CBI, zypl.ai ink partnership
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RAKBANK, DP World sign pact
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Liberty Media buy MotoGP
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Xiaomi launches first electric car
The car manufactured by Xiaomi likely to enter market by 2025.
- Xiaomi boss Lei Jun took to the stage in Beijing Thursday to unveil the SU7, a sedan that is scheduled to enter the market in 2025
- Xiaomi announced in 2021 to enter the highly competitive sector of electric vehicles manufacturing
Business
QatarEnergy, Shell sign agreement
QatarEnergy will supply 18m barrels of crude oil per year to Shell.
- QatarEnergy and Shell have a long-standing strategic partnership through several shared investments in the energy industry in Qatar and globally.
- "We look forward to building on our historic relationship and hope we achieve greater success with Shell," said Saad bin Sherida Al Kaabi, CEO QatarEnergy
Apple to appeal US watch ban
The company contends that the ITC finding was in error.
- The ban on Apple's latest smartwatch models came into effect Tuesday, with the Apple Watch Series 9 and Apple Watch Ultra 2 no longer available in stores or online
- The ban is the latest legal tussle involving big tech companies over valuable patents that has also seen Google battle in court against Sonos in a fight over speaker tech
Business
IsDB, SWCC sign agreement
The collaboration will involve efforts from both parties.
- The agreement includes a mechanism for exchanging knowledge and experiences.
- It would involve transferring the experience of SWCC to the member countries of IsDB.
Saudi Chemical Co announces dividend
The company will distribute $11,385,120 to its shareholders.
- Shareholders possessing a portion of the 843,200,000 shares eligible for dividends will benefit from this payout
- Each share is set to receive a dividend of 0.05 SAR, which represents a 5% dividend relative to the share par value
Business
GIB, KSA wrap up Sukuk debut
Gulf International Bank is a merchant bank in the Middle East
- The bank’s Sukuk programme is aligned with its strategic objectives to facilitate balance sheet growth and contribute to the realization of the national economic objectives
- GIB Capital’s CEO Osamah Shaker said that the bank is delighted to act as the sole arranger for the establishment of the Sukuk Programme and the Bank’s debut issuance
Business
KPMG’s global revenue touches $36bn
The company has outlined a collective investment of $4.2b.
- The announcement came in after KPMG International declared the annual globally aggregated revenues for KPMG firms of US$36b for FY23
- The financial figures highlight robust year-on-year growth of the company, reinforced by a multi-disciplinary approach
Business
Al Saqr names chairman of board
The insurance firm made a slew of new appointments.
- Saud Saleh Al-Arifi, an independent member, will be the new chairman of the board of directors
- The company named Naif Rashed Alarfaj, also an independent member, as new vice chairman
Deyaar, Arady Properties sign MoU
Deyaar is a leading real estate developer in Dubai.
- The MoU outlines the commercial objectives for the project and provides a framework for further negotiations
- Deyaar has developed strategic partnerships with renowned real estate entities in the region and beyond
Business
TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
- The S4 RO project is primarily funded 71 percent through debt financing from both local and international banks.
- The financial closing comes after TAQA and GS Inima signed the water purchase agreement with EWEC in August 2023.
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Amazon triples quarterly profit
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CBI, zypl.ai ink partnership
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RAKBANK, DP World sign pact
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ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
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Business
TAQA net income $1.93bn in 2024
The company's revenues increased 6.7 percent year-on-year.
- TAQA said the net income excludes one-off items (AED 10.8 billion) related to the acquisition of a 5 percent stake in ADNOC Gas.
- The company's revenues increased 6.7 percent year-on-year to AED55.2 billion, driven by sustained Transmission & Distribution (T&D) growth.
Business
ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
- EBITDA rose by 31 percent to $1.149 billion (AED 4.219 billion) in the same period, driven by robust performance across all business segments.
- The Company's Q4 revenue increased by 6 percent year-on-year (y-o-y) to $881 million (AED 3.237 billion).
Business
ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
- The company achieved its highest-ever (EBITDA) of $1.05 billion (AED3.86 billion), an increase of 4.8 percent year-on-year.
- The company's Board of Directors has recommended a cash dividend of $350 million (AED1.285 billion) for H2 2024.