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SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

Perplexity eyes TikTok buy

TikTok faces a deadline to divest from its Chinese owner or be banned in the US.

Business

Borouge proposes share buyback

The company had posted a 24% YoY increase in net profit to $1.24bn.

Business
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.
Business

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.
Business

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.
Business

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.
Business

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.
Business

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
Business

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
Business

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
Business

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.
Business

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.

Perplexity eyes TikTok buy

TikTok faces a deadline to divest from its Chinese owner or be banned in the US.
Business

Company News

ADNOC Distribution posts record EBITDA

Novartis to buy MorphoSys

UBS to reward shareholders

QatarEnergy signs LNG deal with Petronet

Maqta acquires stake in Dubai Technologies

Latest News

Lego net profit falls

Its net profit fell five percent to 13.1 billion kroner ($1.24bn).
Business

CI Capital 2023 revenue $134m

The firm’s performance was fueled by strong growth.

Burjeel Holdings net profit up

The company’s 2023 annual revenue rises to US$1.2 billion.
Business

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Business

TECOM 2023 net profit $299m

Revenue in 2023 grew by 10 percent YoY to $599 million.
  • The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus
  • TECOM Group committed to paying a dividend amount of $217 million per annum through September 2025.

JetBlue, Spirit Airlines cancel merger

Earlier, a federal judge ruled it violated US antitrust law.
  • Shares of Spirit slumped 14.5 percent in early trading Monday, while JetBlue rose 3.9 percent
  • Spirit said it has enlisted advisors on efforts to refinance and reduce debt payments
Business

EDGE Group, Indra form JV

It will make next-generation radar systems in UAE.
  • The new business entity will be granted prime rights for current and future non-NATO and non-EU orders awarded to Indra.
  • The JV will place a strategic focus on the continued development of sophisticated technologies, innovation and global market.