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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.

Hermes profit soars 28 percent

The luxury giant posted a profit of US$4.6bn in 2023.

Business

Presight net profit $155m

The net profit grew by 5.1 percent to $155 million.

Business
Business

Rolls-Royce sells record cars

Sales last year advanced eight percent to a record 6,021 cars.
  • "2022 has been a momentous year for Rolls-Royce Motor Cars," said chief executive Torsten Muller-Otvos.
  • Orders for Spectre, its first all-electric car that launches later this year, beat expectations, the company reported.
Business

AstraZeneca buys US firm CinCor

The acquisition has been finalized at $1.8billion.
  • The takeover marks the latest push by Astra chief executive Pascal Soriot to bolster the company's pipeline of new products.
  • Massachusetts-based CinCor focuses on developing treatments for hypertension and chronic kidney disease.
Business

Alpha Dhabi and Mubadala form JV

They will co-invest in global credit opportunities.
  • Mubadala will hold 80 percent ownership in the Abu Dhabi Global Market-based joint venture entity, with the remaining 20 percent to be held by Alpha Dhabi.
  • The venture will leverage Mubadala’s long-term and strategic partnership with Apollo, one of the world’s largest alternative asset managers.
Business

ADIB ups ownership in ADIB Egypt

ADIB acquired 9.6m shares from National Investment Bank.
  • ADIB acquired 9.6 million shares from National Investment Bank (NIB), representing 2.4 percent of ADIB Egypt’s share capital.
  • The deal has raised ADIB UAE’s ownership in the Egyptian unit to 52.607 percent.
Business

dnata begins building warehouse

The facility will be capable of processing 100,000 tons of cargo annually.
  • The facility represents an investment of US$14 million and will create up to 50 additional, direct jobs with dnata in Iraq.
  • The foundation stone for the cargo warehouse is scheduled for completion in September 2024.
Business

Ducab partners with Vestas

Ducab's supplying medium voltage and earthing cable.
  • Ducab Group is one of the UAE’s largest industrial manufacturing businesses.
  • The move reinforces the strong industrial partnership between the UAE and Egypt.
Business

Flynas passenger growth 91% in 2022

The airline launched 16 new destinations and 30 new routes.
  • It reported an increase of 91 percent in its passengers to 8.7 million.
  • The firm's flights expanded by 45 percent to 66,000 and seat capacity by 46 percent.
Business

TSMC begins making 3nm chips

TSMC operates the world's largest silicon wafer factories.
  • TSMC is also Apple's primary chip supplier.
  • Its 3nm-process chips are expected to have more processing power while using less power, boosting battery performance.
Business

AD Ports, KMTF sign pacts

They will launch a joint venture to provide services for energy companies.
  • AD Ports, which will own 51 percent, and KMTF, which owns 49 percent, also signed an agreement to pool tanker resources.
  • The two companies also signed a seven-year vessel pooling agreement, which includes the provision of several tankers for the transportation of crude oil internationally.
Business

SALIC completes acquisition of Olam

SALIC had signed the acquisition pact in March.
  • SALIC is wholly owned by the Saudi sovereign wealth fund, the Public Investment Fund.
  • Olam is present in more than 30 countries around the world and has the capacity to handle more than 40 million tons of food commodities annually.

Hermes profit soars 28 percent

The luxury giant posted a profit of US$4.6bn in 2023.
Business

Company News

Arm seeks $52bn valuation

Turkish Airlines orders 10 A350 Airbus

Mubadala, Petrobras sign MoU

Emirates NBD invests in Komgo

PIF to buy Hadeed, Rajhi Steel

Latest News

ADNOC Gas net income $3.37bn

The company's third-quarter revenue grew by 8% to $5.80 billion.
Business

ACWA Power, SEC sign PPAs

The agreements signed with SPPC are valued at $3.9 billion.
Business

Chemanol to buy stake in ACC

It will acquire 84 percent stake for US$12.3 million.
Business

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Business

Salik records $138m in Q3 revenue

This is the toll operator's highest Q3 revenue since 2007.
  • The 14.6 percent year-on-year revenue growth was supported by a strong growth in tourism and residency.
  • Salik reported a net profit of AED255 million during the third quarter of 2023, up 5.3 percent against the prior year.
Business

Al Ghurair to use Oracle solution

This will help HR teams improve business operations.
  • Through this strategic collaboration, Al Ghurair seeks to empower its employees through self-service capabilities.
  • Oracle Cloud HCM transforms the traditional functions of HR departments such as recruiting, training, payroll.
Business

GA-ASI partners with EDGE

The pact is aimed at integrating smart weapons into MQ-9B.
  • The partnership marks the first time that UAE-made smart weapons will be integrated into a US unmanned platform.
  • The EDGE smart weapons designated for integration include the DESERT STING family of GGWs and THUNDER family of cost-effective PGMs from HALCON.