Reading Dubai’s place on the UBS Bubble Index
The index scores the distance between current prices and their historic relationships with local rents, incomes and mortgage debt. A...
Analysis
Asia-Pacific markets gain ahead of US inflation data
Asia-Pacific markets traded higher on Thursday, following gains on Wall Street that saw the S&P 500 and Dow Jones Industrial...
Economy
Business
Drake & Scull to issue 2.4 billion shares
This will raise its share capital by $163 million to $944 million.
- The subscription will open on April 25 and close on May 10. New Shares will be allocated on May 16 while share trading will resume on May 21.
- The Mandatory Convertible Sukuk will be issued on May 31 for a period of five years and will be converted into Drake & Scull shares
Economy
Middle East economy firm despite challenges
Non-oil growth to stay robust, bolstered by a strong non-oil GDP growth in the region's two biggest economies, UAE and...
- The disruption to Red Sea trade has revived discussions around the need for alternative trade corridors
- There is a growing momentum around green financing following the success of COP28 and the introduction of green finance frameworks
Business
ADNOC Gas to pay $3.25bn in dividends
The company had paid an interim cash dividend of $1.62bn in Dec 2023.
- A further $1.625 billion scheduled for distribution in the second quarter of 2024.
- In 2023, it reported revenues of $22.7 billion and a net income of $4.7 billion
Business
Amlak 2023 net profit $70m
The company's revenue fell by 18 percent in 2023.
- Revenues from financing business activities for the year 2023 declined by 3 percent as compared to 2022 and stood at AED 122 million in 2023 (FY22: AED 127 million).
- The company recorded a net gain of AED174 million (2022: AED 349 million) on debt settlement arrangements and was able to reduce its debt burden by AED531 million.
Business
Waha to pay cash dividend of 10 fils
The firm also okays 1.5 fils per share special dividend.
- Waha Capital reported a net profit of AED440 million in 2023, an increase of 28 percent from the previous year.
- Waha Investment, the company’s wholly owned asset management subsidiary, produced a net profit of AED639 million.
Business
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
- Compared with the same period in 2022, imports decreased both in value (-34.2 percent) and in net mass (-11.7 percent).
- Comparing 2023 with 2022, the value of energy products dropped by 35 percent, while the volume dropped by 9.4 percent.
Business
Qatar’s Industrial Production Index surges 5.5 percent in Jan
Doha, Qatar -- Qatar's Industrial Production index (IPI) in January 2024 reached 108.7 points, an increase of 4 percent compared...
- In the mining sector, the index showed an increase by 4.9 percent compared to December 2023.
- In the water supply sector, a decrease of 0.9 percent was noticed in the production of 'water' between Dec 2023 and Jan 2024.
Business
Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
- Lavrov expressed confidence that Moscow is not frightened of relying on countries that will buy Russian oil and gas.
- OPEC+ regulates the market and prices in an equitable manner, taking into account the interests of consumers, the minister said.
Business
UAE unveils National Policy on Biofuels aimed at emissions cut
The policy aims carbon emissions reduction through increased consumption of biodiesel by 20 percent by 2050. “It will lower the...
- The policy has been developed by the Ministry of Energy and Infrastructure in coordination with its strategic partners from the public and private sectors.
- Al Mazrouei said the policy supports the objectives of the National Energy and Water Demand-side Management Programme and the UAE Net Zero by 2050 Strategic Initiative.
Business
Bayanat, Yahsat shareholders to vote on merger and creation of SPACE42 on April 25
ABU DHABI, UAE – Bayanat AI PLC and Al Yah Satellite Communications Company each issued a circular on Thursday calling...
- The respective shareholders of each entity will vote on the proposed merger of the two Abu Dhabi-headquartered and ADX-listed entities.
- The proposed would create one of the most valuable publicly listed space companies in the world with potential for significant global growth.
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Reading Dubai’s place on the UBS Bubble Index
The index scores the distance between current prices and their historic relationships with local rents, incomes and mortgage debt. A...
Analysis
Company News
Latest News
Transformative New Murabba Stadium design in Riyadh revealed by PIF
Equipped with cutting-edge sporting technology, the stadium will offer an immersive and personalized experience for fans. Additionally, it will act...
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RTA launches Phase II Study of Intelligent Traffic Systems Initiative
Dubai’s Roads and Transport Authority (RTA) has started the study and design of Phase II of ITS Improvement and Expansion...
Economy
JPMorgan to launch ‘Pay With Your Face’ Shopping
JPMorgan Chase is reportedly preparing to launch a biometric payments system for the masses, the Daily Hodl reported quoting the American...
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Oil prices fall amid Israeli Palestinian cease-fire hopes, US crude stockpile building
Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inventories...
- International benchmark Brent crude traded at $85.28 per barrel
- Increase of 4.9 million barrels in US crude oil inventories
Business
Drake & Scull to issue 2.4 billion shares
This will raise its share capital by $163 million to $944 million.
- The subscription will open on April 25 and close on May 10. New Shares will be allocated on May 16 while share trading will resume on May 21.
- The Mandatory Convertible Sukuk will be issued on May 31 for a period of five years and will be converted into Drake & Scull shares
Economy
Middle East economy firm despite challenges
Non-oil growth to stay robust, bolstered by a strong non-oil GDP growth in the region's two biggest economies, UAE and...
- The disruption to Red Sea trade has revived discussions around the need for alternative trade corridors
- There is a growing momentum around green financing following the success of COP28 and the introduction of green finance frameworks