Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
Business
Xiaomi posts solid quarterly sales growth
The company is Chinese smartphone and household tech giant.
Glencore 2023 profit down 75%
Business
e& 2023 net profit is US$2.8bn
Business
Walmart to buy TV maker Vizio
Business
stc 2023 revenues is $19.28bn
Business
Business
Mubadala lists dollar, dirham bonds
This is Mubadala's seventh listing of a green debt instrument on ADX.
- The listings on ADX included Mubadala’s highly oversubscribed debut Green Bond and Mubadala’s inaugural dirham-denominated bond.
- The listing of Mubadala’s green bond marks the seventh listing of a green debt instrument on ADX.
Business
Nakilat expands its fleet
The Qatari firm placed orders for 6 carriers with HSHI.
- Upon delivery, Nakilat's LNG fleet will expand to 71 vessels, and the LPG fleet will grow to eight vessels with the addition of the four new vessels.
- The orders include two cutting-edge LNG carriers with a cargo capacity of 174,000 cum each and four modern Very Large LPG/ Ammonia Gas carriers.
Business
Rolls-Royce makes record deliveries
It delivered 6,032 cars in 2023, the highest in its 119-year history.
- The United States was the group's biggest market in 2023, followed by China.
- The emblematic British car brand became part of German auto giant BMW in 1998.
Business
Baims acquires Orcas Edtech
The firm plans to incorporate one-to-one tutoring services.
- Baims specializes in providing online tailored recorded courses for university students in Saudi Arabia, Kuwait, Bahrain, and Jordan.
- Capitalizing on its market share in Saudi Arabia, Baims is poised to launch a specialized AI-driven test preparation product.
Business
Bahrain Steel raises $450m SLL
The company produces and supplies high-grade iron ore pellets.
- The proceeds from this loan will be directed towards CAPEX for constructing the world’s largest stockyard shed with rooftop solar panels.
- The SLL's framework incentivizes Bahrain Steel to exceed mandatory greenhouse gas (GHG) emissions reductions.
Business
ADQ appoints new ADX chairman
The company also appointed two new Board directors.
- Ghannam Butti Al Mazrouei is the Secretary-General of the Emirati Talent Competitiveness Council, where he oversees an AED24bn program.
- Al Mazrouei also serves on the boards of Abu Dhabi Retirement Pensions and Benefit Fund and AafaQ Islamic Finance.
Business
Avalon sets sights on Tadawul listing
The firm will offer 6 million shares in its Initial Public Offering.
- The book-building process for Avalon Pharma's IPO will commence on January 14th and conclude on January 18th.
- In the event that there is sufficient demand by Individual Investors, the number of shares initially allocated to participating parties will be reduced to 5.4 million shares.
Business
Dragon Oil, Turkmennebit ink MoU
Aim is to expand Dragon Oil’s investments in Turkmenistan.
- Dragon Oil has been engaged in oil and gas cooperation with Turkmenistan on the basis of a production sharing agreement since 2000.
- The company’s primary focus is on the extraction of hydrocarbon resources in the Caspian Sea, in the Cheleken Contract Area.
Business
Tesla to recall 1.6m EVs in China
China is a vital component in US-based Tesla's global layout.
- Problems related to assisted driving functions and door-locking systems are said to be the reason for the recall of cars
- The recall also includes 7,538 imported Tesla models made between October 26, 2022 and November 16, 2023
Business
PIF completes investment in MEPCO
The sovereign wealth fund acquired 23% stake in the firm.
- MEPCO is a manufacturer specializing in the production and recycling of paper-based products in the Middle East and North Africa region.
- PIF aims to expand MEPCO production, enhance its operational efficiency, and support environmental sustainability, through recyclable products, including paper goods.
Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
Business
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Goldman Sachs, Mubadala ink pact
Business
Lloyds Group profit is $6.2bn
Business
Rolls-Royce back into profit
Business
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Glencore 2023 profit down 75%
Business
e& 2023 net profit is US$2.8bn
Business
Walmart to buy TV maker Vizio
Business
JetBlue, Spirit Airlines cancel merger
Earlier, a federal judge ruled it violated US antitrust law.
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Business
ADIB 2023 net profit $1.4bn
The bank achieved a Return on Equity of 27.1 percent.
- ADIB achieved record-breaking performance in 2023, with significant growth across all its businesses.
- Enhancing its digital presence, the bank saw a rise in actively digital customers through improvements to its mobile app.
Business
QFC signs two MoUs
MoUs with BFB, Partior were inked during Web Summit 2024.
- The MoU with Bahrain FinTech Bay establishes comprehensive frameworks for cooperation in joint research projects.
- Under the MoU, each entity shall provide support, assistance and resources to start-ups from the QFC and BFB.
Business
Chevron $53bn Hess deal in danger
Rivals' challenge to the control of a key oil asset can derail the acquisition.
- The issue concerns Hess's 30 percent stake in the Stabroek Block offshore Guyana, a mammoth oilfield that was a driver of the takeover.
- Stabroek is operated by US giant ExxonMobil, which has a 45 percent stake. Chinese company Cnooc holds the remaining 25 percent of the project.