Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
Business
Business
MBRSC, e& enterprise ink MoU
MoU will be mutually beneficial to both organizations.
- The MoU will enable e& enterprise to leverage MBRSC's expertise in AI.
- MBRSC will benefit from e& enterprise’s resources and capabilities.
Business
Presight to list on 27 Mar
Presight IPO received $496 million. It was oversubscribed 136 times.
- Presight offered 1.35 billion shares, equivalent to 24.24 per cent of the company’s paid-up capital.
- Presight reported a 35 percent rise in net profit for 2022 to reach $147 million, while its revenue increased by 63 percent to reach $265 million.
Business
Toshiba accepts $15bn buyout bid
The acceptance follows years of turmoil for the company.
- A consortium led by investment fund Japan Industrial Partners will be taking over Toshiba.
- Toshiba produces everything from rice cookers to medical equipment and nuclear plants.
Business
SATORP 2022 net profit $2.39bn
Improved refining, petrochemicals margins behind profit rise.
- The company’s revenue increased by 84 percent to 76.84 billion riyals in 2022, compared to 41.71 billion riyals the previous year.
- Total share holders’ equity reached 14.47 billion compared to 4.3 billion in 2021, the bourse statement said.
Business
Tencent 2022 profit falls
Tencent is the owner of popular messaging app WeChat.
- Tencent's profit dropped to $27.3bn in 2022, after making a profit of $32.66bn in 2021.
- The drop in profit comes in the background of increased scrutiny on China's tech sector.
Business
ADNIC to pay $62m dividend
At its Annual General Meeting, ADNIC okayed 40% dividend.
- The company’s gross written premiums increased by 20.1 percent to AED5.13 billion ($1.39 billion), compared to AED4.27 billion ($1.16 billion) for the same period in 2021.
- ADNIC's net underwriting income was AED490.9 million ($133 million), compared to AED491.9 million ($134 million) for the same period in 2021.
Business
Dana Gas proposes dividend
The company had reported a net profit of $182 m for 2022.
- A payout of 4.5 fils per share for the second half of 2022 would take the total dividend payment for 2022 to AED630 million ($171.5m)
- The increased payout reflects higher global energy prices and the company’s good operational performance for the year, Dana said.
Business
Tabreed to pay record dividend
Dividend of 13.5 fils per share highest ever in company's history.
- The dividend marks an increase of 1.5 fils per share on the 12 fils per share equivalent paid to shareholders in 2022.
- Tabreed said it added nearly 55,000 refrigeration tons of new connections in the UAE and across the region.
Business
Emirates NBD arranges sukuk
The inaugural $600m sukuk saw orders of over $2.2 billion.
- The profit rate was tightened by 30 basis points to 5.85%, at a spread of 185 basis points over US treasuries due to the robust order book.
- Middle Eastern investors received 80 percent of the sukuk allocation, Emirates NBD said.
Business
Amazon plans more job cuts
The online retail giant axed 18,000 jobs in January.
- The layoffs account for a smaller percentage of Amazon's total workforce, which ran up to 1.5 million people in December 2022, than the cuts seen at some other tech giants.
- The cuts would mainly impact Amazon's cloud computing, human resources, advertising and Twitch videogame streaming businesses, Amazon CEO Andy Jassy said.
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KPMG to merge UK, Swiss ops
Business
ROSHN, Retal sign $99m deal
Business
Volkswagen to reduce workforce
Business
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Samsung’s AI pivot
Part of the company's bid to reclaim smartphone throne.
Maersk and Hapag-Lloyd ink deal
The cooperation deal between the two will begin February 2025.
Business
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Business
Google to slash ‘few hundred’ jobs
The internet giant will cut jobs from its global ad team.
- The jobs will be cut by the company amid a push to use artificial intelligence for efficiency and creativity
- The company made no mention of generative AI, which is disrupting many sectors including advertising.
Business
Goldman Sachs profits up 58%
Revenues rose seven percent to $11.3 billion.
- In the fourth quarter, Goldman Sachs' revenues from equity trading surged 26 percent, while the bank's own holdings in public equities also enjoyed a hefty increase.
- Rival financial heavyweight Morgan Stanley reported a 35 percent drop in profits to $1.4 billion on a one percent rise in revenues to $12.9 billion.
Business
Al Arabia subsidiary wins Dubai contract
The contract was awarded by Dubai Roads and Transport Authority.
- The contract is valued at AED 522.84 million ($142.34 million). Its duration is 10 years and five months, including a preparation period of up to 31 days.
- The billboards include 85 digital billboards and 209 static billboards of different types and sizes, with the ability to transform the static billboards into digital billboards.