Empower distributes $701 million dividends since listing
Dubai, UAE -- Emirates Central Cooling Systems Corporation PJSC (Empower) said it has distributed AED2.575 billion in dividends to shareholders...
Business
Business
Stocks mostly rise, oil falls as Trump fans Ukraine peace hopes
London, United Kingdom -- Major stock markets mostly rallied and oil prices retreated Thursday on hopes for an end to the...
- London was a rare faller owing to sharp losses to share prices of big companies, including Unilever, Barclays and British American Tobacco.
- With Russia being a major producer of oil, crude futures fell heavily on easing supply concerns, while the dollar lost some of its safe-haven support.
Business
TAQA net income $1.93bn in 2024
The company's revenues increased 6.7 percent year-on-year.
- TAQA said the net income excludes one-off items (AED 10.8 billion) related to the acquisition of a 5 percent stake in ADNOC Gas.
- The company's revenues increased 6.7 percent year-on-year to AED55.2 billion, driven by sustained Transmission & Distribution (T&D) growth.
Business
ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
- EBITDA rose by 31 percent to $1.149 billion (AED 4.219 billion) in the same period, driven by robust performance across all business segments.
- The Company's Q4 revenue increased by 6 percent year-on-year (y-o-y) to $881 million (AED 3.237 billion).
Business
UAE to launch DeepSeek-inspired AI models: Faisal Al Bannai
Dubai, United Arab Emirates -- The United Arab Emirates is planning to launch new artificial intelligence models inspired by China's DeepSeek,...
- The UAE is betting big on the transformational technology as part of its push to diversify its economy away from fossil fuels.
- The UAE launched Falcon in 2023, a large language model that compared favorably with industry leaders including OpenAI's ChatGPT.
Business
ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
- The company achieved its highest-ever (EBITDA) of $1.05 billion (AED3.86 billion), an increase of 4.8 percent year-on-year.
- The company's Board of Directors has recommended a cash dividend of $350 million (AED1.285 billion) for H2 2024.
Altman rejects Musk’s US$97.4 billion bid to buy OpenAI, as feud continues
After receiving backing from his OpenAI board, Sam Altman informed an Elon Musk-led group of investors that sought to buy...
- Musk is suing OpenAI's restructuring plans from a non-profit to a for-profit
- In a repartee, Altman offered to buy Twitter (X) for US$9.74 billion
Business
Chinese auto giant BYD to integrate DeepSeek, broaden self-driving tech
BYD will install its "God's Eye" autonomous driving system in at least 21 models, including the Seagull budget hatchback priced...
- The company also said it would integrate AI startup Deepseek's software into its cars, following domestic peers such as Geely, Great Wall Motors, and Leapmotor
- BYD is Tesla's biggest rival in China and increasingly abroad, and Monday evening's announcement led analysts to suggest a new price war might be on the horizon
Government chiefs and tech leaders gather in Paris for AI summit
Political and tech industry leaders were set to descend on Paris Monday for a two-day summit on artificial intelligence, hoping...
- Macron announces US$113 billion investments in AI in coming years in France
- China is opening an investigation into monopolistic practices by Google
Business
Maaden raises $1.25bn in sukuk offering
The Sukuk were offered in a five-year and a 10-year tranche.
- The five-year tranche of $750 million consists of 3,750 Sukuk based on the minimum denomination and total issue size.
- Maaden said the annual return on the five-year tranche is 5.25 percent and 5.50 percent for the 10-year tranche.
Business
UAE announces top-up tax for multinational enterprises
Abu Dhabi, UAE - The Ministry of Finance has announced the issuance of Cabinet Decision No. 142 of 2024 on...
- The top-up tax will apply to entities that are members of Multinational Enterprises (MNEs) operating in the UAE with annual global revenues of €750 million or more
- To bolster the UAE’s competitiveness as a leading investment hub, the top-up tax has been structured to exclude Investment Entities
Empower distributes $701 million dividends since listing
Dubai, UAE -- Emirates Central Cooling Systems Corporation PJSC (Empower) said it has distributed AED2.575 billion in dividends to shareholders...
Business
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Oil prices extend gains after OPEC+ talks fail, equities mixed
Brent broke above $77 for the first time since 2018 Breakdown of talks raises the possibility of $100 a barrel...
FAB delivers strong results in 2024 with profit before tax of AED 19.9 billion, up 13% yoy
First Abu Dhabi Bank (FAB) has achieved solid results in 2024 with Group net profit reaching AED 17.1 billion, up...
Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver
Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...
Economy
OpenAI board rejects Elon Musk-led $97.4 billion buyout offer
San Francisco, United States -- OpenAI's board chairman on Friday said it has unanimously rejected an Elon Musk-led offer to buy...
Business
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Nissan, Honda shares surge after merger talks scrapped
Nissan and Honda shares surged in Tokyo Friday after the auto giants confirmed they scrapped merger talks and Nissan detailed...
- Nissan shares soared 8.17 percent to 449 yen in early trade before easing to 439.5 yen
- Honda shares rose 4.46 percent to 1,498 yen, before easing to 1.487 yen
Business
Stocks mostly rise, oil falls as Trump fans Ukraine peace hopes
London, United Kingdom -- Major stock markets mostly rallied and oil prices retreated Thursday on hopes for an end to the...
- London was a rare faller owing to sharp losses to share prices of big companies, including Unilever, Barclays and British American Tobacco.
- With Russia being a major producer of oil, crude futures fell heavily on easing supply concerns, while the dollar lost some of its safe-haven support.
Business
TAQA net income $1.93bn in 2024
The company's revenues increased 6.7 percent year-on-year.
- TAQA said the net income excludes one-off items (AED 10.8 billion) related to the acquisition of a 5 percent stake in ADNOC Gas.
- The company's revenues increased 6.7 percent year-on-year to AED55.2 billion, driven by sustained Transmission & Distribution (T&D) growth.