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.

GIB, KSA wrap up Sukuk debut

Gulf International Bank is a merchant bank in the Middle East
  • The bank’s Sukuk programme is aligned with its strategic objectives to facilitate balance sheet growth and contribute to the realization of the national economic objectives
  • GIB Capital’s CEO Osamah Shaker said that the bank is delighted to act as the sole arranger for the establishment of the Sukuk Programme and the Bank’s debut issuance

KPMG’s global revenue touches $36bn

The company has outlined a collective investment of $4.2b.
  • The announcement came in after KPMG International declared the annual globally aggregated revenues for KPMG firms of US$36b for FY23
  • The financial figures highlight robust year-on-year growth of the company, reinforced by a multi-disciplinary approach

Al Saqr names chairman of board

The insurance firm made a slew of new appointments.
  • Saud Saleh Al-Arifi, an independent member, will be the new chairman of the board of directors
  • The company named Naif Rashed Alarfaj, also an independent member, as new vice chairman

Deyaar, Arady Properties sign MoU

Deyaar is a leading real estate developer in Dubai.
  • The MoU outlines the commercial objectives for the project and provides a framework for further negotiations
  • Deyaar has developed strategic partnerships with renowned real estate entities in the region and beyond

TAQA, GS Inima and EWEC seal deal

Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
  • The S4 RO project is primarily funded 71 percent through debt financing from both local and international banks.
  • The financial closing comes after TAQA and GS Inima signed the water purchase agreement with EWEC in August 2023.

ESG buys majority stake in UIG

The move is likely to enhance ESG’s manpower portfolio.
  • ESG is a global investment, engineering and construction services business and a subsidiary of International Holding Company.
  • The strategic plan aims to deploy over 30,000 skilled professionals by the end of 2024, serving various sectors.

Nike shares tumble after cost cuts

Nike promised up to $2 billion in cost savings Thursday.
  • Shares fell heavily in after-hours trading as Chief Financia officer described the environment as "highly promotional" during a conference call with analysts
  • Profits for the quarter ending November 30 jumped 19 percent to $1.6 billion, while revenues edged up one percent to $13.4 billion

Saudi EXIM Bank, DBK sign MoU

It will boost the trade between Saudi Arabia and Kazakhstan.
  • Under the MoU, both banks have also agreed to exchange information, experiences, and best practices to enhance the development of services and products
  • It will also facilitate collaborative research efforts and knowledge sharing to design export credit policies and practices and provide workforce training opportunities

Warner Brothers Discovery explores merger

Warner Brothers Discovery brands include CNN and HBO.
  • Warner Brothers Discovery chief executive David Zaslav met with Paramount Global boss Bob Bakish for several hours to discuss the possibility of merging the companies
  • Warner Brothers Discovery brands include CNN, HBO, and its eponymous film studios, while Paramount’s properties include its movie studios of the same name

ADIB, Aldar close $272m financing deal

Aldar's total ESG financing facilities reach $1.30 billion.
  • Aldar intends to utilize the proceeds to finance sustainable projects such as green buildings, property upgrades to enhance energy efficiency.
  • The company also intends to use the proceeds to finance sustainable water management, pollution control measures and renewable energy sources.

Meraas awards $544m contract

It has been awarded for construction of Design Quarter at d3

Latest News

Burjeel Holdings net profit up

The company’s 2023 annual revenue rises to US$1.2 billion.

Nationwide offers to buy Virgin Money

Nationwide has offered US$3.7 billion for Virgin Money.

TECOM 2023 net profit $299m

Revenue in 2023 grew by 10 percent YoY to $599 million.

Most Read

EDGE Group, Indra form JV

It will make next-generation radar systems in UAE.
  • The new business entity will be granted prime rights for current and future non-NATO and non-EU orders awarded to Indra.
  • The JV will place a strategic focus on the continued development of sophisticated technologies, innovation and global market.

Salik revenue soars to US$574m

Toll usage revenue rose 11.7% YoY to US$502million.
  • The total number of trips made through Salik’s eight toll gates grew by 10 percent over the course of the year.
  • Salik’s registered active accounts increased 16.0 percent YoY to approximately 2.4 million at the end of 2023.

GAS, SPPC ink two contracts

The duration of each contract is of 22 months.
  • The two contracts entail the engineering, procurement and construction of Qassim and Taibah gas pipelines.
  • The first contract is valued at $90 million (SAR341.09 million), while the second is worth $68 million (SAR256.1 million).