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Aramco, unit and Sinopec ink $4bn deal

The two companies will establish a joint venture company.

Etihad unveils new A321LR aircraft

A321LR features First Suite - a private, enclosed space with a sliding door.

stc Group Q1 net profit up 11.05%

The Group reported a revenue of $5.12 billion.

SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Dar Alarkan 2024 profit up 32%

The company's net profit increased by 81.5 percent in Q4 2024.

DTC sets IPO offer price range

Final offer price will be fixed through a book-building process
  • The company announced that the offer price range had been set between US$0.49 (AED1.80) and US$0.5 (AED1.85) per share.
  • This implies a market capitalization at the time of listing of between US$1.2 billion (AED4.5 billion) and US$1.25 billion (AED4.6 billion).

PureHealth to list on ADX

The company is expected to start trading on ADX in December 2023.
  • Subject to obtaining regulatory approvals and other relevant considerations the company is expected that trading on ADX will commence in December 2023
  • In May 2023, PureHealth completed its acquisition of Ardent Health Services, which is USA’s fourth largest private healthcare group

Saudi EXIM Bank, Obeikan AGC ink pact

Obeikan AGC Glass will have an export credit insurance policy.
  • This partnership will enable Obeikan AGC Glass to secure their international sales against non-payment risks posed by global buyers.
  • This agreement significantly amplifies the prospects for growth and penetration into new regional and international markets.

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

Dar Alarkan 2024 profit up 32%

The company's net profit increased by 81.5 percent in Q4 2024.

Latest News

AI entity is Board Observer in IHC

IHC is a pioneer in leveraging AI for decision-making.

Goldman Sachs, Mubadala ink pact

The two firms have signed a $1 billion private credit deal.

US downs three Houthi drones, strikes anti-ship missiles

Yemen's Iran-backed Houthis have been targeting shipping for months and their attacks have persisted despite repeated American and British strikes...

Most Read

Rolls-Royce back into profit

The engine maker swung to profit of $3bn from a loss of $1.64bn in 2022.
  • Shares in Rolls soared almost ten percent in afternoon trading, topping London's benchmark FTSE 100 index
  • Its share price more than trebled last year but at the end of 2023 it was still only up 6.5 percent over the previous five years.

Boursa Kuwait posts $51m net profit

Operating profit for 2023 was recorded at US$59 million.
  • Total operating revenues of US$99 million were recorded for 2023.
  • Consolidated assets came in at approximately US$386 million in 2023.

Glencore 2023 profit down 75%

The company said lower energy prices cut into its profits.
  • Gross operating profit fell 50 percent to $17.l billion, "primarily reflecting the rebalancing and normalization of international energy trade flows," it said
  • The commodities trading unit saw operating profit fall 46% to $3.5 billion, "with coal and LNG (liquefied natural gas), and to a lesser extent, oil prices materially declining"