Tesla auto deliveries beat expectations
Electric carmaker Tesla saw its shares surge on Tuesday.
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e& capital invests in Maxbyte
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Sukoon Insurance sets up OIWSS
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Fujifilm ups biotech plant investment
The cost of investment in North Carolina plant is $1.2 billion.
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SAB sees $26m negotiated deal
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BAE to acquire Ball Aerospace
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DP World H1 EBITDA $2.6bn
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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.
Business
Nike posts $1.4b quarterly profit
Strong pricing helps company offset lower China sales
- The apparel and sneaker company scored increased sales in three of its four operating regions, led by Asia Pacific/Latin America and North America
- Nike said its gross profit margin increased from the same period of last year due to more full-priced sales, partly offset by elevated freight and logistics costs
Business
Stellantis MENA shipments up
Expansion into 10 new countries MENA countries strong driver for growth.
- The UAE saw a 41 percent increase across all brands from the same period last year, with Jeep increasing sales from 25 percent and PEUGEOT increasing by 70 percent.
-  Saudi Arabia witnessed a 36 percent growth across all Stellantis products with PEUGEOT being the automaker’s highest performing brand with a 222 percent  growth.
Business
Gas production begins at Pegaga
The production started by Abu Dhabi-based Mubadala Petroleum.
- Pegaga will be a key producing field supplying gas to PETRONAS LNG Complex, in Bintulu, Sarawak, Malaysia.
- Mubadala Petroleum has been present in Malaysia since 2010 and is the Operator of Block SK 320 with a 55 percent stake.
Business
Salalah Free Zone inks $3.9m deals
The projects will be set up in the Mazaya warehouses.
- The first agreement is on the establishment of a complex for the trade of plastic products
- The second agreement is to establish a complex to assemble communications equipment
Business
Evergrande halts trading again
Evergrande and all its units halted trading in Hong Kong on Monday.
- On Monday, the company announced that trading would be ‘halted’, bit did not give a reason
- Shares of Evergrande Property Services Group and China Evergrande New Energy Vehicle Group were suspended
Business
Zain Group signs MoU with Huawei
Zain Saudi Arabia launched the largest 5G network in the region.
- The two entities will also work together to define autonomous driving network-level criteria and explore new use cases.
- Zain Kuwait’s 5G data traffic already accounts for 46 percent of its total wireless traffic.
Tesla auto deliveries beat expectations
Electric carmaker Tesla saw its shares surge on Tuesday.
Business
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Vietnam’s VNG files for US IPO
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e& capital invests in Maxbyte
Business
Sukoon Insurance sets up OIWSS
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SAB sees $26m negotiated deal
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BAE to acquire Ball Aerospace
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Equinor profits tumble
The drop was due to sharply lower gas prices and offshore wind problems.
Business
UDC posts net profit of US$63m
The net profit has been reported for the first nine months of 2023.
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TotalEnergies Q3 profit up 1.5%
The French energy firm earned a net profit of $6.7 billion.
- Oil and gas prices surged last year following Russia's invasion of Ukraine, leading to windfall profits at energy firms.
- While oil prices are still high in historical terms, the main crude oil contract was down 14 percent last quarter compared to the same period last year.
Business
PIF, Pirelli establish a JV Â
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.