e& posts 11.6% revenue growth
The H1 net profit hits $1.63 billion.
Aramco signs $11bn deal
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TAQA H1 net income $1bn
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ADNOC L&S H1 net profit $420m
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SEC H1 net profit $1.67bn
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Business
DAE net profit up 36.2%
Revenues grew by 9 percent to $1.42bn from $1.31bn in 2023.
- Total assets reached more than US$13 billion by the end of 2024 compared to US$12.26 billion in 2023.
- DAE said it acquired 83 aircraft (owned: 30; managed: 53) and sold 68 (owned: 19; managed: 49).
Business
Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
- EBITDA climbed 14 percent year-on-year to $2.48 billion, driven by a 4 percent year-on-year revenue increase to $6 billion.
- Sales volumes reached their highest-ever level of 5.3 million tonnes, supported by strategic positioning in high-growth markets across Asia, the Middle East and Africa.
Business
ADQ, Orion to establish JV
The partners commit to deploying $1.2bn in the next four years.
- The JV will make strategic investments in the metals and mining sector to enhance supply chain security locally and globally.
- The joint venture will invest in a diverse range of metals and minerals in various geographies, focusing initially on emerging markets in Africa, Asia and Latin America.
Business
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
- It acquired the 73.73% controlling interest after selling assets from Alpha Dhabi Hospitality Holding and Murban Energy Limited to NCTH in exchange for shares.
- The deal Alpha Dhabi Holding’s investment in the domestic and international luxury hospitality sector and involves the transfer of four key hotel assets.
Business
Samsung says planning job cuts
The layoffs could affect about 10 percent of the workforce.
- The world's largest memory chipmaker is modifying staffing levels in Southeast Asia, Australia, and New Zealand, a company spokesman told AFP
- The "routine workforce adjustments" are carried out "to improve operational efficiency," said Samsung Electronics in a statement
Business
GM reports US sales dip, that of EVs grew
The big Detroit automaker reported 659,601 US sales during the period.
- The big Detroit automaker reported 659,601 US sales during the period, down 2.2 percent from the year-ago but marking a slightly smaller decline than analysts projected
- GM described its EV portfolio as "growing faster than the market" with sales jumping 46 percent in the third quarter, topping 32,000
Xiaomi posts solid quarterly sales growth
The company is Chinese smartphone and household tech giant.
- The brand's presence is strongly felt in China, with its wide range of products spanning mobiles, tablets, smartwatches, headphones, scooters and, recently, electric vehicles
- The world's third-largest smartphone maker, Xiaomi reported revenue of 88.9 billion yuan ($12.5 billion) in the second quarter, an increase of 32 percent year-on-year
Business
Intel to slash workforce
The company to cut approximately $20 billion in expenses this year.
- The plan to cut approximately $20 billion in expenses this year came as Intel reported a loss of $1.6 billion in the recently ended quarter
- Intel reported having 124,800 employees at the end of last year, meaning the layoffs could hit about 18,000 positions
Business
Boeing guilty plea deal filed
The plea deal must be approved by a federal court judge.
- The plea deal must be approved by a federal court judge and it includes an additional $243.6 million to be paid by Boeing on top of a previous fine of the same amount
- Boeing conspired to defraud US air traffic safety regulators about the Max 737 while the aircraft was being certified, according to the filing
Business
Tesla auto deliveries beat expectations
Electric carmaker Tesla saw its shares surge on Tuesday.
- Tesla said it delivered around 444,000 vehicles worldwide in the April-June period, exceeding consensus estimates compiled by FactSet
- Of the total figure, 422,405 involved Model 3 and Model Y vehicles. Tesla gave no detailed breakdown of the other autos delivered
e& posts 11.6% revenue growth
The H1 net profit hits $1.63 billion.
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Business
Aldar ups stake in Aldar Estates
Acquires Modon Holding’s 17.45% stake
- Aldar Estates has become the region’s largest integrated real estate services company with over AED3 billion worth of active contracts.
- The platform manages more than 155,000 residential units, which is a 15 percent increase in the past two years.
Business
Oracle shares up 35%
Huge AI contracts lead to the surge.
- About 40 minutes into trading, shares were at $337.02, up nearly 40 percent, lifting the company's market valuation to around $950 billion.
- The surge will significantly boost the wealth of Oracle Chairman Larry Ellison, who could potentially surpass Elon Musk as the world's richest person.
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ADCB to raise $1.66bn
The rights issue aimed at boosting growth.
- The rights issue will increase ADCB's issued capital from AED 7.32 billion to AED 7.91 billion by issuing up to 592.2 million new shares.
- The new shares will be priced at AED 10.3 each, a 30% discount to ADCB’s closing share price on September 4, 2025.