DEWA completes $2.70 billion refinancing for Noor Energy 1
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA) has completed a $2.70 billion refinancing of Noor Energy 1, the...
UAE central bank bars Bank Melli Iran branches from Iran transactions
The violations included non-compliance with requirements and obligations under UAE legislation relating to combating money laundering, the financing of terrorism...
Business
Business
Alpha Dhabi profit jumps 48%
AI and technology investments boost earnings.
- First-half revenue rose 5 percent to $10.24 billion, while adjusted EBITDA increased 7 percent to $2.53 billion year-over-year.
- Fair value investment gains reached $1.01 billion, driven by holdings in SpaceX, Cerebras and Anthropic alongside portfolio diversification efforts.
Geostrategy
Projectile hits cargo vessel in Hormuz as Trump renews warning to Iran
Trump said negotiations with Iran were underway despite Tehran's denials and described the current moment as a "last chance before...
- UKMTO said authorities were investigating after the vessel reported being struck 20 nautical miles northeast of Al Khasab, Oman.
- Trump called negotiations active despite Iran's denial, warning Tehran faced a "last chance before decapitation" over Hormuz and nuclear demands.
Business
Agthia profit, dividend jump
Transformation lifts earnings, cash generation.
- First-half revenue rose 7.4 percent to $708 million, while EBITDA increased 35.8 percent as margins expanded significantly.
- Free cash flow reached $142 million, net debt leverage declined sharply, prompting a 14.4 percent higher interim dividend recommendation.
Analysis
GCC lenders should reassess credit risks continuously
Today's environment calls for continuous reassessment rather than periodic review. Institutions need to challenge assumptions, stress-test portfolios against multiple scenarios,...
- KPMG urges GCC financial institutions to strengthen credit resilience through scenario analysis, governance and dynamic portfolio monitoring amid uncertainty.
- Analysis identifies retail, corporate and commercial real estate portfolios as key pressure points under prolonged geopolitical and economic disruption.
Business
Emirates NBD to acquire retail banking business of HSBC Egypt
Dubai, UAE -- Emirates NBD Egypt S.A.E., a 100 percent owned subsidiary of Emirates NBD Bank has entered into definitive...
- Emirates NBD Egypt will acquire HSBC Egypt’s retail banking portfolio along with the associated branch and ATM network, customer base and relevant employee base.
- The transaction is expected to enhance Emirates NBD Egypt's market positioning as a leading retail and premium banking franchise in Egypt.
Geostrategy
Trump says fresh negotiations with Iran to begin after calling off strikes
Trump said his decision was shaped by appeals from Gulf allies, particularly Saudi Arabia, Qatar and the United Arab Emirates,...
- Oil prices tumbled as war fears eased, while shipping disruptions persisted around Hormuz.
- Meanwhile, Israeli strikes killed at least 18 Palestinians in Gaza since Friday despite Trump's Board of Peace announcements.
Business
Aldar records $408 million sales from Yas Point residential launch
Dubai, UAE -- Aldar said it generated AED1.5 billion ($408 million) in sales from the launch of The Canopies, the...
- First-time Aldar buyers accounted for 84 percent of customers, with UAE nationals representing 40 percent of total sales.
- Expatriate residents and overseas buyers contributed 60 percent of sales, while 47 percent of buyers were under 45.
Business
DFM reports higher H1 trading activity as profit reaches $121 million
Dubai, UAE -- Dubai Financial Market (DFM) reported a net profit before tax of AED443.2 million ($121 million) for the...
- Average daily traded value climbed 45.1 percent to AED1.004 billion as average daily trades increased 35.4 percent year-on-year.
- DFM attracted 42,864 new investors, with international investors representing 71.4 percent of registrations and foreign trading reaching 51 percent.
Geostrategy
Trump says US will hold off Iran strikes if Hormuz, nuclear deal reached
Meanwhile, eight Palestinians, including two children, were killed in overnight Israeli strikes in Gaza. The killings came despite Trump's announcement...
- Saudi Crown Prince Mohammed bin Salman had urged Trump during a phone call on Saturday not to escalate the conflict with Iran.
- Israeli forces detain five Palestinians during raids in the occupied West Bank amid rising settler violence.
Business
2PointZero reports strong H1
Expansion drives earnings, revenue growth.
- Group completed TAQA stake sale and acquired Traverse Midstream Partners, expanding North American energy infrastructure footprint.
- Investments in Tendam, ISEM Packaging and WHOOP supported growth as shares gained wider market visibility through ADX derivatives listing.
DEWA completes $2.70 billion refinancing for Noor Energy 1
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA) has completed a $2.70 billion refinancing of Noor Energy 1, the...
Company News
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IRGC targets US sea drone as Hormuz traffic falls to single digits
The claim came a day after Iran said it had captured an unmanned US submarine drone, while the US military...
Geostrategy
Sharjah real estate transactions reach $1.25 billion in August
Sharjah recorded 4.6 billion dirhams ($1.25 billion) in real estate transactions in August, with activity spanning 120 areas across the...
Business
Projectiles hit Iran’s Sirik, Minab, Qeshm Island as oil crosses $100 a barrel
Trump, meanwhile, says he expected the war to end “immediately after” the US midterm elections in November, alleging that Iran...
Geostrategy
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Geostrategy
US and Iran exchange attacks on oil tankers, warships as oil heads to $100
The US military said it destroyed five Iranian crude oil carriers after Iran’s Islamic Revolutionary Guard Corps (IRGC) launched ballistic...
- Jordan intercepted most Iranian missiles targeting its territory, while Tehran claimed further strikes against American vessels and tankers in Hormuz.
- Washington expanded pressure on Tehran with new airline sanctions as shipping disruptions threatened to deepen energy-market uncertainty across the region.
Business
PIF launches company to develop coastal destination in Khafji
Saudi Arabia's Public Investment Fund (PIF) has launched Gulf Coast Development Co. to develop an integrated tourism and residential destination...
- The 20-square-kilometer development will feature eight neighborhoods, 16,000-plus housing units, 1,400 hotel rooms and marinas.
- First-phase construction, covering three neighborhoods, is scheduled for completion in 2030 as development unfolds in three phases.
Geostrategy
Houthi attacks on Saudi Arabian cities wounds dozens of civilians, including children
Major-General Turki al-Maliki, the spokesman for the Saudi-led coalition fighting in Yemen, said in a statement that the Houthi attacks...
- Iran has threatened to impose further restrictions around the Gulf and the Strait of Hormuz in response to US economic sanctions.
- Baghdad is seeking alternative oil routes, while Yemen’s war intensifies and Israel’s attacks in Lebanon add pressure across the region.