AJEX, MODON sign partnership
Business
Tabreed 9M profit at $218m
Business
Alstom to cut 1500 jobs
Business
ADNIC reports $82m profit
Business
ADNOC Gas net income $3.37bn
Business
Business
Sanofi 2022 net profit at $7.3bn
Dupixent drug has been a huge success for the firm.
- Sanofi is aiming for US$10.9 billion in sales of Dupixent this year.
- The company's net profit rose by eight percent in 2022.
Business
Drydocks World, Aker form JV
They will upgrade an FPSO vessel for the Rosebank field in the UK.
- The JV signed its first contract with Altera Infrastructure, a global energy infrastructure services group, to upgrade, refurbish and electrify the FPSO, the Petrojarl Knarr.
- The vessel will be redeployed at Rosebank field, with the upgrades allowing it to be kept in the field for 25 years without drydocking.
Business
ADNOC signs 23 agreements
Under the pact, the companies will manufacture products in UAE.
- The products are part of the AED70 billion ($19 billion) worth of products in ADNOC’s procurement pipeline that the company identified for domestic manufacturing in July 2022.
- Last year, ADNOC signed agreements for local manufacturing commitments worth over AED25 billion ($6.8 billion) with UAE and international companies.
Business
Santander 2022 profit at $10.6bn
The bank's profit got a boost due to higher interest rates.
- Shareholders would receive a payout of around 40% of the group's underlying profit, divided equally between cash dividends and share buybacks
- Central banks have hiked interest rates worldwide in an effort to tame runaway inflation.
Business
PIF, AeroFarms to build indoor farms
The farms will have a capacity of 1.1m kg of crops per year.
- The agreement aims to optimize natural resources through indoor vertical farming, which requires no arable land.
- The partnership will allow for sustainable, local sourcing of high-quality crops all year round, grown with AeroFarms' AgTech platform.
Business
Diriyah signs JV agreement
It was signed with Integrated Telecom Company and TAWAL.
- The 15-year design, build and operate contract covers open-access services for visitors, tenants, and residents of Diriyah.
- In addition, more than 80 telecommunication towers are expected to be erected over the next three years.
Business
SK Hynix posts record loss
The company is world's second-largest memory chip maker
- The South Korean chipmaker SK Hynix reported an operating loss of $1.4 billion in the October to December period
- Hynix's results come a day after Samsung Electronics said fourth-quarter operating profits plunged nearly 70 percent
ADCB 2022 net profit $1.75 bn
The bank’s net profit for Q4 2022 was up 23%.
- The bank's net interest income was to the tune of AED 10.194 billion, an increase of 15 percent compared to 2021.
- The Board has recommended a dividend of AED 0.55 per share, equivalent to 60 percent of net profit.
Business
ExxonMobil 2022 profit at $55.7bn
Results reflect higher production of oil, natural gas.
- The huge profits by oil companies have sparked pushback from governments.
- In 2022, ExxonMobil put $29.8 billion into shareholder distributions, evenly split between dividends and share repurchases.
Business
UniCredit 2022 net profit at $7bn
Bank said it would pay out US$5.6 billion to shareholders.
- The news sent the bank's share prices zooming more than eight percent higher in morning trading.
- The European Central Bank has been lifting interest rates since last year to tackle inflation and tame consumer price growth.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
AJEX, MODON sign partnership
Business
Tabreed 9M profit at $218m
Business
Latest News
Tesla to recall 1.6m EVs in China
China is a vital component in US-based Tesla's global layout.
Business
Most Read
Business
SRC, Alrajhi extend refinancing pact
The agreement was extended by an additional $1.54 billion.
- The extension of this agreement marks a significant stride in advancing the goals of the Vision 2030 Housing Program, said Majeed Fahad Alabduljabbar, CEO of SRC.
- SRC was established in 2017 by the Public Investment Fund after obtaining a license from Saudi Central Bank to operate in the market.
Business
Noatum buys APM Terminals Castellón
Noatum Terminals is the terminals ops business of Noatum Group.
- The agreement, which was reached with APM Terminals, has obtained all regulatory and stakeholder approvals and the change of ownership will happen immediately
- In parallel, a long-term agreement with the stevedoring union has been achieved which will assure stability and high productivity in the coming years
Business
Baidu cancels YY Live deal
The deal was originally expected to be completed by 2021.
- Baidu, the country's top search engine company, agreed in 2020 to buy JOYY Inc's Chinese live video business YY Live for $3.6 billion
- However, Baidu said in a Hong Kong stock exchange filing on Monday that it would terminate the purchase agreement