Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
Business
e& 2023 net profit is US$2.8bn
Business
Walmart to buy TV maker Vizio
Business
stc 2023 revenues is $19.28bn
Business
Business
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.
Business
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.
Business
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.
Business
Lufthansa orders planes for $9 bn
The airline ordered 40 planes each from Boeing and Airbus.
- The Airbus planes are intended to be used by Lufthansa's new regional carrier, City Airlines, which is due to start operating in summer 2024.
- The aircraft, the first of which will be delivered in 2026, will be deployed on short-haul routes from Frankfurt and Munich.
Business
Mubadala Energy makes gas discovery
This is the company's second successful well in the Andaman area.
- The latest discovery comies after the success of Timpan-1 in Andaman-II, which itself came after the success of Cengkih-1 in our SK320 in Malaysia.
- The well encountered an extensive gas column with a thickness of over 230 meters in an Oligocene sandstone reservoir.
Business
AviLease, SDH Wings Sign MoU
The MoU will expand SDH Wings' portfolio of aircraft.
- AviLease acquired a 10 percent share of SDH Wings as part of the recently completed acquisition of the aircraft leasing platform of Standard Chartered.
- AviLease and SDH Wings have already identified the first five new technology narrowbody aircraft from AviLease’s owned portfolio that are now under LOI.
Business
Japan’s Nippon to acquire US Steel
Nippon Steel will also assume the US firm's debt.
- Nippon Steel will acquire US Steel in an all-cash deal at $55 per share, a 40 percent premium above its closing price on December 15
- US Steel launched a strategic review in August after receiving several unsolicited offers for a partial or total takeover.
Business
Abu Dhabi fund CYVN invests $2.2bn in Nio
This follows an earlier investment of $738.5 million by CYVN in July.
- The investment for Nio, one of US-based Tesla's rivals in China, comes as the Shanghai-founded business remains largely loss-making.
- CYVN, an investment vehicle based in Abu Dhabi, had made an investment of $738.5 million by CYVN in July.
Business
KIPCO sells its stake in GIG
The deal is valued at 256 million Kuwaiti Dinars ($832 million).
- The purchase price was set at KD two per share, with an adjustment of 54 fils per share to account for the cash distributions GIG made in 2022
- The sale of KIPCO's stake in GIG is seen as a testament to the company's effective strategy of acquiring, expanding, and then timely exiting companies
Business
Hyundai Motor, Mubadala ink MoU
The two firms will seek to unlock investment opportunities.
- The agreement between the two firms will allow both parties to jointly invest and share expertize.
- Hyundai Motor and Mubadala will seek to unlock potential investment opportunities.
Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
Business
Company News
Glencore 2023 profit down 75%
Business
e& 2023 net profit is US$2.8bn
Business
Walmart to buy TV maker Vizio
Business
stc 2023 revenues is $19.28bn
Business
Latest News
HMG 2023 net profit $544m
Business
EDF’s net profit is $10.8bn
Business
QEWC 2023 net profit US$426m
Business
JetBlue, Spirit Airlines cancel merger
Earlier, a federal judge ruled it violated US antitrust law.
Most Read
Business
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.
Business
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.
Business
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.