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Aramco, unit and Sinopec ink $4bn deal

The two companies will establish a joint venture company.

Etihad unveils new A321LR aircraft

A321LR features First Suite - a private, enclosed space with a sliding door.

stc Group Q1 net profit up 11.05%

The Group reported a revenue of $5.12 billion.

SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

HMG 2023 net profit $544m

The rise was due to the hospitals and pharmacy segments.
  • The increase in net profit came as revenues edged up 14.41 percent year-on-year (YoY) to US$2.5 billion (SAR 9.5 billion).
  • Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 18.49 percent YoY to US$666 million (SAR 2.5 billion).

Roadmap out for environmental education, sustainable development at WEEC2024

ABU DHABI, UAE - The Abu Dhabi Roadmap, a high-level plan outlining global recommendations to bolster Environmental Education (EE) and...

Americana Restaurants posts profit.

The annual net profit in 2022 was US$470 million.
  • The company demonstrated resilient performance, despite US$106 million impact of unfavorable foreign exchange movements.
  • Adjusted EBITDA increased to $550.8 million, reflecting a 2.8 percent growth year-on-year with a healthy adjusted margin of 22.8 percent.

QEWC 2023 net profit US$426m

QEWC market share in supply of electricity was 61 percent.
  • The earnings per share amounted to US$0.38 (QR 1.41) as of December 31, 2023.
  • QEWC reported revenue of $799 million in 2023 compared to $747 million in 2022.

Ford Middle East sales up 63%

Growth fueled by Ford Territory, F-150 and other models.
  • Ford Middle East said in a statement that the UAE recorded a 57 percent year-on-year increase in sales – more than double the industry’s average of 26 percent in this market.
  • It also achieved a record year of growth in Saudi Arabia, where retail figures surged by 77 percent over 2022.

Air Arabia 2023 net profit $408m

The firm recorded a 27 percent rise in profit compared to 2022.
  • The company in its financial results said that the airline's turnover for 2023 reached US$1.6 billion
  • Air Arabia’s Board of Directors proposed a dividend distribution of 20 percent of share capital,

solutions by stc, Devoteam ink MoU

The aim is to foster avenues for collaboration in technology.
  • The pact follows and builds upon the acquisition by solutions of a 40 percent stake in Devoteam Middle East.
  • The collaboration also aims to combine the experience and resources of the parties for mutual benefit.

GPSSA issues circular on pensions, gratuity in UAE

ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and...
  • The circular included limiting the procedure of deduction from the pension or end-of-service gratuity for the benefit of GPSSA's debt.
  • In cases of unlawful disbursement, GPSSA has the right to deduct from other beneficiaries' shares, proportional to their entitlements.

Several nations eager to join Charter of Cooperation, says OPEC Secretary-General

ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in...
  • The names of these countries will be announced after the completion of the ongoing consultations, the OPEC chief said.
  • He said the Charter helps facilitate dialogue and exchange views regarding conditions in the global oil and energy markets.

stc Group inks several pacts

The pacts were signed at the PIF’s Private Sector Forum.
  • The annual Private Sector Forum brings together policymakers, key local private sector players, visionaries and industry leaders.
  • The agreements signed covered a range of strategic stc Group objectives, from sustainability to digital transformation.

Al Ansari approves $85m dividend

This is approx 78% of the company's net profit after tax.

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Qatar strikes new 15-year 3 mtpa LNG supply deal with Kuwait 

Qatar agreed on Monday to supply Kuwait with 3 million tons per annum (mtpa) of liquefied natural gas (LNG) for...
  • Kuwait has been boosting its reliance on imported gas to meet power demand
  • Qatar this year announced a further expansion of its North Field project

China’s robot makers chase Tesla to deliver humanoid workers

Beijing, China - China dominates the market for electric vehicles. Now it's chasing in the race to build battery-powered humanoids...
  • Annual global market for humanoid robots could reach $38 billion by 2035
  • Tesla, reiterated it expected to move beyond prototypes to start producing Optimus in small volumes next year

Anthropic hit with class-action lawsuit over copyright infringement

Anthropic, the Amazon-backed artificial intelligence startup, on Monday, was hit with a class-action lawsuit in California federal court over alleged...
  • "An essential component of Anthropic’s business model is the larges scale theft of copyrighted works"
  • This case follows another lawsuit brought against Anthropic last October by Universal Music