Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
Business
Business
Apple to produce iPhones in India
The proposed factory will be spread over 300 acres.
- "Apple phones to be built in the state soon," Karnataka state chief minister Basavaraj S Bommai tweeted on Friday
- "Apart from creating about 100,000 jobs, it will create a whole lot of opportunities for Karnataka," he added
Business
VW 2022 net profit at $16.7bn
Firm booked profit despite supply chain disruptions.
- German automaker Volkswagen on Friday said it booked a higher profit in 2022 despite supply chain disruptions and increased costs.
- The group expects vehicle deliveries to rise to around 9.5 million this year, from 8.3 million in 2022.
Business
Lufthansa returns to profit
The airline reported $839m in profit in 2022.
- The group reported an adjusted operating profit of 1.5 billion euros, in line with expectations.
- The company suffered a net loss of 2.2 billion euros in 2021 and 6.7 billion euros in 2020
Business
Apple to spend $1bn on chip hub
The investment will be spread over the next six years.
- This comes on top of an earlier one-billion-euro commitment announced in 2021, when Apple made Munich the European headquarters of its "Silicon Design Centre."
- The move is part of Apple's strategy to develop its own chips for iPhones, iPads, MacBooks and other products, in order to reduce reliance on outside suppliers
Business
Tesla to open plant in Mexico
The plant is going to be established in Monterrey.
- "The plant is going to be established in Monterrey," Lopez Obrador told reporters after speaking with Musk.
- He said the US company had promised to address the problem of water scarcity in Monterrey.
Business
Yahsat 2022 revenue up 6%
The company recorded a revenue of $433 million for 2022.
- For the twelve-month period, Yahsat delivered growth in revenue and adjusted EBITDA, which increased 6 percent and 7 percent respectively year-on-year.
- Other highlights include Adjusted EBITDA of AED946 million ($258 million), up 7 percent year-on-year, delivering a margin of 60 percent.
Business
SABIC 2022 profit down 28%
The firms said margins will continue to be under pressure in H1.
- The net profit of SABIC, which is one of the largest petrochemical companies in the world, after taxes was 16.5 billion riyals ($4.4 billion).
- In a statement, SABIC said that its fourth quarter 2022 net income was 290 million riyals, 84 percent lower compared to Q4 2021.
Business
Bayer 2022 profits $4.3 billion
The profit in 2021 was 1 billion euros, the company said.
- Sales rose by 8.7 percent to 50.7 billion euros, in line with analyst expectations.
- The results were boosted by record sales in the company's agricultural division, up more than 15 percent year-on-year to 25 billion euros.
Business
SABIC Agri profit $2.7 bn
The net profit for the year nearly doubled compared to 2021.
- The company's sales (revenue) nearly doubled to 18.98 billion riyals in 2022 from 9.59 billion riyals the previous year.
- The increase in net profit was due to an increase in average selling prices of company's products, increase in quantities sold of company products.
Business
Ericsson to cut 8,500 jobs
Most of the layoffs would be implemented in H1 2023.
- Ericsson, which had a total of 105,000 employees at the end of 2022, last month posted disappointing full-year 2022 earnings.
- Ericsson said 1,400 of the job cuts were in Sweden, which had already been announced earlier this week.
Company News
ENEC, Kazatomprom ink pact
Business
Zain KSA expands 5G network
Business
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Pure Health announces IPO
Business
Mumtalakat, Investcorp ink pact
Business
Eve Air Mobility, flynas ink MoU
Business
Mammoet, Aertssen sign agreement
The two firms will provide heavy-lifting solutions in Qatar.
Business
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Business
ADQ, ADNEC Group sign agreements
They will buy 40.5% stake in TMG Holding’s hospitality business.
- ADQ and ADNEC will invest through a special purpose vehicle, with 49 percent equity ownership by ADQ and 51 percent equity ownership by ADNEC.
- ICON is a leading player in Egypt’s luxury and upscale hospitality market, with a track record of building and owning some of the most celebrated luxury hotels in Egypt.
Business
QNB net profits up 8% in 2023
The QNB Group posted a net profit of $4.25 billion.
- The bank said that earnings per share (EPS) amounted to QR 1.55 as of 31st December 2023 compared to QR 1.44 for the same period in 2022.
- The bank's board has announced the distribution of a cash dividend of 65 percent of the nominal share value (QR 0.65 per share).
Economy
Tawazun Council acquires TASNEEF
Subsidiaries of TASNEEF were also acquired.
- This strategic move aims to enhance the council's role in developing national defense industries, the Council said.
- TASNEEF has established a number of services, including issuing rules of relevance to the classification of ships.