Ford’s US Q1 auto sales dip
Business
Goldwind 2024 revenue up 12.5%
Business
Emaar to pay $2.39bn dividend
Business
Aramco acquires stake in BHIG
Business
ADNOC L&S okays $273m dividend
Business
Samsung’s AI pivot
Part of the company's bid to reclaim smartphone throne.
- Mobile devices will become the primary access points for AI, with Samsung aiming to be a leader on that path, Samsung president T.M. Roh said
- The premium S24 Ultra unveiled at an event was said to have the capability to translate foreign language phone calls and texts while they were taking place
Business
Maersk and Hapag-Lloyd ink deal
The cooperation deal between the two will begin February 2025.
- The cooperation, which is set to start in February 2025, will comprise a fleet pool of nearly 300 vessels with a combined capacity of 3.4 million containers
- The CEO of Maersk Vincent Clerc said the agreement will offer a "flexible ocean network" and "strengthen our integrated logistics offering"
Business
EDGE, Baykar collaborate
EDGE smart weapons will be integrated into Bayraktar UAVs.
- The integration programme is part of a Strategic Alliance Agreement between the two groups to collaborate on advanced technology solutions in the defense sector.
- Under the program, EDGE will integrate their DESERT STING 16 precision-guided munition onto the Baykar TB2 UAV.
Business
Emirates Steel Arkan signs $2bn deal
The 5-year, iron-ore pellets supply deal was signed with BSC.
- Under this agreement, Bahrain Steel will supply high-grade iron ore oxide pellets annually to Emirates Steel Arkan.
- Saeed Ghumran Al Remeithi, Group CEO at Emirates Steel Arkan, said the agreement will also cement ties within the GCC.
Business
Google to slash ‘few hundred’ jobs
The internet giant will cut jobs from its global ad team.
- The jobs will be cut by the company amid a push to use artificial intelligence for efficiency and creativity
- The company made no mention of generative AI, which is disrupting many sectors including advertising.
Business
Goldman Sachs profits up 58%
Revenues rose seven percent to $11.3 billion.
- In the fourth quarter, Goldman Sachs' revenues from equity trading surged 26 percent, while the bank's own holdings in public equities also enjoyed a hefty increase.
- Rival financial heavyweight Morgan Stanley reported a 35 percent drop in profits to $1.4 billion on a one percent rise in revenues to $12.9 billion.
Business
Al Arabia subsidiary wins Dubai contract
The contract was awarded by Dubai Roads and Transport Authority.
- The contract is valued at AED 522.84 million ($142.34 million). Its duration is 10 years and five months, including a preparation period of up to 31 days.
- The billboards include 85 digital billboards and 209 static billboards of different types and sizes, with the ability to transform the static billboards into digital billboards.
Business
CBI 2023 net profit at $46.5m
The 2023 annual net profit rose 14 percent from 2022.
- The customer deposits increased from US$3.3 billion in 2022 to US$3.4 billion in 2023.
- The capital adequacy ratio increased from 14.4 percent in 2022 to 15.2 percent in 2023.
Business
Aramco Digital, Intel to join hands
The aim is to help develop of Open RAN technologies.
- The facility is expected to drive innovation, foster technological advancements and contribute to the digital transformation landscape in the Kingdom.
- This collaboration aims to align with Saudi Arabia's Vision 2030, which focuses on technological advancements and economic diversification.
Business
Mammoet, Aertssen sign agreement
The two firms will provide heavy-lifting solutions in Qatar.
- Mammoet said in a statement that the collaboration will "capitalize on the individual strengths and capabilities of both companies".
- The solutions range from small mobile cranes for quick operations to complex engineered heavy lifting and transport projects.
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Company News
Tesla Q1 sales sink 13 percent
Business
Ford’s US Q1 auto sales dip
Business
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Goldwind 2024 revenue up 12.5%
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Emaar to pay $2.39bn dividend
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Business
Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
- Sinopec and its unit shall contribute $990 million and $1.98 billion in cash, respectively.
- AAS will allocate the remaining amount, representing 25 percent of the JV’s registered capital.
Business
Etihad unveils new A321LR aircraft
A321LR features First Suite - a private, enclosed space with a sliding door.
- The airline highlighted the aircraft's enhanced guest experience, including a first-class offering typically found on larger planes.
- The aircraft features new First Suites with sliding doors and lie-flat beds, 14 lie-flat business-class seats with direct aisle access, and upgraded economy seating.
Business
stc Group Q1 net profit up 11.05%
The Group reported a revenue of $5.12 billion.
- The group distributed SAR0.55 per share for the first quarter of 2025, in accordance with the dividends distribution policy approved by the General Assembly.
- Gross profit rose by 5.01 percent to SAR 9.098 million, operating profit increased by 2.02 percent to SAR 3.584 billion, and EBITDA grew by 5.25 percent to SAR 6.120 billion.