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Company News

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

Alujain widens 2025 loss

The increase in loss is due to impairment charges, weaker prices.

Masar 2025 net profit $262m

Higher land plot sales boost revenue and operating income.

Tasnee’s 2025 losses deepen

The petrochemicals' company's revenue also fell 17.7 percent.

DP World 2025 revenue $24.4bn

The profit for the year up 32.2% to reach $1.96bn.

JetBlue, Spirit Airlines cancel merger

Earlier, a federal judge ruled it violated US antitrust law.

QFC signs two MoUs

MoUs with BFB, Partior were inked during Web Summit 2024.

Business
Business

4 bids for Al Ajban power project

There will be a process to select the best proposal.
  • Al Ajban Solar PV is EWEC’s third world-leading solar power project.
  • Abu Dhabi is home to world’s three largest single-site solar power plants.
Business

Arada H1 sales $1.15bn

The company witnessed a 186 percent increase in sales.
  • In total, Arada sold 1,616 homes at its communities during the first half, a 23 percent increase on the same period in 2022.
  • Arada’s best-performing community in terms of sales was Masaar, the forested megaproject based in the up-and-coming Suyoh district of Sharjah.
Business

QNB H1 2023 net profit at $2bn

QNB set aside $1.3 billion as provision for loan losses.
  • There was an increase in the operating income by 14 percent to reach US$5 billion.
  • This reflects QNB’s success in maintaining strong growth in various sources of income.
Business

eXtra’s H1 2023 profit falls 35%

An increase in borrowing costs hurt the company in H1.
  • The company's revenue increased slightly by 2.1 percent YoY, backed by the consumer finance segment revenues growth and retail segment’s sales mix enhancement, Argaam said.
  • Gross profit increased by 7.3 percent YoY to SAR 655.9 million. Selling, general and administrative expenses (SG&A) slightly increased compared to H1 2022.
Business

East Pipes, Banque Saudi Fransi ink pact

Funds will be used to finance working capital for projects.
  • The agreement is worth US$293 million (SAR 1.1 billion).
  • A promissory note of $306 million was provided to guarantee the credit facility.
Business

QatarEnergy, ENOC sign supply pact

QE will supply up to 120m barrels of condensates to ENOC from Jul.
  • The terms of the agreement allow parties to further increase the condensate volumes under the contract.
  • The agreement was signed by Qatar Petroleum for the Sale of Petroleum Products Company Ltd. (QPSPP) and ENOC Supply and Trading, a subsidiary of ENOC.
Business

Ant Group to buyback shares

Share buyback plan values Ant Group at $78.5 billion.
  • The China Securities Regulatory Commission (CSRC) on Friday slapped a $984 million fine on Ant and its subsidiaries "in view of... illegal and irregular acts".
  • Ant operates Alipay, the world's largest digital payments platform, which boasts hundreds of millions of monthly users in China and beyond.
Business

Saudia raises seat capacity by 10%

The number of domestic, international flights will rise.
  • This would be a 10 percent increase in the number of seats on a year-on-year (YoY) basis, the airlines said in a statement.
  • Saudi Arabian Airlines said that more than 4.2 million seats would be added to international flights.
Business

Volkswagen to test self-driving cars

Commercial launch of self-driving vehicles is planned for 2026.
  • The vehicles will collect data during the trials and, in the initial test phase, will have human safety drivers, VW said.
  • "Moving into this next phase will help us test, validate and refine technology," said Christian Senger, a Volkswagen official.
Business

Verition opens office in DIFC

MENA is an important market for Verition.
  • Verition’s strategic positioning of its Dubai headquarters gives it access to DIFC’s financial and innovation ecosystem
  • Verition has a broad international footprint with offices in Greenwich, New York, London, Singapore and Hong Kong.

JetBlue, Spirit Airlines cancel merger

Earlier, a federal judge ruled it violated US antitrust law.

Company News

GASCO 9M 2023 profit up 16%

Luberef’s 9M profit up 2%

Empower 9M revenue $618m

BMW Q3 profit drops 7.7%

SAIC 9M net profit 38%

Latest News

Cerberus buys HSBC France retail

The takeover was finalized for an undisclosed amount.
Business

Albilad Capital to pay dividend 

The distribution ratio of the NAV stands at 0.10 percent.
Business

Makeen, Rolls-Royce forge partnership

They will manufacture, test, sell and service mtu engines in Saudi.
Business

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Business

Huawei says expects higher revenue

The company is leading equipment manufacturer for 5G.
  • Sanctions since 2019 have cut the firm off from access to US-made components and technologies, forcing it to diversify its growth sources
  • In 2023, the group expected revenues of more than 700 billion yuan ($99.2 billion), Hu said - an increase of nearly nine percent from last year
Business

Xiaomi launches first electric car

The car manufactured by Xiaomi likely to enter market by 2025.
  • Xiaomi boss Lei Jun took to the stage in Beijing Thursday to unveil the SU7, a sedan that is scheduled to enter the market in 2025
  • Xiaomi announced in 2021 to enter the highly competitive sector of electric vehicles manufacturing
Business

QatarEnergy, Shell sign agreement

QatarEnergy will supply 18m barrels of crude oil per year to Shell.
  • QatarEnergy and Shell have a long-standing strategic partnership through several shared investments in the energy industry in Qatar and globally.
  • "We look forward to building on our historic relationship and hope we achieve greater success with Shell," said Saad bin Sherida Al Kaabi, CEO QatarEnergy