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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

ADQ, Orion to establish JV

The partners commit to deploying $1.2bn in the next four years.

Chemanol to buy stake in ACC

It will acquire 84 percent stake for US$12.3 million.
  • The purchase amount would be disbursed partially and within specified intervals, as per the terms stipulated in the SPA.
  • Chemanol said the acquisition is aimed at enhancing its share in the market and diversifying its product range,

ADIB lists $500m green sukuk on LSE

The bank marked the issuance of its $500 million green sukuk.
  • London Stock Exchange has welcome ADIB’s listing, as the world’s first dollar denominated green sukuk.
  • This follows the bank’s recent successful listing of US$750 million AT1 perpetual sukuk.

Salik records $138m in Q3 revenue

This is the toll operator's highest Q3 revenue since 2007.
  • The 14.6 percent year-on-year revenue growth was supported by a strong growth in tourism and residency.
  • Salik reported a net profit of AED255 million during the third quarter of 2023, up 5.3 percent against the prior year.

Al Ghurair to use Oracle solution

This will help HR teams improve business operations.
  • Through this strategic collaboration, Al Ghurair seeks to empower its employees through self-service capabilities.
  • Oracle Cloud HCM transforms the traditional functions of HR departments such as recruiting, training, payroll.

GA-ASI partners with EDGE

The pact is aimed at integrating smart weapons into MQ-9B.
  • The partnership marks the first time that UAE-made smart weapons will be integrated into a US unmanned platform.
  • The EDGE smart weapons designated for integration include the DESERT STING family of GGWs and THUNDER family of cost-effective PGMs from HALCON.

ADNOC L&S reports 162% rise in profit

The company also reported an EBITDA of $635 million.
  • The company also reported an EBITDA of $635 million (AED2,332 million), marking a substantial 124% year-on-year increase
  • The third quarter of 2023 specifically contributed to the positive financial performance, with a 30% year-on-year increase in revenue

Burgan Bank Sells 52% stake

The stake in its Turkish subsidiary BBT was sold to Rawabi Holding.
  • While the sale represents a majority ownership transfer, Burgan Bank will retain operational control over BBT.
  • The move is strategically poised to fortify the bank's capital structure and shield against the impact of fluctuating Turkish lira exchange rate.

EVIQ to set up infra for EVs in KSA

PIF, SEC JV's brand name for EV infrastructure is EVIQ.
  • EVIQ will support electric vehicle adoption in Saudi Arabia by building best-in-class infrastructure and creating a nationwide network of fast-charging hubs.
  • This will help enable and encourage the use of electric vehicles across Saudi Arabia, in line with the sustainability goals of the Kingdom.

ADNOC Drilling, Alpha Dhabi set up JV

The two companies will invest up to US$1.5 billion.
  • ADNOC Drilling will own 51 percent of the JV with Alpha Dhabi holding 49 percent, bringing together a market-leading drilling and OFS expert.
  • This will further develop and scale up ADNOC Drilling’s integrated drilling and oilfield services (OFS) offering and enhance operational efficiencies.

DEWA Q3 2023 revenue $2.5bn

The revenue was driven by demand for electricity, water.
  • For January-September 2023, DEWA’s consolidated revenue totalled US$6 billion with an operating profit of US$1.8 billion.
  • By the end of Q3 2023, DEWA’s net cash from operating activities increased by a robust US$205 million to US$2.6 billion.

ADNOC L&S 2024 net profit $756m

The company's revenue increased by 29 percent to $3.54 billion.

Latest News

QEWC 2023 net profit US$426m

QEWC market share in supply of electricity was 61 percent.

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.

Air Arabia 2023 net profit $408m

The firm recorded a 27 percent rise in profit compared to 2022.

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Bezos sells $2bn Amazon shares

He reportedly intends to sell, next July, 50 million shares of the group.
  • Bezos sold on Wednesday and Thursday some 12 million Amazon shares, at between $168-171 per share.
  • A previous stock market document, out Wednesday, reported his intention to sell, next July, 50 million Amazon shares.

ESG 2023 net profit at US$187m

The firm posted a year-on-year net profit rise of 316 percent.
  • ESG’s total assets witnessed a massive rise, standing at US$833 million.
  • This is a significant 168 percent growth compared to December 2022.

Aldar net profit $1.19bn

Expanded investment and record development sales boosted profit.
  • Aldar reported the highest-ever quarterly development sales of AED 8.5 billion in Q4, with full-year sales hitting a record AED 27.9 billion.
  • Development revenue backlog doubled to AED 36.8 billion, providing strong income visibility over the next two to three years, Aldar said.