Parkin record-breaking IPO raises $428m
The offer was oversubscribed 165 times for all tranches combined.
Business
Business
AD Ports Group Q2 net profit $81.67m
The year-on-year growth in net profit was 59 percent.
- Capex reached AED 1.6 billion, in line with the Group’s capital investment plans to spend more than AED 15 billion across all clusters over the 2022-26 period, the statement said.
- Container volumes grew by 30 percent YoY while Ro-Ro and cruise passenger volumes continued their healthy recovery post COVID-19 disruptions.
Business
NADEC records $11m profit
The jump in profit was driven by growth in sales of dairy.
- There was a 21 percent revenue increase due to a high growth in sales of dairy and food processing
- The company had posted losses of $2.9 million in the same period last year
Business
Emaar H1 revenue 3.69 billion
H1 2022 EBITDA up 66 percent $1.6 billion.
- Q2 EBITDA up 53 percent to reach $798 million compared to $523 million in the same period of 2021.
- Emaar’s international real estate operations recorded property sales of $661 million in H1 2022 and contributed revenue of AED2.068 billion ($563 million
Business
Tadawul posts 23% fall in profit
The profit fell to $74 million in H1 in a year of record listings.
- It reported an 8.3 percent decline in revenue to $157 million, mainly due to the decrease in trading services and post-trade services
- Higher salaries and employee-related benefits further weighed on profit during the six-month period, leading to a rise of 9.8 percent in expenses to $80 million
Economy
Saudi banks disburse $537bn in loans in Q2, up by 14.2%
According to the Kingdom’s Unified National Platform, the Kingdom has been moving toward the Saudi Vision 2030 by developing the...
- The SAMA data showed that the value of Saudi banks’ aggregate loan portfolio totaled $537 billion at the end of the second quarter of 2022
- According to the Kingdom’s Unified National Platform, the Kingdom has been moving toward the Saudi Vision 2030 by developing the trade sector and ensuring its sustainability
Economy
Jordan industries’ use 24m cubic feet gas daily in 2021
The average natural gas consumption for Jordan's industries amounted to 24 million cubic feet (CF) per day during 2021, according...
- Gas production from Risha Field, eastern Jordan, reached about 6,510 million cubic feet during 2021 at a daily rate of 17.8 million cubic feet
- The capacity of Risha Field has been raised to about 32 million cubic feet per day, as Risha Wells 53, 51, 50 have entered production in 2021
Arts & Culture
Dubai Opera all set to celebrate its sixth anniversary
Dubai Opera, a destination for performing arts in Dubai, will celebrate its sixth anniversary on 31st August 2022.
- Resembling a traditional sailing vessel--Dhow--Dubai Opera has so far welcomed one million visitors since it was opened on 31st August 2016.
- Emaar Properties developed the 2000 seat arts center to host multiple performances and events including theatre, opera, ballet, and concerts,
Geostrategy
Jordan, Morocco to launch hospitality training facility
A Jordanian-Moroccan hospitality and tourism training project will be launched in the Hashemite Kingdom as part of the strategic partnership...
- The Moroccan ambassador stressed on Jordan's pivotal role in joint Arab efforts and regional issues.
- The envoy stressed on the partnerships between Jordan and Morocco in tourism, agriculture, renewable energy
Geostrategy
President invites Swiss President to visit the UAE
President of the Swiss Confederation Ignazio Cassis, has received a written message from President Sheikh Mohamed bin Zayed Al Nahyan...
- The UAE is keen on strengthening bilateral relations with Switzerland
- Sheikh Abdullah has delivered the written message of the UAE President to the Swiss President
United States not going anywhere: US envoy on XI’s Saudi visit
Amid reports of Chinese President Xi Jinping's visit to Saudi Arabia next week, U.S. President Joe Biden's administration said the...
- There has been speculation about the US's diminishing influence in the region as China and Saudi Arabia seek to strengthen their ties
- Xi Jinping could potentially meet with President Biden in November during his trip to Southeast Asia, as he said to his American counterpart
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Parkin record-breaking IPO raises $428m
The offer was oversubscribed 165 times for all tranches combined.
Business
Company News
KEZAD, Al Eskan Al Jamae merge
Business
Latest News
Dubai Islamic Bank lists sukuk
Business
Dubai Police ink deal with UAE Hockey Federation
DUBAI, UAE - The Athletes Council at Dubai Police and the UAE Hockey Federation signed an agreement (MoU) to enhance...
Arts & Culture
UAE to implement support scheme for low-income farm owners
DUBAI, UAE - The Ministry of Community Development and Etihad Water & Electricity have announced the implementation mechanism of the...
Geostrategy
UAE discusses clean energy partnerships with Germany, Netherlands
ABU DHABI, UAE - A senior UAE official of the Ministry of Energy and Infrastructure (MoEI) visited Germany and the...
Geostrategy
Most Read
Business
UAE bank investments at all-time-high of $147 bn in February
Abu Dhabi, UAE - Bank investments in the UAE hit $147 billion by the end of February, the highest level...
- Held-to-maturity securities accounted for 42.5 percent of the total investments, reaching $52.4 billion
- The bank stock investments reached $3.3 billion in February, a rise of approximately 1.7 percent
Business
UAE ministry hosts discussion on poultry industry, food security
DUBAI, UAE - UAE Ministry of Climate Change and the Environment (MOCCAE) on Tuesday organized the second National Dialogue for...
- The National Dialogue for Food Security, organized by MOCCAE, aims to discuss topics that contribute to enhance food security for UAE.
- The dialogue was also attended by poultry industry experts and representatives of various federal and local government entities.
Business
Alcoa, EGA ink supply pact
Alcoa is now EGA's largest third-party supplier of alumina.
- The agreement, spanning eight years starting in 2024, includes options that enable EGA to procure up to 15.6 million metric tonnes of alumina.
- The pact is the largest alumina supply contract ever signed between the two firms and is one of the largest in the industry, said Alcoa CEO Roy Harvey.