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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.

Goldwind 2024 revenue up 12.5%

The clean energy giant posted $7.8bn in revenue for 2024.

Emaar to pay $2.39bn dividend

The company had posted $19bn in property sales for 2024.

Meraas awards $544m contract

It has been awarded for construction of Design Quarter at d3

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.

Cerberus buys HSBC France retail

The takeover was finalized for an undisclosed amount.
  • The operation will see HSBC France's nearly 250 retail branches with their 800,000 clients and 3,500 staff become CCF
  • The move is part of London-headquarters HSBC's efforts to simplify and refocus operations on its major region of Asia

Albilad Capital to pay dividend 

The distribution ratio of the NAV stands at 0.10 percent.
  • Albilad Capital confirmed that the dividends would be based on the unitholder register as of the end January 3, 2024.
  • The total amount of distributed dividends has been declared at US$24,183, an indication of the fund's robust performance

Meraas awards $544m contract

It has been awarded for construction of Design Quarter at d3

Latest News

DP World 2023 profit is $1.5bn

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

Inditex posts record net profit

Inditex, the world's biggest fashion retailer, is owned by Zara.

Lego net profit falls

Its net profit fell five percent to 13.1 billion kroner ($1.24bn).

Most Read

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.

Nationwide offers to buy Virgin Money

Nationwide has offered US$3.7 billion for Virgin Money.
  • Nationwide management believe the transaction will broaden and deepen its products and services faster than could be achieved organically.
  • The deal remains subject to due diligence and approvals from Virgin Money shareholders as well as Nationwide's borrowers and depositors.

TECOM 2023 net profit $299m

Revenue in 2023 grew by 10 percent YoY to $599 million.
  • The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus
  • TECOM Group committed to paying a dividend amount of $217 million per annum through September 2025.