Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
Business
OpenAI files counterclaims against Musk as feud deepens
San Francisco, United States -- Artificial intelligence giant OpenAI has filed counterclaims against multi-billionaire Elon Musk, accusing its former co-founder...
Business
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.
Economy
Abu Dhabi’s non-oil economy expands 9.1%, real GDP up 3.1% in 2023
The non-oil economy contributed more than 53 percent to the total GDP, with significant growth in construction, finance and insurance,...
- During Q4-2023, Abu Dhabi’s economy grew 4.1% compared to the same period in 2022, with non-oil sector growing by 10.4%.
- The emirate’s GDP in 2023 achieved its best performance in terms of value in 10 years at AED1.14 trillion ($310.38 billion).
Business
26,596 new investors join Dubai Financial Market in first quarter
The new accounts were distributed over the months of the year, with a notable YoY spike of 151.5 percent in...
- The new accounts were distributed over the months of the year, with a notable YoY spike of 151.5 percent in March 2023, when 16,574 new accounts were opened.
- This coincided with Parkin floating its shares amid exceptional interest from international and regional investment institutions, as well as individual investors in the UAE.
Business
ROSHN Group’s first integrated community in Makkah launched
Riyadh, Saudi Arabia -- ROSHN Group has launched ALMANAR, its fifth integrated mixed-use community and its first venture in Makkah,...
- AlMANAR's first phase will provide 4,149 residential units that will house over 17,000 people on a footprint of 2.5 million square meters.
- ALMANAR is located at Makkah’s western gate, between the old and new expressways linking the city to Jeddah, 20 minutes from the Holy Mosque.
Business
Agility 2023 net profit $272m
The company is recommending a cash dividend of 10 percent.
- Full-year EBITDA was up 42.4 percent to KD 257.2 million and revenue increased 56.7 percent to KD 1.35 billion.
- The Q4 2023 earnings of KD26 million, or 10.2 fils per share was almost in line with the same period a year earlier.
Business
Borouge approves $1.3bn dividend for 2023
The company intends to pay $1.3bn in dividend for 2024 also.
- Borouge recorded $1 billion in net profit in 2023 and its $607 million Value Enhance Programme contributed a significant 28 percent to 2023 EBITDA.
- Borouge said it outperformed its regional and international peers with one of the highest EBITDA margins in the industry at 38 percent.
Business
DEWA okays $844m dividend
In 2023, DEWA's revenue exceeded $7.8 billion, its highest ever.
- The company's operating profit was over AED 8.7 billion and EBITDA was over AED 14.7 billion.
- It recorded the highest annual power generation of 56.1 TWh, which includes clean power generation of 6.2 TWh.
Business
Emirates retains fourth most valuable airline brand status
Dubai, UAE -- UAE carrier Emirates defended its title as the fourth most valuable airline brand, with a staggering 30...
- The UAE carrier witnessed 30 percent increase in brand value, reaching $6.6 billion, according to Brand Finance, a brand valuation consultancy.
- Qatar Airways (brand value up 27 percent to $3.1 billion) is the second most valuable Middle Eastern brand.
Business
ADIB closes $235m Sharia-compliant transaction to finance gas carriers
Abu Dhabi, UAE -- Abu Dhabi Islamic Bank (ADIB) has closed a sharia compliant syndicated transaction totaling AED865 million ($235...
- This is the second tranche of $370m syndication, which will be used to finance the construction of three Very Large Gas Carriers.
- The vessels will be dual-fuel efficient and enjoy operational, economic and environmental efficiencies through their Liquefied Petroleum Gas (LPG) engines.
Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
Business
Company News
ADNOC Drilling closes JV
Business
Latest News
ADNOC signs deal with PETRONAS
Business
Emirates’ first A350 takes flight
The airline operated the inaugural flight from Dubai to Edinburgh.
Business
Winter rains, flooding and limited aid worsen Gaza tragedy: IOM
"Vulnerable people, including at least seven infants, have died from hypothermia, and these tragic deaths underscore the urgent need for...
Geostrategy
Oil extends gains on hopes of policy support for economic growth
Singapore - Oil prices extended gains on Friday after closing at their highest in more than two months in the...
Business
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Business
Dubai real estate market saw record transactions worth $142.1bn in 2024
Dubai, UAE -- Dubai’s real estate market recorded 180,900 transactions worth AED 522.1 ($142.1 billion) in 2024, a market report...
- The transaction volume surged by 51 percent to 119,800 in 2024, reflecting a substantial increase in buyer confidence and developer activity.
- There was also a steady appreciation in the average price per sq ft, which was up 10 percent to AED 1,600.
Geostrategy
Israeli forces killed 45,553 Palestinians since Oct 2023: Health ministry
Gaza, Palestinian Territories -- The Israeli forces have killed at least 45,553 Palestinian civilians and injured at least 108,379 others,...
- At least 108,379 other civilians, most of them children, have been injured and thousands remain under debris.
- The ministry said the Israeli forces committed two massacres against Palestinian families in the Gaza Strip over the past 24 hours.
Business
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...
- The number of subscribers recorded a 51 percent increase, representing nearly 528,000 subscribers, to reach 1,570,452 subscribers, compared to 1,042,484 at the end of Q3 2023.
- Foreign investment assets recorded an annual growth of 15.1 percent, increasing by over SAR 3 billion to reach SAR 25.656 billion, which accounts for 16% of the total asset value.