Dar Alarkan 2024 profit up 32%
The company's net profit increased by 81.5 percent in Q4 2024.
Business
Business
Abu Dhabi Chamber sets up 54 new Advocacy Hub working groups
Abu Dhabi, UAE -- The Abu Dhabi Chamber of Commerce and Industry (ADCCI) announced the establishment of 54 working groups...
- The chamber said these working groups are part of the efforts to support the growth and prosperity of the private sector in Abu Dhabi
- These groups also serve as a platform for presenting development ideas and proposals and facilitating communication between the private sector and government agencies
Business
Exports key target of GCC hydrogen strategies
Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...
- Bamford told TRENDS that the region is blessed with ample solar and wind resources needed for generating the lowest-cost electricity that is eventually needed to produce hydrogen.
- The emergence of the hydrogen industry in GCC nations promises significant economic opportunities, with projections suggesting a market worth $100 billion by 2030.
Business
Middle Eastern airlines passenger demand up 19.7 percent in Feb: IATA
Geneva, Switzerland -- The International Air Transport Association (IATA) released data for February 2024 global passenger demand, with total demand,...
- Global passenger demand, with total demand, measured in revenue passenger kilometers (RPKs), rising 21.5 percent year-on-year (YoY).
- Domestic demand rose 15 percent compared to February 2023; capacity was up 9.4 percent year on year and the load factor was 82.6 percent (+4.0ppt compared to February 2023).
Business
Joint Venture formed to develop Iraq’s Al Faw Grand Port, Economic Zone
Abu Dhabi, UAE -- AD Ports Group and the General Company for Ports of Iraq (GCPI) sign an agreement to...
- The agreement also encompasses the potential investment, management, and operation of ports, economic zones, and related infrastructure in other cities in Iraq.
- Both parties will explore investment opportunities and conduct the necessary feasibility studies related to ports, economic zones and other infrastructure under GCPI.
Business
Abu Dhabi targets 39.3 million visitors by 2030
Emirate's new tourism strategy aims to increase the sector’s contribution to GDP from $13.34 billion in 2023 to $24 billion...
- The Strategy will generate an estimated 178,000 new jobs by 2030 as the entire tourism infrastructure develops to meet this demand
- It intends to almost double international overnight visitors from 3.8 million in 2023 to approximately 7.2 million in 2030
Business
Iran discovers giant shale oil reserves in several regions: NIOC
Tehran, Iran -- The National Iranian Oil Company (NIOC) has said that shale oil deposits have been discovered in 10...
- The director of exploration at the NIOC, Mehdi Fakour, announced that the company's specially designed model will enable the extraction of oil from these resources.
- Shale oil is an unconventional oil produced from oil shale rock fragments by pyrolysis, hydrogenation, or thermal dissolution.
Business
Abu Dhabi’s real estate transactions reach $4.32 billion in first quarter
Abu Dhabi, UAE -- The value of real estate transactions in Abu Dhabi reached AED 15.9 billion ($4.32 billion) during...
- The emirate logged 2,919 sales and purchases transactions in Q1 2024 totaling over AED 9.6 billion.
- DARI data showed that Abu Dhabi recorded about 2,208 mortgage deals during Q1, with a total value of AED 6.3 billion.
Business
Aramco awards $7.7bn contracts for Fadhili Gas Plant expansion
Dhahran, Saudi Arabia – Saudi energy giant Aramco Tuesday awarded engineering, procurement and construction (EPC) contracts worth $7.7 billion for a...
- The project is expected to increase the plant’s processing capacity from 2.5 to up to 4 billion standard cubic feet per day (bscfd).
- This additional 1.5 bscfd capacity is expected to contribute to the company’s strategy to raise gas production by more than 60 percent by 2030, compared to 2021 levels.
Business
UAE national carriers reach 603 global destinations by Q1
Abu Dhabi, UAE -- The UAE's national carriers have witnessed significant growth in their destination network, reaching approximately 603 destinations...
- The 3% rise over 2022 reflects the rebounding aviation sector and caters to the rising demand for travel.
- Etihad Airways has achieved significant growth, reaching approximately 76 destinations by the end of the first quarter of 2024.
Economy
UAE Central Bank forecasts GDP to grow by 4.2% in 2024, 5.2% in 2025
Abu Dhabi, UAE -- The Central Bank of the United Arab Emirates (CBUAE) expects the country's Gross Domestic Product (GDP)...
- The Central Bank also forecasted a non-oil GDP growth of 4.7 percent in both 2024 and 2025, and an oil GDP growth of 2.9 percent in 2024 and 6.2 percent in 2025.
- The CBUAE report anticipated that the recent introduction of a federal corporate tax is poised to further strengthen government finances.
Company News
ADNOC signs deal with PETRONAS
Business
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Saudi PIF’s assets up by $11.44bn by the end of third quarter 2024
Riyadh, Saudi Arabia – The value of assets under Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) assets—both...
Business
Unemployment rate among Saudi nationals 7.8 percent in Q3
Riyadh, Saudi Arabia -- Unemployment rate among Saudi nationals reached 7.8 percent in the third quarter of 2024, a year-on-year...
Economy
Key healthcare digital trends to watch in 2025
From AI-powered content creation to automated feedback systems, technology is streamlining operations and improving patient care.
Business
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Business
SHUAA okays MCB tranches
The two tranches will be converted into equity at the earliest opportunity.
- The first tranche, valued at up to AED150 million, will be offered to existing shareholders through a private placement.
- The second tranche, valued at up to AED275.5 million, will be offered to holders of existing bonds issued by a SHUAA-related special-purpose entity under the same conversion terms.
Business
Mubadala acquires stakes from GHH
It acquired an 80 percent stake in Global Medical Supply Chain.
- Founded in 2015, GMSC provides comprehensive end-to-end supply chain services for medical products, including demand planning, procurement and logistics.
- IDS, established in 1987, stands as one of the leading distributors of pharmaceutical and consumer healthcare products in the UAE.
Business
AD Ports Group secures $2.125 billion refinancing deal
The move aims to optimize financing costs.
- The deal is also aimed at extending the facility’s maturity to 2028, with an option to extend further until 2030.
- The increased facility, which was oversubscribed 2.5 times, will be used to support the Group’s short and medium-term growth objectives.