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SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

DEWA okays $843m in H2 2024 dividend

DEWA had posted a net profit after tax of $1.96 billion for the full year 2024.

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.

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

ADNOC L&S okays $273m dividend

The final dividend of $136.5m will be paid on April 3.

Latest News

ESA, SAP ink agreement

ESA will consolidate operations under a single ERP solution

Nasdaq edges to record

The Dow Jones Industrial Average dropped 0.8 percent.

Lamborghini sales up in 2023

The deliveries sped up 9.5 percent to 10,112 vehicles.

Most Read

Borse Dubai to sell Nasdaq shares

The sale is poised to generate $1.59 billion.
  • Borse Dubai is selling 27 million shares at $59 each in a secondary offering, a decision revealed in a stock exchange filing
  • The offering also grants underwriters a 30-day option to acquire up to four million additional shares of Nasdaq

Masdar to buy stake in Terra-Gen

Masdar to buy 50 percent stake in Terra-Gen from ECP.
  • Masdar’s US portfolio of utility-scale wind, solar and storage assets has a generating capacity of over 1.4 GW.
  • The US market will play a vital role as Masdar plans to build a renewable energy portfolio of 100 GW capacity by 2030

AstraZeneca to buy Fusion

The $2.4bn deal is its latest expansion into cancer treatments.
  • Fusion is developing next-generation radiotherapy to treat cancer via precise targeting that minimizes damage to healthy cells
  • AstraZeneca, whose cancer treatments represent a third of its overall sales, saw its share price drop one percent following the news