Emaar to pay $2.39bn dividend
Business
Aramco acquires stake in BHIG
Business
ADNOC L&S okays $273m dividend
Business
Business
SHUAA okays MCB tranches
The two tranches will be converted into equity at the earliest opportunity.
- The first tranche, valued at up to AED150 million, will be offered to existing shareholders through a private placement.
- The second tranche, valued at up to AED275.5 million, will be offered to holders of existing bonds issued by a SHUAA-related special-purpose entity under the same conversion terms.
Business
Mubadala acquires stakes from GHH
It acquired an 80 percent stake in Global Medical Supply Chain.
- Founded in 2015, GMSC provides comprehensive end-to-end supply chain services for medical products, including demand planning, procurement and logistics.
- IDS, established in 1987, stands as one of the leading distributors of pharmaceutical and consumer healthcare products in the UAE.
Business
AD Ports Group secures $2.125 billion refinancing deal
The move aims to optimize financing costs.
- The deal is also aimed at extending the facility’s maturity to 2028, with an option to extend further until 2030.
- The increased facility, which was oversubscribed 2.5 times, will be used to support the Group’s short and medium-term growth objectives.
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...
- This stolen amount represents a 21 percent year-on-year increase
- Private key compromises accounted for the largest share of stolen crypto in 2024, at 44 percent
Geostrategy
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,...
- China drives global coal demand to new heights, consuming 4.9B tons in 2024—over 30% more than the rest of the world.
- The IEA's "Coal 2024" report predicts the world will hit peak coal in 2027 after topping 8.77 billion tons this year.
Business
ADNOC Drilling closes JV
It is a JV between ADNOC Drilling, SLB and Patterson UTI.
- ADNOC Drilling holds a 55 percent majority equity stake, SLB, the world's largest oilfield services provider, holds a 30 percent equity stake and Patterson-UTI 15 percent.
- Turnwell announced the acceleration of its initial 144 unconventional wells earlier this year, following the successful operational startup.
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.
Business
ADNOC signs deal with PETRONAS
Under the agreement, ADNOC will supply 1m tons of LNG per year.
- The LNG will primarily be sourced from the Ruwais LNG project, which is currently under development in Al Ruwais Industrial City, Abu Dhabi.
- Deliveries are expected to start in 2028 upon commencement of its commercial operations.
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Emaar to pay $2.39bn dividend
Business
Aramco acquires stake in BHIG
Business
ADNOC L&S okays $273m dividend
Business
OpenAI files counterclaims against Musk as feud deepens
San Francisco, United States -- Artificial intelligence giant OpenAI has filed counterclaims against multi-billionaire Elon Musk, accusing its former co-founder...
Business
47 global firms interested in developing 7th phase of Al Maktoum solar park
Dubai, UAE -- A total of 47 international companies have shown interest in developing the seventh phase of the Mohammed bin...
Business
$20 million rare blue diamond goes on show in Abu Dhabi
Abu Dhabi, United Arab Emirates -- A rare blue diamond valued at $20 million went on pre-auction display on Tuesday...
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Business
Qatar’s Producer Price Index for Feb down 0.33 percent year-on-year
Doha, Qatar -- Qatar's general Producer Price Index (PPI) for the industrial sector for February recorded 114.01 points, showing stability...
- The PPI for the industrial sector is composed of four main sectors: mining and quarrying, which accounts for 82.46 percent of the index.
- On an annual basis, the index for this sector fell by 0.42 percent, attributed to the same decline in oil and gas extraction.
Business
Emaar to pay $2.39bn dividend
The company had posted $19bn in property sales for 2024.
- Emaar’s revenue backlog from property sales exceeded AED110 billion (US$30 billion), supporting future revenue generation.
- Total revenue for 2024 reached AED35.5 billion ($9.6 billion), marking a 33 percent year-over-year increase.
Business
Aramco acquires stake in BHIG
The 50% equity interest in BHIG is Aramco-APQ joint venture.
- The agreement brings together experts in their respective fields to provide the Jubail Industrial City area with hydrogen, including lower-carbon hydrogen, at scale.
- BHIG is expected to commence commercial operations to produce blue hydrogen in coordination with Aramco's carbon capture and storage (CCS) activities in Jubail.