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COVID 19 lands Air Arabia ‘in the black’ with AED192 mn FY20 loss
BBN Report Revenue down 61 pc to AED1.85 bn; Posts AED20 mn Q4 profit DUBAI/February 11-2021: Air Arabia, the first and the largest low-cost carrier (LCC) in the Middle East and North Africa (MENA), is one of the hardest hit by the COVID 19 outbreak with the financial year 2020 (FY20) having closed with a […]
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Aramex FY20 profit drops 43 pc to AED285 mn
BBN Report COVID boosts top-line revenue DUBAI/February 10-2021: Aramex, the leading global logistics and transportation solutions company, has reported net profit of AED285.01 million for the financial year 2020 (FY20) compared with AED497.40 million the company logged for the previous year – representing a decline of 42.70 per cent on that count. The company has […]
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Economic survey calls for counter-cyclical fiscal policy
BBN Report India is in the cusp of a V-shaped recovery NEW DELHI/ January 29-2021: India Ratings and Research (Ind-Ra) feels that the Economic Survey 2020-21 rightly calls for a counter-cyclical fiscal policy. It believes that once growth picks up in a sustainable manner, fiscal consolidation can be pursued. But, for now, fiscal policy will […]
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GFH Group collective investments portfolio valued at AED991mn
GFH holds minority stakes in Snowflake, UiPath, DoorD, etcash, DataRobot, Samsara, BYJUs, Outreach BBN Report BAHRAIN/November 19-2020: The GFH Financial Group’s overall size of the collective investment vehicle, where GFH holds a minority stake, is about $270 million (AED991 million) as of September 30, 2020. A statement from the company explained that the investment […]
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Al Ramz Q3 profit surges more than 5-fold to AED20.4 mn
Company closes nine-month period with AED26.6 mn loss BBN Report DUBAI/November 2-2020: Al Ramz Corporation Investment and Development (Al Ramz), a Dubai Financial Market (DFM)-listed company, reported a net profit AED20.4 million for the third quarter (Q3) compared with AED3.7 million for the same quarter of 2019. At the same time, the group reported a […]
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Abu Dhabi’s IHC buys into UK-based Oxford Nanopore Technologies
Invest AED186 mn in leading DNA sequencing technology firm ABU DHABI-OXFORD (United Kingdom) /October 13: Abu Dhabi-listed International Holdings Company (IHC) has invested 39 million pound (AED185.85 million) in Oxford Nanopore Technologies as part of a 84.4 million pound (AED402.25 million) equity raising exercise by the United Kingdom-based firm, which has pioneered DNA sequencing technology. […]
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Small jewellers are in a tight spot
Customer preference moving towards organised sector MUMBAI: The COVID-19-induced lockdowns and economic downturn have put the small and unorganised jewellers in a tight spot with many small players finding it difficult to sell their inventory and are planning to wind down businesses, amid high gold prices and weak liquidity position. According to Manish Basawante of […]
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Fitch affirms KIIFB’s ‘BB’ rating; Outlook Stable
HONG KONG/BEIJING: Fitch Ratings has affirmed Kerala Infrastructure Investment Fund Board’s (KIIFB) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at ‘BB’ with the Outlook being maintained at Stable. About three months ago, another international rating agency, Standard & Poor’s (S&P) had lowered the rating of KIIFB along with the State of Kerala’s long-term credit […]
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Were foreign banks in UAE recruiting while local lenders downsizing?
Foreign banks’ workforce expanded 28 pc during 12 months to March 20 DUBAI: At a time when several UAE local banks have laid off their employees in droves, with Emirates NBD, the largest ‘lender’ in the country alone having retrenched 1300 in the past few months, one would certainly be surprised to know that foreign […]
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CRAs advised against treating covid-related debt restructuring as default
MUMBAI: The Securities and Exchange Board of India (SEBI), the markets regulator has instructed to the credit rating agencies on Monday (August 31) not to recognise the restructuring of debt due to COVID-19 related stress as default. The banking regulator (RBI) has provided a loan restructuring window for corporates following the increasing demands from bankers […]