ACWA Power, SEC sign PPAs
Business
Chemanol to buy stake in ACC
Business
Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
Business
GA-ASI partners with EDGE
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Burgan Bank Sells 52% stake
Business
Business
Emirates Islamic 2022 net profit $337m
The profit was driven by funded and non-funded income.
- The bank also reported a 36 percent increase in operating profit and a 15 percent increase in total assets to AED 75 billion.
- The bank's total income went up 33 percent year-on-year driven by higher funded income and non-funded income.
Business
Nokia 2022 net profit $4.7bn
The company's Q4 net profit surged to US$3.4 billion.
- Nokia's annual net sales grew 12 percent to US$27.1 billion (24.9 billion euros)
- The company is engaged in a major competition to install 5G networks around the world
Business
Boeing posts Q4 loss of US$634m
Firm confirmed its 2023 outlook amid strong aviation demand.
- Boeing said its commercial plane business was dented by "abnormal costs".
- It said "labor instability and supply chain disruption" weighed on its defense, space and security unit.
Business
ASML posts yearly profit of $6.1bn
The profit in year 2022 is 4.4 percent lower than in 2021.
- The maker of lithography machines that print microchips, said it expects strong growth for 2023, with net sales rising more than 25 percent.
- The United States restricted exports of semiconductor technology to China last year and wants the Netherlands and Japan to follow suit.
Business
AD Ports, Tosyali sign MoU
They will collaborate in shipping, logistics and ports services.
- Potential joint investment in new port facilities to support Tosyali's export operations is part of the MoU.
- Tosyalı is one of Türkiye’s largest private steel producers, which has operations in three continents.
Business
Gulf Warehousing reports $66mn profit
The company made a profit of $62 million in Q4 2021.
- The company said in a statement that Earnings Per Share were QR 0.41 in 2022, compared to QR 0.38 in 2021
- The company's board said that it proposed dividends of QR 0.1, subject to the approval of the General Assembly
Business
Microsoft to invest in OpenAI
Microsoft has extended its partnership with OpenAI.
- The tech giant announced a "multiyear, multibillion dollar investment to accelerate AI breakthroughs"
- OpenAI's ChatGPT became an internet sensation when it was released without warning in November
Business
Azizi sells 35% Creek Views II units
The 587-residence project is scheduled for handover by Q4.
- Nearly 18 percent of the units have been acquired by UAE investors, 11.61 percent by Indian nationals, and 6.25 percent by both Jordanian and Russian investors.
- Other nationalities who have invested in units at Creek Views II include German, English, Bangladeshi and Dutch passport holders, among others.
Business
RIL posts Q3 profit of US$1.9b
Profit is 15 percent lower than in the same period last year
- Revenue from operations at India's largest company by market capitalisation rose 15 percent year on year, to US$27 billion
- Reliance's board also approved a plan to issue bonds to raise up to US$2.4 billion (200 billion rupees) to fuel further expansion across its diversified businesses.
Business
AD Gaming partners with AA Meta
They will develop Abu Dhabi’s Web3 Blockchain Gaming ecosystem.
- AA Meta provides metaverse infrastructure and Web3 technology solutions that enable next-generation gaming.
- Alongside using this technology for its own projects, AA Meta provides its offering to other gaming businesses as well.
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ADNOC Gas net income $3.37bn
Business
ACWA Power, SEC sign PPAs
Business
Chemanol to buy stake in ACC
Business
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GA-ASI partners with EDGE
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Business
Makeen, Rolls-Royce forge partnership
They will manufacture, test, sell and service mtu engines in Saudi.
- The deal marks a milestone for the industrial development of the Kingdom’s rapidly growing marine and off-grid power generation sectors, according to the release, Aramco said.
- Makeen aims to deliver state-of-the-art solutions to meet the evolving demands of our valued customers in oil and gas, said Makeen CEO Abdullah Al-Ghamdi.
Business
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
- The debt being cleared constitutes approximately 50 percent of the total liabilities that Amiantit owes to various banks.
- Preliminary estimates suggest the company will recognize profits worth US$128 million as a result of this settlement.
Business
Huawei says expects higher revenue
The company is leading equipment manufacturer for 5G.
- Sanctions since 2019 have cut the firm off from access to US-made components and technologies, forcing it to diversify its growth sources
- In 2023, the group expected revenues of more than 700 billion yuan ($99.2 billion), Hu said - an increase of nearly nine percent from last year