e& reports net profit of $653m in Q1 2022

With a stronger demand for data and digital services and the group’s ability to leverage superior networks, e& delivered strong financial performance across all key metrics.
With a stronger demand for data and digital services and the group’s ability to leverage superior networks, e& delivered strong financial performance across all key metrics.
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Updated 26 April 2022

e& reports net profit of $653m in Q1 2022

e& reports net profit of $653m in Q1 2022

DUBAI: e&, formerly Etisalat Group, reported a consolidated net profit of 2.4 billion dirhams ($653 million) in the first quarter of 2022, an increase of 3.6 percent, the Emirates News Agency reported on Monday.

Etisalat Group recently changed its name to e&. The report noted that by Q1 2022, Etisalat UAE had 13.1 million subscribers, whereas aggregate group subscribers stood at 159 million, an increase of 2 percent as compared to the same quarter in 2021.

Hatem Dowidar, group CEO of e&, said: “We will continue to explore new avenues of growth, expand our offerings, enhance the quality of our solutions, forge new partnerships, and launch a number of digital initiatives to support SMBs, governments and large enterprises.”

e&’s clear vision is to create a more progressive business model that leverages the group’s business pillars, Dowidar said.

According to the report on WAM, with a stronger demand for data and digital services and the group’s ability to leverage superior networks, e& delivered strong financial performance across all key metrics.


India In-Focus — Shares end lower; Rupee hits record-low; Twitter pursues judicial review of Indian content takedown orders

India In-Focus — Shares end lower; Rupee hits record-low; Twitter pursues judicial review of Indian content takedown orders
Updated 14 sec ago

India In-Focus — Shares end lower; Rupee hits record-low; Twitter pursues judicial review of Indian content takedown orders

India In-Focus — Shares end lower; Rupee hits record-low; Twitter pursues judicial review of Indian content takedown orders

MUMBAI: Indian shares closed lower on Tuesday, giving up more than 1 percent gains made during the day, as investor sentiment soured in global markets, while the rupee hit a fresh record low on concerns of a bigger current account deficit.

The NSE Nifty 50 index ended down 0.15 percent at 15,810.85, while the S&P BSE Sensex dropped 0.2 percent to 53,134.35. Both the indexes had gained over 1 percent in morning trade.

The slide in the value of the Indian rupee continued on Tuesday, and it closed at 79.37 against the US dollar on June 5. 

India to address volatility of Indian rupee against dollar

India is trying to “address volatility” in the Indian rupee that has tumbled to record lows against the dollar in recent weeks, a government official said on Monday, amid concerns of a widening trade deficit and sell-off of assets by foreign investors.

The rupee has plunged 6 percent against the dollar this year, weighed down by broad strength in the greenback and as investors retreated from the domestic share markets.

Twitter pursues judicial review of Indian content takedown orders

Twitter is seeking to overturn some Indian government orders to take down content, a source familiar with the matter said, in a legal challenge which alleges abuse of power by officials.

The US social media company's attempt to get a judicial review is part of a growing confrontation with New Delhi over content regulation. Twitter was warned by India's Information Technology Ministry of criminal proceedings if it did not comply with some orders.

Twitter has been asked by Indian authorities over the past year to act on content including accounts supportive of an independent Sikh state and on dozens of tweets that were critical of the government's handling of the COVID-19 pandemic.

India's IT ministry did not immediately respond on Tuesday to a request for comment about Twitter's legal move.

(With inputs from Reuters) 


Saudi Al-Khaleej Training acquires 60% of Al-Faisaliah schools for $16m

Saudi Al-Khaleej Training acquires 60% of Al-Faisaliah schools for $16m
Updated 36 min 14 sec ago

Saudi Al-Khaleej Training acquires 60% of Al-Faisaliah schools for $16m

Saudi Al-Khaleej Training acquires 60% of Al-Faisaliah schools for $16m

RIYADH: Saudi Al-Khaleej Training and Education Co. has acquired a 60 percent stake in Al-Faisaliah National Schools Co.

The acquisition deal is worth SR60 million ($16 million) and is subject to obtaining the necessary regulatory approvals, according to a bourse filing.

Listed on Saudi Arabia’s main stock index TASI, Al-Khaleej Training narrowed its net losses by 33 percent to SR5.09 million during the first quarter of 2022, down from SR7.6 million in the same period a year ago.

 


China In-Focus — Stocks unchanged; China touts Afghan trade plans; major pipeline launched in oil hub Shandong

China In-Focus — Stocks unchanged; China touts Afghan trade plans; major pipeline launched in oil hub Shandong
Updated 41 min 26 sec ago

China In-Focus — Stocks unchanged; China touts Afghan trade plans; major pipeline launched in oil hub Shandong

China In-Focus — Stocks unchanged; China touts Afghan trade plans; major pipeline launched in oil hub Shandong

RIYADH: China stocks closed roughly flat on Tuesday as concerns over the worsening COVID-19 situation offset optimism from recovering services activities in the country.

The blue-chip CSI300 index ended down 0.1 percent at 4,489.54, while the Shanghai Composite Index ended flat, at 3,404.03 points.

China touts Afghan trade and investment plans

China’s ambassador touted trade and investment plans for Afghanistan on Tuesday, in what was a public endorsement for doing business in the Taliban-controlled country after an earthquake drew attention to the humanitarian consequences of Western sanctions.

At a rare press conference alongside the Taliban administration’s acting minister for disaster management, Ambassador Wang Yu announced $8 million in aid for relief from the June 22 earthquake that killed more than 1,000 people.

“Besides emergency humanitarian aid, after the political changes last year and after the earthquake, we also have long-term economic reconstruction plans,” he said. The priority would be trade, followed by investment, as well as agriculture.

No country has formally recognized the Taliban, who seized power last year after the US and its allies withdrew troops following 20 years of war.

China port group launches major pipeline in oil hub Shandong

China’s Yantai Port Group has started pumping oil into a newly expanded crude oil pipeline that connects the port of Yantai to a group of independent refineries in the country’s refining hub Shandong, state media reported on Tuesday.

The 370-kilometer pipeline, with an annual transport capacity of 20 million tons which equals 400,000 barrels per day, is solely invested by Yantai Port Group, a unit of provincial government-backed Shandong Port Group.

The new line, linking Yantai with the city of Weifang, adds to an existing parallel 650 km pipeline connecting Yantai with Zibo, bringing total transport capacity to 40 million tons annually, or 800,000 bpd.

About 10 independent refineries are linked to the two pipelines, according to Shandong-based commodities consultancy JLC.

As part of commodities logistics operations, Yantai Port also operates a 300,000 ton crude oil terminal and a 3.6 million cubic-meter crude oil tank farm.


Saudi Aramco signs 55 deals in a major expansion of its industrial investment program

Saudi Aramco signs 55 deals in a major expansion of its industrial investment program
Updated 52 min 7 sec ago

Saudi Aramco signs 55 deals in a major expansion of its industrial investment program

Saudi Aramco signs 55 deals in a major expansion of its industrial investment program

RIYADH: Saudi Aramco has signed 55 agreements across sustainability, digital, industrial, manufacturing and social innovation sectors, as part of a major expansion of its Namaat industrial investment programs. 

Growing from 32 to 55 investments since last year, Namaat supports industrial investment partnerships to create jobs for Saudis and to contribute to national growth and capacity building, according to a statement.

“Namaat enables Aramco to be a catalyst for change across the Kingdom’s economy, while maintaining our reliability as a global energy supplier at a time of market uncertainty,” Ahmad Al-Sa’adi, Aramco senior vice president of technical services, said. 

Bolstering Aramco’s long-term growth strategy and the Kingdom’s expanding energy and chemicals value chains, the agreements include:

Honeywell, to establish a joint venture to develop and implement digital technology solutions across industrial facilities.

Armorock and AlKifah Precast, to establish a joint venture to localize the use of polymers in concrete production.

Shell & AMG Recycling and United Company for Industry, the signing of the Vanadium concentrate sales agreement, enabling the construction of an in-Kingdom metal reclamation and catalyst manufacturing facility. 

In addition to the Saudi-owned conglomerate Al Rushaid Group’s agreement between ARPIC, Samsung, and Aramco to create a National Engineering, Procurement and Construction joint venture in Saudi Arabia. 

The new EPC joint venture aims to increase Saudization levels and deploy leading construction technologies in alignment with the Saudi Aramco Namaat program.  


UAE In-Focus — Aldar buys hotel and two islands; Dubai takes step to boost real estate market

UAE In-Focus — Aldar buys hotel and two islands; Dubai takes step to boost real estate market
Updated 56 min 31 sec ago

UAE In-Focus — Aldar buys hotel and two islands; Dubai takes step to boost real estate market

UAE In-Focus — Aldar buys hotel and two islands; Dubai takes step to boost real estate market

DUBAI: Aldar Properties, an Abu Dhabi developer, acquired two islands for residential development and the Nurai Island Resort hotel. 

The purchase came after acquiring land on Saadiyat island worth 3.7 billion dirhams ($1 billion) to build 2,700 units with a gross development value of 15 billion dirhams, according to MEED.

In addition, Aldar plans to renovate and expand the hotel. The two new islands purchased in Abu Dhabi will be used to build high-end luxury beachfront villas.

Along with the hotel, Nurai island includes water and estate villas owned by third parties.

In February and March, Aldar acquired Rixos Bab Al-Bahr resort and Al-Hamra mall in Ras Al-Khaimah for 410 million dirhams and 770 million dirhams, respectively.

Rental check payments

Emirates NBD, a leading bank in the the Middle East North Africa and Turkey region, and Dubai Land Department have partnered to boost and strengthen the UAE’s real estate market, according to a statement

Rental check payments will soon be automated and digitized through use of the Direct Debit System of the Central Bank of the UAE to support the rental market.

By eliminating the administrative activities required to manage post-dated checks manually, this collaboration aligns with Dubai’s vision of paperless payment ecosystems as well as the Dubai 10X initiative, the statement added.

In addition, tenants will be able to pay their rent using their bank account rather than issuing checks. In addition, their landlords or property management companies will be able to offer them flexible payment plans.

The Emirates NBD offers non-resident savings accounts that will facilitate investor purchases in Dubai and allow them to manage their property and collect rent conveniently.

A dedicated relationship management team will support overseas investors through the account opening process, the statement concluded.