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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.

Aramco acquires stake in BHIG

The 50% equity interest in BHIG is Aramco-APQ joint venture.

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.

ADNOC signs LNG delivery agreement

The 15-year agreement was inked wit ENN LNG (Singapore).
  • The LNG will primarily be sourced from ADNOC’s low-carbon Ruwais LNG project, currently being developed in Al Ruwais Industrial City, Abu Dhabi.
  • The Ruwais LNG project is set to be the first LNG export facility in the Middle East and North Africa (MENA) region to run on clean power.

Hyundai to sell Russian plant

Sales of Hyundai cars have tumbled in Russia.
  • The war in Ukraine has sparked an exodus of foreign companies from Russia, including many major car manufacturers.
  • Sanctions by the European Union, the United States and others have made it increasingly difficult to do business with Russia.

Bayanat, Yahsat to merge           

It will benefit from revenue synergies, economies of scale.
  • The merger will create an AI-powered space technology champion in the MENA region with an implied market capitalization of over US$4 billion.
  • The combined entity will be vertically integrated and optimally positioned to capture regional, global opportunities in geospatial and mobility solutions.

stc net profit for 2024 $6.58bn

This is an increase of 85.7 percent over the previous year.

Latest News

JetBlue, Spirit Airlines cancel merger

Earlier, a federal judge ruled it violated US antitrust law.

EDGE Group, Indra form JV

It will make next-generation radar systems in UAE.

Salik revenue soars to US$574m

Toll usage revenue rose 11.7% YoY to US$502million.

Most Read

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.

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.

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.