Search Site

Trends banner

Company News

TikTok’s US future uncertain

It must find non-Chinese owner to avoid ban.

Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

Gulftainer extends concession pacts

The agreements with Sharjah Ports extended for another 35 years.
  • The extended agreements allow Gulftainer to manage, operate and further develop Sharjah Container Terminal (SCT) and Khorfakkan Container Terminal (KCT) throughout this century.
  • Gulftainer signed the original concession agreements for operating and managing the container terminal at Port Khalid in 1976 and the container terminal at Port Khorfakkan in 1986.

AJEX, MODON sign partnership

AJEX will have rights to operate warehousing facilities at Modon.
  • These facilities will be utilized for the storage of a diverse range of goods, including hazardous materials, food and beverage products, and general items.
  • The newly secured warehousing space aligns with Dammam's pivotal role in the Kingdom's oil, gas, and industrial sectors, AJEX said in a statement.

EPI to make assembly parts for Raytheon

EPI is part of the Platforms Systems cluster within EDGE.
  • EPI will supply prototype quantities of machined aluminium and assembly parts for the Coyote® Counter-UAS interceptor.
  • The agreement supports the 'Make it in the Emirates' initiative, a comprehensive plan for developing the UAE's industrial sector.

Tabreed 9M profit at $218m

This is due to the steady growth in its consumption volumes.
  • Tabreed delivers strong growth, with revenue soaring 10 percent to US$490 million in January-September 2023.
  • This is a 10 percent increase in revenue year-on-year, compared to US$460 million in January-September 2022.

Siemens posts record profit

Its shares rose over 6 percent on the Frankfurt Stock Exchange.
  • The company, whose businesses range from making trains to automating production processes, earned a net profit of $8.62 billion in 2022-2023.
  • Sales, at $84.6 billion, rose 11 percent on the previous year while for 2024, the group expects revenue to grow in a range of between 4 and 8 percent.

Alstom to cut 1500 jobs

Alstom said it aims to cut debt by 2 billion euros by March 2025.
  • Alstom posted last month a negative cash flow of 1.15 billion euros ($1.25 billion) in the first half of its fiscal year.
  • The group said it was working on a "comprehensive operational, commercial, and cost efficiency plan" to reinforce its balance sheet.

ADNIC reports $82m profit

This marks 16% increase compared to the same period last year.
  • The company's focus on market-leading underwriting and investment performance resulted in a net profit of AED 301.9 million
  • ADNIC's recently announced its intent to acquire a 51% stake in Allianz Saudi Fransi Cooperative Insurance Co

Emirates, Safran sign pacts worth $1.2bn

Latest generation Safran Seats for new Emirates Airbus fleet part of the deal.
  • The new seats will offer a host of enhancements that set a new standard for comfort, privacy and convenience.
  • Safran Landing Systems will be supplying high performance wheels and carbon brakes for the Emirates A350 fleet.

ADNOC Gas net income $3.37bn

The company's third-quarter revenue grew by 8% to $5.80 billion.
  • Net income for the quarter increased by 13 percent quarter-on-quarter (Q-o-Q) to $1.116 billion.
  • ADNOC Gas expects to pay its inaugural interim cash dividend of $1.625 billion with payments commencing on 14 December 2023.

ACWA Power, SEC sign PPAs

The agreements signed with SPPC are valued at $3.9 billion.
  • The agreement, signed on November 13, pertains to the development, financing, construction, ownership, and operation of two expansive combined cycle gas turbines power plants.
  • Named Taiba 1 and Qassim 1, these mega-projects are strategically situated in Madinah and Qassim, with a production capacity of 1,800 megawatts (MW) each.

TAQA net income $1.93bn in 2024

The company's revenues increased 6.7 percent year-on-year.

Latest News

HMG 2023 net profit $544m

The rise was due to the hospitals and pharmacy segments.

EDF’s net profit is $10.8bn

EDF cut its large debt by increasing nuclear production.

Americana Restaurants posts profit.

The annual net profit in 2022 was US$470 million.

Most Read

Google AI research hub in Paris to host 300 experts

The new hub part of a trend for big tech firms to base teams in European centers.
  • In recent years, Google has poured investment into its engineering facility in Zurich, which also houses AI-focused teams from Meta, Apple and Microsoft.
  • The French capital has long pushed to be regarded as a cutting-edge hub for tech firms, and Meta established an AI research team there in 2015

Air Arabia 2023 net profit $408m

The firm recorded a 27 percent rise in profit compared to 2022.
  • The company in its financial results said that the airline's turnover for 2023 reached US$1.6 billion
  • Air Arabia’s Board of Directors proposed a dividend distribution of 20 percent of share capital,

solutions by stc, Devoteam ink MoU

The aim is to foster avenues for collaboration in technology.
  • The pact follows and builds upon the acquisition by solutions of a 40 percent stake in Devoteam Middle East.
  • The collaboration also aims to combine the experience and resources of the parties for mutual benefit.