UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
Geostrategy
Situation in Red Sea has a limited impact on food exports so far, says FAO
ROME, ITALY – The situation in the Red Sea has not yet been reflected in the pace of prices for...
Economy
Business
Agthia’s profit surges 74%
Group net profit attributable to shareholders rose to $32m.
- The period ending June 30, 2022 saw a 51 percent year-on-year growth in net revenues compared with the same period in 2021
- Group net profit attributable to shareholders grew to AED 118 million ($32 million) for the period, a 74 percent increase relative to H1 2021
Business
ADNOC Drilling gains 2 contracts
The company will hire eight jack-up offshore rigs.
- The contracts, valued at $1.5 billion (AED 5.6 billion) and $1.9 billion (AED 7 billion), awarded by ADNOC Offshore.
- These will support the expansion of ADNOC’s crude oil production capacity to 5 million barrels per day by 2030 and enable gas self-sufficiency for the UAE.
Business
Amanat Holdings profit up 7%
The company posted H1 income of $26.33m.
- This income is on an adjusted basis, excluding the prior year's gain on sale and trading results from divested entities.
- In H1 2022, Amanat's healthcare platform continued to record strong year-on-year growth.
Business
Ethiopian delegation visits Dubai to explore digital services
An Ethiopian delegation of 10 members, comprising decision-makers from the public and private sector, visited Dubai Chambers between July 25-...
- The delegates sought to review Dubai’s success in digital services, and discuss creating potential business partnerships
- The visit included signing deals supporting the Digital Ethiopia 2025 strategy, and exchanging knowledge and expertise.
Business
DAE posts H1 profit of $140.1m
Its profit increased 186 percent in first six months of 2022
- Dubai Aerospace Enterprise reports 186% growth in profit in the first six months of 2022
- DAE says cash flows from operating activities increased by 36 percent to $678.5 million.
Economy
UAE citizens’ housing gets help of over $6.8bn in 2022
The UAE’s citizens' housing segment in 2022 achieved significant regulatory progress and received massive financial allocation for federal, local plans...
- The UAE’s citizens' housing segment in 2022 achieved significant progress and got massive financial aid for federal and local plans
- On May 9, the Cabinet adopted a federal housing loan policy to provide loans via partnerships with private sector and national banks.
Business
Aramco, SABIC receive world’s first blue hydrogen, ammonia certification
Saudi oil giant Aramco and SABIC Agro-Nutrients Company have obtained the world's first independent certifications recognizing the production of blue...
- TUV Rheinland, a system testing, inspection and certification services provider based in Germany, awarded these certifications to SABIC Agri-Nutrients Company in Jubail.
- SASREF, a wholly owned subsidiary of Saudi Aramco, produced 8,075 tons of blue hydrogen.
Geostrategy
UAE, Egypt discuss money laundering, terrorist financing
The heads of UAE and Egypt's anti-money laundering and counter terrorism financing and the UN's representative for drugs and crime...
- The heads of UAE and Egypt's anti-money laundering and counter terrorism met to discuss cooperation in counter terror measures
- The two sides reviewed the most prominent regional developments and coordination between the two countries
Business
Bupa Arabia’s profit dips by 16%
Its stock fell after it posted a drop in profit to $114m in H1.
- The company saw a big jump in payouts to $259 million on claims incurred during the six-month period
- The Saudi-based insurer said the decrease in profit was caused by a drop of 12.3 percent in underwriting income
Business
TECOM H1 profit jumps 43%
Revenue for the first half of 2022 increased 16%.
- Revenue for the first six months of 2022 increased 15.8 percent year-on-year (YoY) to AED989 million on increase in occupancy rates
- The EBITDA, or the earnings before interest, taxes, depreciation, and amortisation, for the first half of 2022 grew 22.4 percent YoY to AED723 million
UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
Geostrategy
Company News
Latest News
Ajman real estate transactions reach $930 million in first quarter
Ajman, UAE - Total real estate transactions in Ajman in the first quarter (Q1) of 2023 totaled AED3.4 billion ($930...
Business
ADDED ink deal with Wio Bank to aid SMEs growth
ABU DHABI, UAE - The Abu Dhabi Department of Economic Development (ADDED) and Wio Bank announced on Tuesday that would...
Business
Up to $1.7 trillion investment needed for green aviation goals
To meet the estimated energy demand from hydrogen and electric aircraft in 2050 would require the amount of energy produced...
Economy
Most Read
Science
UN chief calls for protection of biodiversity on International Mother Earth Day
NEW YORK, US - UN Secretary-General António Guterres issued a statement calling for urgent action to protect the environment and...
- The UN chief highlighted the crucial relationship between humanity and the natural world.
- He called for deeper and faster emissions cuts to limit global temperature rise to 1.5 degrees Celsius.
Geostrategy
Best chance for peace in Yemen in eight years, says UN envoy
Yemen faces its best chance to strike a peace deal since the country's civil war started over eight years ago,...
- The Arabian Peninsula country is one of the poorest in the Middle East, and has been devastated by the war, which started in 2014.
- The government and the rebels have exchanged nearly 900 prisoners in recent days, as hopes grow for peace.
Business
Dubai records $450 million in real estate transactions: DLD
Dubai, UAE - Dubai's real estate market recorded real estate deals worth AED1.8 billion on Monday, Dubai Land Department said....
- The sales included 447 villas and apartments worth AED910.14 million ($247.84m), and 49 land plots worth AED756.08 million ($205.87m).
- The mortgages included 88 villas and apartments worth AED145.7 million ($39.68m) and 19 land plots valued at AED23.35 million ($6.36m).