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microsoft

Elon Musk Files New Lawsuit Against OpenAI and Microsoft; Seeking $134 Billion in Damages
Posted inNews, AI, Fintech

Elon Musk Files New Lawsuit Against OpenAI and Microsoft; Seeking $134 Billion in Damages

by Staff Writer January 20, 2026January 20, 2026
ADNOC Distribution Delivers Record H1 Net Profit of $568 Million, Up 59% YoY • Resilient fuel demand, network expansion and NFR growth drive second consecutive first- half of double-digit growth with record EBITDA of $786 million and fuel volumes of 7.75 billion liters • NFR gross profit up 12% led by expanded customer offering to drive future growth • Board of Directors approves dividend of 5.14 fils per share, increasing total dividends distributed since IPO to $5.8 billion • ADNOC Distribution’s H1 performance reflects sustained momentum underpinned by four major growth initiatives announced throughout the year to diversify high-return revenue streams and future-proof the business, including the launch of the region’s largest EV mega- hub, a strategic partnership with Americana Restaurants, the proposed acquisition of Shell Downstream South Africa and the launch of Engage by ADNOC Abu Dhabi, UAE – August 5, 2026: ADNOC Distribution (ISIN: AEA006101017) (ADX: ADNOCDIST) delivered record first-half results, with net profit rising 59% year-on-year (YoY) to $568 million and reported EBITDA increased 39% to $786 million, reflecting strong operational performance and inventory gains during the period. Underlying EBITDA increased 14% YoY to $603 million. Performance was supported by record fuel volumes, continued network expansion, inventory gains and sustained growth in the higher-margin non-fuel retail (NFR) segment. (USD Millions) H1 2026 H1 2025 YoY % Change Gross Profit 1,158 898 28.9% EBITDA 786 566 38.8% Underlying EBITDA Net Profit 568 358 58.5% 603 530 13.9% Fuel volumes reached a record 7.75 billion liters, supported by network expansion, as well as resilient retail and commercial demand. ADNOC Distribution’s fuel retail network, spanning the UAE, Saudi Arabia and Egypt, increased to 1,045 service stations in H1 (+11% YoY). Eng. Bader Saeed Al Lamki, Chief Executive Officer of ADNOC Distribution, said: “Despite a dynamic macroeconomic environment, ADNOC Distribution delivered another record performance in the first half of 2026, demonstrating the resilience of our diversified business model and the strength of our growth strategy. We are scaling higher-margin opportunities in non-fuel retail while continuing to strengthen our core fuel business. Building on our H1 momentum, we are accelerating innovation, expanding our digital revenue streams and progressing with the proposed acquisition of Shell Downstream South Africa – a major milestone in our international expansion journey. As we ADNOC Classification: Need-To-Know continue to shape the future of mobility, our focus remains on delivering exceptional customer experiences and creating sustainable shareholder value.” GROWING HIGHER-MARGIN BUSINESSES ADNOC Distribution advanced its transformation into a future-focused mobility and convenience retail leader in H1 2026, launching the region’s largest electric vehicle (EV) mega-hub on the E11 highway between Abu Dhabi and Dubai. The Company’s E2GO charging network grew +35% YoY in the first six months of this year, with volume of energy sold increasing by 2.1x compared to H1 2025. EVs charged by ADNOC Distribution travelled 27.4 million low-emission kilometers in H1 2026, representing 2x YoY growth. Alongside the expansion of its EV charging network, ADNOC Distribution's NFR business remained a key driver of higher-margin growth in H1, with gross profit increasing by 12% supported by higher footfall, increased transactions and an expanded food and convenience offering. The Hub by ADNOC, the Company’s pioneering roadside retail concept, supported NFR growth during the period. With a retail footprint three times larger than traditional service stations, The Hub by ADNOC’s locations are expected to deliver annual EBITDA of $30 million by 2030. Building on this momentum, ADNOC Distribution is expanding its customer proposition through initiatives such as its strategic partnership in May to launch up to 200 quick-service restaurants (QSRs) from Americana Restaurants International’s portfolio across its network. ADVANCING AI AND DIGITAL CAPABILITIES ADNOC Distribution launched Engage by ADNOC, the UAE’s first full-funnel retail media network operated by a mobility and convenience retailer, this July. Supported by ADNOC Group’s Artificial Intelligence and Digital Transformation (AIDT) program, the platform aims to create a new data-driven, high-return revenue stream for ADNOC Distribution. The Company is also advancing more than 20 AI initiatives for key areas across the business including customer engagement, with progress reflected in the ADNOC Rewards app approaching 2.8 million members in H1, supporting customer frequency and spend. ACCELERATING OUR INTERNATIONAL EXPANSION The Company is advancing international expansion plans as it delivers on its 2024-28 strategy for long-term growth. ADNOC Distribution entered a definitive agreement this July for the proposed acquisition of Shell’s downstream business in South Africa at an implied enterprise value of $1 billion, subject to regulatory approvals. Upon completion, expected in 2027, the acquisition is anticipated to deliver an earnings-per-share uplift of 6% while supporting ADNOC Distribution’s ambition to transform into a leading global mobility retailer. SHAREHOLDER RETURNS The Board approved a Q2 2026 dividend of 5.14 fils per share ($175 million), payable in September, in line with its policy to deliver $700 million annually or at least 75% of net profit, whichever is higher. Upon the payout of Q2 2026 dividends, ADNOC Di
Posted inNews

Energy by AI: ADNOC Plans $150bn Capital Investments by 2030

by Angus Anderson November 25, 2025November 25, 2025
Microsoft UAE
Posted inNews, AI, Fintech, Real Estate, TECHNOLOGY

Microsoft to Invest $15.2 Billion in UAE to Drive AI and Tech Growth

by Staff Writer November 11, 2025November 11, 2025
AI
Posted inAI, News

Space42, Microsoft and Esri launch AI mapping project covering all 54 African countries

by Rene AndersonJuly 29, 2025July 29, 2025
AI
Posted inNews

Kuwait Investment Authority joins $100 billion AI Infrastructure Partnership backed by BlackRock and Microsoft

by Staff ReportJune 4, 2025June 4, 2025
Microsoft g42
Posted inTECHNOLOGY, News

Abu Dhabi partners with Microsoft and G42 to launch sovereign cloud system

by Staff ReportMarch 18, 2025March 18, 2025
Microsoft
Posted inTECHNOLOGY, News

Microsoft to launch first Middle East Datacenter Academy in Saudi Arabia

by Staff ReportFebruary 12, 2025February 12, 2025
G42 Microsoft
Posted inAI, News

G42, Microsoft launch Middle East’s first Responsible AI Centre with global research focus

by Staff ReportFebruary 10, 2025February 10, 2025
DeepSeek
Posted inAI, News

Microsoft and Meta affirm AI investment strategies amid DeepSeek’s cost-efficient model emergence

by Staff ReportJanuary 30, 2025January 30, 2025
TikTok
Posted inTECHNOLOGY, News

Trump pushes for bidding war over TikTok as Microsoft, others consider acquisition

by Nivetha Dayanand January 28, 2025January 28, 2025
Posted inFintech, AI, Economy, Features, TECHNOLOGY, Trends and Outlook

GITEX 2024: G42 to leverage “core innovation opportunities” with Microsoft, Nvidia, OpenAI partnerships

by Beatriz Valero de Urquia October 17, 2024January 24, 2025
Peng Xiao
Posted inAI, News

Microsoft invested in G42 for commercial opportunity, not due to government influence, says Xiao

by Nivetha Dayanand October 16, 2024October 16, 2024
Posted inFintech, AI, News, Start Up and Entrepreneurship, TECHNOLOGY

Abu Dhabi’s MGX, Microsoft and Nvidia invest in OpenAI’s historic $6.6 billion funding round

by Beatriz Valero de Urquia October 3, 2024January 24, 2025
Posted inAI, News

BlackRock, Microsoft, GIP and MGX launch $100 billion AI Infrastructure Investment Partnership

by Staff ReportSeptember 19, 2024September 19, 2024
Microsoft x G42
Posted inAI, News

Microsoft and G42 launch AI centres in Abu Dhabi

by Nivetha Dayanand September 18, 2024September 18, 2024

Latest Issue

Recommended

Elon Musk Files New Lawsuit Against OpenAI and Microsoft; Seeking $134 Billion in Damages

Energy by AI: ADNOC Plans $150bn Capital Investments by 2030

Microsoft to Invest $15.2 Billion in UAE to Drive AI and Tech Growth

Space42, Microsoft and Esri launch AI mapping project covering all 54 African countries

Kuwait Investment Authority joins $100 billion AI Infrastructure Partnership backed by BlackRock and Microsoft

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