Dubai completes 30% of dedicated bus and taxi lanes expansion project
Dubai, UAE -- Dubai's Roads and Transport Authority (RTA) has completed 30% of a project to build 14.5 km of...
Geostrategy
AD Ports launches UAE-Iraq integrated logistics service
Dubai, UAE -- AD Ports Group has launched an integrated logistics service linking the UAE's Khalifa Port with Iraq's Umm...
Business
Business
Abu Dhabi’s real estate transactions reach $4.32 billion in first quarter
Abu Dhabi, UAE -- The value of real estate transactions in Abu Dhabi reached AED 15.9 billion ($4.32 billion) during...
- The emirate logged 2,919 sales and purchases transactions in Q1 2024 totaling over AED 9.6 billion.
- DARI data showed that Abu Dhabi recorded about 2,208 mortgage deals during Q1, with a total value of AED 6.3 billion.
Business
Aramco awards $7.7bn contracts for Fadhili Gas Plant expansion
Dhahran, Saudi Arabia – Saudi energy giant Aramco Tuesday awarded engineering, procurement and construction (EPC) contracts worth $7.7 billion for a...
- The project is expected to increase the plant’s processing capacity from 2.5 to up to 4 billion standard cubic feet per day (bscfd).
- This additional 1.5 bscfd capacity is expected to contribute to the company’s strategy to raise gas production by more than 60 percent by 2030, compared to 2021 levels.
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.
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Dubai completes 30% of dedicated bus and taxi lanes expansion project
Dubai, UAE -- Dubai's Roads and Transport Authority (RTA) has completed 30% of a project to build 14.5 km of...
Geostrategy
Company News
Alujain widens 2025 loss
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Masar 2025 net profit $262m
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Trump claims war powers law doesn’t apply as Iran hostilities ‘terminated’
US President Donald Trump has told Congress that he does not need authorisation for military action against Iran, arguing that...
Geostrategy
Khamenei signals Iran control over Strait of Hormuz, rejects US role
Iran’s supreme leader Ayatollah Mojtaba Khamenei has issued a strong statement asserting that the United States should have no role...
Geostrategy
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Business
TECOM profit climbs
High occupancy across assets boosts earnings.
- TECOM lifted recurring profit as occupancy, rental rates and cost discipline strengthened margins.
- Commercial and industrial portfolios remained nearly full, supporting resilient cash flow and customer retention.
Business
Emirates Stallions Q1 revenue up 11%
The rise helped by strong demand in real estate
- Rotana Residences sold out before launch, underscoring strong demand for branded Abu Dhabi housing.
- Operating profit before tax jumped 32% to 79 million dirhams, reflecting efficiency gains across the group's core businesses.
Geostrategy
Gas prices surge as Iran tensions roil energy markets
The Wall Street Journal reported that U.S. officials said President Donald Trump had instructed aides to prepare for a sustained...
- European gas prices surged over 5% as fears mounted over prolonged disruption to Iranian exports and shipping.
- TotalEnergies delayed restarting Middle East output, while Europe moved to shield industries from spiralling energy costs.