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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.

DEWA okays $843m in H2 2024 dividend

DEWA had posted a net profit after tax of $1.96 billion for the full year 2024.

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.

ENEC, X-energy sign agreement

The firms will collaborate on nuclear energy technologies.
  • The MoU was signed at COP28 and comes in line with ENEC’s recently announced ADVANCE Program.
  • The central aim of ENEC’s ADVANCE program is to harness the latest advancements in nuclear energy technologies.

Bosch to cut 1,500 jobs

The firm said the cuts will be completed by the end of 2025.
  • Bosch is facing major structural changes when it comes to transmissions as the shift to electromobility gathers pace.
  • The company stressed there would be no compulsory redundancies in the forthcoming cuts, in line with a recent agreement.

Shell eyes $6bn in Nigeria

The investment opportunities are being explored in offshore gas projects.
  • Nigeria, the continent's top economy and major oil producer, is seeking to attract more foreign investment since President Bola Ahmed Tinubu came to office in May.
  • OPEC member Nigeria has seen its oil output on the decline in recent years due to widespread theft from pipelines and attacks and high operating costs deterring on-shore investors.

KPMG to merge UK, Swiss ops

The UK unit employs about 17,000 staff and the Swiss over 2,600.
  • KPMG UK said it is in discussion with Swiss firm to explore ways to bring greater benefits
  • KPMG rival EY recently failed in a bid to split its audit and consulting units, causing its boss Carmine Di Sibio to retire a year early

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

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

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

DEWA okays $843m in H2 2024 dividend

DEWA had posted a net profit after tax of $1.96 billion for the full year 2024.

Latest News

Nationwide offers to buy Virgin Money

Nationwide has offered US$3.7 billion for Virgin Money.

TECOM 2023 net profit $299m

Revenue in 2023 grew by 10 percent YoY to $599 million.

JetBlue, Spirit Airlines cancel merger

Earlier, a federal judge ruled it violated US antitrust law.

Most Read

Salik revenue soars to US$574m

Toll usage revenue rose 11.7% YoY to US$502million.
  • The total number of trips made through Salik’s eight toll gates grew by 10 percent over the course of the year.
  • Salik’s registered active accounts increased 16.0 percent YoY to approximately 2.4 million at the end of 2023.

GAS, SPPC ink two contracts

The duration of each contract is of 22 months.
  • The two contracts entail the engineering, procurement and construction of Qassim and Taibah gas pipelines.
  • The first contract is valued at $90 million (SAR341.09 million), while the second is worth $68 million (SAR256.1 million).

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.