GACA and Volar to build UAE’s first Green Aviation Technology Center
Montreal, Canada -- The General Civil Aviation Authority (GACA) and Volar Air Mobility have signed a Memorandum of Understanding (MoU)...
Business
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...
Economy
Business
ADNOC Drilling to pay $358m dividend
This brings the total dividend for 2023 to $717 million.
- The dividend will be paid on or around 3rd April 2024 to all record shareholders as of 21st March 2024.
- ADNOC Drilling said the annual distribution is expected to grow by at least 5 percent per annum on a dividend per-share basis over the next three years (2024-2026).
Business
Women returners to MENA workforce can contribute $385bn to GDP
Doha, Qatar -- Women returning to the workforce following a career break have the potential to contribute nearly $385bn to...
- A PwC Middle East study shows nearly half (44%) of women in MENA have taken a break over the course of their careers, typically driven by family and caregiving responsibilities.
- The report draws insights from over 1,200 women in the UAE, Saudi Arabia, Qatar, Egypt, Bahrain, Jordan, Kuwait, Lebanon, and Oman.
CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
- The group’s total on-balance sheet financing portfolio ended the year at US$373 million.
- Corplease, the group’s leasing arm, saw its revenue rise 70 percent to reach US$74 million.
Business
Mubadala, co-investors buy Truist stake
TIH is the fifth largest insurance broker in the United States.
- This investment follows Mubadala’s purchase in 2023 alongside Stone Point Capital and other co-investors of a 20 percent stake in TIH for US$1.95 billion.
- The all-cash transaction, which values TIH at an implied enterprise value of $15.5 billion, is expected to be completed in the second quarter of 2023.
Business
Yanbu NPC loss $129m
The company had reported net profit of $110 million in 2022.
- Against the revenue/sales of SAR 7.02 billion in 2022, the company posted revenue/sales of SAR 4.53 billion in 2023, down 35 percent.
- In a Tadawul disclosure, the company attributed the loss to lower average sales prices for all products compared to the previous period.
Business
PIF acquires 40% of Zamil Offshore
Zamil is one of the largest offshore support vessel operators.
- PIF said the investment will enable Zamil to continue expanding its services and fleet to serve the growing demand for offshore support services.
- Incorporated in 1977, Zamil Offshore manages and operates more than 90 vessels in the Arabian Gulf.
Business
Dubai records over US$2.6bn in weeklong real estate transactions
DUBAI, UAE - A total of 3,543 real estate transactions worth over US$2.6 billion (AED9.8 billion) were conducted during the...
- A total of 3,543 real estate transactions worth over US$2.6 billion were conducted during the week ending February 9, 2024.
- A DLD report showed that 197 plots were sold for $315 million while 2,572 apartments and villas were purchased for $1.5 billion.
Business
Aramex Q4 net profit doubles
The firm reported a marginal YoY decline in Q4 revenue.
- Aramex said the revenue growth in International Express was offset by the decline in revenues from other products.
- The company posted a 2 percent YoY growth in gross profit for Q4 2023, reaching AED 389 million and remained stable for the full year.
Business
DEWA 2023 net profit $2.15bn
The system demand for power surged to 56.5 TWh in 2023.
- The fourth quarter revenue was AED 7.1 billion and net profit AED 1.8 billion. The full-year audited results are expected to be released in the first week of March 2024.
- DEWA’s annual consolidated revenue increased by 7 percent, mainly driven by an increase in demand for electricity, water and cooling services.
Arts & Culture
Stolen Van Gogh returned in IKEA bag displayed again
Rotterdam, Netherlands -- A precious Vincent van Gogh painting stolen and then handed to a Dutch art sleuth in an IKEA...
- The 1884 "Parsonage Garden at Nuenen in Spring", worth up to six million euros ($6.8 million), was unveiled to media at a Rotterdam museum, with damage from the theft still visible
- Wednesday's showing was just for media, but the public will be able to view the painting from March 29 in Groningen Museum, in the north of the Netherlands.
GACA and Volar to build UAE’s first Green Aviation Technology Center
Montreal, Canada -- The General Civil Aviation Authority (GACA) and Volar Air Mobility have signed a Memorandum of Understanding (MoU)...
Business
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Amlak 2023 net profit $70m
Business
Waha to pay cash dividend of 10 fils
The firm also okays 1.5 fils per share special dividend.
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...
Business
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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.