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
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...
Economy
Economy
UAE Financial Restructuring Committee, World Bank discuss bankruptcy law
ABU DHABI, UAE - Members of the Consultative Council of UAE's Financial Restructuring Committee (FRC) has met with experts from...
- The meeting was held virtually and sought to discuss the latest updates on amendments to the bankruptcy law.
- The meeting discussed the proposed amendments to the bankruptcy law in terms of public policy.
Business
Batelco net profit up 9 percent
Batelco said steady revenue growth led to this rise in profit.
- Batelco has announced net profit of BD15.7 million ($41.6 million) for Q3 2021
- This is a 9 percent increase from BD14.4 million ($38.2 million) for the corresponding quarter of 2020
Business
New leaks rock Facebook
Internal documents seem to support the accusations.
- Facebook held back from doing all it could to stop users from being radicalized, say recent leaks
- It is also accused of not doing enough to stop US election misinformation from flooding the social network
Business
$2bn Arada project in new phase
Arada has launched the second residential phase of Masaar.
- The new phase is called Kaya and is located within the Al Suyoh district of Sharjah
- The new phase is said to containing 421 townhouses and villas
Business
DEWA, Ireland explore digital technology cooperation
DEWA CEO Saeed Mohammed Al Tayer and Ireland’s Minister of State for Trade Promotion, Digital and Company Regulation at the...
- This was part of the Irish commercial delegation visit to the Water, Energy, Technology, and Environment Exhibition (WETEX)
- The two parties discussed enhancing cooperation, exchange of experience between DEWA and Irish companies
Business
DEWA gets $10.9bn via IPWP model
DEWA used the IPWP model in a number of its key projects.
- One of the model’s key features includes the implementation of the directives of the leadership
- It also includes adopting a successful partnership model on sound commercial foundations
Bahrain Bourse taps Oxford Business Group for ESG reports
OBG research is expected to analyze the steps that publicly listed companies are taking to adopt and fully embrace ESG...
Business
Fans to return in small numbers to UAE leg of Indian Premier League
The Board of Control for Cricket in India, in a statement on its website, has confirmed the earlier reports, which...
- The first of the 13 remaining IPL matches is scheduled to be played this Saturday
- Tickets are expected to go on sale from Thursday on platforms including the official IPL website
Business
UAE firm retained as IPL healthcare partner
The Board of Control for Cricket in India has renewed retained VPS Healthcare as its healthcare partner for the Indian...
- VPS Healthcare has set up a 100-member multidisciplinary team for sports medicine and Covid-19 management
- Two medical teams, comprising doctors, nurses, paramedics and lab technicians, will be assigned to each stadium for every match
Business
TIER takes e-scooter service to Bahrain
This came as part of TIER’s ongoing expansion in the Middle East.
- Bahrain is the third country in the Middle East and 14th overall where TIER has a presence
- It launched in Bahrain by collaborating with the country’s Ministry of Transportation and Telecommunications
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
Company News
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Yanbu NPC loss $129m
Business
Aramex Q4 net profit doubles
Business
CI Capital 2023 revenue $134m
The firm’s performance was fueled by strong growth.
Mubadala, co-investors buy Truist stake
TIH is the fifth largest insurance broker in the United States.
Business
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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.