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Company News

Google to invest $6.4bn

The investment is its biggest-ever in Germany.

Pfizer poised to buy Metsera

The pharma giant improved its offer to $10bn.

Ozempic maker lowers outlook

The company posted tepid Q3 results.

Kimberly-Clark to buy Kenvue

The deal is valued at $48.7 billion.

BYD Q3 profit down 33%

This was a 33% year-on-year decrease.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Business

Etihad Q1 profit $187 million

This is a 30% YoY increase over Q1 2025.

Business
Business

EDGE acquires 52% of ANAVIA

ANAVIA focuses on developing unmanned helicopters.
  • ANAVIA is a Switzerland-based company that specialises in versatile vertical take-off and landing systems of up to 750 kilograms.
  • ANAVIA’s unmanned helicopters can be adapted to EDGE's cross-complementary portfolio of air, land and maritime capabilities.
Business

GASCO 9M 2023 profit up 16%

Operating expenses and financing cost edged lower.
  • GASCO noted an increase in revenue and financing income, along with higher share of results from associates.
  • In Q3 2023, net profit rose slightly by 0.4 percent to SAR 57.2 million from SAR 56.98 million in Q3 2022.
Business

Luberef’s 9M profit up 2%

The company's third-quarter net profit dropped 28 percent.
  • The nine-month profit was spurred by lower Zakat and income tax expenses, as Luberef has become subject to tax after listing its shares, Argaam reported.
  • Luberef’s bottom line dropped 25.2 percent quarter-on-quarter (QoQ) from SAR 454.86 million in Q2 2023, hurt by lower base oil crack margins, according to Argaam.
Business

Empower 9M revenue $618m

Firm paid cash dividend of US$115 million.
  • For nine months period ending on September 30, 2023, Empower’s revenue and EBITDA grew by 9.5 percent and 7.5 percent respectively.
  • On an absolute basis, Empower reported a net profit of US$186 million (AED 685 million) for the nine-month period ending September 2023.
Business

BMW Q3 profit drops 7.7%

The company's Q3 net profit stood at $3.1 billion.
  • Revenues for the third quarter meanwhile rose 3.4 percent to 38.46 billion euros compared to the same period last year.
  • BMW chairman Oliver Zipse said the result "puts us right on track to meet the higher targets we set ourselves in August".
Business

SAIC 9M net profit 38%

The third quarter net profit increased by 76 percent.
  • This figure marks a leap from the SAR 80.4 million recorded in the same period the previous year.
  • Revenues surged by 36.6 percent, from SAR 91.49 million in 9M 2022 to SAR 124.97 million in 9M 2023.
Business

Ducab, Somagec ink MoU

The MoU will enable UAE-based firm to enter Angolan market.
  • Ducab Group already supplies its “Made in the UAE” products to 15 countries in Africa.
  • It is constructing over 400 kilometers of 220kV transmission lines in Angola.
Business

Lufthansa Q3 profit $1.3bn

38 million passengers travelled with the group's airlines in the third quarter.
  • The group said sales rose by eight percent to 10.3 billion euros, delivering "the strongest quarter in its history in revenue terms".
  • The surge in profit is driven by "strong demand, higher capacity" and more expensive ticket prices, the aviation firm said.
Business

Alpha Dhabi 9M net profit $3.15bn

The net profit increased by a substantial 29 percent during this period.
  • Alpha Dhabi's revenue also increase by 22 percent during this period, reaching AED 32.4 billion, compared to AED 26.6 billion in the previous year period.
  • Alpha Dhabi's total assets reached AED 133.6 billion, with a cash position of AED 19.1 billion as of September 30, 2023.
Business

Lootah Biofuels inks MoU

The agreement is aimed at producing biofuel in Maldives.
  • The deal was inked during the second day of the Dubai Business Forum, an influential global gathering of businesses and investors.
  • The objective of the MoU is to reduce the impact of CO2 by replacing normal diesel with biodiesel.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.
Business

Company News

UPS says will cut 12,000 jobs

Pfizer reports loss in Q4

Schneider Electric, Charge&Go ink pact

Toyota sells record number of vehicles in 2023

Ghitha 2023 revenue at $1.2bn

Latest News

ESA, SAP ink agreement

ESA will consolidate operations under a single ERP solution
Business

Nasdaq edges to record

The Dow Jones Industrial Average dropped 0.8 percent.
Business

Lamborghini sales up in 2023

The deliveries sped up 9.5 percent to 10,112 vehicles.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Borse Dubai to sell Nasdaq shares

The sale is poised to generate $1.59 billion.
  • Borse Dubai is selling 27 million shares at $59 each in a secondary offering, a decision revealed in a stock exchange filing
  • The offering also grants underwriters a 30-day option to acquire up to four million additional shares of Nasdaq
Business

Masdar to buy stake in Terra-Gen

Masdar to buy 50 percent stake in Terra-Gen from ECP.
  • Masdar’s US portfolio of utility-scale wind, solar and storage assets has a generating capacity of over 1.4 GW.
  • The US market will play a vital role as Masdar plans to build a renewable energy portfolio of 100 GW capacity by 2030

AstraZeneca to buy Fusion

The $2.4bn deal is its latest expansion into cancer treatments.
  • Fusion is developing next-generation radiotherapy to treat cancer via precise targeting that minimizes damage to healthy cells
  • AstraZeneca, whose cancer treatments represent a third of its overall sales, saw its share price drop one percent following the news