Space42, Viasat sign binding agreement to co-found ‘Equatys’
Space42 and Viasat will each initially contribute $400 million, while Space42 is expected to provide an additional $200 million in...
Business
Donald Trump says US-Iran ceasefire deal on ‘life support’
Shipping disruptions, sanctions and worsening humanitarian fears deepen global anxiety as Washington rejects Tehran’s latest peace proposal over nuclear concessions.
Geostrategy
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.
Business
Al Ansari to pay $81m dividend
This brings the total amount of dividend for 2023 to $162m.
- The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus.
- The company had reported a net profit of AED495 million for 2023, a decrease of 15.7 per cent year-over-year, from AED595 millon.
Business
ACWA Power refinances Al Dur debt
ACWA was the sole financial advisor to Al Dur Phase II IWPP project company.
- The $1 billion project uses sea water reverse osmosis (SWRO) technology to produce 227,000 cubic meters per day of desalinated water.
- The list of lenders to the project include Ahli United Bank, APICORP, Al Rajhi Bank, Arab National Bank, Banque Saudi Fransi and Gulf International Bank.
Business
EITC to offer fintech services
The company has been licensed for fintech services by the CBUAE.
- The licenses granted by CBUAE enable du to introduce innovative financial solutions that will contribute to the development of an advanced financial ecosystems in the UAE.
- The licenses will also enable du to offer a range of digital financial services that align with the evolving needs and preferences of customers in the digital era.
Business
Air Arabia shareholders approve 20% dividend for FY2023
SHARJAH, UAE – Air Arabia shareholders approved the distribution of a 20 percent cash dividend for the financial year ended...
- The dividend, which is equivalent to 20 fils per share, underscores another year of record financial performance.
- In 2023, Air Arabia added 26 new routes to its global network from its operating seven hubs.
Business
DP World 2023 profit is $1.5bn
The company's revenue grew 6.6 percent to $18.25 billion.
- DP World logged a 13 percent decarbonization in Scope 1 and Scope 2 carbon emissions.
- The cash generated from the company's operating activities rose to $4.5 billion in 2023.
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).
Space42, Viasat sign binding agreement to co-found ‘Equatys’
Space42 and Viasat will each initially contribute $400 million, while Space42 is expected to provide an additional $200 million in...
Business
Company News
Latest News
Equinox and NEOM announce Equinox Resort Treyam in Magna
New York, US -- Luxury hospitality group Equinox Hotels has announced plans for the opening of Equinox Resort Treyam, one...
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
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
Most Read
Opinion
Work-life imbalance, mental health hit women hardest
Despite widespread cultural and contextual differences, many women around the world are experiencing similar challenges in and out of the...
- Women are feeling the weight of misbalanced caregiving and domestic responsibilities.
- Nearly half of the women say they are worried about their personal safety at work or when commuting or travelling for work
Economy
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