Dar Alarkan 2024 profit up 32%
The company's net profit increased by 81.5 percent in Q4 2024.
Business
Business
Presight net profit $155m
The net profit grew by 5.1 percent to $155 million.
- The company said the financial results were underpinned by major domestic project deployments throughout the year and more so in the last quarter of the year.
- Presight listed on the Abu Dhabi Stock Exchange on March 27, 2023, with an offering, excluding its corner stone investor, that was oversubscribed 136 times.
Business
Dubai Land Department records $172bn in realty deals in 2023
Dubai, UAE -- The Dubai Land Department (DLD) records an all-time high of 1.6 million transactions worth AED 634 billion...
- Real estate investments' value grew by 55 percent during the same period, reaching approximately AED 412 billion.
- There were 157,798 investments attributed to 113,655 owners, including 71,002 new investors, indicating a 20 percent increase.
Business
ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
- The company said it successfully delivered on the five-year target it communicated to the market during its first Capital Markets Day in May 2019.
- The company recommended a dividend of $350 million for the second half of 2023.
Geostrategy
Halting funding to UNRWA perils Middle East stability: Arab League
Cairo, Egypt -- The potential termination of the UN Relief and Works Agency for Palestine Refugees in the Near East...
- According to the Arab League secretary general, "the desire of some countries to exclude the role of UNRWA by suspending its funding is a moral, humanitarian and security mistake."
- He said this "dangerous trend" is consistent with the position of right-wing parties in Israel, which have always sought and are still seeking to limit UNRWA's activities.
Geostrategy
4,895 students killed, 400 schools damaged in Palestinian territories
The Palestinian Ministry of Education said more than 4,851 students were killed by Israeli forces in Gaza, while 8,227 others...
- The Ministry said that 239 teachers and administrators were killed and 836 were injured in the Gaza Strip and six were injured and more than 71 detained in the West Bank.
- Nearly 90% of government school and education buildings were directly or indirectly damaged, while 29% were damaged to an extent that they are not operational anymore.
Business
Maqta acquires stake in Dubai Technologies
The majority stake was acquired for $7.6 million.
- The founder will retain a 40 percent stake in the company, and the existing leadership team will remain in management to deliver on the strategic growth plans.
- The company's FY2023 financial performance recorded revenues of AED70.5 million and EBITDA of AED8.4 million.
Business
Saudi, UAE ‘prior’ countries for Russia’s inbound tourism push
Moscow, Russia -- China, India, Iran, the United Arab Emirates (UAE) and Saudi Arabia will become prior countries for Russia...
- In 2024, attention will be given to five prior countries: China, India, Iran, the UAE, Saudi Arabia, said Director General of the Center for Strategic Research Pavel Smelov.
- "It is expected that by 2030 the implementation of the concept presented will result in the annual flow of 16 million foreign tourists," he said.
48 Middle East and North Africa IPOs raise $10.7bn in 2023: Report
Five listings, mainly in the energy and logistics sectors, contributed 58 percent towards the total IPO proceeds raised, said the...
- During Q4 2023, 19 IPOs raised US$4.9bn in proceeds. ADES Holding Company raise the most funds and contributed 25% to the overall IPO in Q4.
- Saudi Arabia dominated IPO activity in the region with 14 of the 19 listings in Q4 2023. ADES was the biggest with US$1.2bn in proceeds.
Arts & Culture
25,000 fragments of early Islamic era artifacts discovered in Saudi
Jeddah, Saudi Arabia -- As many as 25,000 fragments of artifacts dating from the early Islamic era, the first two...
- The discovery was announced by the Jeddah Historic District Program, in collaboration with the Heritage Commission.
- The project aims to preserve national antiquities and archaeological sites, uncover the rich history of the Kingdom, and promote historic Jeddah as a cultural destination.
Business
Mubadala invests in Manipal Health
Manipal Health offers multispecialty care through 30 hospitals.
- Temasek, a Singapore-headquartered global investment company, will continue to hold a majority stake in Manipal.
- Employing more than 5,000 doctors, the company is India’s second-largest hospital chain by number of beds.
Company News
Latest News
World merchandise trade to rise by 2.7% in 2024: Global Trade Outlook
There was a 2.3% year-on-year increase in the first half of 2024 and WTO economists anticipate the volume will increase...
Economy
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Business
AviLease acquires 9 aircraft from Avolon
AviLease had purchased 13 aircraft from Avolon in 2023.
- AviLease aircraft portfolio now comprises 167 owned aircraft, including purchase commitments, and 23 managed aircraft on lease to 48 airlines globally.
- AviLease said the acquired portfolio offers attractive yields and further contributes to the diversification of its portfolio.
Business
US considering Google breakup following monopoly ruling
The US Department of Justice (DOJ) made recommendations for Google’s search engine business practices on Tuesday, according to US media....
- Structural remedies that would prevent Google from using products such as Chrome, Play, and Android
- Google will likely appeal, drawing out the process potentially for years
Business
ADNOC L&S to pay $136.5m dividend
This is equivalent to 6.78 fils per share, the company said.
- The Company intends to distribute a total dividend amount of $273 million (AED1,002.6 million) for the full year.
- The H1 2024 dividend will be paid to shareholders who own ADNOC L&S shares on the record date of 17th October 2024.