UAE launches first legally established financial ombudsman unit
Abu Dhabi, UAE – Sanadak, UAE's and MENA region's first legally established independent Ombudsman Unit catering to consumers of financial...
Business
Business
Ghitha Q2 profit $21.95 million
The profit surged by 471% compared to Q1 2021
- The firm’s revenue reached AED576 million, a growth of 276 percent, soaring up from AED153 million in Q1-2021.
- The company's total assets crossed AED4.1 billion for the first half of 2022, compared with AED1.4 billion for the year ending 2021.
Fertiglobe revenue up 105%
The EBITDA grew 155 percent to $770 million in Q2 2022
- The EBITDA grew 155 percent to $770 million compared to Q2 2021
- Free cash flow rose to $789 million in Q2 2022 from $328 million in Q2 2021
Business
Aramco buys Valvoline’s petro unit
The Saudi oil giant acquired the company for $2.65bn.
- With the acquisition, Aramco deepens a bet on the long-term demand for petrochemicals
- The oil giant has been expanding its presence in the sector, known as downstream, and bought petrochemical maker Saudi Basic Industries Corp in 2020
Business
e& HI profit up 2.5%
The company’s consolidated revenues reached AED 26.3bn.
- The company’s consolidated revenues reached AED 26.3 billion, an increase of 3.8 percent over the corresponding period last year at constant exchange rates
- Consolidated EBITDA remained steady in reporting currency at AED 13.4 billion, while it increased by 4.1 percent in constant currency, resulting in an EBITDA margin of 51 percent
Business
Chimera Capital unveils new ETF
The Income Share Class B fund will be listed on ADX.
- The fund is a physical, in-kind, liquid and fully fungible exchange-traded fund (ETF), and will track the performance of Türkiye-listed, Shariah-compliant securities
- The index is provided by S&P Dow Jones Indices and tracks the performance of the most liquid Shariah-complaint stocks listed on the Borsa Istanbul
Economy
UAE plays pivotal role in securing global energy supplies: OPEC Secretary-General
Al Ghais said an action plan will be developed in consultation with the OPEC member states and technical committees, in...
- Al Ghais said an action plan will be developed in consultation with the OPEC member states and technical committees, in line with OPEC's long-term strategy
- He said that December 2022 will mark six years since the conclusion of the OPEC+ agreement, of which the UAE is a pivotal part
Business
Swvl drops plan to buy Zeelo
The agreement was broken off due to a market downturn.
- The $100 million acquisition plan has been terminated because of a market downturn
- Swvl has recently announced a 30 percent reduction in headcount as part of plans to achieve profitability by 2023
Infographics
Dubai most transparent Arab real estate market
The emirate was ranked 31st in the world on the Global Real Estate Transparency Index 2022, which is based on...
- The 2022 edition includes 254 individual indicators to assess market transparency across 94 countries and territories and 156 cities globally.
- JLL said it is an essential guide for companies operating in foreign markets.
Economy
Panel to steer development of digital ecosystem in UAE formed
The United Arab Emirates has formed a committee that aims to supervise and guide the development of the digital ecosystem...
- The committee will also enhance readiness, competitiveness, flexibility and digital alignment between projects and digital systems in federal government agencies.
- Ohood Khalfan Al Roumi, Minister of State for Government Development and The Future, will chair the committee.
Business
NFT cumulative trading volume exceeds $65bn in Q2 2022
According to the data from TradingPlatforms.com, the total volume of Non-Fungible Tokens (NFTs) exchanged recently surpassed 20 million ether (ETH)...
- The total volume of Non-Fungible Tokens, a cryptographic asset which is unique, surpassed 20 million ether (ETH) - a cryptocurrency - in Q2 2022
- The NFT market is expected to increase at a compounded annual growth rate of 35 percent.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
UAE launches first legally established financial ombudsman unit
Abu Dhabi, UAE – Sanadak, UAE's and MENA region's first legally established independent Ombudsman Unit catering to consumers of financial...
Business
Company News
Latest News
IMF approves $5bn under flexible credit line for Morocco
Washington, USA - International Monetary Fund (IMF) approved SDR 3.7262 billion ($5 billion) on a two-year arrangement for Morocco under...
Economy
Prominent firms in DIFC to tap into wealth across region
DUBAI, UAE - Over 300 prominent wealth and asset management (WAM) firms have established themselves in Dubai International Financial Center...
Business
Abu Dhabi sees 40 percent drop in labor dispute cases
ABU DHABI, UAE - Labor disputes in Abu Dhabi plunged by 40 percent in 2022 compared to the same period...
Business
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Arts & Culture
UAE highlights ways to enhance education system at UK meet
DUBAI, UAE - A UAE group highlighted its technological programs and initiatives aimed at boosting the educational system and reviewed...
- The UAE emphasized the significance of the event to explore the future of EdTech and ways to benefit from its applications.
- It has launched initiatives that attract international academic expertise to improve the integrated educational model.
Science
Dubai Chamber reviews software development, Artificial Intelligence sector
DUBAI, UAE - Dubai Chamber of Digital Economy highlighted software development and artificial intelligence (AI) industry in its 10th session...
- Various executives, business leaders and experts of the digital industry discussed at length the challenges and opportunities present in the sector
- Dubai aims to become a top destination for global digital investment and tech talent and is attracting software development professionals,
Economy
Miami to host next edition of Global Priority Summit in 2024
According to FII CEO Richard Attias, the report on the Global Priority Summit will be ready by October 2023, and...
- The summit emphasized the significance of motivation and collaborative efforts as crucial factors for the achievement of Saudi Arabia's Vision 2030
- The FII CEO Richard Attias noted that what made the global conversation at the Miami Summit remarkable was that all speakers mentioned Saudi Arabia as a standard model