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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.

ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

Business

Luberef net profit falls 7% in Q1

A fall in by-products sales leads to profit dip.

Business
Business

Boeing posts Q3 loss

The firm trims full-year forecast for deliveries of the 737.
  • The US aviation giant, which has struggled with manufacturing and quality control issues in recent years, reported a third-quarter loss of $1.6 billion
  • The latest issue with the 737 is the result of misshapen holes drilled in a part of the fuselage that helps maintain plane pressure.
Business

Thuraya, nybl sign MoU

They will deploy AI in Thuraya and Yahsat satellites
  • nybl provides various AI and ML sector-specific modules, including Oil and Gas, Security and Surveillance, with robust support for ESG.
  • Under the MoU, both parties will focus on testing, certifying, and enabling the nybl platform over Thuraya and Yahsat satellites.
Business

United Arab Bank’s net profit rises 76%

The total income for the period was approximately $47 million.
  • The performance can be attributed to the bank's improved operating performance, resulting in lower expected credit losses and a reduced cost of risk
  • The total income for the period was approximately AED174 million ($47 million), showing a remarkable 61% year-on-year increase and a 16% quarter-on-quarter increase
Business

NHC, NAVER Cloud ink pact

The pact aims at establishing advanced digital solutions.
  • The agreement aims to boost cooperation, achieve common goals, exchange experience in the application of the innovative solutions.
  • The pact will help achieve the strategic visions of the municipal and housing sectors by adopting the best technologies for a sustainable future.
Business

General Motors Q3 profit surge

Revenues rose five percent to $44.1 billion, the company said.
  • The big US automaker reported third-quarter profits of $3.1 billion, down seven percent from the year-ago period but better than analyst estimates
  • GM notched higher vehicle sales in the United States amid still-strong pricing trends for popular truck and sport utility vehicles
Business

Stora Enso posts loss again

Stora Enso registered a loss of $272m euros in Q2 2023.
  • The Finland-based company said it lost 34 million euros in the third quarter, down from the 367-million-euro net profit during the July to September period last year
  • After experiencing sales growth in 2021 and 2022, Stora Enso saw sales tumble by 28 percent in the third quarter compared to the same period last year, to 2.1 billion euros
Business

DEWA okays H1 dividend of $843m

The company had reported a net profit of $540 million for Q2.
  • The Board of Directors of DEWA authorized the payment of H1 2023 dividend on 10th August 2023.
  • On 26th October 2023, the dividend will be paid to all shareholders via Dubai CSD.
Business

Aramco, ENOWA ink pact

The firms will jointly establish an e-fuel demonstration plant.
  • The e-fuel technology has the potential to reduce CO2 emissions by over 70 percent on a complete life cycle basis.
  • The integrated facility will generate 12 tons of synthetic methanol per day from green hydrogen and CO2, using proprietary technologies.
Business

RSG, KHC set up joint venture

The JV will develop and own the Four Seasons Resort Red Sea.
  • The anticipated luxury resort is situated on Shura Island, the main hub for Red Sea destinations.
  • It will offer 149 rooms and suites, plus 31 residential properties, as well as six restaurants and lounge outlets.
Business

Al Seer Marine, L3Harris renew pact

They have partnered with each other for the past six years.
  • Al Seer Marine said the renewal of this new agreement will capitalize on L3Harris' extensive international experience in the design and deployment of uncrewed platforms.
  • It will also enhance Al Seer Marine's ability to continue manufacturing and delivering Unmanned Surface Vessels (USV) across various markets in the Gulf Cooperation Council region.

ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.
Business

Company News

Emirates Islamic profit rises 71%

ADNOC Drilling begins use of hybrid rigs

DIB reports $1.86bn net profit

P&G posts mixed quarterly results

Zee’s shares fall after merger fails

Latest News

Lego net profit falls

Its net profit fell five percent to 13.1 billion kroner ($1.24bn).
Business

CI Capital 2023 revenue $134m

The firm’s performance was fueled by strong growth.

Burjeel Holdings net profit up

The company’s 2023 annual revenue rises to US$1.2 billion.
Business
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INSEAD Day 4- 300x600

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Business

TECOM 2023 net profit $299m

Revenue in 2023 grew by 10 percent YoY to $599 million.
  • The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus
  • TECOM Group committed to paying a dividend amount of $217 million per annum through September 2025.

JetBlue, Spirit Airlines cancel merger

Earlier, a federal judge ruled it violated US antitrust law.
  • Shares of Spirit slumped 14.5 percent in early trading Monday, while JetBlue rose 3.9 percent
  • Spirit said it has enlisted advisors on efforts to refinance and reduce debt payments
Business

EDGE Group, Indra form JV

It will make next-generation radar systems in UAE.
  • The new business entity will be granted prime rights for current and future non-NATO and non-EU orders awarded to Indra.
  • The JV will place a strategic focus on the continued development of sophisticated technologies, innovation and global market.