Vodafone Q3 revenue dips
Business
QatarEnergy, Mitsui ink pact
Business
Borse Dubai to sell Nasdaq shares
The sale is poised to generate $1.59 billion.
Business
ROSHN, Retal sign $99m deal
363 single-family villas will be constructed in Riyadh.
- SEDRA, spanning eight phases over 35 million square meters, integrates nature and local heritage, creating a unique living experience.
- The latest agreement with Retal underscores the commitment to delivering a modern, upscale, and sustainable urban community, ROSHN said.
McDonald’s eyes big expansion
The company plans about $2.5bn in capital expenditures in 2024.
- McDonald's will seek to effectively grow its network of namesake sites by about one quarter in what it called the speediest expansion in the brand history
- For CosMc's - which McDonald's executives had teased in July - the company plans an initial store in Chicago in 2024 and nine others in Texas
Business
Volkswagen to reduce workforce
Volkswagen has some 675,800 employees worldwide.
- "Over the coming years, we will need to reduce our workforce in a socially responsible way," the group's human resources chief Gunnar Kilian said
- The focus would be on "partial retirement and early retirement schemes to the maximum extent possible," he added
Business
BAT takes shock $32bn hit
The impairment charge sent BAT shares sinking 7.6 percent.
- Companies like BAT face plunging demand for cigarettes in Western markets, where high taxes, smoking bans and health fears persuade many consumers to give up smoking
- The London-listed company added that its overall revenue growth for the current year was set to be at the "low end" of its previous guidance of between 3 and 5 percent
Musk’s AI startup to raise $1bn
He hopes it will compete with ChatGPT's Open AI.
- An official filing to US Securities and Exchange Commission said xAI artificial intelligence company had already gathered $134.7 million and plans to raise $1 billion overall
- The filing added that there was a firm agreement to raise the full funds needed to meet the target, indicating that Musk may have deals in place for the full billion
Business
Tawzea, NWC ink pacts
The companies have signed two agreements.
- Tawzea is a 50:50 joint venture between Saudi Arabian Amiantit Co and Sustained Infrastructure Holding Co.
- Under the first contract, Tawzea will operate and maintain the water network in Makkah and its governorates.
Business
Mubadala invests in Zenobē
The investment is aimed at powering 4,000 electric vehicles.
- The collective investment aims to power 4,000 electric buses, trucks, and commercial vehicles, contributing to the global transition to cleaner transportation by 2026.
- London-based Zenobē, established in 2017, specializes in electric vehicle (EV) fleet solutions and large-scale battery storage.
Business
Turkish Airlines, Riyadh Air ink MoU
The pact will benefit customers of both the airlines.
- The establishment of Riyadh Air is in line with PIF’s mandate to unlock the capabilities of key sectors locally to drive the diversification of Saudi Arabia’s economy.
- The airline will support the Saudi Aviation Strategy's broader vision, and enable the National Tourism Strategy, unlocking Saudi Arabia's cultural and natural attractions.
Business
Spotify cuts 17% jobs
Spotify has invested over $1 billion into podcasts alone.
- Spotify in October posted a rare quarterly operating profit of 32 million euros ($34.60m), compared to a loss of 228 million ($246.54m) for the same period a year earlier
- Spotify has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts
Business
HPDC, HDC ink agreement
The aim is to stimulate the growth of the halal industry.
- The two companies will exchange information on industry-leading practices and successful models of halal ecosystems.
- The agreement will broaden the scope of collaboration by facilitating engagement with halal exporters and investors.
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SAIB profit jumps 17% in 2023
Business
AD Ports Group, KPT ink pact
Business
Siemens posts increased Q1 profit
The company said orders nearly doubled in mobility division.
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Business
DEWA 2023 net profit $2.15bn
The system demand for power surged to 56.5 TWh in 2023.
- The fourth quarter revenue was AED 7.1 billion and net profit AED 1.8 billion. The full-year audited results are expected to be released in the first week of March 2024.
- DEWA’s annual consolidated revenue increased by 7 percent, mainly driven by an increase in demand for electricity, water and cooling services.
Business
Alibaba share buyback program up $25bn
Following the announcement, the firm's shares rise 5% in trading.
- In the quarter ending Mar 31, Alibaba posted sales of 260.3 billion yuan ($36.7 billion), up five percent year on year, the firm said -- but below analysts' forecasts.
- Based in eastern China's Hangzhou, Alibaba is a key player in the country's digital sector and is considered a barometer of consumer spending in the world's second-largest economy.
Business
ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
- The company said it successfully delivered on the five-year target it communicated to the market during its first Capital Markets Day in May 2019.
- The company recommended a dividend of $350 million for the second half of 2023.