Ukraine to propose sky, sea truce at US talks in Saudi: official
The talks on Tuesday will be the first Ukraine-US meeting since a White House blow-up between Zelensky and US President...
Geostrategy
Business
Mubadala invests in Avanse
Avanse is education-focused non-banking financial company.
- Mubadala led this round of funding through its affiliate Alpha Investment Company with participation from Avendus.
- Avanse is the second largest NBFC in the education finance space in India, with AUM at around AED5.5 billion.
Business
Atlantis Dubai first Eastern Hemisphere Certified Autism Center resort
Dubai, UAE -- Atlantis Dubai becomes the first resort destination in the Eastern Hemisphere to gain the Certified Autism Center...
- To meet IBCCES requirements, Atlantis Dubai ensured that over 80 percent of its colleagues received training in autism and sensory awareness.
- More than 90 percent of guest-facing colleagues across both resorts underwent training in Autism & Sensory Awareness (ASA).
Business
Arabian Travel Market’s sold-out Travel Tech area grows 56% YoY
Dubai, UAE -- More than 100 of the world’s leading travel technology companies will be exhibiting at Arabian Travel Market...
- 33 percent more exhibitors participating this year, thanks to unprecedented demand from companies looking to showcase their innovations in front of a global audience.
- The global travel technology market was valued at $9.4 billion in 2022 and is projected to reach $21 billion by 2032.
Business
ADNIC approves cash dividend of $69m
The company had posted its highest-ever net profit of $109.1m for 2023.
- Earnings per share (EPS) had climbed year-on-year (YoY) to AED 0.70 in 2023 from AED 0.63.
- During 2023, ADNIC's total insurance revenue hit AED 4.64 billion, down from AED 4.66 billion a year earlier.
Business
Boubyan Bank okays 8% cash dividend
The Bank's general assembly also approved 6% in bonus shares.
- The Bank managed a record growth rate of 39 percent, while registering KD 80.4 million ($262.75 million.
- Chairman Boubyan Bank Abdulaziz Abdullah Dakheel Al-Shayahe said the bank continued its precautionary approach by allocating KD 31.7 million in provisions.
Business
Petro Rabigh net loss up 320% in 2023
The company narrowed losses to $367 million in Q4.
- The company said the losses piled up primarily due to the challenging market conditions adversely affecting the margins for both refined and petrochemical products and other factor
- The company’s accumulated losses as of December 31, 2023, amounted to SAR 6.40 billion representing 38.34 percent of the company’s share capital of SAR 16.71 billion.
Economy
India plugs into the Gulf region with power cables
India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...
- India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via undersea cables.
- The move aims to boost energy security, promote the use of renewable resources, and foster closer economic ties with Gulf states.
Business
Response Plus net profit surges in 2023
The Group's profit increased by 68% YoY to $13.52 million.
- The Group's equity increased to AED230.04 million as of December 31, 2023 from AED222.9 million in the previous year.
- The Earnings Per Share (EPS) increased to AED 0.25 in 2023 from AED 0.15 a year before, reflecting the Group’s commitment to profitability and shareholder value creation.
Business
EGA to acquire Leichtmetall
EGA is to buy 100 percent of firm from Leichtmetall Holding.
- The transaction is expected to close during the first half of 2024, subject to obtaining regulatory approvals.
- Leichtmetall’s production mainly consists of hard alloy billets up to 1,150 millimetres in diameter
Business
ESG buys additional stakes in 2 firms
The stakes were acquired in Vision Factory and Decovision.
- ESG had acquired 60 percent stake in Vision Factory, a key player in furniture and joinery production, in 2022.
- ESG’s latest acquisition in Decovision, a premier provider of interior design and engineering services, increases its stake to 85 percent.
Company News
Lulu’s IPO raises $1.72bn
Business
Latest News
DAE 9M net profit $310m
Business
AD Ports Group secures $2.125 billion refinancing deal
The move aims to optimize financing costs.
Business
Hackers stole US$2.2bn in crypto through 2024, Chainalysis Research
Crypto hackers stole US$2.2bn worth of crypto. This amount was a 21 percent yoy increase, the fourth consecutive year they...
Coal use at record high in 2024, the world’s hottest year: IEA
Paris, France -- World coal use is set to reach an all-time high in 2024, the International Energy Agency said Wednesday,...
Geostrategy
Most Read
Business
World’s rarest coffees to be auctioned for first time in Dubai
Dubai, UAE -- Coffee aficionados and industry leaders will converge in Dubai this February at World of Coffee (WOC) Dubai...
- Some of the rarest coffees in the world include Black Ivory from Thailand, which sells for approximately $1,500 per kg.
- The coffee industry has experienced a significant rise in value and demand, with coffee prices reaching a 47-year high.
Business
Ras Al Khaimah tourism sector contributes 5 percent to GDP: Official
Ras Al Khaimah: Ras Al Khaimah seeks to welcome 3.5 million tourists annually by 2030, says Raki Philipps, CEO of Ras...
- The tourism sector's contribution toward GDP is expected to rise to one third by 2030, says CEO RAK Tourism Development Authority Raki Phillips.
- Ras Al Khaimah includes over 38,000 companies across more than 50 sectors, with businesses from over 100 countries.
Business
Vegetable oil pushes global food prices to seven-month high in Nov
Rome, Italy -- The benchmark for world food commodity prices rose in November to its highest level since April 2023,...
- Global palm oil prices climbed further amid concerns about lower-than-expected output due to excessive rainfall in Southeast Asia.
- The Sugar Price Index decreased 2.4 percent, influenced by harvest activities in India and Thailand and improved sugarcane crop prospects in Brazil following recent rains.