Abu Dhabi’s non-oil foreign trade grows by 9% in 2024 to $83bn
Abu Dhabi, UAE -- Abu Dhabi Customs reported a 9 percent increase in the emirate’s non-oil foreign trade in 2024,...
Business
ADNOC Drilling approves $788m dividend
The final cash dividend of $394m for 2024 was approved at the AGM.
Business
Business
Sharjah Islamic Bank’s profit rises 24%
Operating profit before provisions rose by 12%.
- Operating profit rose by 11.9 percent, amounting to $198 million for the 3rd quarter of 2022, compared to $178 million
- The bank recorded impairment provisions of $44 million, compared to $53 million during the last period
Analysis
UAE-UK partnership may unlock potential of clean hydrogen, boost economy, create 200,000 new jobs
The latest WGEO study is part of "our efforts to support the Dubai Clean Energy Strategy 2050 and the Dubai...
- By 2050, hydrogen is estimated to deliver more than $8.7bn annually to the UAE economy and $14.8bn GVA to the UK, says the latest WGEO report
- A UAE-UK collaboration -- involving policy, innovation, trade, and investment - has potential to create over 100,000 new jobs in each country, it adds
Economy
UAE-Egypt trade touches $67 billion in the last 22 years
The economic ties between the UAE and Egypt were strengthened this year by the signing of the Industrial Partnership for...
- The UAE is Egypt’s second leading trade partner in the region while Egypt is the fifth leading trade partner of the UAE in terms of non-oil trade
- The UAE is also the largest international investor in Egypt, with cumulative investments worth over $15 billion
Business
ADCB Q3 net profit at US$432m
The diversification of revenue streams boosted the bank's profitability.
- The bank reported a non-interest income of US$259 million (AED 952 million).
- ADCB said its operating income surged by 21 percent to reach US$955 million (AED 3.510 billion).
Infographics
UAE, Saudi pension systems improve performance on 2022 Mercer CFA Index
The 2022 Mercer CFA Institute Global Pension Index compares 44 retirement income systems against more than 50 indicators and benchmarks.
- The CFA Institute said the index highlights both the considerable diversity and the positive features present in many systems.
- The study also confirms that no pension system is perfect and that every system has shortcomings.
Business
Empower to sell 10% stake, list on DFM
Empower will make 1 bn shares, each valued AED0.10, available in IPO.
- The company said that all shares to be offered represent the sale of existing shares held in aggregate by DEWA and Emirates Power.
- The subscription period will open on 31 October 2022 and is expected to close on 7 November 2022 for the UAE Retail Investors and on 8 November 2022 for Qualified Investors.
Economy
Oman’s CPI inflation rate rises 2.4 percent in September
MUSCAT, OMAN - The inflation rate of Consumer Price Index in Oman reached 2.4 percent during September 2022. A monthly...
- The report noted prices of education group increased by 5.1 percent.
- The prices of health group and food group surged by 3.5 percent and 5 percent respectively.
Business
Aliph Capital secures $125m investment for its maiden fund from ADQ
Aliph Capital is an alternative investment firm focused on private equity investing.
- Aliph Fund I (LP) is a $250 million target private equity fund domiciled in ADGM aiming to invest in high-quality mid-sized companies in the UAE.
- Aliph Capital will seek to acquire sizeable, active positions in privately owned mid-market companies across the GCC that possess robust business fundamentals, the company said.
Business
Mubadala, KKR in $1bn capital tieup
The two firms signed a partnership to provide bespoke credit solutions.
- In APAC, KKR has deployed nearly US$3 billion in credit capital since 2019.
- The APAC credit business is part of KKR's approximately $178 billion global credit platform.
Geostrategy
UAE-Bahrain non-oil trade surges to $6.5bn in 2021
The UAE Foreign Minister stressed that the trade growth didn’t reflect the “true potential” of the two countries.
- The UAE Foreign Minister stressed that the trade growth didn’t reflect the “true potential” of the two countries
- He highlighted the importance of intensifying cooperation between the government and private sectors of the two countries
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Abu Dhabi’s non-oil foreign trade grows by 9% in 2024 to $83bn
Abu Dhabi, UAE -- Abu Dhabi Customs reported a 9 percent increase in the emirate’s non-oil foreign trade in 2024,...
Business
Company News
Latest News
Sukoon Insurance sets up OIWSS
Business
Sharjah records real estate transactions worth US$980m in October 2023
SHARJAH, UAE – A total of 3,798 transactions were conducted here in October 2023 across various regions of the emirate,...
Business
Saudi to host joint Arab-Islamic summit on Gaza crisis
Riyadh, Saudi Arabia - Saudi Foreign Ministry said on Saturday that the Kingdom will hold a joint Arab Islamic extraordinary...
Geostrategy
Most Read
Business
BCCI yet to hear officially about Saudi interest for stakes in IPL
NEW DELHI, INDIA - Recent reports of Saudi Arabia expressing an interest in buying a stake in the Indian Premier League...
- The plan is being seen as another move by the oil-rich kingdom to be the biggest ‘soft power’ in the West Asian region.
- Saudi Arabia is now the sole bidder for the 2036 FIFA World Cup and the Saudi Pro League boasts the crème de la crème of global footballers
Business
DEWA Q3 2023 revenue $2.5bn
The revenue was driven by demand for electricity, water.
- For January-September 2023, DEWA’s consolidated revenue totalled US$6 billion with an operating profit of US$1.8 billion.
- By the end of Q3 2023, DEWA’s net cash from operating activities increased by a robust US$205 million to US$2.6 billion.
Economy
OFID’s US$25.5m loan to strengthen vocational education in Benin
VIENNA, AUSTRIA - The OPEC Fund for International Development (OFID) is extending a US$25.5 million loan to the Government of...
- The project includes the rehabilitation of school facilities and a quality enhancement of the technical vocational education program.
- It is aligned with a government program to tackle youth unemployment and reduce the size of the informal sector.