BYD surpasses Tesla with record revenue
The Chinese EV giant's net profit was $5.55 billion for 2024.
Business
Business
Emaar Properties logs 43% growth
The firm recorded a net profit of $873 million.
- Emaar recorded an EBITDA and net profit for the first quarter of 2023 of $1.1 billion and $873 million respectively
- The group's property sales reached AED 9.2 billion (US$ 2.5 billion), an 11 percent increase compared to Q1 2022
Twitter has new boss, says Elon Musk, to take over in six weeks
If Musk follows through on the announcement, he will be belatedly fulfilling the promise he made to honor the results...
- Twitter users in December voted to oust owner Musk as CEO in an unscientific poll he organized and promised to honor, just weeks after he took charge of the Twitter
- NBCUniversal head of global advertising and partnerships, Linda Yaccarino, was a potential candidate for the Twitter chief job, according to a Wall Street Journal report
Science
Masdar, IRENA ink pact on tripling global renewable energy capacity by 2030
ABU DHABI, UAE - Masdar has signed an agreement with the International Renewable Energy Agency (IRENA) to cooperate on a...
- The main objective of the project is to establish a global baseline for renewable energy.
- The project will also highlight the challenges faced by different regions in meeting their renewable energy ambitions.
Business
ADNOC inks pact with SeaOwl to design unmanned vessels
ABU DHABI, UAE - ADNOC Logistics & Services (ADNOC L&S) announced on Thursday it has signed an agreement with SeaOwl...
- The innovative design of the vessel is likely to reduce carbon emissions up to 30 percent as the vessel will be lighter and smaller.
- The design for the 55 meters long vessel will allow the vessels to be operated from an onshore control room through a satellite link.
Economy
Bank of England hikes interest rate to highest level since 2008
The Bank of England lifted its key interest rate to the highest level since the 2008 financial crisis, noting inflation...
- Global policymakers are battling elevated inflation caused largely by runaway energy bills.
- Bank of England warned of "considerable uncertainties" on when UK inflation would return to its two-percent target.
Business
Arabian Cement Q1 net profit $13.11m
The net profit increased by 17 percent in Q1 compared to Q1 2022,
- The revenue for the first quarter reached SAR240.1 million, less 7.4 percent from SAR259.3 million during the same period last year.
- The company attributed the rise in net profit to an increase in the average selling price, decrease in cost of sales and decrease in selling and distribution expenses.
Business
Aramex Q1 net profit down 49%
Aramex said revenue was impacted by currency fluctuations, etc.
- Net Q1 profit declined by 49 percent YoY to $6.54m due to a mix of factors, including currency devaluation in certain markets.
- The company said its revenues -- which declined marginally by 1 percent YoY to AED 1.43 billion -- were driven by stable performance in International Express.
Business
Aramco’s plans to produce blue hydrogen ‘remain unchanged’
Dhahran, Saudi Arabia -- The Saudi Arabian Oil Company (Saudi Aramco) denied reports that its plans for blue hydrogen were...
- The energy giant denied reports that it has temporarily suspended plans to produce blue hydrogen.
- It targets to produce up to 11 million tons of blue ammonia, a carrier of blue hydrogen, by 2030.
Business
Foxconn Q1 profit dips 56%
Foxconn blamed the plunge on weakened demand.
- The net profit of Foxconn dropped 56 percent during the first quarter of 2023, compared to 2022 Q1, with a net profit $417 million.
- Foxconn said its sale is likely to drop during the second quarter of 2023 as well, citing 'slow season' as a reason for it.
Business
e&, Vodafone form relationship
As per pact, e& is a cornerstone shareholder of Vodafone.
- e& and Vodafone will explore offering joint cross-border digital services to multi-national customers and public sector organizations.
- Services will include fixed and mobile connectivity, Mobile Private Networks, IoT, cybersecurity, and cloud-based services.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
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Silal and MBZUAI sign MoU
Business
Google to invest US$1bn in UK data centre
It will meet growing demand for internet services in the region.
Business
AI reshapes UAE’s business strategy, workforce skills
Nearly two-thirds (59 percent) of business leaders in the UAE express their commitment to increasing investments in advanced technology, says...
Business
Tata Group retains IPL sponsorship rights for record $300m
New Delhi, India - Corporate behemoth Tata Group has again been awarded title sponsorship rights of the Indian Premier League for...
Business
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Business
Cinema ticket prices in Saudi Arabia decline by 16% in 2023
Riyadh, Saudi Arabia - The average cinema ticket prices decreased by over 16% in 2023 compared to the previous year,...
- With 627 screens across 69 venues nationwide, Saudi Arabia's cinema sector is expanding at one of the fastest rates globally
- In 2022 and 2023, box office sales exceeded $240 million annually, with over 17 million cinema tickets sold in 2023 alone
Business
Crypto market sees drop in scams, stolen funds
The cryptocurrency sector recorded a promising recovery in 2023, with a significant decline in crypto scams and stolen funds revenue,...
- The cryptocurrency sector recorded a promising recovery in 2023, with a significant decline in crypto scams and stolen funds revenue, says a latest report.
- Revenues for crypto scamming and stolen funds fell significantly in 2023, with total illicit revenue down 29.2 percent and 54.3 percent, respectively, it adds.
Business
Dubai posts real estate transactions worth $3.5bn in week ending January 19
DUBAI, UAE - The real estate and properties transactions valued at US$3.5 billion (AED13 billion) in total during the week...
- The sum of transactions was 3,697 and 184 plots were sold for US$547 million.
- 2,770 apartments and villas were sold for US$2 billion (AED 7.46 billion).