BYD surpasses Tesla with record revenue
The Chinese EV giant's net profit was $5.55 billion for 2024.
Business
Stora Enso posts loss again
Business
DEWA okays H1 dividend of $843m
Business
Aramco, ENOWA ink pact
Business
ADNOC Drilling approves $788m dividend
The final cash dividend of $394m for 2024 was approved at the AGM.
Business
Business
Oman & Emirates Co. Q3 net profit $5.6m
The profit for the same period in 2021 was 538,832 OR.
- Oman & Emirates Investment Holding Company was established through the Royal Decree in 1993, as an joint venture between Oman and UAE.
- O&E is registered as an Omani Joint Stock Company traded in Muscat, Abu Dhabi and Dubai Securities Markets.
Business
Infosys Q2 profit at US$731.4m
The firm approved a $1 billion share buyback after Q2 result.
- Tech companies have benefited from higher digital services demand since the pandemic,.
- Infosys also reported a marginally lower employee attrition rate - a key metric for IT companies - compared to the previous quarter.
Business
Fast Retailing posts yearly net profit at US$1.86bn
Firm owns Uniqlo, Comptoir des Cotonniers clothing brands.
- Following years of aggressive global expansion, Fast Retailing is one of the world's biggest clothing retailers.
- As well as Uniqlo, it owns the clothing brands Theory, Comptoir des Cotonniers and lingerie label Princesse Tam Tam.
Business
ADNOC awards $980m contract
The contract awarded to ADNOC Drilling to hire offshore rigs.
- ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size.
- Over 80 percent of the award value will flow back into the UAE’s economy under ADNOC’s In-Country Value (ICV) programme.
Business
ENOC unveils service station of future for public at Expo City
Dubai, Abu Dhabi -- ENOC Group announced Wednesday that its Service Station of the Future is now open to the...
- Expo City Dubai is now ready to host 145,000 residents and workers, becoming the UAE’s first 15-minute city.
- This includes amenities in close proximity to the 85 start-ups and small businesses that occupies the commercial space.
Business
Yellow Door closes $400m equity raise
It plans to deploy $1bn in sustainable energy projects.
- Yellow Door said in a statement that the funding was substantially provided by YDE’s newest and now controlling shareholder, Actis.
- Existing shareholders International Finance Corporation (IFC), Mitsui & Co., and APICORP also increased their equity commitments.
Business
Wio Bank, Stripe sign partnership
Will enable SMEs to access e-commerce faster.
- They will also ensure easy onboarding and a simple pay-as-you-go pricing model.
- Users can soon sign up on the Wio Business app and be set up with a payment gateway to optimize payments within minutes.
Business
ADNIC, JAFZA sign insurance pact
JAFZA is home to over 9000 companies, including Fortune 100 firms.
- ADNIC will provide pre-underwritten insurance products for health and office insurance with exclusive pricing.
- Through this partnership, the Jafza community will benefit from hassle-free online enrolment for health insurance policies.
Business
Burjeel begins trading on ADX
Shares closed the debut session up 15 percent ($0.62).
- The company raised AED1.1 billion ($299.49 million) after offering a 11 percent stake in an IPO.
- It was oversubscribed 29 times to over AED32 billion after seeing a significant demand from UAE and outside investors.
Business
ADNEC, MICCO sign agreement
Logistics solutions will be developed for ADNEC events.
- The agreement will focus on the development of integrated services including, shipping, transport and other logistics operations.
- MICCO Logistics, which is part of AD Ports Group’s Logistics Cluster, claims a fleet of more than 400 vehicles and specialised storage facilities.
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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
BYD surpasses Tesla with record revenue
The Chinese EV giant's net profit was $5.55 billion for 2024.
Business
Company News
General Motors Q3 profit surge
Business
Stora Enso posts loss again
Business
DEWA okays H1 dividend of $843m
Business
Aramco, ENOWA ink pact
Business
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RSG, KHC set up joint venture
Business
British Steel to cut 2000 jobs
Business
Masdar, Taaleri acquire 8 energy projects
The hybrid renewable energy projects in Poland have 1Gw capacity.
Business
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Alaska Airlines to buy Hawaiian Airlines
Based in Seattle, Alaska Airlines serves the western US.
- Both brands will continue to exist under the terms of the agreement, which could take up to 18 months to finalize
- The combined airlines would have a fleet of 365 narrow and widebody aircraft and reach 138 destinations
Presight AI, Samruk-Kazyna launch JV
The partnership aims to accelerate digital transformation in Kazakhstan.
- Revealed at COP28, the venture aims to deploy advanced AI and big data solutions.
- Energy, public services, and transport in Kazakhstan to benefit from big data analytics.
Business
Zain KSA expands 5G network
The company launched the first zero-emission 5G network.
- The network expansion supports Zain KSA’s strategic goal of accelerating the nationwide digital transformation by providing high-speed digital services
- The 5G network expansion complements Zain KSA's growing portfolio of bespoke 5G applications and pioneering solutions in artificial intelligence (AI)