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ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

Etihad Q1 profit $187 million

This is a 30% YoY increase over Q1 2025.

Yalla Group Q1 revenue $83m

Net income rose to $36.4 million, a 17% YoY increase.

Qatar Airways annual profit $2bn

This was a record 28% jump in annual net profit.

Masdar issues $1bn bond

Its green bond program hits $2.75 billion.

Hermes overtakes LVMH as world’s most valuable luxury group

Hermes overtook LVMH as the world's most valuable luxury group. (AFP)
  • The market capitalization of Hermes reached 248.6 billion euros ($280.5 billion) at the close of trading in Paris, topping LVMH's 244.4 billion euros.
  • LVMH shares sank 7.8 percent a day after the group owned by Europe's wealthiest man, Bernard Arnault, reported a two percent drop in first-quarter sales to 20.3 billion euros.

Paris, France — French group Hermes overtook LVMH as the world’s most valuable luxury company on Tuesday after shares in the Louis Vuitton maker tumbled following weaker-than-expected quarterly sales.

The market capitalization of Hermes reached 248.6 billion euros ($280.5 billion) at the close of trading in Paris, topping LVMH’s 244.4 billion euros.

LVMH shares sank 7.8 percent a day after the group owned by Europe’s wealthiest man, Bernard Arnault, reported a two percent drop in first-quarter sales to 20.3 billion euros.

The producer of Louis Vuitton bags and Dom Perignon champagne reported a slight decline in US sales, where it generates a quarter of its revenue.

The disappointing performance came before President Donald Trump’s April 2 “Liberation Day”, which included 10 percent tariffs on global imports.