Media’s Role in the Age of Algorithms
In a world where 5 billion people are active on social media, our digital voices shape culture, foster belonging, and...
Opinion
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.
Arts & Culture
Abu Dhabi SeaWorld named world’s largest indoor marine-life theme park
Abu Dhabi, UAE -- SeaWorld Yas Island, Abu Dhabi, has been recognized as the largest indoor marine life theme park...
- Covering a sprawling expanse of over 183,000 square meters and spanning five indoor levels, this facility stands as the inaugural marine life theme park in the region.
- The marine life theme park has been certified by Global Humane, the world's foremost certifier of animal welfare standards.
Business
Empower okays S115.7m dividend
The company has already disbursed dividends for H1 2023
- Empower, listed on the Dubai Financial Market, achieved record-high revenue of AED 3.035 billion for 2023.
- The company anticipates a minimum dividend payout of AED850 million annually during the first two fiscal years post-listing on the DFM
Media’s Role in the Age of Algorithms
In a world where 5 billion people are active on social media, our digital voices shape culture, foster belonging, and...
Opinion
Company News
SHUAA okays MCB tranches
Business
Latest News
ADNOC Drilling closes JV
Business
UAE aviation sector’s 2024 milestone: 1 million air traffic movements
Abu Dhabi, UAE -- The United Arab Emirates (UAE) achieved a milestone in the aviation industry as it surpassed 1...
Business
All six lines of Riyadh Metro are now operational
The Royal Commission for Riyadh City (RCRC) announced that the phased rollout of Riyadh Metro culminated as of Sunday, Jan....
Saudi PMI falls to 58.4 in Dec as non-oil private sector improves
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
Business
Most Read
Geostrategy
Israeli invasion destroys 90% of Gaza livestock, poultry farms
Gaza, Palestinian Territories - The Israeli forces have decimated 90 percent of 2,500 poultry and cattle farms in Gaza during...
- A million turkeys distributed across 150 farms, were culled, in addition to 80 percent of the total domestic poultry population, estimated to be 300,000 birds.
- Israeli forces destroyed 90 percent of the 100 cattle farms, which were breeding 50,000 calves annually, and culled 2,200 cows in 400 farms.
Business
Emirates’ first A350 takes flight
The airline operated the inaugural flight from Dubai to Edinburgh.
- The aircraft, featuring Emirates' latest cabin products, is the first of 65 A350s joining the airline's fleet over the coming years.
- Emirates has configured its A350 to provide three cabin classes, accommodating 312 passengers in 32 next-generation Business Class lie-flat seat.
Geostrategy
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...
- As of mid-Dec, the Shelter Cluster, a coordination group of UN, international and local humanitarian, estimates at least 945,000 still urgently need winterization assistance.
- IOM has delivered nearly 180,000 emergency shelter items to partners inside Gaza since mid-November and has over 1.5 million more winter supplies.