Embracer sells Borderlands
Business
BYD posts record 2023 profit
Business
RSG, Hyundai Motor ink pact
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Business
Zain KSA expands 5G network
The company launched the first zero-emission 5G network.
- The network expansion supports Zain KSA’s strategic goal of accelerating the nationwide digital transformation by providing high-speed digital services
- The 5G network expansion complements Zain KSA's growing portfolio of bespoke 5G applications and pioneering solutions in artificial intelligence (AI)
Business
Pure Health announces IPO
The company will offer 1.11bn shares at AED3.26 per share.
- The subscription period will open on 6th December 2023 and will close on 11th December 2023 for both the Tranches.
- The company intends to list its shares on ADX on 20th December 2023.
Business
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
- The platform will make investments in businesses where they have matured past many of the risks that face earlier stage ventures.
- They must manage and minimize the execution risks associated with expansion in middle-market investments.
Business
Eve Air Mobility, flynas ink MoU
The firms will explore starting eVTOL services in Saudi Arabia.
- The agreement will contribute to Saudi Arabia’s aviation industry by building the ecosystem for electric flights.
- flynas operates over 1,500 weekly flights to over 70 domestic and international destinations.
Amazon releases AI chatbot
"Q" will be available only to the company's AWS cloud.
- "Q" will be available only to Amazon's AWS cloud computing customers and will be in direct competition with ChatGPT as well as Google's Bard and Microsoft's copilots
- Costing $20 monthly per user, Amazon Q will perform a variety of tasks including summarizing uploaded documents and answering questions about specific data
Business
Foxconn to invest $1.54bn more in India
The firm announced in May to purchase land for $37 million in India.
- Chairman Young Liu had said during an earnings call in August that the company saw the potential to invest "several billion dollars" in India
- The company is planning to expand its India operations to "critical components" for consumer electronics and electric vehicles to boost its competitiveness
Business
Ooredoo, QNBN sign agreement
The two companies will jointly develop Doha Port.
- The agreement represents a strategic partnership and reflects a commitment to driving innovation to build a more connected Qatar.
- Qatar National Broadband Network was established to implement the highest global standards in evolving telecommunication infrastructure.
EasyJet rebounds into annual profit
Profit after tax stood at £324 million.
- Profit after tax stood at $409 million in the 12 months to the end of September on higher demand and increased fares, EasyJet said
- "We see a positive outlook for this year with airline and holidays bookings both ahead year on year," EasyJet chief executive said in the statement.
Fashion giant Shein to go public
Shein was valued at $66 billion earlier this year.
- The company was valued at $66 billion earlier this year, and a public presence by the company in the United States could make huge waves on Wall Street
- Shein recorded $23 billion in revenue and $800 million in net profit in 2022, Journal said reporting that firm has told investors it has posted new records in 2023
Business
Beltone 9M net profit at $2.7m
In 9M, the firm's restructuring led to a turnaround.
- Operating revenue in 9M 2023 increased to US$30 million, a growth of 271 percent Year-on-Year.
- The NBFIs operating revenue recorded US$15 million in 9M2023, a growth of 680 percent YoY.
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Amanat FY 2023 revenue $195m
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Embracer sells Borderlands
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BYD posts record 2023 profit
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RSG, Hyundai Motor ink pact
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ESA, SAP ink agreement
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Nasdaq edges to record
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Lamborghini sales up in 2023
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EGA to acquire Leichtmetall
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ADNOC L&S 2024 net profit $756m
The company's revenue increased by 29 percent to $3.54 billion.
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ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
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DAE net profit up 36.2%
Revenues grew by 9 percent to $1.42bn from $1.31bn in 2023.
- Total assets reached more than US$13 billion by the end of 2024 compared to US$12.26 billion in 2023.
- DAE said it acquired 83 aircraft (owned: 30; managed: 53) and sold 68 (owned: 19; managed: 49).
Business
Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
- EBITDA climbed 14 percent year-on-year to $2.48 billion, driven by a 4 percent year-on-year revenue increase to $6 billion.
- Sales volumes reached their highest-ever level of 5.3 million tonnes, supported by strategic positioning in high-growth markets across Asia, the Middle East and Africa.
Business
ADQ, Orion to establish JV
The partners commit to deploying $1.2bn in the next four years.
- The JV will make strategic investments in the metals and mining sector to enhance supply chain security locally and globally.
- The joint venture will invest in a diverse range of metals and minerals in various geographies, focusing initially on emerging markets in Africa, Asia and Latin America.