UAB net profit up by 50% for H1
Business
ADNOC shifts OMV stake to XRG
Business
SIB H1 net profit $189m
Business
TSMC’s H1 revenue up 40 percent
Business
‘Wadeem’ sold out for $1.49bn
Business
Tesla Q2 sales down 13.5%
Business
TomTom cuts 300 jobs
Business
Business
Perplexity eyes TikTok buy
TikTok faces a deadline to divest from its Chinese owner or be banned in the US.
- TikTok temporarily shut down in the United States and disappeared from app stores as the deadline for the law approached, to the dismay of millions of users.
- Trump suspended its implementation for two-and-a-half months after beginning his second term in January, seeking a solution with Beijing.
Business
DEWA okays $843m in H2 2024 dividend
DEWA had posted a net profit after tax of $1.96 billion for the full year 2024.
- It reported consolidated full-year revenue of AED 30.98 billion and EBITDA of AED 15.73 billion for 2024.
- It said the consolidated annual revenue grew by 6.17 percent, primarily driven by rising demand for electricity, water, and cooling services.
Business
Dar Alarkan 2024 profit up 32%
The company's net profit increased by 81.5 percent in Q4 2024.
- Argaam reported that the company's revenue increased by 38.9 percent year-on-year (YoY) to SAR 3.75 billion in 2024 driven by higher real estate sales and rental income.
- The company attributed the increase to stronger sales revenue, supported by higher property sales, along with growth in rental income.
Business
ADNOC Drilling approves $788m dividend
The final cash dividend of $394m for 2024 was approved at the AGM.
- The dividend will be paid on or around 11th April 2025, to all shareholders of record as of 27th March 2025.
- ADNOC Drilling’s full-year revenue increased significantly to a record $4.034 billion, rising by 32 percent year-on-year.
Business
Google says to buy Wiz for $32 bn
The all-cash deal brings Wiz into the Google Cloud operation.
- The deepening influence of AI makes "cybersecurity increasingly important in defending against emergent risks and protecting national security," the companies said.
- The transaction, the largest ever sought by Google or parent Alphabet, will test Trump's openness to large takeovers after resistance to such deals by Biden's administration.
Business
Borouge proposes share buyback
The company had posted a 24% YoY increase in net profit to $1.24bn.
- Boruge said the proposed share buyback underscores the company’s confidence in its long-term growth prospects.
- Shareholders will also vote to approve the final 2024 dividends of 7.94 fils per share, which will be distributed on 28t Apr, bringing its total 2024 dividend payout to $1.3bn.
Business
DAE to acquire 17 aircraft for $1 bn
This portfolio comprises 100 percent next-generation aircraft
- Eighty percent of the aircraft are manufactured by Airbus, and 20 percent are manufactured by Boeing.
- These aircraft are expected to reduce DAE’s weighted average passenger fleet age to 6.9 years.
Business
DP World posts record $20bn revenue
The adjusted EBITDA rose by 6.7% to $5.5bn in 2024.
- DP World capacity exceeded 100 million TEU due to selective infrastructure investment in key growth markets.
- Capital expenditure of $2.2 billion ($2.1 billion in 2023) was invested across the existing portfolio.
Business
Meraas awards $544m contract
It has been awarded for construction of Design Quarter at d3
- It includes the first residential community within Dubai Design District (d3), a global creative and design ecosystem.
- Scheduled for completion by mid-2027, the Design Quarter at d3 comprises a collection of 558 apartments.
Business
Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
- The company said that EBITDA for the full year reached AED1.6 billion, a 13.6 percent YoY growth.
- The Board of Directors proposes a dividend of AED619.8 million to be paid during H1 2025 (equivalent to 8.2645 fils per share).
Company News
UAB net profit up by 50% for H1
Business
ADNOC shifts OMV stake to XRG
Business
SIB H1 net profit $189m
Business
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TSMC’s H1 revenue up 40 percent
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‘Wadeem’ sold out for $1.49bn
Business
Tesla Q2 sales down 13.5%
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Business
‘Wadeem’ sold out for $1.49bn
This is the highest Abu Dhabi real-estate release to date.
- The strong interest in Wadeem is testament to individual and investor confidence in our capabilities, said Bill O’Regan, Group CEO of Modon Holding.
- The launch reinforces Hudayriyat’s position among Abu Dhabi’s most desirable residential destinations, said Ibrahim Al Maghribi, CEO of Modon Real Estate.
Business
Tesla Q2 sales down 13.5%
Shares rally after the disclosure, better than some forecasts.
- The sales figures released Wednesday, which are global, reflect the more contested nature of the EV market, which Tesla once dominated.
- Musk's political activism on behalf of right-wing figures has also made the company a target of boycotts and demonstrations, weighing on sales.