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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.

stc 2023 revenues is $19.28bn

Gross profit for 2023 rose 1.1 percent compared to 2022.

Business

Google AI research hub in Paris to host 300 experts

The new hub part of a trend for big tech firms to base teams in European centers.

Business
Business

ADNOC signs ammonia pact

It will explore low-carbon ammonia value chain in Germany.
  • The primary focus of the agreement will be the production and transportation of low-carbon ammonia and its application as a fuel in energy generation.
  • Ammonia, a compound of nitrogen and hydrogen, can be used as a low-carbon fuel across a wide range of industrial applications, including transportation.
Business

MBRSC, e& enterprise ink MoU

MoU will be mutually beneficial to both organizations.
  • The MoU will enable e& enterprise to leverage MBRSC's expertise in AI.
  • MBRSC will benefit from e& enterprise’s resources and capabilities.
Business

Presight to list on 27 Mar

Presight IPO received $496 million. It was oversubscribed 136 times.
  • Presight offered 1.35 billion shares, equivalent to 24.24 per cent of the company’s paid-up capital.
  • Presight reported a 35 percent rise in net profit for 2022 to reach $147 million, while its revenue increased by 63 percent to reach $265 million.
Business

Toshiba accepts $15bn buyout bid

The acceptance follows years of turmoil for the company.
  • A consortium led by investment fund Japan Industrial Partners will be taking over Toshiba.
  • Toshiba produces everything from rice cookers to medical equipment and nuclear plants.
Business

SATORP 2022 net profit $2.39bn

Improved refining, petrochemicals margins behind profit rise.
  • The company’s revenue increased by 84 percent to 76.84 billion riyals in 2022, compared to 41.71 billion riyals the previous year.
  • Total share holders’ equity reached 14.47 billion compared to 4.3 billion in 2021, the bourse statement said.
Business

Tencent 2022 profit falls

Tencent is the owner of popular messaging app WeChat.
  • Tencent's profit dropped to $27.3bn in 2022, after making a profit of $32.66bn in 2021.
  • The drop in profit comes in the background of increased scrutiny on China's tech sector.
Business

ADNIC to pay $62m dividend

At its Annual General Meeting, ADNIC okayed 40% dividend.
  • The company’s gross written premiums increased by 20.1 percent to AED5.13 billion ($1.39 billion), compared to AED4.27 billion ($1.16 billion) for the same period in 2021.
  • ADNIC's net underwriting income was AED490.9 million ($133 million), compared to AED491.9 million ($134 million) for the same period in 2021.
Business

Dana Gas proposes dividend

The company had reported a net profit of $182 m for 2022.
  • A payout of 4.5 fils per share for the second half of 2022 would take the total dividend payment for 2022 to AED630 million ($171.5m)
  • The increased payout reflects higher global energy prices and the company’s good operational performance for the year, Dana said.
Business

Tabreed to pay record dividend

Dividend of 13.5 fils per share highest ever in company's history.
  • The dividend marks an increase of 1.5 fils per share on the 12 fils per share equivalent paid to shareholders in 2022.
  • Tabreed said it added nearly 55,000 refrigeration tons of new connections in the UAE and across the region.
Business

Emirates NBD arranges sukuk

The inaugural $600m sukuk saw orders of over $2.2 billion.
  • The profit rate was tightened by 30 basis points to 5.85%, at a spread of 185 basis points over US treasuries due to the robust order book.
  • Middle Eastern investors received 80 percent of the sukuk allocation, Emirates NBD said.

stc 2023 revenues is $19.28bn

Gross profit for 2023 rose 1.1 percent compared to 2022.
Business

Company News

eXtra net profit down 17%

EV infrastructure company launched

EWEC, Masdar sign purchase pact

ADNOC to deploy UAE-made drones

ADNOC signs pacts with 30 firms

Latest News

Musk’s AI startup to raise $1bn

He hopes it will compete with ChatGPT's Open AI.

Tawzea, NWC ink pacts

The companies have signed two agreements.
Business

Mubadala invests in Zenobē

The investment is aimed at powering 4,000 electric vehicles.
Business

Most Read

Business

Spotify cuts 17% jobs

Spotify has invested over $1 billion into podcasts alone.
  • Spotify in October posted a rare quarterly operating profit of 32 million euros ($34.60m), compared to a loss of 228 million ($246.54m) for the same period a year earlier
  • Spotify has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts
Business

HPDC, HDC ink agreement

The aim is to stimulate the growth of the halal industry.
  • The two companies will exchange information on industry-leading practices and successful models of halal ecosystems.
  • The agreement will broaden the scope of collaboration by facilitating engagement with halal exporters and investors.
Business

Masdar, Taaleri acquire 8 energy projects

The hybrid renewable energy projects in Poland have 1Gw capacity.
  • Masdar and Taaleria have purchased the projects from Domrel Biuro Usług Inwestycyjnych, a prominent player in Poland's renewable energy sector.
  • These projects incorporate solar photovoltaic (PV) and onshore wind technologies and are projected to power approximately 223,000 households.