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Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

Vanke reports annual loss of $6.8 bn

The property giant attributes loss to falling sales and shrinking profit.

Perplexity eyes TikTok buy

TikTok faces a deadline to divest from its Chinese owner or be banned in the US.

Business

Borouge proposes share buyback

The company had posted a 24% YoY increase in net profit to $1.24bn.

Business
Business

TECOM Group net profit up 49%

The company recorded its highest-ever revenue of AED 2.2 billion.
  • The lease of industrial lands witnessed a strong demand in 2023, as the occupancy rate rose to 94 percent, compared to 81 percent in 2022.
  • The company has recommended a dividend payout of AED400 million to the company's shareholders for the second half of 2023.
Business

UPS says will cut 12,000 jobs

The move comes as UPS seeks to "align" its resources.
  • Three-quarters of the reductions are set to come in the first half, UPS CEO said.
  • The decision comes after UPS reported Q4 2023 revenues of US$24.9 billion.
Business

Pfizer reports loss in Q4

The drugmaker's revenues fell 41 percent to $14.2 billion.
  • The drugmaker lost $3.4 billion in the fourth quarter, compared with profits of $5.0 billion in the year-ago period
  • Pfizer reiterated its 2024 revenue forecast of $58.5-$61.5 billion after 2023 revenues came in at $58.5 billion
Business

Schneider Electric, Charge&Go ink pact

The aim is to develop EV charging facility in the UAE.
  • Demand for electric vehicles in the UAE market has steadily increased over the past few years.
  • The collaboration also aims to deliver on the demand for sustainable transportation in the UAE.
Business

Toyota sells record number of vehicles in 2023

It is the world's top automaker for the fourth year in a row.
  • The automaker consolidated its position as the world's top-selling automaker for the fourth successive year
  • Toyota said that by next year it plans to have an electrified version for every Toyota and Lexus model globally
Business

Ghitha 2023 revenue at $1.2bn

Ghitha reported an operating profit of $69 million in 2023.
  • Ghitha's revenue milestone indicates a significant growth rate of over 100 percent compared to 2022.
  • This is due to the successful execution of strategic acquisitions and expansion across diverse categories.
Business

Dubai Investments buys GFP stake

GFP secures nearly $60 million in equity financing to expand its network.
  • GFP aims to create the leading fertility network in the region, and one of top 10 globally, according to a statement.
  • Saudi Arabia will be the focus of the investment. GFP’s facility in Riyadh is currently under construction and is due to commence operations later this year.
Business

Hamad Al Marar is EDGE CEO

EDGE has a local and global orderbook of over $5billion.
  • Al Marar succeeds Mansour AlMulla, who is returning to ADQ Group following a successful two-year managerial secondment to EDGE.
  • He will utilize his leadership skills and experience within the UAE’s defense industry to guide the group into the next phase of its evolution.

Ryanair quarterly profit dives 93%

The carrier flies mostly throughout Europe.
  • The carrier, which flies mostly throughout Europe, said net profit slumped to 14.8 million euros ($16 million) in the final three months of 2023
  • Chief executive Michael O'Leary said Ryanair was narrowing its forecast for annual net profit to a range of 1.85 billion and 1.95 billion euros
Business

DAE, Turkish Airlines ink pact

Turkish Airlines will take on lease 10 Boeing 737-8 aircraft.
  • The aircraft are scheduled to be delivered in 2025.
  • DAE owns and manages 96 737 MAX family aircraft.

Perplexity eyes TikTok buy

TikTok faces a deadline to divest from its Chinese owner or be banned in the US.
Business

Company News

Sovcomflot 2023 net profit $900m   

Du, Samsung ink agreement

AstraZeneca to buy Amolyt for $1bn

DP World 2023 profit is $1.5bn

Inditex posts record net profit

Latest News

CBI, zypl.ai ink partnership

The pact aligns with CBI’s plan to support innovation in UAE.
Business

RAKBANK, DP World sign pact

The aim is to offer trade finance solutions to businesses in UAE.
Business

EasyLease buys stake in United Trans

This helps EasyLease expand its presence in mobility sector.
Business

Most Read

Business

Omantel approves cash dividend

Net profit grew by 13.1 percent compared to 2022
  • Omantel continued to successfully implement its strategy Shift Gear despite market challenges and increasing competition.
  • Omantel Group revenues and profits, as the group's revenues were up by 9.7percent
Business

Huawei profit tops $12bn

The profits more than doubled compared to 2022.
  • Huawei has been at the center of an intense standoff between China and the United States, with Washington warning its equipment could be used for espionage.
  • Sanctions since 2019 have cut Huawei's access to US-made components and technologies, forcing it to diversify.
Business

Amanat FY 2023 revenue $195m

The company's revenue grew by 40 percent year-on-year.
  • Amanat announced a proposed dividend of US$13 million for FY 2023, with additional interim dividends planned for 2024.
  • The balance sheet reached US$158 million in cash at year-end, and low leverage provided significant capital for deployment.