Finland’s Vaisala to equip Kuwait airport with observation system
Kuwait City, Kuwait -- The Directorate General of Civil Aviation (DGCA) of Kuwait has inked a KD 6.7 million ($21.7...
Business
Business
Borouge Q1 net profit $199m
The company reported revenues of $1.38 billion in Q1 2023.
- The company said with a significant cash balance of over $1 billion, Borouge repaid $500 million of its $3.65 billion loan, which resulted in interest cost savings.
- The company will pay a final dividend of $650 million to shareholders, bringing total post-IPO dividends for 2022 to $975 million.
Business
Emirates Islamic Q1 profit up 76%
The total assets grew by 4% to reach AED 77.9bn ($21.21bn)
- The bank's total income surged by 74 percent, driven by higher core revenues due to improved financing and deposit mix with higher profit rates.
- Total assets grew by 4 percent from the end of 2022 to AED 77.9 billion, while customer financing and customer deposits increased by 3 percent and 2 percent respectively.
Business
Emirates NBD posts record Q1 profit
The bank's total income exceeded AED 10bn for the first time.
- The bank said healthy sector liquidity helped deposits grow by AED 35 billion or 7 percent including a further AED 19 billion increase in current and savings accounts.
- The records profits for the first quarter were attributed to higher margins, growing non-funded income and lower cost of risk on recoveries.
Business
Gulf bank Q1 net profit $56.50m
The bank's return on assets improved marginally to 1 percent.
- Gulf Bank recorded an operating income of KD 46.4 million for the first three months of 2023, and an operating profit before provisions of KD 25 million for the same period.
- The operating profit has increased by KD 3.2 million or 15 percent for the first quarter of 2023 compared to the same period of last year.
Business
NBF Q1 net profit up 151 percent
The bank's operating profit rose by 35.7 percent compared with Q1 2022.
- Operating income reached AED 554.1 million, up 34.2 percent compared to AED 412.8 million in the corresponding period of 2022.
- Loans and advances and Islamic financing receivables rose by 2.3 percent to reach AED 27.5 billion compared to AED 26.9 billion at 2022 year-end.
Business
Xlinks secures $37m funding
The funds will be used in laying subsea cables between UK and Morocco.
- It is one of several first-of-a-kind long-distance renewable energy generation and cross-border export project being planned globally.
- It had secured 25 million pounds of investment from Abu Dhabi National Energy Company (TAQA) and 5 million pounds from Octopus Energy Group.
Business
Amanat acquires stake in Sukoon
Amanat will own 85 percent of the post-merger entity.
- The merger creates the largest pan-GCC post-acute care provider with 400 operational beds and an additional 300 bed expansion underway.
- Following completion adjustments, Amanat Holdings will own 85 percent of the post-merger entity.
Geostrategy
Tokyo firm loses contact with lander carrying UAE’s moon explorer
The UAE-made Rashid Rover aboard the Hakuto Mission 1 Lunar lander was nearing its destination on the Moon when the...
- The lander was travelling at around 16 mph (25 kph) at the time of the communication blackout.
- The mission control team is still trying to locate and confirm the status of the lander.
Business
DMCC hosts 200 Dubai-based Chinese businessmen at China Business Day
Dubai, UAE -- Dubai Multi Commodities Centre hosted a China Business Day at Almas Tower, which drew more than 200...
- DMCC is home to more than 750 Chinese companies, which accounts for over 12 percent of all Chinese businesses registered in the UAE.
- DMCC said in a statement that the event celebrated the flourishing commercial ties between the UAE and China as bilateral trade is likely to reach 200bn by 2030.
Business
Sahara Q1 net profit $125m
The net profit plunged by more than 56 percent compared to Q1 2022.
- The company said in a Tadawul disclosure that its revenue of 2 billion riyals in Q1 was 11.11 percent less than 2.3 billion in the first quarter of 2022.
- Earnings per share was 0.65 riyal during the first three months of 2023, lower than 1.48 in Q1 2022.
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Sipchem 9M net profit down 67%
There was a 70% QoQ drop in net profit for the third quarter of 2023.
Business
Gaza conflict: Fitch places Israel’s IDR on rating watch negative
London, United Kingdom -- Fitch Ratings has placed Israel's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of 'A+' on...
Business
Saudi e-visa facility extended to Turkiye, five other countries
Riyadh, Saudi Arabia-- Saudi Arabia announced Tuesday that it will grant e-visa to visitors from six new countries -- Turkiye,...
Business
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Business
Manufacturers struggle to meet AI-related goals, says new white paper
DUBAI, UAE -- Despite many manufacturers integrating AI into their operations, a significant number of them face challenges in meeting...
- A global Boston Consulting Group study from 2023 revealed that AI technologies could enhance productivity by over 20 percent.
- While 90 percent of companies across various industries aim to incorporate AI, only one in six have met their AI-related objectives.
Business
UAE and Saudi Arabia lead MENA venture capital fundraising
Dubai, UAE -- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32...
- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32 percent increase compared to Q2 of 2023.
- Saudi Arabia and the UAE led the region in capital raised, with the Kingdom reporting a 172 percent QoQ increase.
Business
OERC and Arkan partner to transport raw limestone to UAE
Abu Dhabi, UAE -- Oman and Etihad Rail Company (OERC), the developer and operator of the UAE-Oman Rail Network, signed...
- Oman and Etihad Rail will provide logistics solutions for Emirates Steel Arkan through annual transportation of 4 to 6 million tons of high-quality raw materials to Al Ain.
- This ensures Emirates Steel Arkan can produce and export 2-3 million tons of finished goods to regional markets each year.