DAE net profit up 36.2%
Business
Borouge 2024 net profit $1.24bn
Business
ADQ, Orion to establish JV
Business
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
Business
Amazon triples quarterly profit
The company's cloud, ads, and retail businesses thrive.
- Amazon shares were up about one percent in after-market trades that followed release of the earnings figures
- Sales at Amazon online stores grew by 7% in the quarter despite competitive pressure from rivals such as Shein and Temu
Business
Fujifilm ups biotech plant investment
The cost of investment in North Carolina plant is $1.2 billion.
- The cash injection to ramp up output to meet growing demand for antibody drugs brings "the total investment in the facility to over $3.2 billion", the company said
- The investment is part of its strategy of enabling the firm "to construct identical large-scale production facilities" in the United States and Europe, it said
Business
CBI, zypl.ai ink partnership
The pact aligns with CBI’s plan to support innovation in UAE.
- CBI, zypl.ai partnership signifies a strategic entry into using AI implementation for advanced credit scoring.
- CBI plans to further enhance operational efficiencies to ensure a swift and seamless lending experience.
Business
RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
- This strategic partnership leverages DP World's extensive trade network and real-time data insights.
- It empowers RAKBANK with enhanced risk assessment capabilities and streamlined access to financing.
Business
EasyLease buys stake in United Trans
This helps EasyLease expand its presence in mobility sector.
- United Trans has been at the forefront of transforming the regional transport spectrum.
- The company collaborates with major global organizations across all modes of transport.
Business
Liberty Media buy MotoGP
Formula One owners paid US$4.5 billion for the deal.
- The acquisition is expected to be completed by the end of 2024 subject to clearances and approvals.
- MotoGP said Liberty Media would acquire "approximately 86 percent" stake from Spain-based owners Dorna.
Business
Omantel approves cash dividend
Net profit grew by 13.1 percent compared to 2022
- Omantel continued to successfully implement its strategy Shift Gear despite market challenges and increasing competition.
- Omantel Group revenues and profits, as the group's revenues were up by 9.7percent
Business
Huawei profit tops $12bn
The profits more than doubled compared to 2022.
- Huawei has been at the center of an intense standoff between China and the United States, with Washington warning its equipment could be used for espionage.
- Sanctions since 2019 have cut Huawei's access to US-made components and technologies, forcing it to diversify.
Business
Amanat FY 2023 revenue $195m
The company's revenue grew by 40 percent year-on-year.
- Amanat announced a proposed dividend of US$13 million for FY 2023, with additional interim dividends planned for 2024.
- The balance sheet reached US$158 million in cash at year-end, and low leverage provided significant capital for deployment.
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Emirates NBD 2025 profit $8.5bn
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TAQA net income $1.93bn in 2024
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ADNOC L&S 2024 net profit $756m
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Latest News
DAE net profit up 36.2%
Business
Borouge 2024 net profit $1.24bn
Business
Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
Business
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Business
Samsung says planning job cuts
The layoffs could affect about 10 percent of the workforce.
- The world's largest memory chipmaker is modifying staffing levels in Southeast Asia, Australia, and New Zealand, a company spokesman told AFP
- The "routine workforce adjustments" are carried out "to improve operational efficiency," said Samsung Electronics in a statement
Business
GM reports US sales dip, that of EVs grew
The big Detroit automaker reported 659,601 US sales during the period.
- The big Detroit automaker reported 659,601 US sales during the period, down 2.2 percent from the year-ago but marking a slightly smaller decline than analysts projected
- GM described its EV portfolio as "growing faster than the market" with sales jumping 46 percent in the third quarter, topping 32,000
Xiaomi posts solid quarterly sales growth
The company is Chinese smartphone and household tech giant.
- The brand's presence is strongly felt in China, with its wide range of products spanning mobiles, tablets, smartwatches, headphones, scooters and, recently, electric vehicles
- The world's third-largest smartphone maker, Xiaomi reported revenue of 88.9 billion yuan ($12.5 billion) in the second quarter, an increase of 32 percent year-on-year