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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.

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.

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.

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.

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.

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.

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.

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

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.

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.