FAB issues first Sukuk globally in 2024
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) has issued a five-year US$800 million Sukuk at US Treasury +85bps,...
Business
Business
DP World owns 28% of the market in India’s ports sector
In Chennai and Hyderabad, DP World is the only operator with a presence in three major Indian ports.
- In Chennai and Hyderabad, DP World is the only operator with a presence in three major Indian ports
- DP World is a leading company in managing container ports in India and has invested nearly US$500 million in a joint venture with the NIIF
Business
DEWA posts AED691m profit
It posted 15% jump in revenue for Q1 to AED5.068 billion.
- Rise in hospitality and commercial activities in Dubai, in part due to the easing of Covid-related restrictions worldwide, has contributed to the robust demand growth
- DEWA currently provides its services to 3.5 million Dubai residents and the Emirate's active daytime population of over 4.7 million
Business
AD Ports Q1 revenue up 15 percent
Net profit was up 41 percent year-on-year to AED306 million.
- Total assets and total equity reached AED34.085 billion and AED17.770 billion, respectively, at the end of Q1 2022.
- Adjusted EBITDA for the period increased by 34 percent year-on-year to AED524 million.
Business
Elon Musk puts his bid to buy Twitter ‘on hold’
Elon Musk said he is putting his bid to buy Twitter on hold, a few weeks after agreeing to take...
- The sharp rise in the price of Tesla shares before the opening bell Friday singled rising doubts that the acquisition of Twitter will take place
- Money from the new investors cuts the amount borrowed on the value of Tesla stock to $6.25 billion, according to the filing
Geostrategy
Jordan king meets US national security adviser
The meeting, attended by Crown Prince Al Hussein bin Abdullah II, discussed enhancing the strategic partnership between Jordan and the...
- The meeting, attended by Crown Prince Al Hussein bin Abdullah II, discussed enhancing the strategic partnership between Jordan and the US
- Discussions also addressed regional issues, and ways to reach political solutions to regional crises
Business
TAQA Group’s Q1 income up 37%
The company reported financial results for 3 months ended March 31
- The company delivered strong performance underpinned by its contracted utilities businesses and boosted by higher commodity prices
- The Group revenues increased to AED 12.4 billion, 20 percent higher than the prior-year period, primarily due to higher commodity prices within the Oil & Gas segment
Business
Amanat reports 39% growth
Amanat recorded a total income of AED46.9 million
- The company recorded total income of AED 46.9 million, an increase of 40 percent on the AED 33.5 million recorded in Q1-2021
- Adjusted net profit rose to AED32.1 million in the quarter, a 39 percent increase on the AED23.1 million reported in the same quarter of the last year
Business
Fertiglobe revenue grows by 118 percent
The company raised its H1 2022 dividend guidance to at least $700 million.
- Adjusted net income in Q1 2022 was $361 million, increasing by 332 percent year-on-year.
- In March, Fertiglobe was announced as a founding constituent of the FTSE Russell ADX 15 Index.
Business
Emirates, Jafza sign MoU
They will explore ways to offer travel incentives to SMEs.
- The MoU was signed by Dina Al Herais, Emirates’ Vice President, Commercial Products, B2B Corporate & Leisure, and Ebtesam Ahmad Alkaabi, Head of Sales, Jafza Sales.
- Emirates currently has over 20,000 SMEs enrolled in its Business Rewards program.
Business
Abu Dhabi’s global tech ecosystem Hub71 accepts 16 startups
Hub71, Abu Dhabi’s global tech ecosystem, has accepted 16 startups to join its community. By launching operations in Abu Dhabi,...
- The accepted cohort includes early-stage startups with diverse representation from leading international tech hubs including the UK, USA and South Korea.
- Accepted in the cohort is UAE-founded Letswork, an app that allows members to book workspaces and work remotely.
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FAB issues first Sukuk globally in 2024
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) has issued a five-year US$800 million Sukuk at US Treasury +85bps,...
Business
Company News
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Will Gulf economies expand despite global woes?
Thanks to a strong rebound in domestic activities and higher oil prices, the latest IMF report suggests the GCC economies...
Infographics
Commemoration Day enhances loyalty to nation, says UAE President
ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan has said that November 30 is a day that...
Geostrategy
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Economy
EU spent €15.2bn on imports of green energy products last year
The trading bloc also exported green energy products worth €6.5 billion to countries outside the EU.
- The trading bloc also exported green energy products worth €6.5 billion to countries outside the EU
- The EU imported €11.2 billion worth of solar panels and €3.4 billion worth of liquid biofuels from countries outside the bloc
Economy
GCC banks earned $18.6bn in interest income in Q3: Kamco
During Q3-2022, non-interest income declined to a four-quarter low of $7.4 billion as compared to $7.8 billion during Q2-2022.
- During Q3-2022, non-interest income declined to a four-quarter low of $7.4 billion as compared to $7.8 billion during Q2-2022
- The aggregate GCC gross banking loans reached a new record of $1.93 trillion, increasing by 1.2 percent or $23.5 billion during the quarter
Business
Aldar partners with Nobu to develop luxury hotel on Saadiyat Island
Abu Dhabi, UAE— Aldar Properties has partnered with Nobu Hospitality to launch a new luxury hotel, branded residences, and a...
- The agreement will see Aldar develop the 5-star hotel featuring 165 luxurious guest rooms and suites, including the stunning rooftop Nobu Villa
- The planned development includes the first branded Nobu Residences in the Middle East and the second worldwide, offering high-end, multi-bedroom sea view residences