SeaWorld Yas Island, Abu Dhabi wins Guinness World Records
ABU DHABI, UAE – SeaWorld Yas Island - the region’s first Marine Life Theme Park here -, has won a...
Arts & Culture
Economy
MoCCAE discusses food security with feed manufacturers in UAE
UAE's Ministry of Climate Change and Environment (MoCCAE) hosted a meeting with licensed feed manufacturers in the country to explore...
- UAE's Ministry of Climate Change and Environment hosts a meeting with licensed feed manufacturers to talk of enhanced food production
- Participants highlight the importance of modern technologies in feed production and to adhere to the highest safety standards
Economy
CBUAE’s Financial Stability Report lists steps taken to help economy
The Central Bank of the United Arab Emirates has issued its Financial Stability Report for 2021, which outlines the measures...
- Among the steps were CBUAE's gradual exit strategy from the Targeted Economic Support Scheme as the UAE economic recovery commenced
- The CBUAE also conducted risk-based supervision and solvency and liquidity stress tests to assess potential vulnerabilities.
Business
DEWA H1 2022 revenue is $3.3bn
DEWA's net profit in H1 2022 is US$898 million
- In H1 2022, DEWA's revenue is US$3.3 billion (AED12.08 billion), and net profit is US$898 million (AED3.30 billion).
- DEWA's first half revenue increase of 15 percent to $3.3 b (AED12.08 b) was mainly driven by an increase in demand.
Business
IHC acquires stake in Kaylon
The 50 percent stake was acquired for $490m.
- Kalyon Enerji is owned by the giant Turkish group Kalyon Holding, which operates in the Construction, Energy and Aviation industries.
- The acquisition comes four months after its AED7.3 billion investment in Indian conglomerate Adani Group- green energy-owned companies.
Business
Dubai Clear and Muqassa to cooperate in central clearing services
Dubai Clear, a subsidiary of the Dubai Financial Market (DFM), and the Securities Clearing Centre Company "Muqassa", a subsidiary of...
- The two sides signed a Memorandum of Cooperation that also stresses knowledge sharing.
- Under the agreement, the two sides also agreed to organize training and events.
Business
Savola sells KEC stake for $122m
Savola wants to focus on core food and retail businesses.
- The company said it wants to focus on investing in its main operations in the food and retail sectors, while ending investments in non-core businesses
- Knowledge Economic City’s shares ended Wednesday’s trading session 6.12 percent higher at SR14.56
Jordan, Canada talk cooperation, regional developments
Safadi lauded Canada's efforts to support the Kingdom's development process and help Jordan face economic challenges
- Safadi lauded Canada's efforts to support the Kingdom's development process and help Jordan face economic challenges.
- The two ministers reviewed a number of regional and international issues of common interest and efforts to resolve the region's crises
Business
Aramex H1 profit is $0.75 bn
The company sustains a very healthy liquidity profile.
- On a group level, GP margins remained stable over six-month period, driven by accelerated growth in the Logistics and Freight-Forwarding business
- Aramex's strong balance sheet will support the company's growth strategy, including investments in digital and technological infrastructure
Business
Dana Gas posts $110m profit
The better results were driven by high hydrocarbon prices.
- The company said that its profitability was driven by elevated hydrocarbon prices, in addition to the company's commitment to maintaining a low-cost base in Kurdistan
- The company's board expects to maintain its semi-annual dividend payment in keeping with its dividend policy
Business
SAMI revenue vaults to $605m
The Saudi firm says weapons business fueled growth.
- The firm has made it to the list of the 100 largest defense companies for the year 2022
- The kingdom has been consolidating companies within SAMI to achieve a 50 percent technology transfer target
SeaWorld Yas Island, Abu Dhabi wins Guinness World Records
ABU DHABI, UAE – SeaWorld Yas Island - the region’s first Marine Life Theme Park here -, has won a...
Arts & Culture
Company News
Latest News
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.