Emaar Properties posts 23 percent rise in H1 net profit to $3.5 billion
Founder Mohamed Alabbar said the results reflected Emaar's disciplined approach and Dubai's continued economic expansion, adding that the company would...
Business
Emirates restores 96 percent global network after disruption
The airline said it now operates to 137 destinations across 72 countries, with more than 1,300 weekly flights, representing about...
Geostrategy
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.
Business
TECOM Group net profit up 49%
The company recorded its highest-ever revenue of AED 2.2 billion.
- The lease of industrial lands witnessed a strong demand in 2023, as the occupancy rate rose to 94 percent, compared to 81 percent in 2022.
- The company has recommended a dividend payout of AED400 million to the company's shareholders for the second half of 2023.
Emaar Properties posts 23 percent rise in H1 net profit to $3.5 billion
Founder Mohamed Alabbar said the results reflected Emaar's disciplined approach and Dubai's continued economic expansion, adding that the company would...
Business
Company News
Latest News
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...
Business
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...
Opinion
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...
Economy
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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.