From climate action to global aid: Inside UAE’s remarkable year
Abu Dhabi, UAE -- The UAE is bidding farewell to 2023, dubbed the ‘Year of Sustainability'. From hosting the relatively...
YEARBOOK 2023
Lootah Biofuels inks MoU
Business
ACWA Power 9M net profit up 22%
Business
SABIC 9M net loss $277m
Business
Business
Dubai Customs clears TIR carnet transactions worth US$38.7m
DUBAI, UAE - Dubai Customs has, to date, processed 214 customs transactions worth US$38.7 million (AED142.2 million) under cover of...
- Goods shipped under cover of the internationally accepted customs transit document do not require inspection at border crossings while in transit.
- It provides a financial guarantee to pay the suspended duties and taxes. The guarantee system is managed by the International Road Transport Union.
Business
ESG H1 net profit $162m
The net profit increased by 831 percent year on year.
- The revenue for H1 2023 experienced an 81 percent growth, amounting to AED 266 million, as opposed to AED 147 million in H1 2022.
- ESG's total assets surged by 93 percent in comparison to December 2022, culminating in a value of AED 2.2 billion by June end.
Business
Dubai records $2.88 billion in weeklong real estate transactions
Dubai, UAE -- A total of 3,252 real estate transactions worth over AED 10.6 billion ($2.88 billion) were conducted during...
- The DLD report showed that 319 plots were sold for AED 1.92 billion, while 2,137 apartments and villas were purchased for AED 5.75 billion.
- The total value of mortgaged properties for the week reached AED 2.53 billion. Meanwhile, 283 properties were granted between first-degree relatives worth AED 495 million.
Business
SAB H1 profit up 59%
The bank's profit in Q2 increased by 43% compared to Q2 2022.
- SAB’s net profit dropped by 12.2 percent from SAR 1.76 billion in Q1 2023.Â
- H1 profit rise was mainly due to an increase in net special commission income, income from FVSI financial instruments.
Business
Borouge Q2 net profit $231m
The company posted first-half revenues of $2.8 billion.
- Second-quarter revenue increased by 2.5 percent quarter-on-quarter, to reach $1.4 billion, and declined on a year-on-year basis.
- The company's board has endorsed a dividend of $650 million to be approved by the shareholders during the second half of the year.
Business
ADIB posts 61% net profit growth in H1
The bank's revenue grew by 50 percent to AED 4.3 billion.
- The bank's cost to income ratio was managed down with an improvement of seven percentage points to 33.9 percent.
- Total assets increased 28 percent to AED 182 billion, driven by 18 percent growth in gross financing and 22 percent growth in investments.
Videos
Upskilling key to offset AI banking job losses
Increasing adoption of Artificial Intelligence in banking operations could lead to automation of nearly 52 percent of jobs by 2025....
- AI can be used to automate many of the routine tasks that are currently performed by bank employees, such as processing transactions, responding to customer queries.
- While AI could lead to job losses in some areas, it could also free up employees to focus on more complex and challenging tasks.
Geostrategy
Saeed bin Zayed passes away, three days of mourning announced
Abu Dhabi, UAE -- Sheikh Saeed bin Zayed Al Nahyan, brother of UAE President Sheikh Mohamed bin Zayed Al Nahyan...
- Born in 1965 in Al Ain, Sheikh Saeed was appointed as the Representative of the Ruler of Abu Dhabi in June 2010.
- He was appointed as the Undersecretary of the Department of Planning in Abu Dhabi. He was also a representative of Sheikh Zayed bin Sultan Al Nahyan.
Business
Realty projects worth $1.10 billion completed in H1 in Dubai
Dubai, UAE -- Dubai witnessed the completion of nine real estate projects worth AED 4.06 billion ($1.10 billion) in H1...
- According to data issued by the Dubai Land Department (DLD), 392 real estate projects are currently being developed in the emirate.
- In the first half of 2023, the Dubai Land Department issued 4,416 real estate licenses, reflecting increasing demand for licenses for real estate various activities.
Business
NBF H1 net profit up 120 percent
Fujairah, UAE -- The National Bank of Fujairah (NBF) Wednesday posted 120.7 percent increase in first half net profit to...
- The robust performance in Q2 2023 contributed to this growth, with NBF posting a net profit of AED 180.1 million, a 99.8 percent increase from the corresponding quarter of 2022.
- The bank's operating profit for H1 2023 reached AED 785.3 million, a 28.9 percent increase from AED 609.1 million in H1 2022.
From climate action to global aid: Inside UAE’s remarkable year
Abu Dhabi, UAE -- The UAE is bidding farewell to 2023, dubbed the ‘Year of Sustainability'. From hosting the relatively...
YEARBOOK 2023
Company News
Lootah Biofuels inks MoU
Business
ACWA Power 9M net profit up 22%
Business
SABIC 9M net loss $277m
Business
Latest News
e& net profit up 20% in Q3
Business
EDGE bags $1.1bn UAE defense ministry munitions contract
Dubai, UAE -- EDGE, one of the world's leading advanced technology and defense groups, announced that it bagged an AED...
Business
Emirates, Safran sign pacts worth $1.2bn
Latest generation Safran Seats for new Emirates Airbus fleet part of the deal.
Business
Saudi inflation in Oct slightly down amid economic challenges
Riyadh, Saudi Arabia -- Saudi Arabia's consumer price index experienced a slight decrease in October, dropping to 1.6 percent from...
Economy
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Business
ADNOC Gas net income $3.37bn
The company's third-quarter revenue grew by 8% to $5.80 billion.
- Net income for the quarter increased by 13 percent quarter-on-quarter (Q-o-Q) to $1.116 billion.
- ADNOC Gas expects to pay its inaugural interim cash dividend of $1.625 billion with payments commencing on 14 December 2023.
Geostrategy
Qatar, UAE condemn Israeli attack on Gaza committee building
Doha, Qatar -- Qatar has strongly condemned the Israeli shelling of the Qatar Committee for the Reconstruction of Gaza's headquarters,...
- The incident, viewed as an extension of the occupation's pattern of targeting civilians and civilian infrastructure, has sparked international outrage, Qatar said.
- The United Arab Emirates (UAE) joined Qatar in denouncing the attack and emphasized the immediate need for a ceasefire.
Business
Global Media Congress opportunity for showcasing AI advances: Expert
Abu Dhabi, UAE -- Rapid advances in AI technologies have created a major challenge for the media sector: the difficulty...
- Professor Charlie Beckett of LSE says it is important to keep pace with AI advances like ChatGPT and Metaverse.
- He said despite warnings about AI, it remained a useful tool for creating huge content and handling services using algorithms.