Spotify cuts 17% jobs
Business
HPDC, HDC ink agreement
Business
Emirates expects first 777X delivery in H2 2026
Boeing had pushed back the first delivery to 2026 from 2025.
Business
Business
Lego to gain market share
Excluding currency effects, the sales gain was 11 percent.
- For 2022, net profit at the Danish firm rose four percent to a record 13.8 billion kroner ($1.98 billion).
- The company has been buoyed both by sets based on franchises such as Star Wars and Harry Potter.
Business
ADIB to pay $462m cash dividend
The bank had posted a net profit of $985 million for 2022.
- This represents an increase from 31 fils per share in 2021 and constitutes 49.2 percent of the bank's net profit for the year.
- The bank posted a net profit of $985 million (AED3.62 billion) in 2022, a 55 percent increase from the previous year.
Business
Trafigura to receive $135m loan
The loan will support Trafigura's procurement from the UAE.
- ADEX contributed $125 million of the total facility to support Trafigura’s working capital needs, including exports of metals, minerals and refined hydrocarbons from the UAE.
- SMBC financed the remaining $10 million and undertook the facility agent and coordinator role.
Business
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
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Spotify cuts 17% jobs
Business
HPDC, HDC ink agreement
Business
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ENEC, Kazatomprom ink pact
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Zain KSA expands 5G network
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Al Arabia subsidiary wins Dubai contract
The contract was awarded by Dubai Roads and Transport Authority.
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Business
Mammoet, Aertssen sign agreement
The two firms will provide heavy-lifting solutions in Qatar.
- Mammoet said in a statement that the collaboration will "capitalize on the individual strengths and capabilities of both companies".
- The solutions range from small mobile cranes for quick operations to complex engineered heavy lifting and transport projects.
Business
PureHealth buys Circle Health
The deal signifies PureHealth’s operational capabilities.
- The completion of this transaction further strengthens PureHealth’s commitment to becoming a leading global player in healthcare.
- The company’s expansion into the UK healthcare market reflects its focus on advancing the science of longevity and unlocking time for humanity.
Delta reports profit jump
Its revenue jumped to $14.2 billion for the quarter.
- The company reported net income of more than $2 billion for the October to December period, up from $828 million for the same period in 2022
- Delta shares slumped by more than eight percent around midday on Friday, while rival United Airlines saw its shares plunge by 9.4 percent