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ADNOC L&S 2024 net profit $756m

The company's revenue increased by 29 percent to $3.54 billion.

ADNOC Distribution 2024 net profit down 7%

Minus UAE corporate tax, it would have grown by 2.4% to $725m

Maaden raises $1.25bn in sukuk offering

The Sukuk were offered in a five-year and a 10-year tranche.

DAE net profit up 36.2%

Revenues grew by 9 percent to $1.42bn from $1.31bn in 2023.

Borouge 2024 net profit $1.24bn

The company said it will maintain a $1.3bn dividend for 2025.

  • Musk sends mixed messages on Twitter deal, pressuring shares

    Elon Musk sent mixed messages Friday about his proposed Twitter acquisition, pressuring shares of the microblogging platform amid skepticism on...

    Chief Executive Parag Agrawal took to the platform to explain moves earlier this week to shake up company leadership and freeze most hiring

    "While I expect the deal to close, we need to be prepared for all scenarios and always do what’s right for Twitter," Agrawal said

  • Metaverse: Opportunities vs challenges

    New business models must be developed to take advantage of the metaverse's technology, says Fadi Kassatly, Partner, Enterprise Systems and...

    By 2026, about 25 percent of internet users would spend at least an hour a day in the metaverse and 30 percent of organizations would use it to distribute their products.

    Because of the metaverse, companies can now imagine new stakeholder engagements that include interactions and create value faster, realistically and with more significant impact.

  • Bonfire of bitcoin: Why crypto assets are tumbling

    The lightning uptake of crypto assets like bitcoin had swelled a volatile sector to a valuation of roughly two trillion...

    Fears about rampant inflation and the abrupt ending of the era of cheap money have sent cryptocurrencies careering down a cliff edge, says an expert.

    Bitcoin's price at one stage plummeted to $25,500 -- less than half of its record price in November last year and the lowest valuation since it exploded at the end of 2020.

  • DEWA posts AED691m profit

    It posted 15% jump in revenue for Q1 to AED5.068 billion.

    Rise in hospitality and commercial activities in Dubai, in part due to the easing of Covid-related restrictions worldwide, has contributed to the robust demand growth

    DEWA currently provides its services to 3.5 million Dubai residents and the Emirate's active daytime population of over 4.7 million

  • Lebanese activists launch ‘lollar’ currency

    Lebanese activists Friday rolled out mock banknotes featuring paintings of a gutted central bank or the Beirut port explosion to...

    The collapse of the Lebanese pound and frozen bank accounts have left Lebanon with a confusing currency system

    The dollars stuck in accounts that citizens can only withdraw in Lebanese pounds at a fraction of their original value are known locally as "lollars"

  • AD Ports Q1 revenue up 15 percent

    Net profit was up 41 percent year-on-year to AED306 million.

    Total assets and total equity reached AED34.085 billion and AED17.770 billion, respectively, at the end of Q1 2022.

    Adjusted EBITDA for the period increased by 34 percent year-on-year to AED524 million.

  • Elon Musk puts his bid to buy Twitter ‘on hold’

    Elon Musk said he is putting his bid to buy Twitter on hold, a few weeks after agreeing to take...

    The sharp rise in the price of Tesla shares before the opening bell Friday singled rising doubts that the acquisition of Twitter will take place

    Money from the new investors cuts the amount borrowed on the value of Tesla stock to $6.25 billion, according to the filing

  • Emirates posts $1.1 billion annual loss despite $954million capital injection

    Losses came in at 3.9 billion dirhams ($1.1 billion) in the 2021-2022 financial year to March, with revenues up 91...

    The carrier said it received a capital injection of $954 million from its owner, the government of Dubai, to help it survive the crisis.

    Over the fiscal year, Emirates carried 19.6 million passengers, up by 197 percent from the same period the previous year.

  • Twitter executives exit, hirings halt

    Kayvon Beykpour, a general manager, said he was ousted from the company.

    Musk's $44-billion deal to buy Twitter was announced last month but still needs the backing of shareholders and regulators.

    Musk's endorsement of a Trump return triggered fears among activists that Musk would "open the floodgates of hate."

  • TAQA Group’s Q1 income up 37%

    The company reported financial results for 3 months ended March 31

    The company delivered strong performance underpinned by its contracted utilities businesses and boosted by higher commodity prices

    The Group revenues increased to AED 12.4 billion, 20 percent higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment