synthetic methane produced from carbon dioxide (CO2) and green hydrogen.
Business
Estithmar sets up issuance program
The Group said the program is valued at $933 million.
- The Program is expected to be admitted to the London Stock Exchanges International Securities Market.
- It has been rated (qaBBB) with a stable outlook at the national scale rating by Capital Intelligence Ratings Ltd (CI).
Business
United forecasts first quarter loss
The company beat analysts' expectation for the fourth quarter.
- The US airline's decision to ground its 737 MAX 9 fleet came amid heightened scrutiny of Boeing's narrow-body airliner following a recent scare on an Alaska Airlines plane
- While there were no fatalities or serious injuries in the January 5 incident, US regulators grounded 171 jets from the 737 MAX 9 fleet with the same configuration