BYD surpasses Tesla with record revenue
The Chinese EV giant's net profit was $5.55 billion for 2024.
Business
Business
ADGM partners with ADIB, RAKBANK, Wio Bank to support Abu Dhabi businesses
The announcements were made during the first edition of Abu Dhabi Finance Week (ADFW) hosted by ADGM.
- The announcements were made during the first edition of Abu Dhabi Finance Week (ADFW) hosted by ADGM
- The week-long event serves as a platform for in-depth conversations around the MENA region’s thriving financial sector
Business
Americana IPO: UAE retail offer doubled
Saudi retail tranche remains unchanged at 10 percent.
- The company plans to plans to sell a 30 percent stake in the IPO remains unchanged. It will list both on ADX and Saudi Arabia’s Tadawaul likely on or around Dec.6.
- The company is selling more than 2.52 billion of its existing shares in the IPO, which expected to run until 21 Nov. for retail investors in the UAE and Saudi Arabia.
Market Report
World stocks rally but oil prices tumble
Global main stock markets rallied as investors fished for bargain shares and shrugged off losses elsewhere, but oil prices fell...
- Asian equities experienced mixed fortunes Friday as cautious investors tried to gauge the outlook for Federal Reserve monetary policy.
- The week has been broadly positive for global equities following softer-than-expected US consumer and wholesale price figures.
Geostrategy
Second Russian fertilizer shipment should be for W. Africa, says UN
After a first shipment of Russian fertilizer blocked in European ports heads for Malawi next week, a second batch should...
- The first shipment of 20,000 metric tonnes of nitrogen phosphorus potassium is currently being loaded onto a vessel chartered by the UNWFP.
- There were around 300,000 tonnes of Russian fertilizer blocked in different European ports.
Business
AD Ports acquires Noatum
The ports operator paid $680 million for the deal.
- AD Ports said that Noatum has a presence in 26 countries and LTM revenue and EBITDA of AED6.91 billion and AED555 million, respectively.
- The acquisition will be fully funded through a new acquisition loan, AD Ports said. Subject to regulatory approvals, the transaction is expected to close in H1 2023.
Geostrategy
ADFD takes part in foreign investors meet in Uzbekistan
ABU DHABI, UAE - Abu Dhabi Fund for Development (ADFD) participated in the first plenary session of the Council of...
- The discussions focused on fostering economic development in Uzbekistan by facilitating investment in various fields.
- Many development institutions and international financial organizations participated in the conference.
Business
EGA, ITOCHU sign agreement
They would set up UAE's largest aluminum recycling facility.
- EGA's relationship with ITOCHU stretches back to the 1980s, with the Japanese company marketing the UAE company's metal in Japan.
- The two companies will work in the development of new aluminum alloys with third parties for niche applications.
Business
Private school operator Taaleem’s IPO oversubscribed 18 times
Dubai, UAE---United Arab Emirates private school operator Taaleem Friday said it has set the price of its Initial Public Offering...
- Taaleem Friday said it has set the price of its Initial Public Offering (IPO) at AED3 per share ($0.8168).
- Raising AED750 million, the IPO drew total gross demand of more than AED13.7 billion.
Geostrategy
UAE Minister discusses economic ties with Caribbean countries
ABU DHABI, UAE - UAE Minister of Economy Abdullah bin Touq Al Marri visited the Havana International Fair 2022 in...
- The visit was aimed at exploring opportunities for cooperation and establishing new economic partnerships between the UAE and Caribbean region.
- The UAE minister met several ministers from the Caribbean nations to discuss mechanisms to enhance economic and trade cooperation.
Geostrategy
‘Sweden confirms Nord Stream pipeline sabotage’
Swedish officials confirmed the September blasts which destroyed sections of the Nord Stream pipelines carrying natural gas from Russia to...
- Technical analyzes were continuing in order to "draw more reliable conclusions regarding the incident."
- Sweden's Prosecution Authority said that the investigation will show if anyone can be formally suspected of a crime.
Company News
ACWA Power signs deals
Business
Latest News
Nokia to slash 14,000 jobs
Business
Andalusia Labs secures $48m funding
The company deals in risk management infrastructure for digital assets.
Business
GCC media outlets think outside the box to stay afloat
Reeling from a calamitous drop in advertisement revenues and public trust, news media organizations are reworking strategies to create "niche"...
Business
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Business
Qatar records real estate transactions worth $400 million in Nov
Doha, Qatar -- Qatar reported a total of 321 real estate transactions worth QR 1.46 billion ($400 million) in November...
- Top-performing municipalities in financial value included Doha, Al Rayyan, and Al Dhaayen. Doha led with transactions worth QR 603 million.
- Mortgage transactions totaled 88, amounting to QR 3.19 billion. Al Rayyan dominated with 38 transactions, followed by Doha with 25.
Business
Saudi investors witness 40% fall in US equities trading in Q3 2023
Riyadh, Saudi Arabia -- In the third quarter of 2023, Saudi investors engaged in sell and buy transactions on US...
- This reflects a substantial year-on-year (YoY) fall of SAR 9.15 billion, equivalent to a 40 percent decrease.
- According to a report from the Capital Market Authority (CMA), this decline in trading activity by Saudi investors represents the lowest point since Q4 2019.
G42’s split from China could spur other GCC firms to follow suit
Dubai, UAE - With the UAE-based G42's decision to align with US directives by severing ties with Chinese tech partners...
- The G42’s move follows concerns raised by US national security personnel regarding potential espionage risks from Chinese firms
- The ripple effect of G42's decision could extend to other tech companies in the Gulf Cooperation Council (GCC) region