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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.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

  • UAE, Mauritius conclude CEPA talks, set to boost trade

    The CEPA will cover trade in goods and services, investment facilitation amongst others. Once implemented, it will accelerate robust growth...

    Mauritius posted an 8.5 percent GDP growth in 2022 — the fastest in 35 years

    The deal is also expected to drive FDI into fintech, healthcare and tourism sectors

  • ‘Diverse economic needs boost global sukuk market’

    "Rising rates negatively impact global issuances of sukuk, thereby affecting the global sukuk market. This reduces the appetite of global...

    The Sukuk market is projected to reach $823.4 billion by Q3-2023, reflecting a significant 9.8% annual growth, indicating its continued expansion.

    Sukuk adoption is driven by factors such as filling budget gaps, diversifying funding sources, and establishing flexible financial tools for economic stability.

  • UAE best performing economy in Arab region, says Arab Monetary Fund

    Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a...

    The report noted the UAE secured the top position in the government financial sector index, ranking first in the deficit/surplus to GDP ratio and second in the tax burden index

    The UAE also topped the infrastructure sector index, leading in mobile phone subscriptions and the percentage of the population with access to electricity

  • China’s BYD to manufacture cars in Hungary

    BYD already has operations in Hungary, including an electric bus factory.

    "BYD is set to build its first passenger car factory in Szeged, Hungary, marking a significant step toward green mobility in Europe," BYD Europe said on X.

    Originally specializing in battery production, BYD moved into the automotive sector in 2003 and has since become a heavyweight in electric vehicle (EV) production.

  • TAQA, GS Inima and EWEC seal deal

    Abu Dhabi's Shuweihat 4 desalination project secures $444 million.

    The S4 RO project is primarily funded 71 percent through debt financing from both local and international banks.

    The financial closing comes after TAQA and GS Inima signed the water purchase agreement with EWEC in August 2023.

  • ESG buys majority stake in UIG

    The move is likely to enhance ESG’s manpower portfolio.

    ESG is a global investment, engineering and construction services business and a subsidiary of International Holding Company.

    The strategic plan aims to deploy over 30,000 skilled professionals by the end of 2024, serving various sectors.

  • Ottawa approves RBC takeover of HSBC’s Canadian operations

    Canadian Finance Minister Chrystia Freeland said RBC would be required to establish "a new integrated banking center" in Vancouver, eliminate...

    HSBC, under pressure from shareholders to refocus on its Asian activities, announced the sale of its Canadian operations to RBC for $13.5 billion in November 2022

    The London-headquartered bank, which generates two-thirds of its sales in Asia, said it expected the deal would be completed in the first quarter of 2024

  • China unveils new gaming curbs, sending tech stocks tumbling

    Beijing first moved against the gaming sector in 2021 as part of a sprawling crackdown on big tech, including a...

    New draft restrictions published online by the regulator are aimed at limiting in-game purchases and compulsive playing behavior

    Following the news, Tencent tanked more than 15 percent in Hong Kong while rival Netease was down more than 30 percent

  • Tesla launches Shanghai battery plant project

    The project was announced in April after Tesla chief Elon Musk presented a vague but ambitious plan to investors to...

    The plant is expected to make 10,000 units of Tesla's Megapack batteries per year, and "break ground in the first quarter of 2024 and start production in the fourth quarter"

    Tesla says its Megapacks are intended to store energy and stabilize supply for power grids, with each unit able to store more than 3 megawatt-hours of power

  • Nike shares tumble after cost cuts

    Nike promised up to $2 billion in cost savings Thursday.

    Shares fell heavily in after-hours trading as Chief Financia officer described the environment as "highly promotional" during a conference call with analysts

    Profits for the quarter ending November 30 jumped 19 percent to $1.6 billion, while revenues edged up one percent to $13.4 billion