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Amanat FY 2023 revenue $195m
The company's revenue grew by 40 percent year-on-year.
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UAE records more than 25% growth in international card spending in 2023
Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023. J.K. Khalil, General Manager, MENA East, Mastercard, told Emirates News Agency (WAM) that digital payments continue to experience remarkable growth in the UAE, with more users and companies opting for... -
ADCB approves cash dividends worth US$1.1bn Â
ABU DHABI, UAE – Abu Dhabi Commercial Bank (ADCB) has approved the Board of Directors proposal to distribute a cash dividend of US$0.15 (AED0.56) per share, translating to a total pay-out of US$1.1 billion (AED4.099 billion) equivalent to 50 percent of its 2023 net profit. This came as the ADCB... -
FAB shareholders approve dividend
The 50% cash dividend would be to the tune of US$2.12bn. -
ADIB 2023 net profit $1.4bn
The bank achieved a Return on Equity of 27.1 percent. -
Boursa Kuwait posts $51m net profit
Operating profit for 2023 was recorded at US$59 million. -
Barwa Real Estate net profit up
It posted an 8% jump in net profit to US$337m for last year. -
DEWA Q3 2023 revenue $2.5bn
The revenue was driven by demand for electricity, water. -
Saudi business sector’s operating revenues at US$1.36trn in 2022, says GASTAT
RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues to US$1.35 trillion (SAR 5.07 trillion) in 2022. Operating revenues are the cash revenues generated from core or other sub-activities, according to the General Authority for Statistics (GASTAT). The business... -
Inflation in Egypt hits record high of nearly 40 percent, says government
Annual inflation in Egypt hit 39.7 percent in August, official figures showed, an all-time high for the country as it grapples with a punishing economic crisis. It comes after an unrelenting economic crisis that has seen the currency shed half its value against the US dollar since early last year. -
Subway to sell for US$9bn
The fast-food chain has some 37,000 outlets across the world. -
UAE stocks generate strong cash flows as IHC stands out
Abu Dhabi, UAE--UAE stocks generated strong cash flows on Monday as the International Holding Company (IHC) maintained robust performance and closed at AED400.6, following more than $59.14 million worth of transactions. Multiply Group gained $43.75 million in liquidity, closing high at AED3.670. Emirates Insurance Company (EIC) was the best performer... -
Multiply Group buys stake
A minority stake in Breakwater Energy cost it US$100m. -
Iraq to pay for Iranian gas imports with oil: Iraqi PM
The Iraqi prime minister said the decision to pay for Iranian gas imports with oil corresponds with the mechanism agreed with the US in order not to violate the sanctions. Gas is crucial for Iraq's electricity generation, but US sanctions on Iranian oil and gas impose restrictions on how Baghdad... -
ACWA Power okays dividend
The shareholders approved to distribute an 8.3% dividend. -
CBUAE balance sheet rises to US$172bn at end of April 2023
ABU DHABI, UAE - The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly basis to reach US$172 billion (AED631.63 billion) at the end of April 2023, marking the largest level ever in its history, the apex bank said in its budget report for... -
SABIC okays $1.43bn H1 dividend
SABIC's board cleared an 18 percent cash dividend at $0.48 per share. -
ADIA, EQT to buy Dechra Â
The acquisition is expected to complete by early 2024. -
Lebanon postpones municipal elections due to lack of funds
With the cash-strapped country mired in an unprecedented economic meltdown, Lebanon's parliament on Tuesday put off municipal elections scheduled for next month, according to official media. The country has for the second time postponed polls, after they were initially scheduled to take place last year. No new date has been... -
e&’s board declares dividend
The dividend for H2 of 2022 will be at AED 0.4 per share. -
Emaar Properties to pay dividend
It will dole out cash dividends to the tune of US$601m. -
Protestors ransack banks in Lebanon as currency hits record low
Lebanon's cash-strapped banks have imposed strict restrictions on withdrawals, barring depositors from accessing their savings, especially those in US dollars. -
HSBC sells Canada ops for $10bn
Bank will use funds for core business, give cash to investors. -
TECOM Group to pay dividend
Firm approved interim dividend payment of US$54m. -
DEWA to pay one-time cash dividend
It received a dividend of $553m from its subsidiary, EMPOWER. -
Credit Suisse sells 8.6% stake in Allfunds
Bank raised US$325m from its stake sale of Spanish firm. -
Unemployment Insurance Scheme comes into force in UAE
The Ministry of Human Resources and Emiratization (MoHRE) of UAE announced that an 'Unemployment Insurance Scheme' for employees of the federal government and the private sector has come into force. -
Startups adopt new strategy to survive post pandemic
Post pandemic, startups, SMEs, and entrepreneurs must adopt a new mentality to scale their enterprises and survive, says Awfa Mustafa, CEO of Najahi Events. -
DEWA plans cash dividend for H1
Firm plans to give cash dividend of US$844m. -
UAE stocks post gain of US$2.72bn in market cap
The UAE financial markets on Wednesday posted gains of over US$2.72 billion (AED10.billion) in market cap driven by upbeat sentiments at the realty, banking, telecom sectors and cash inflows by institutions and individuals. -
Money transfer firms replace banks in crisis-hit Lebanon
Once the flagship of Lebanon's economy, the banking sector is now widely despised and avoided after banks barred depositors from accessing their savings, stopped offering loans and closed hundreds of branches and slashed thousands of jobs. Last month, a local man was widely cheered as a folk hero after he... -
Electronic payments scan more success than cash
Despite ease in the measures set to combat the COVID-19 pandemic, electronic payments in the Gulf countries surged more than cash transactions in several other Arab countries. -
Argentina seizes 1.6 tons of cocaine headed for Dubai
Argentine authorities seized 1.6 tons of cocaine hidden in animal feed destined for Dubai and detained 12 people, police said on Friday. -
Electronic payments overtake cash in Saudi Arabia in 2021
The Saudi Central Bank (SAMA) said a study revealed that electronic payments increased from 44 percent in 2019 to 62 percent of all payments by volume in 2021. -
UAE listed firms to pay $9.36 bn cash dividend for 2021
Listed public joint stock companies have approved AED 34.4 billion ($9.36 billion) cash dividends for 2021, according to the Securities and Commodities Authority (SCA)'s Annual Report 2021. The figures released indicated that up to AED34 billion earnings were distributed in cash while AED396 million were in form of stock dividends.... -
Unemployment insurance to cut UAE business risk
The insurance is being hailed as a step in increasing the attractiveness of the UAE labor market and its ability to attract local and international talent. -
Saudi Arabia supports SMEs with $80bn cash injection
In order to protect SMEs from economic recession, Saudi Arabia provided more than $80 billion in support to the businesses, according to the head of the authority known as Monshaat. -
Qatar to disburse cash assistance to families in Gaza Strip
Chairman of Qatar's Gaza Reconstruction Committee Ambassador Mohammed Al Emadi announced cash assistance to needy families in the Gaza Strip. It is the disbursement of the March batch of cash assistance to Gaza families, which will begin Wednesday. Qatar Fund for Development will also cooperate with Qatar's Gaza Reconstruction Committee... -
Inside Germany’s secret Cold War cash bunker
During the Cold War, the German central bank stashed away almost 15 bn marks' worth of an emergency currency in a 1,500-square-metre nuclear bunker beneath the town. of Cochem. -
Qatar to distribute cash assistance for February to Gaza needy
Cash assistance will be provided at a rate of USD 100 per family. -
Saudi Ceramics posts $62m profit
Saudi Ceramics has posted a threefold jump in net profit to $62 million on the back of better profit margins. -
Value and volume of Qatari real estate deals rise in November
The total number and value of sold real estate in Qatar have increased at a monthly rate of 2.8 percent and 28.2 percent respectively in November, compared to October 2021. The issued cash increased by 3 percent, compared to October 2021, and at an annual rate of 20.7 percent, compared... -
‘Physical currency won’t disappear anytime soon’
Ralf Wintergerst, Group CEO of 170-year-old German firm Giesecke+Devrient (G+D), said physical currency is a resilient form of payment and it is here to stay alongside digital currency. -
Al Babtain to procure SAR 250m loan
The facility will be provided through Murabaha mode -
Agthia to pay $17.8m in H1 dividend
The Abu Dhabi-listed company will pay AED 65.31 million cash dividend. -
GIG completes acquisition of AXA
The rebranding of AXA to GIG will happen in the next few months. -
Yalla Group to buy back shares worth $150-million
The company will use its existing cash balance to buy back shares over the next 12 months It also quashes allegations of manipulating operating or financial data on the Yalla app Social media platform Yalla’s parent company Yalla Group Limited announced on Friday, May 21, that it would buy...