GM reports US sales dip, that of EVs grew
The big Detroit automaker reported 659,601 US sales during the period.
Business
Borouge to pay $650m H1 dividend
Business
EGA H1 net profit $533 million
Business
Lego first half profit dips 17%
Business
Apple holds talks with rival Meta
The company to integrate Meta's generative AI into its products.
Business
ADNOC to build two LNG vessels
The two 175,000 cubic meter LNG vessels will join the company's fleet in 2025.
- The new-build LNG vessels are significantly larger than the current ADNOC L&S fleet of LNG vessels, which have a capacity of 137,000 cubic meters.
- Over the past 24 months, ADNOC L&S acquired 16 deep-sea vessels, including eight Very Large Crude Carriers in 2021.
Business
DEWA IPO biggest since Aramco
DEWA shares soared 19% in the first minutes of trading on Tuesday.
- DEWA last week said it had raised AED22.3 billion ($6.1 billion) in the region's largest IPO since Saudi Aramco
- Some 9 billion shares, an 18 percent stake, were listed, with the initial price set at AED2.48 ($0.68)
Business
Honda plans $40bn EV investment
The automaker is switching all sales away from traditional fuel cars.
- Global auto giants are increasingly prioritizing the production of electric and hybrid vehicles
- After all, demand is growing for less polluting models as concern about climate change grows
Business
Empower pipeline grows 33.2 percent
The growth in Dubai cooling network occurred between 2018 and 2021.
- The new total length of the district cooling network in Dubai is 446 times the length of Burj Khalifa, the world's tallest building.
- The network expansion in 2021 is attributed to the new projects added to Empower's portfolio, most notably the Marsa Al Arab, and the expansions of Dubai Healthcare City.
Business
Al Seer begins VLGC construction
Lucky Gas is the company's first Very Large Gas Carrier.
- Last year, Al Seer Marine formed a joint venture named ABGC DMCC with BGN International to build two new VLGCs.
- Lucky Gas is expected to be completed and delivered by March 2023. The second VLGC, named North Gas, is expected to commence steel cutting in May 2022.
Business
Musk not joining Twitter board:Â CEO
Parag Agarwal announced on Tuesday that Musk was joining the board.
- Elon Musk, who became the largest shareholder after buying 73.5 million shares in Twitter, has decided not to join its board
- A day earlier, Musk called out users who were followed by millions and billions of people on Twitter but rarely posted on it
Business
Elon Musk asks: ‘Is Twitter dying?’
He also called out users who are highly followed but rarely post.
- Tesla founder Elon Musk recently disclosed that he had acquired a more-than-9-percent stake in Twitter
- This made him Twitter’s largest shareholder, and so the social media company named him to the board
Business
Rising prices threaten Petrobras
It is caught in a political tug of war, with the president on one side.
- Jair Bolsonaro, the right-wing President of Brazil, is widely blamed by the public for the country's double-digit inflation and high fuel prices
- Even as Brazil's economy recovers from the pandemic, fuel prices rose 33 percent and the war in Ukraine made the situation worse
Business
Twitter employees to meet Musk
They are concerned about his influence on the company board.
- The social media company named Tesla Chief Executive Elon Musk to the board on Tuesday
- It came after he acquired a more-than-9-percent stake in the company, making him Twitter's largest shareholder
Business
Audi, Porsche eye entry into F1
The firms aim to burnish their green technologies and ambitions.
- Audi will only join the championship on "condition" that the regulations from 2026 "provide for extensive changes for a more sustainable sport".
- The firms have said a final decision in this regard is yet to be made.
GM reports US sales dip, that of EVs grew
The big Detroit automaker reported 659,601 US sales during the period.
Business
Company News
Lavoie buys e-bike firm VanMoof
Business
Borouge to pay $650m H1 dividend
Business
EGA H1 net profit $533 million
Business
Lego first half profit dips 17%
Business
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Ryanair inks pact with Joramco
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ICIEC, SAPICO ink pact
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Bupa Arabia’s 9M 2023 up 27%
The third quarter net profit fell 23% compared to the Q3 2022.
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Chinese BYD posts record Q3 profit
The third-quarter profit of $1.42bn is its highest-ever single-quarter earnings.
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Business
AlUla signs pact with Six Senses
Six Senses AlUla will open in Saudi Arabia in 2027.
- Luxury hotel Six Senses AlUla will span across 1,200,000 square meters and will be built within a natural oasis adorned with lush palm groves.
- It will feature 100 guest villas and 25 residences, which will be designed to seamlessly integrate with AlUla's breathtaking natural landscape.
Business
stc Group posts 9-month revenue
stc's revenue was $14.5 billion in January-September 2023.
- Gross Profit for the period of 2023 reached US$7.7 billion (SAR28,875 million) with an increase of 1.8 percent compared to the same period last year.
- Earnings before Interest, taxes, zakat, depreciation and amortization for the period reached $5 billion with a decrease of 2.35 percent compared to Jan-Sept 2023.
Business
Mulk, Ajman Holding form JV
Collaboration in the T10 Cricket League key element of the JV.
- The joint venture will also promote the Alubond range of products, Mulk International’s premier brand and the world’s largest metal composite panel manufacturer.
- Mulk International, has production facilities of Alubond and operations in Asia, Europe, Africa and the Middle East with a sales network of more than 100 countries.Â