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Company News

2PointZero posts profit surge

Growth driven by merger consolidation.

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

Emirates Stallions Q1 revenue up 11%

The rise helped by strong demand in real estate

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

Alpha Dhabi H1 profit $1.79bn

Adjusted EBITDA rises to $2.36bn.

Economy

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

Business
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.
Business

Al Ansari Financial Services okays dividend

The first proposed interim dividend is of $81 million.
  • All matters relating to future dividend distribution will be subject to the Board of Director's recommendation and shareholder's approval.
  • The approved US$81 million cash distribution aligns with the group's previously announced dividend policy.
Business

stc, Microsoft to collaborate

The aim is to advance digitalization in Saudi Arabia.
  • The two firms will jointly develop and deploy cutting-edge solutions that will transform and empower organizations across various industries.
  • The collaboration between the organizations aims to enable stc’s subsidiaries to explore new markets, develop disruptive business models.
Business

ACWA Power 9M net profit up 22%

The company said higher operating income was the main driver.
  • The company said it recorded SAR 814 million in operating income—before impairment, loss and other expenses—in the third quarter of 2023.
  • Operating income for the first nine months of 2023 reached SAR 2.10 billion, growing by 12.4 percent, compared to the same period last year.

Alpha Dhabi H1 profit $1.79bn

Adjusted EBITDA rises to $2.36bn.
Economy

Company News

Deutsche Bank to slash 3,500 jobs

Shares in India’s Paytm dive 20%

Borouge full-year net profit $1bn

GSK profit in 2023 falls

CBD posts record net profit of $721m

Latest News

Fujifilm ups biotech plant investment

The cost of investment in North Carolina plant is $1.2 billion.
Business

CBI, zypl.ai ink partnership

The pact aligns with CBI’s plan to support innovation in UAE.
Business

RAKBANK, DP World sign pact

The aim is to offer trade finance solutions to businesses in UAE.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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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.