INSEAD Day 4 - 728x90

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.

Etihad Q1 profit $187 million

This is a 30% YoY increase over Q1 2025.

Business

SABIC net loss $322 million

The company's net profit was $66m in Q1 2024

Business
Business

RAKBANK reports highest ever net profit

The bank's income increased by 35.4% year-on-year.
  • The bank's income increased by 35.4% year-on-year, thanks to continued growth in low-cost deposits and expansion across all segments of its business
  • The bank maintained strong credit quality, with a cost of risk at 2.5% and an impaired loan coverage ratio of 210.3% for the YTD through September 2023
Business

British Steel to cut 2000 jobs

British Steel is battling losses of $36 million a month.
  • The potential staff cuts are said to be a key plank of plans to replace its coal-powered blast furnaces with electric arc furnace (EAF) technology.
  • The switch could unlock new funding for Chinese group Jingye, which has owned British Steel since 2020, including up to £300 million of taxpayer funding.
Business

Qatar Airways’ CEO to quit

Akbar Al Baker led the state-owned airline for over 25 years.
  • According to the reports which cited a memo to staff, Baker, who led the firm for over 25 years, is due to step down from November 5.
  • Akbar Al Baker has been widely credited with transforming the fortunes of the fledgling airline he took control of in 1997,
Business

Chevron to acquire Hess

Chevron last year posted a record profit of $35.5 billion.
  • Chevron's deal values Hess's equity at $53 billion, while the total enterprise value of the transaction, including debt, is $60 billion.
  • The deal will further diversify Chevron's interests, with Hess's assets including an offshore exploration scheme in oil-rich Guyana.
Business

Invest AD to launch debt fund

Invest AD Blackstone Debt Fund is an SCA-regulated fund.
  • The fund will offer local feeder access to Blackstone’s US and European private credit strategies.
  • The feeder brings Blackstone’s institutional-caliber credit platform to qualified non-US investors, primarily in the UAE.
Business

Nedaa, Dubai Customs ink MoU

MoU to enhance digital solutions for efficiency.
  • The MoU will help to integrate efforts and exchange experiences to improve the level of services provided to various groups and segments of society.
  • The two parties will focus on developing an operational mechanism aimed at ensuring a reliable and effective communication network for Dubai Customs,
Business

Yansab 9M net loss $134 million

The company had posted net earnings of $136m in 9M 2022.
  • In the third quarter of 2023, the company widened its net loss to SAR 161.3 million from SAR 61 million in the year before.
  • Yanbu had decided to distribute cash dividends of 236 million Saudi riyals to shareholders for the first half of the fiscal year 2023.
Business

DP World, TPA ink pact

DP World will operate Dar Es Salaam Port in Tanzania.
  • The main aim is of optimizing the port’s operations to improve transport and logistics services throughout Tanzania and its hinterland.
  • The port will connect to the hinterland of sub-Saharan Africa through a network of roads, highways, railways and dedicated freight corridors.
Business

New CEO appointed in SRC

Majeed Al Abduljabbar will be the CEO from January 1, 2024.
  • Al Abduljabbar has been working in the banking sector for over 15 years, including in the HSBC Bank in London.
  • He also contributed to establishing the Department of Innovative Investment Solutions at SABB (now SAB).
Business

Mobily 9M 2023 profit up 41%

Revenues for the period grew by 7.5 percent year-on-year.
  • Higher top line pushed gross profit up 3.4 percent YoY to SAR 7.1 billion. Operating profit jumped 31.6 percent YoY to SAR 1.97 billion.
  • Reflecting the increase in interest rate, finance charges for the current period increased by 22 percent YoY to SAR 510 million.

Etihad Q1 profit $187 million

This is a 30% YoY increase over Q1 2025.
Business

Company News

Masdar, 3 firms sign agreement

Estithmar sets up issuance program

United forecasts first quarter loss

Macy’s rejects $5.8bn takeover deal

Alhokair Group wins $202m contract

Latest News

Nationwide offers to buy Virgin Money

Nationwide has offered US$3.7 billion for Virgin Money.
Business

TECOM 2023 net profit $299m

Revenue in 2023 grew by 10 percent YoY to $599 million.
Business

JetBlue, Spirit Airlines cancel merger

Earlier, a federal judge ruled it violated US antitrust law.
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Salik revenue soars to US$574m

Toll usage revenue rose 11.7% YoY to US$502million.
  • The total number of trips made through Salik’s eight toll gates grew by 10 percent over the course of the year.
  • Salik’s registered active accounts increased 16.0 percent YoY to approximately 2.4 million at the end of 2023.
Business

GAS, SPPC ink two contracts

The duration of each contract is of 22 months.
  • The two contracts entail the engineering, procurement and construction of Qassim and Taibah gas pipelines.
  • The first contract is valued at $90 million (SAR341.09 million), while the second is worth $68 million (SAR256.1 million).
Business

ADIB 2023 net profit $1.4bn

The bank achieved a Return on Equity of 27.1 percent.
  • ADIB achieved record-breaking performance in 2023, with significant growth across all its businesses.
  • Enhancing its digital presence, the bank saw a rise in actively digital customers through improvements to its mobile app.