Business
Baidu cancels YY Live deal
The deal was originally expected to be completed by 2021.
- Baidu, the country's top search engine company, agreed in 2020 to buy JOYY Inc's Chinese live video business YY Live for $3.6 billion
- However, Baidu said in a Hong Kong stock exchange filing on Monday that it would terminate the purchase agreement
Business
MODON launches 10 projects
The projects in 6 industrial cities are valued at $143 million.
- These projects, conducted in collaboration with several national companies, aim to foster opportunities for value chain initiatives and bolster local content.
- Among the agreements, MODON has inked a contract for establishing 80 factories and ready-made products in Al-Ahsa and Taif's industrial cities.
Business
Cerberus buys HSBC France retail
The takeover was finalized for an undisclosed amount.
- The operation will see HSBC France's nearly 250 retail branches with their 800,000 clients and 3,500 staff become CCF
- The move is part of London-headquarters HSBC's efforts to simplify and refocus operations on its major region of Asia
Business
Albilad Capital to pay dividend
The distribution ratio of the NAV stands at 0.10 percent.
- Albilad Capital confirmed that the dividends would be based on the unitholder register as of the end January 3, 2024.
- The total amount of distributed dividends has been declared at US$24,183, an indication of the fund's robust performance
Business
Makeen, Rolls-Royce forge partnership
They will manufacture, test, sell and service mtu engines in Saudi.
- The deal marks a milestone for the industrial development of the Kingdom’s rapidly growing marine and off-grid power generation sectors, according to the release, Aramco said.
- Makeen aims to deliver state-of-the-art solutions to meet the evolving demands of our valued customers in oil and gas, said Makeen CEO Abdullah Al-Ghamdi.
Business
Bank takes over Amiantit subsidiary
The bank will absolve Amiantit of all its financial obligations.
- The debt being cleared constitutes approximately 50 percent of the total liabilities that Amiantit owes to various banks.
- Preliminary estimates suggest the company will recognize profits worth US$128 million as a result of this settlement.
Business
Huawei says expects higher revenue
The company is leading equipment manufacturer for 5G.
- Sanctions since 2019 have cut the firm off from access to US-made components and technologies, forcing it to diversify its growth sources
- In 2023, the group expected revenues of more than 700 billion yuan ($99.2 billion), Hu said - an increase of nearly nine percent from last year
Business
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
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ADNOC Gas to pay $3.41bn dividend
It includes $1.7 billion scheduled for distribution in Q2 2025.
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The Chinese EV giant's net profit was $5.55 billion for 2024.
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Business
Perplexity eyes TikTok buy
TikTok faces a deadline to divest from its Chinese owner or be banned in the US.
- TikTok temporarily shut down in the United States and disappeared from app stores as the deadline for the law approached, to the dismay of millions of users.
- Trump suspended its implementation for two-and-a-half months after beginning his second term in January, seeking a solution with Beijing.
Business
DEWA okays $843m in H2 2024 dividend
DEWA had posted a net profit after tax of $1.96 billion for the full year 2024.
- It reported consolidated full-year revenue of AED 30.98 billion and EBITDA of AED 15.73 billion for 2024.
- It said the consolidated annual revenue grew by 6.17 percent, primarily driven by rising demand for electricity, water, and cooling services.
Business
Dar Alarkan 2024 profit up 32%
The company's net profit increased by 81.5 percent in Q4 2024.
- Argaam reported that the company's revenue increased by 38.9 percent year-on-year (YoY) to SAR 3.75 billion in 2024 driven by higher real estate sales and rental income.
- The company attributed the increase to stronger sales revenue, supported by higher property sales, along with growth in rental income.