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Business

Alujain widens 2025 loss

The increase in loss is due to impairment charges, weaker prices.

Masar 2025 net profit $262m

Higher land plot sales boost revenue and operating income.

Tasnee’s 2025 losses deepen

The petrochemicals' company's revenue also fell 17.7 percent.

DP World 2025 revenue $24.4bn

The profit for the year up 32.2% to reach $1.96bn.

BYD 2025 revenue surges

The EV manufacturer reported net profit of $.3.3bn for 9M 2025.

Chinese EV company Xpeng shares up 6% post mass-market car launch

Xpeng shares rose after the Chinese electric car company launched its new mass-market Mona brand on Tuesday with prices starting...

China’s robot makers chase Tesla to deliver humanoid workers

Beijing, China - China dominates the market for electric vehicles. Now it's chasing in the race to build battery-powered humanoids...

Business
Business

Dubai records $3.51 billion in weeklong real estate deals

Dubai, UAE -- The real estate and properties transactions valued at 12.9 billion ($3.51 billion) in total during the week...
  • A total 304 plots were sold for AED 3.53 billion, 2,744 apartments and villas were sold for AED 7.15 billion.
  • The sum of the amount of mortgaged properties for the week was 1.77 billion, with the highest being a land in Trade Center Second, mortgaged for AED 364 million.
Business

GCC region’s non-hydrocarbon growth momentum strong: IMF

Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital...
  • A comprehensive package of policies should be implemented to respond to near-term shocks and uncertainty and to firmly address medium- and long-term challenges.
  • The IMF affirmed that structural policies should continue focusing on diversifying the economies away from hydrocarbon.
Business

EU seeks critical details from Apple and Google on digital safety

Brussels, Belgium - The EU demanded on Thursday that Apple and Google provide more details on how they identified risks concerning...
  • The European Commission said it wanted "more information on how" Apple and Google "have diligently identified any systemic risks concerning the App Store and Google Play"
  • It also wants the companies to demonstrate that they have complied with rules on digital marketplaces and transparency about adverts in order to protect users online.
Business

Tabreed gets US$163m Green Revolving Credit Facility

ABU DHABI, UAE -  Tabreed on Thursday announced the successful closure of its inaugural US$163 million (AED600 million) Green Revolving...
  • This financing agreement, spanning five years, aligns with Tabreed's overarching sustainability strategy.
  • The facility will introduce efficient cooling solutions, meeting the regional demand for sustainable innovative technologies.
Business

ADCB, EIH sign agreement

ADCB to sell 80 percent stake in ADCP to Nine Yards Plus.
  • The transaction values ADCP at US$161 million and ADCB will gain of nearly US$133 million subject to closing conditions before end of December 2023.
  • ADCB will retain a 20 percent stake in ADCP post transaction and will continue its partnership via a long-term relationship agreement.
Business

Saudi ministry explores investment with Chinese groups in aquaculture

Shenzhen, China - Saudi Ministry of Environment, Water and Agriculture discussed ways to enhance investments between the Kingdom and China...
  • The National Fisheries Development Program, a delegation of Saudi ministry, participated in the Global Investment Promotion Conference.
  • The conference was held in the Chinese city of Shenzhen, and the two sides discussed investment opportunities and improving investment relations between the two countries.
Business

UAB concludes $200m term loan

Proceeds of the facility will be used for general corporate purposes.
  • The dual tranche borrowing comprises a conventional tranche and a commodity Murabaha financing facility has been concluded at competitive pricing.
  • The facility also includes a green-shoe option to increase the size up to AED 1.3 billion. Proceeds of the facility will be used for general corporate purposes.
Economy

Mawani gets 79.01 points in UNCTAD’s Liner Shipping Connectivity Index for Q4 2023

RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) attained its highest improvement in the UNCTAD's Liner Shipping Connectivity Index...
  • This development aligns with the objectives of the National Transport and Logistics Strategy (NTLS).
  • This achievement adds to the recent major records, including a score of 77.66 during Q3.
Business

MBC IPO retail subscription begins

MBC Group runs a group of TV and radio channels.
  • The subscription process for the retail tranche of MBC Group will run for five days until December 18.
  • The Capital Market Authority approved, on November 21, the company's request to float 33.25 million shares in an IPO.
Business

OPEC+ cartel’s grip on oil market loosening as demand slows: IEA

Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up...
  • The Paris-based IEA, which advises oil-consuming nations, noted that prices had fallen by around $25 per barrel since September highs.
  • Efficiency improvements and a booming electric vehicle fleet have also been lowering oil demand, it added.

Chinese EV company Xpeng shares up 6% post mass-market car launch

Xpeng shares rose after the Chinese electric car company launched its new mass-market Mona brand on Tuesday with prices starting...

Company News

Birkenstock declares IPO prize

SVC inks pact with IMPACT46

RSI buys stake in First Fix

Ducab bags 30 major contracts

Porsche sales revenue up

Latest News

Saudi Tourism Authority, Trip.com Group sign global agreement

BERLIN, GERMANY – Saudi Tourism Authority (STA) and Trip.com Group have announced a significant global partnership, which will drive greater...
Business

ADCB approves cash dividends worth US$1.1bn  

ABU DHABI, UAE – Abu Dhabi Commercial Bank (ADCB) has approved the Board of Directors proposal to distribute a cash...
Business

Binghatti lists sukuk on Nasdaq Dubai

The debut issue of the company is valued at US$300m.
Business

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Business

Saudi Arabia transfers 8% Aramco stake to PIF-owned firms

Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's...
  • The transfer was "a continuation of Saudi Arabia's long-term initiatives to boost and diversify the national economy and expand investment opportunities".
  • The move brings the state's ownership of Aramco shares to 82.19 percent.
Business

Nationwide offers to buy Virgin Money

Nationwide has offered US$3.7 billion for Virgin Money.
  • Nationwide management believe the transaction will broaden and deepen its products and services faster than could be achieved organically.
  • The deal remains subject to due diligence and approvals from Virgin Money shareholders as well as Nationwide's borrowers and depositors.
Business

Lufthansa profit spikes in 2023

Its net profit shot up to US$1.82bn as demand booms.
  • The group reported a net profit of 1.67 billion euros ($1.82 billion), compared to 791 million euros in 2022
  • The profit was slightly below an estimate of about 1.8 billion euros by analysts surveyed by financial data firm FactSet