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Company News

Oracle shares up 35%

Huge AI contracts lead to the surge.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

EGA H1 revenue $4.11bn

Net profit before GAC $445 million.

Borouge to pay $660m H1 dividend

Its net profit for H1 was $474 million.

TAQA secures $2.31bn loan

It will be utilized in a phased manner.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Geostrategy

Yalla Group Q1 revenue $83m

Net income rose to $36.4 million, a 17% YoY increase.

Business
Business

Japan’s Nippon to acquire US Steel

Nippon Steel will also assume the US firm's debt.
  • Nippon Steel will acquire US Steel in an all-cash deal at $55 per share, a 40 percent premium above its closing price on December 15
  • US Steel launched a strategic review in August after receiving several unsolicited offers for a partial or total takeover.
Business

Abu Dhabi fund CYVN invests $2.2bn in Nio

This follows an earlier investment of $738.5 million by CYVN in July.
  • The investment for Nio, one of US-based Tesla's rivals in China, comes as the Shanghai-founded business remains largely loss-making.
  • CYVN, an investment vehicle based in Abu Dhabi, had made an investment of $738.5 million by CYVN in July.
Business

KIPCO sells its stake in GIG

The deal is valued at 256 million Kuwaiti Dinars ($832 million).
  • The purchase price was set at KD two per share, with an adjustment of 54 fils per share to account for the cash distributions GIG made in 2022
  • The sale of KIPCO's stake in GIG is seen as a testament to the company's effective strategy of acquiring, expanding, and then timely exiting companies
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

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.
Geostrategy

Company News

e& 2023 net profit is US$2.8bn

Walmart to buy TV maker Vizio

HMG 2023 net profit $544m

EDF’s net profit is $10.8bn

Americana Restaurants posts profit.

Latest News

Xiaomi posts solid quarterly sales growth

The company is Chinese smartphone and household tech giant.

Intel to slash workforce

The company to cut approximately $20 billion in expenses this year.
Business

Boeing guilty plea deal filed

The plea deal must be approved by a federal court judge.
Business

Most Read

Apple holds talks with rival Meta

The company to integrate Meta's generative AI into its products.
Business

Boeing to check undelivered 787s due to fastener issue

New York, United States - Boeing said Thursday it is examining fasteners on some undelivered 787 jets after discovering problems with...
  • The aviation giant, which faces intensified scrutiny from regulators following recent incidents said planes already in service can continue to be flown safely
  • "Our 787 team is checking fasteners in the side-of-body area of some undelivered 787 Dreamliner airplanes to ensure they meet our engineering specifications," the company said

Microsoft unveils ‘AI-ready’ PCs

The company's pivot to AI has been celebrated by Wall Street.
  • The tech giant estimates that more than 50 million "AI PCs" will be sold over the next 12 months, given the appetite for devices powered by ChatGPT-style technology
  • Of all the tech giants, Microsoft has pushed the most aggressively to infuse the powers of generative AI into its products, often leaving rival Google to play catch-up