Microsoft unveils ‘AI-ready’ PCs
The company's pivot to AI has been celebrated by Wall Street.
e& capital invests in Maxbyte
Business
Sukoon Insurance sets up OIWSS
Business
EasyLease buys stake in United Trans
This helps EasyLease expand its presence in mobility sector.
Business
SAB sees $26m negotiated deal
Business
BAE to acquire Ball Aerospace
Business
DP World H1 EBITDA $2.6bn
Business
Business
Barq EV launches smart mobility
The startup is scheduled to provide its customers with an integrated package of products and services that contribute to enhancing...
- The startup is scheduled to provide its customers with an integrated package of products and services that contribute to enhancing the last-mile delivery experience
- The initiative comes in line with the UAE's efforts to support the growth of the logistics, transport, and e-commerce sectors in the UAE
Business
ADNOC to pay $342m in dividend
A similar amount was paid for the first half of 2021 in October.
- The company said it increased its network in the UAE to 462 stations in 2021 and operationalized 40 stations in Saudi Arabia.
- ADNOC Distribution recorded a net profit of AED2.2 billion and earnings before interest, tax, depreciation and amortization (EBITDA) of AED3.1 billion.
Business
ADH invests $100m in DEWA
Abu Dhabi-based Alpha Dhabi Holding is a subsidiary of the IHC.
- ADH made the investment through its subsidiary Alpha Dhabi Partners Holding LLC, as a cornerstone investor
- As part of the transaction, Alpha Dhabi Partners Holding LLC will acquire shares through DEWA’s IPO
Business
Al Abjan to raise production
The firm plans to produce 30m hatching eggs by 2023 from 11m in 2021.
- The firm said after raising its production, it will meet more than 28 percent of the UAE’s requirement of 105 million eggs annually.
- Al Ajban anticipates 13 percent return on investment, in consideration of expansion plans that include a new chicken rearing farm.
Business
Ukraine war hits VW ops
A 150-strong task force is working feverishly to keep supply flowing.
- Volkswagen plans to use the lessons learned from Ukraine crisis as the war in country affects its production capacities
- Leoni restarted production in Ukraine on March 2 'with extra security precautions', and Soviet bunkers are being used to keep workers safe
Business
Toshiba holds spin-off plan vote
The plan has faced opposition from key investors.
- The ballot on the proposal to spin off Toshiba's electronic devices segment is meant to confirm support ahead of a binding resolution vote next year
- A vote to nix the spin-off would be another setback for the engineering giant and a rare victory for activist shareholders in corporate Japan
Business
Tabreed to pay highest ever dividend
The payout will be in the form of cash and bonus shares.
- The firm said the shareholders will get a cash dividend of six fils per share and a bonus of one share for every 40 shares held, which is equivalent to 12 fils per share.
- Last year, group revenue increased by 12 percent to 1.95 billion dirhams ($530 million), while net income grew 6.3 percent to 585 million dirhams.
Business
Tesla to open Berlin factory
Elon Musk to hand over first 'made in Germany' Model Y car.
- The electric car maker will inaugurate its new "gigafactory" near Berlin an arduous two-year approval and construction process.
- Tesla aims to eventually employ some 12,000 workers at the site who will churn out around 500,000 Model Y cars annually.
Business
Warner Music Group buys out Qanawat Music
Warner Music Group has bought out Qanawat Music, the Middle East and North Africa’s leading music distributor, for an undisclosed...
- This comes as part of the multinational entertainment and record label conglomerate's plans
- Qanawat Music will act as WMG's key domestic distributor and source of upstreaming opportunities
Business
Mubadala, Aris Gold sign agreement
The pact is meant for operation of Soto Norte Gold Project in Colombia.
- Through a joint venture company, Aris Gold will acquire a 20 percent ownership interest in Sociedad Minera de Santander SAS and Sociedad Minera Calvista Colombia.
- On closing, Aris Gold and Mubadala will enter into a comprehensive agreement to govern the joint venture company.
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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
Microsoft unveils ‘AI-ready’ PCs
The company's pivot to AI has been celebrated by Wall Street.
Company News
Vietnam’s VNG files for US IPO
Business
e& capital invests in Maxbyte
Business
Sukoon Insurance sets up OIWSS
Business
Latest News
SAB sees $26m negotiated deal
Business
BAE to acquire Ball Aerospace
Business
UDC posts net profit of US$63m
The net profit has been reported for the first nine months of 2023.
Business
Mashreq’s net profit surges 122%
The Return on Equity also achieved a record high, reaching 32.1%.
Business
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Business
PIF, Pirelli establish a JV
The JV will set up a facility to make tires in Saudi Arabia.
- PIF will hold a 75 percent stake in the new JV with Pirelli holding the remaining 25 percent.
- The JV will manufacture high-quality tires for passenger vehicles, under the Pirelli brand, in the Kingdom.
Business
Ghitha Holding Q3 profit of $33m
The company gained from regional food processing.
- Driven by strong results and business momentum, Ghitha reported revenue of US$898 million in the third quarter.
- Revenues grew 120 percent year-over-year, driven by broad-based growth across categories and geographies.
Business
Bank Albilad posts net profit
The bank’s January-September 2023 profit was $469 million.
- The bank reported a 3 percent year-on-year increase in gross operating income during January-September 2023 period.
- The rise in gross operating income was mainly due to higher net income from investing and financing assets.