Search Site

Trends banner

Company News

Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

Vanke reports annual loss of $6.8 bn

The property giant attributes loss to falling sales and shrinking profit.

DAE to acquire 17 aircraft for $1 bn

This portfolio comprises 100 percent next-generation aircraft

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.

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.

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.

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

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.

Penguin, SkyBlue ink MoU

The aim is to redefine outdoor media advertising in Abu Dhabi.
  • Penguin and SkyBlue will collaborate on key advertising locations, with this being the Malaysian firm’s first move into the Abu Dhabi market.
  • This follows an agreement between the Malaysian outdoor advertising company with the Road and Transport Authority (RTA), Dubai.

SRC, Alrajhi extend refinancing pact

The agreement was extended by an additional $1.54 billion.
  • The extension of this agreement marks a significant stride in advancing the goals of the Vision 2030 Housing Program, said Majeed Fahad Alabduljabbar, CEO of SRC.
  • SRC was established in 2017 by the Public Investment Fund after obtaining a license from Saudi Central Bank to operate in the market.

Noatum buys APM Terminals Castellón

Noatum Terminals is the terminals ops business of Noatum Group.
  • The agreement, which was reached with APM Terminals, has obtained all regulatory and stakeholder approvals and the change of ownership will happen immediately
  • In parallel, a long-term agreement with the stevedoring union has been achieved which will assure stability and high productivity in the coming years

Baidu cancels YY Live deal

The deal was originally expected to be completed by 2021.
  • Baidu, the country's top search engine company, agreed in 2020 to buy JOYY Inc's Chinese live video business YY Live for $3.6 billion
  • However, Baidu said in a Hong Kong stock exchange filing on Monday that it would terminate the purchase agreement

MODON launches 10 projects

The projects in 6 industrial cities are valued at $143 million.
  • These projects, conducted in collaboration with several national companies, aim to foster opportunities for value chain initiatives and bolster local content.
  • Among the agreements, MODON has inked a contract for establishing 80 factories and ready-made products in Al-Ahsa and Taif's industrial cities.

DAE to acquire 17 aircraft for $1 bn

This portfolio comprises 100 percent next-generation aircraft

Latest News

Du, Samsung ink agreement

The two companies have signed a three-year partnership.

AstraZeneca to buy Amolyt for $1bn

It will pay $800 million upfront for the Lyon-based company.

DP World 2023 profit is $1.5bn

The company's revenue grew 6.6 percent to $18.25 billion.

Most Read

Lego net profit falls

Its net profit fell five percent to 13.1 billion kroner ($1.24bn).
  • The Danish toy giant's overall sales inched up by two percent to 65.9 billion kroner ($9.6 billion).
  • Sales made directly to consumers through Lego's physical and online stores rose by four percent.

CI Capital 2023 revenue $134m

The firm’s performance was fueled by strong growth.
  • The group’s total on-balance sheet financing portfolio ended the year at US$373 million.
  • Corplease, the group’s leasing arm, saw its revenue rise 70 percent to reach US$74 million.

Burjeel Holdings net profit up

The company’s 2023 annual revenue rises to US$1.2 billion.
  • The group continued to implement its geographic expansion strategy with the launch of the PhysioTherabia rehabilitation network in Saudi Arabia.
  • It opened eight new centers in March 2024 in Riyadh, Jeddah, Dammam, Khobar, and Yanbu which significantly expanded its geographical reach.