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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.

ADNIC okays 45% dividend for 2024

The company achieved its highest ever revenue and net profit.

ADNOC to buy stake in Fertiglobe

ADNOC to buy OCI’s entire shareholding in Fertiglobe.
  • Fertiglobe is listed on the ADX and is the world’s largest seaborne exporter of urea and ammonia combined.
  • It is also an early mover in sustainable ammonia, with production facilities in Egypt, Algeria and the UAE.

ENEC, CNNC sign MoU

Both the firms will offer their expertise in the sector.
  • The two firms will collaborate on identifying potential development and co-investment opportunities for new international nuclear energy plants.
  • They will form a Joint Working Group to leverage their strengths in project management, nuclear technology development and implementation.

ADCB, EIH sign agreement

ADCB to sell 80 percent stake in ADCP to Nine Yards Plus.
  • The transaction values ADCP at US$161 million and ADCB will gain of nearly US$133 million subject to closing conditions before end of December 2023.
  • ADCB will retain a 20 percent stake in ADCP post transaction and will continue its partnership via a long-term relationship agreement.

MBC IPO retail subscription begins

MBC Group runs a group of TV and radio channels.
  • The subscription process for the retail tranche of MBC Group will run for five days until December 18.
  • The Capital Market Authority approved, on November 21, the company's request to float 33.25 million shares in an IPO.

Andalusia Labs secures $48m funding

The company deals in risk management infrastructure for digital assets.
  • Silicon Valley venture capital firm Lightspeed Venture Partners led the round with participation from Mubadala Capital
  • Andalusia Labs is a collection of leading technology solutions addressing the security challenges prevalent in the blockchain industry

Pfizer set to acquire Seagen

The drugmaker will complete its US$43bn buyout this week.
  • Pfizer Chief Executive Albert Bourla said the buyout of Seagen is "good for patients in the battle against cancer"
  • Based in Washington state, Seagen came to major drugmakers' attention with its work on antibody-drug conjugates

Aramco to acquire 40% stake in GO

Gas & Oil is one of the largest retail and storage firms in Pakistan.
  • This is Aramco's first entry into the Pakistani fuels retail market, advancing the company’s strategy to strengthen its downstream value chain internationally, the company said.
  • This transaction would enable Aramco to secure additional outlets for its refined products and further provide new market opportunities for Valvoline-branded lubricants

UAE, Korean firms ink pact

The partnership will utilize low-cost indoor farming solution.
  • The facility will be co-located within livestock farms to localize animal feed in Al Ain, UAE.
  • The facility will be using 95 percent less water per kilogram versus traditional farming means.

SABIC announces 16% H2 cash dividend

The dividend of $1.27 billion is payable on Mar 4, 2024.
  • SABIC has announced full-year dividend of SAR 10.2 billion or 34 percent (SAR 3.4 a share) of its current capital of SAR 30 billion.
  • The company had posted a net loss of SAR 1.04 billion ($277 million) in the first nine months of 2023, against a net profit of SAR 16.24 billion a year earlier.

PureHealth offer price $0.89 per share

The IPO witnesses demand of over AED 265bn ($72.15bn).
  • The offering will generate gross proceeds of AED 3.62 billion for the company. On listing, the company’s market capitalization is expected to reach AED 36.2 billion.
  • Listing and trading commencement of PureHealth’s shares on ADX are expected to take place on 20 December 2023.

ADNIC okays 45% dividend for 2024

The company achieved its highest ever revenue and net profit.

Latest News

GAS, SPPC ink two contracts

The duration of each contract is of 22 months.

ADIB 2023 net profit $1.4bn

The bank achieved a Return on Equity of 27.1 percent.

QFC signs two MoUs

MoUs with BFB, Partior were inked during Web Summit 2024.

Most Read

AI entity is Board Observer in IHC

IHC is a pioneer in leveraging AI for decision-making.
  • Aiden Insight is a virtual entity endowed with sophisticated AI capabilities, and is set to revolutionise the way IHC handles the global investment landscape.
  • This initiative by IHC is powered by AI capabilities of G42 in collaboration with Microsoft, setting a new benchmark for artificial intelligence development.

Goldman Sachs, Mubadala ink pact

The two firms have signed a $1 billion private credit deal.
  • The partnership will be managed by Private Credit at Goldman Sachs Alternatives, with a dedicated team across multiple Asia Pacific markets.
  • This mandate will enable both firms to continue scaling their investment activity in the large and growing Asia Pacific credit market.

US downs three Houthi drones, strikes anti-ship missiles

Yemen's Iran-backed Houthis have been targeting shipping for months and their attacks have persisted despite repeated American and British strikes...
  • CENTCOM said US forces destroyed "seven Iranian-backed Houthi mobile anti-ship cruise missiles that were prepared to launch towards the Red Sea."
  • US Central Command said those strikes , carried out between 12:30 p.m. and 7:15 p.m. Sanaa time, were made in self-defense