UAE central bank raises 2024 economic growth forecast to 5.7%
The bank stated in a report released today that the overall GDP for the country is expected to grow by...
Economy
ADIB, Aldar close $272m financing deal
Aldar's total ESG financing facilities reach $1.30 billion.
Business
Business
Maaden acquires 9.9% stake in Ivanhoe
It also completes conditions for a joint venture.
- There is no change in the associated costs related to the event, Maaden noted.
- Maaden has posted a net profit of SAR 419.4 million ($111 million) for the first quarter of 2023.
Business
ADIB raises $750 million in dollar-denominated tier-one sukuk
Dubai, UAE -- Abu Dhabi Islamic Bank (ADIB) has raised $750 million in the world’s first dollar denominated additional tier-one...
- ADIB priced the perpetual non-call, five and half-year sukuk at a profit rate of 7.25 percent per annum payable semi-annually.
- The final order exceeds $7 billion more than nine times over-subscribed and final pricing 62.5 bps tighter than the initial pricing thoughts.
Business
Invictus plans $272m expansion
The company will invest through acquisitions and JVs.
- Abu-Dhabi Securities Exchange-listed Invictus is a prominent trader with growing business in the African markets.
- Invictus recently reported completing over one million metric tons of agro-commodity exports to Egypt during 2023.
Business
Taaleem nine-month revenue up 30.3%
The revenue for the period ended May 2023 reached $193m.
- Taaleem's net profit grew marginally by 1 percent YoY to reach 28.2 percent, while the like-for-like net profit margin saw a 2.4 percent YoY improvement.
- The growth in net profit is primarily attributed to the operational efficiency and increasing enrollment in the company's Premium schools portfolio.
Business
ADGM adopts Abu Dhabi onshore hotel and tourism legislation
Abu Dhabi, UAE -- Abu Dhabi Global Market (ADGM) has issued the ADGM Hotel and Tourism Regulations 2023 (Tourism Regulations),...
- The onshore tourism legislation includes the regulations and rules concerning hotels and tourism sectors administered by the Department of Culture and Tourism (DCT).
- ADGM’s Registration Authority retains the right to issue commercial licenses to hotels and tourism establishments operating within its jurisdiction.
Economy
Cash-strapped Pakistan gets $2 billion deposit from Saudi Arabia
The economy has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt, while months of...
- It brings state foreign reserves to a total of $6.5 billion, an almost 50 percent increase compared to last week's account balance.
- Years of financial mismanagement have pushed Pakistan's economy to the limit, exacerbated by the Covid pandemic, a global energy crisis and record floods.
Business
4 bids for Al Ajban power project
There will be a process to select the best proposal.
- Al Ajban Solar PV is EWEC’s third world-leading solar power project.
- Abu Dhabi is home to world’s three largest single-site solar power plants.
Business
Arada H1 sales $1.15bn
The company witnessed a 186 percent increase in sales.
- In total, Arada sold 1,616 homes at its communities during the first half, a 23 percent increase on the same period in 2022.
- Arada’s best-performing community in terms of sales was Masaar, the forested megaproject based in the up-and-coming Suyoh district of Sharjah.
Economy
Kuwait 2023-24 draft budget estimates $22.2 billion deficit
Lower oil prices and volumes attributed to the estimated deficit, according to a newspaper report. MP Osama Al-Zaid said the...
- Al-Zaid said non-oil revenues were estimated at 2.2 billion dinars, an increase of 10 percent over the previous budget.
- He said these were only estimates, not real deficit, and Kuwait "will be able to avoid it by maximizing state revenues, controlling expenditures, and preventing financial waste".
Business
South Korean blockchain firm NEOPLY to set up global HQ in Abu Dhabi
Abu Dhabi, UAE -- NEOPLY, a South Korean blockchain technology company, will establish its global headquarters in Abu Dhabi, the...
- NEOPLY provides a decentralized finance (DeFi) platform and a variety of services based on blockchain technology.
- NEOPLY’s H-Lab will work with ADGM to support its development of a sound and progressive regulatory framework for DeFi.
UAE central bank raises 2024 economic growth forecast to 5.7%
The bank stated in a report released today that the overall GDP for the country is expected to grow by...
Economy
Company News
Yansab 9M net loss $134 million
Business
DP World, TPA ink pact
Business
Mobily 9M 2023 profit up 41%
Business
Latest News
Contracts worth $2.93bn signed at Taif Investment Forum
Taif, Saudi Arabia -- Several investment contracts for projects in Taif Governorate, worth over SAR11 billion ($2.93 billion), have been...
Business
AD Ports Group acquires 10 offshore vessels for $200 million
Abu Dhabi, UAE -- AD Ports Group (ADPORTS) has purchased 10 offshore vessels for $200 million that will bolster offshore...
Business
Saudi Real Estate Market records transactions worth $14.92bn
Riyadh, Saudi Arabia -- More than 70,000 transactions worth SAR 56 billion ($14.92 billion) have been conducted on Saudi Arabia's...
Business
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Business
First SAF-powered Emirates flights cleared for take-off from Dubai
Dubai, UAE -- The first Emirates flights operating with sustainable aviation fuel (SAF) provided by Shell Aviation have taken off...
- Emirates’ flight EK 412 bound for Sydney on 24th October was among the first to operate with SAF.
- Shell has supplied 315,000 gallons of blended SAF for use at the airline’s hub in Dubai.
Business
Over 60% of employment lost in Gaza since start of current conflict
Beirut, Lebanon -- At least 61 per cent of employment, equivalent to 182,000 jobs, has been lost in the Gaza...
- The total estimated 390,000 job losses in the two areas that comprise the Occupied Palestinian Territory translate into daily labor income losses of $16 million.
- Gazans have long grappled with persistently high rates of poverty, vulnerability and one of the highest unemployment rates in the world, which stood at 46.4 per cent in Q2.
Business
GASCO 9M 2023 profit up 16%
Operating expenses and financing cost edged lower.
- GASCO noted an increase in revenue and financing income, along with higher share of results from associates.
- In Q3 2023, net profit rose slightly by 0.4 percent to SAR 57.2 million from SAR 56.98 million in Q3 2022.