Dubai International Chamber attracts 31 MNCs to Dubai in H1
Dubai, UAE -- Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has announced...
Business
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
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.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Latest News
SHUAA okays MCB tranches
Business
Qatar’s real estate department records weeklong deals worth $71 million
Doha, Qatar -- Real estate sales contracts worth 251.25 million qatari riyals were registered with the emirate's Real Estate Registration...
Business
Saudi Industrial Production Index increases by 3.4 percent in Nov 2024
Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 3.4 percent in November 2024, compared to Nov...
Business
Saudi Arabia retains first rank in MENA Venture Capital funding in 2024
Riyadh, Saudi Arabia -- Saudi Arabia maintained its first rank across MENA in terms of Venture Capital (VC) funding in...
Business
Most Read
Business
DAE to acquire Nordic Aviation Capital
The terms of the transaction have not been disclosed.
- As of September 2024, NAC’s fleet comprised of 252 owned and committed assets on lease to approximately 60 airline customers in approximately 40 countries.
- On a pro forma basis, DAE Capital’s fleet will comprise of approximately 750 owned, managed and committed aircraft.
Business
PIF completes $7 billion inaugural murabaha credit facility
Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF) on Monday announced its first murabaha credit facility for the...
- The financing structure is supported by a diverse syndicate of 20 international and regional financial institutions, PIF said in a statement.
- PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.
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...
- On 22nd December 2024, the one-millionth annual air traffic movement was recorded with the arrival of Emirates Flight305 from Shanghai.
- UAE recorded over 20 percent growth in air traffic over the past two years, among the highest globally.