Dubai’s family businesses get practical guidance with new toolkits
Dubai, UAE -- Three toolkits have been developed for family-owned businesses, which make up approximately 90 percent of the UAE’s...
Business
Business
Deals worth $613m signed Saudi-Turkish Business Forum launch
Dubai, UAE -- Deals worth SAR 2.3 billion ($613 million) were signed between Saudi Arabian and Turkish companies on the...
- The deals have been signed for real estate development, construction, engineering consultancy and a number of other investment sectors.
- The Saudi-Turkish Business Forum was launched in Istanbul in presence of Saudi and Turkey's ministers.
Business
Ethmar net profit up $114m
The company's net profit in H1 2022 was only $6.5 million.
- The increase reflects the continuous efforts of EIH to diversify its revenue sources, the company said.
- The total assets of EIH have also increased significantly, from AED77.7 million at the end of 2022 to over AED2.23 billion at the end of the first half of 2023.
Business
Saudi cinema sector grows by 28 percent by second quarter end
Dubai, UAE -- Saudi Arabia's film production sector grew by 28 percent by the end of the second quarter of...
- The highest regions in terms of records are Riyadh with 953 records, Makkah Al-Mukarramah (501), Eastern (155), Madinah (51) and Qassim with 22 records.
- In 2022, more than 14 million cinema tickets were sold, up from 13 million in 2021, according to data from the General Authority for Audiovisual Media.
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.
Company News
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Thuraya, nybl sign MoU
Business
Request for qualification issued for 3700MW Saudi solar projects
Riyadh, Saudi Arabia -- The Saudi Power Procurement Company (SPPC) has released request for qualification (RFQ) for the fifth round...
Business
Wall Street, Hollywood billionaires plan $50m anti-Hamas campaign
Real-estate tycoon Barry Sternlicht has initiated this campaign and sought $1million donations from various affluent business figures, including David Geffen...
Geostrategy
Burgan Bank Sells 52% stake
The stake in its Turkish subsidiary BBT was sold to Rawabi Holding.
Business
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Business
Dubai’s weeklong real estate transactions exceed AED10.3bn
Dubai, UAE -- The total value of real estate transactions conducted in Dubai during the week ending 10 November 2023,...
- The DLD report showed that 1,782 sales transactions worth AED7.4 billion were conducted, with 396 plots sold for AED3.99 billion.
- The total value of mortgaged properties for the week reached AED1.86 billion. A total of142 properties were granted between first-degree relatives worth AED1 billion.
Business
Qatar records real estate contracts worth $60 million in five days
Doha, Qatar - The real estate market in Qatar witnessed a significant surge in trading activity as the Department of...
- The total value of sales contracts specifically for residential units during the same period amounted to above QR 705 million
- Sales were notably concentrated in key municipalities of Al Rayyan, Doha, Al Daayen, Umm Salal, Al Wakrah, Al Khor and Al Dakhira.
Business
ADNOC Distribution Q3 net profit $227m
The EBITDA increased by 28% YoY to $303 million in the third quarter.
- ADNOC Distribution witnessed a healthy 21 percent Y-o-Y increase and a 5 percent quarter-on-quarter (Q-o-Q) growth in total fuel volumes.
- It anticipates paying a minimum of $350 million (AED1.285 billion), or 10.285 fils per share, as the second six-month dividend of 2023 in April 2024.