Bosch to cut 13,000 jobs
Business
Aldar ups stake in Aldar Estates
Business
Oracle shares up 35%
Business
EGA H1 revenue $4.11bn
Business
Borouge to pay $660m H1 dividend
Business
TAQA secures $2.31bn loan
Business
Aramco signs $11bn deal
Business
Business
Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
- Saudia Group currently operates a fleet of 194 aircraft, serving commercial aviation, cargo operations, and logistics services.
- "The group is set for significant expansion, with 191 new aircraft scheduled for delivery in the coming years," the airline said.
Business
ADIB’s Q1 net profit $517 million
Q1 2025 net profit before tax increased 18% YoY.
- Net profit after tax for Q1 2025 was AED 1.7 billion, reflecting an 18 percent increase compared to Q1 2024.
- Revenue for Q1 2025 improved by 14 percent to AED 2.9 billion compared to AED 2.5 billion for Q1 2024.
Business
Emirates Islamic Q1 profit $394m
The bank's profit crossed AED 1bn mark for the first time.
- Total income rose 8 percent year-on-year to AED1.45 billion ($394 million) in Q1 2025.
- Operating profit increased by 5 percent compared to Q1 2024, while the net profit margin remained robust at 3.85 percent.
Business
Boeing to sell some assets to Thoma Bravo
The $10.55 bn sale includes portions of digital aviation solutions business.
- The transaction includes Jeppesen, an 81-year-old aviation navigation company that Boeing acquired in 2000.
- Boeing chief executive Kelly Ortberg has described targeted divestitures as a way to improve the company's financial position after a series of losses.
Business
TSMC first-quarter net profit soars
Its net revenue for the quarter soared nearly 42%.
- TSMC is the world's largest contract maker of chips that have become the lifeblood of the global economy, powering everything from smartphones to missiles.
- Demand for chips has soared in recent years with the growth of AI, but there are fears that Trump's far-reaching tariffs could drive up consumer prices and hurt chipmakers.
Business
Tesla’s first Saudi showroom opens
The opening in Riyadh comes with Tesla sales dropping.
- Saudi Arabia is a key regional ally of Washington, and US President Donald Trump forged close ties during his first term with Crown Prince Mohammed bin Salman.
- However, demand for EVs is relatively low in Saudi Arabia, the world's largest oil exporter which enjoys bargain-basement fuel prices, with a liter costing just $0.62.
Business
Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
- Through SoTex, Kimmeridge is building America’s first integrated gas independent to deliver low-cost natural gas from wellhead to water.
- The deal bolsters Mubadala Energy's growth plans to invest across the gas value chain in key energy hubs around the world.
Business
Borouge to increase dividend from 2025
The company okayed $650 million final dividend for 2024.
- At the current Borouge share price, this would give investors a 40 percent minimum cumulative dividend return from 2025 to 2030, the highest in the UAE.
- The AGM also approved a share buyback of up to 2.5 percent of outstanding shares via open-market transactions, subject to market conditions and regulatory approvals.
Business
TikTok’s US future uncertain
It must find non-Chinese owner to avoid ban.
- In the hours before that deadline, TikTok temporarily shut down in the United States and disappeared from app stores, to the dismay of millions of users.
- Much of TikTok's US activity is already housed on Oracle servers, and the company's chairman, Larry Ellison, is a longtime Trump ally.
Business
Tesla Q1 sales sink 13 percent
The dip occurred amid lower production during factory upgrades.
- Musk's electric vehicle company delivered 336,681 autos in the quarter ending March 31, missing analyst expectations.
- Tesla shares fell more than six percent in early trading after the deliveries fell by more than expected from the year-ago stretch. Shares later partially rebounded.
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Company News
Bosch to cut 13,000 jobs
Business
Aldar ups stake in Aldar Estates
Business
Oracle shares up 35%
Business
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ADCB to raise $1.66bn
Business
EGA H1 revenue $4.11bn
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Borouge to pay $660m H1 dividend
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TAQA secures $2.31bn loan
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Business
EGA H1 revenue $4.11bn
Net profit before GAC $445 million.
- The company's primary hot metal production remained steady at 1.34 million tons.
- EGA sold 1.37 million tons of cast metal to over 400 customers in more than 50 countries, up from 1.31 million tons in H1 2024.
Business
Borouge to pay $660m H1 dividend
Its net profit for H1 was $474 million.
- The company also reaffirmed its intention to pay a total dividend of 16.2 fils per share for 2025.
- Since its June 2022 IPO, Borouge shareholders have approved $4.24 billion in dividends.
Business
TAQA secures $2.31bn loan
It will be utilized in a phased manner.
- The two-year tenor also aligns well with TAQA’s maturity profile, as the Group has no corporate debt maturities scheduled in 2027.
- This facility complements TAQA’s existing corporate funding framework, which includes a US$20 billion Global Medium Term Note (GMTN) program.