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TAQA net income $1.93bn in 2024

The company's revenues increased 6.7 percent year-on-year.

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.

Xiaomi announces release date for EV

Xiaomi is the world's fourth-largest smartphone manufacturer. (AFP)
  • The Beijing-based firm announced in 2021 its planned foray into the electric vehicle sector
  • The announcement was accompanied by a photo of the new vehicle, first unveiled in December

Beijing, China–Chinese electronics giant Xiaomi will start deliveries of its first electric vehicle by the end of March, the firm’s boss said Tuesday, bringing its highly anticipated entry into the automotive industry to the brink of completion.

Xiaomi — the world’s third-largest smartphone manufacturer — also produces tablets, smartwatches, headphones, and scooters.

In 2021, the Beijing-based firm announced its planned foray into the electric vehicle sector, made highly competitive in recent months as top Chinese brands engage in an aggressive price war.

“The Xiaomi SU7 will be officially released on March 28,” Lei Jun, the company’s founder and CEO, wrote on Chinese social media site Weibo.

The announcement was accompanied by a photo of the new vehicle, which was first unveiled to the press in December.

The firm’s shares soared nearly 10 percent by midday in Hong Kong, where the firm is listed.

Equipped with Xiaomi software and electronic features, the SU7 is produced by Chinese auto giant BAIC.

Its batteries — with a driving range of up to 800 kilometres (500 miles) — are supplied by China’s largest electric automaker BYD, as well as domestic battery giant CATL.

“The goal is to become one of the world’s top five automotive manufacturers through 15 to 20 years of hard work,” Lei said in December.

Many top tech firms in China — the world’s largest auto market — have invested recently in the country’s EV sector, where foreign firms have struggled to get a foothold.

Founded in 2010, Xiaomi has achieved rapid growth through its strategy of marketing high-end devices at affordable prices, initially directly through online channels.