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‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

  • Altaaqa and TotalEnergies to set up EV charging ports in KSA

    Altaaqa of Saudi Arabia and TotalEnergies of France have teamed up to establish charging stations for electric vehicles in the...

    Under the Altaaqa EV brand, the companies will offer end-to-end solutions for the development of the stations

    The move will help Saudi Arabia in its bid to achieve net-zero carbon emissions by 2060

  • EITC Q1 net profit $86.44m

    Revenues grew 8.5 percent to AED 3,128 million.

    Mobile service revenues increased 6.9 percent to AED 1,402 million while handset sales generated AED 216 million in revenues.

    Fixed services revenues jumped 22.8 percent to AED 815 million on sustained demand from consumer and enterprise customers.

  • ADNOC acquires stake in Borealis

    The oil giant acquired shareholding from Mubadala Investment Company.

    Borealis now will be owned 25 percent by ADNOC and 75 percent by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on Vienna Stock Exchange.

    ADNOC and Borealis have been partners for two decades through their jointly held Abu Dhabi-based polyolefins company Borouge.

  • Foreign ownership in Saudi stock market touches $70bn

    Saudi Arabia's drive to lure more foreign investment into the kingdom's stock exchange paid off as foreign ownership touched $70...

    Increased market attractiveness propelled a 54 percent rise in the ownership of qualified foreign investors at the end of 2021 compared to a year earlier

    The year also witnessed a higher frequency of listings on the bourse, with a total of 21 listings completed on the Kingdom’s main and parallel markets

  • Amazon reports rare quarterly loss

    The company warns of continuing challenges in the months ahead.

    The e-commerce giant said it lost $3.8 billion in the first three months of the year, plunging into the red on a $7.6 billion loss in value of its stock in Rivian.

    Sales in the recently ended quarter climbed to $116.4 billion, a seven percent increase from the same period a year earlier.

  • Musk offloads $4 billion in Tesla shares after Twitter deal

    Tesla chief Elon Musk sold about $4 billion worth of shares in the electric carmaker in the days after Twitter's...

    Following these sales, Musk, the world's richest person, holds just over 168 million shares in Tesla, via a trust

    Twitter's stock is trading at a significantly lower price than Musk's offer of $54.20 a share closing at $49.11 on Wall Street on Thursday

  • Dubai Financial Market

    DFM Company posts Dh 27.5m net profit in Q1 2022

    The Company’s total consolidated revenue has increased by 7 percent to AED 78.6 million in Q1 of 2022 compared to...

    The Company’s total consolidated revenue has increased by 7 percent to AED 78.6 million in Q1 of 2022 compared to AED 73.4 million during Q1 of 2021.

    The revenues are comprised of AED 55.9 million of operating income and AED 22.7 million of investments returns and others

  • Fitch affirms AA- rating to Emirates Development Bank

    The bank, which is a key financial enabler of the UAE’s economic diversification and industrial transformation agenda, has also been...

    The bank, a key financial enabler of the UAE’s economic diversification and industrial transformation agenda, has also been assigned an ‘aa-’ Government Support Rating

    The EDB has contributed AED1.91 billion to the UAE’s GDP growth following the launch of its new strategic vision

  • Apple Q2 profits rise 5.8%

    However, it warned of a $4-8bn hit from Covid and supply chain woes.

    The iPhone-maker enjoyed another solid performance for the period ending March 26, registering record revenues for the quarter

    However, executives said the difficulties of the pandemic have returned with a vengeance since the reporting period ended

  • Could movie theaters help stave Netflix decline?

    With box offices bouncing back from the Covid-19 pandemic, and Netflix stock plummeting after its first loss of subscribers in...

    Releasing films on big screens before offering them to subscribers would have seemed anathema to Netflix's successful business model

    It is this model that has already sent the likes of Disney and Warner scrambling to catch up in the so-called streaming wars