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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.

  • Pfizer set to acquire Seagen

    The drugmaker will complete its US$43bn buyout this week.

    Pfizer Chief Executive Albert Bourla said the buyout of Seagen is "good for patients in the battle against cancer"

    Based in Washington state, Seagen came to major drugmakers' attention with its work on antibody-drug conjugates

  • Expo City Dubai and Japan’s UMI sign MoU to support startups

    Dubai, UAE--Expo City Dubai and Universal Materials Incubator (UMI), a Japanese venture capital firm, have teamed up to identify and...

    With the signing of the agreement, the two sides consolidated their partnership in innovation, economic growth and sustainable development

    By joining forces, they will facilitate and host networking events, workshops and specialised training programmes to help startups scale and grow

  • CBUAE joins the Gulf payments system AFAQ

    Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) joined AFAQ Payments System, which is operated by the Gulf...

    Along with the CBUAE, Barclays Bank joined the AFAQ system, becoming the first financial institution operating in the UAE to achieve this step and begin using the system’s services

    To date, the Central Bank of Bahrain, the Saudi Central Bank, and the Central Bank of Kuwait have joined "AFAQ", in addition to a number of commercial banks from these countries

  • Global trade likely to decline in 2023 due to changing trade patterns, geopolitics

    DUBAI, UAE - The outlook for 2024 remains “highly uncertain and generally pessimistic,” UNCTAD says in the Global Trade Update,...

    Other elements affecting trade include lower demand in developed countries, less trade in East Asia and an uptick in trade-restrictive measures.

    The elements also include an uptick in trade-restrictive measures and lengthening supply chains, particularly between China and the US.

  • Aramco to acquire 40% stake in GO

    Gas & Oil is one of the largest retail and storage firms in Pakistan.

    This is Aramco's first entry into the Pakistani fuels retail market, advancing the company’s strategy to strengthen its downstream value chain internationally, the company said.

    This transaction would enable Aramco to secure additional outlets for its refined products and further provide new market opportunities for Valvoline-branded lubricants

  • UAE, Korean firms ink pact

    The partnership will utilize low-cost indoor farming solution.

    The facility will be co-located within livestock farms to localize animal feed in Al Ain, UAE.

    The facility will be using 95 percent less water per kilogram versus traditional farming means.

  • SABIC announces 16% H2 cash dividend

    The dividend of $1.27 billion is payable on Mar 4, 2024.

    SABIC has announced full-year dividend of SAR 10.2 billion or 34 percent (SAR 3.4 a share) of its current capital of SAR 30 billion.

    The company had posted a net loss of SAR 1.04 billion ($277 million) in the first nine months of 2023, against a net profit of SAR 16.24 billion a year earlier.

  • PureHealth offer price $0.89 per share

    The IPO witnesses demand of over AED 265bn ($72.15bn).

    The offering will generate gross proceeds of AED 3.62 billion for the company. On listing, the company’s market capitalization is expected to reach AED 36.2 billion.

    Listing and trading commencement of PureHealth’s shares on ADX are expected to take place on 20 December 2023.

  • Microsoft and US labor group join hands on AI

    The alliance comes as workers and governments are fretting over the potential repercussions of AI on work, with fears that...

    Microsoft will train labor leaders and workers on how artificial intelligence works

    The labor group and the tech giant will also collaborate on how to shape public policy

  • Jordan’s mission to save its ancient olive trees

    Jordan's culture ministry, Gharaibeh's organization is working to add the trees to the UNESCO Intangible World Heritage List, hoping this...

    Jordan has 11 million olive trees in groves that make up 20 percent of all cultivated land in the country

    They produce 50,000 tons of olives and 25,000 tons of olive oil annually, contributing $169 million to the economy