Ahli Islamic signs agreement with AAOIFI to support Islamic banking
MUSCAT, OMAN - As part of its ongoing efforts to support the Islamic banking industry, ahli Islamic signed a Memorandum...
Business
Over 12m people visit Riyadh Season in 60 days
RIYADH, SAUDI ARABIA - Two months after their launch, on October 11, 2023, Riyadh Season events had already attracted 12...
Arts & Culture
Geostrategy
UAE, Rwanda sign economic, technical cooperation agreement
The two sides reviewed their relations during the visit of the UAE Minister of State Sheikh Shakhboot bin Nahyan bin...
- The two sides reviewed their relations during the visit of the UAE Minister of State Sheikh Shakhboot bin Nahyan bin Mubarak Al Nahyan to Kigali
- the two sides reviewed the prospects for boosting investment and economic cooperation and accelerating projects
Business
Abu Dhabi’s realty transactions exceed Dh11.3b in Q1 2022
The transactions included the buying, selling, and mortgages of all types of lands, buildings, and real estate.
- The transactions included the buying, selling, and mortgages of all types of lands, buildings, and real estate
- Yas Island topped the list with AED1.2 billion in real estate transactions, followed by Al Saadiyat Island with AED673 million
Business
Altaaqa and TotalEnergies to set up EV charging ports in KSA
Altaaqa of Saudi Arabia and TotalEnergies of France have teamed up to establish charging stations for electric vehicles in the...
- Under the Altaaqa EV brand, the companies will offer end-to-end solutions for the development of the stations
- The move will help Saudi Arabia in its bid to achieve net-zero carbon emissions by 2060
Business
EITC Q1 net profit $86.44m
Revenues grew 8.5 percent to AED 3,128 million.
- Mobile service revenues increased 6.9 percent to AED 1,402 million while handset sales generated AED 216 million in revenues.
- Fixed services revenues jumped 22.8 percent to AED 815 million on sustained demand from consumer and enterprise customers.
Business
ADNOC acquires stake in Borealis
The oil giant acquired shareholding from Mubadala Investment Company.
- Borealis now will be owned 25 percent by ADNOC and 75 percent by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on Vienna Stock Exchange.
- ADNOC and Borealis have been partners for two decades through their jointly held Abu Dhabi-based polyolefins company Borouge.
Business
Foreign ownership in Saudi stock market touches $70bn
Saudi Arabia's drive to lure more foreign investment into the kingdom's stock exchange paid off as foreign ownership touched $70...
- Increased market attractiveness propelled a 54 percent rise in the ownership of qualified foreign investors at the end of 2021 compared to a year earlier
- The year also witnessed a higher frequency of listings on the bourse, with a total of 21 listings completed on the Kingdom’s main and parallel markets
Business
Fitch affirms AA- rating to Emirates Development Bank
The bank, which is a key financial enabler of the UAE’s economic diversification and industrial transformation agenda, has also been...
- The bank, a key financial enabler of the UAE’s economic diversification and industrial transformation agenda, has also been assigned an ‘aa-’ Government Support Rating
- The EDB has contributed AED1.91 billion to the UAE’s GDP growth following the launch of its new strategic vision
Business
Sharjah records real estate transactions worth $1.71 billion during Q1
A total of 21,615 real estate transactions worth AED 6.3 billion ($1.71 billion) were executed in Sharjah during the first...
- March witnessed the highest value of transactions with a total of AED2.7 billion, recording an increase by 32.3 percent compared to February.
- Sector-wise, residential properties topped the list of properties sold in the emirate with 1,225 properties,.
Business
FAB Q1 net profit $1.38 bn
The results represent the highest quarterly net profit in the bank's history.
- The bank's total income reached AED 7.3 billion and includes an AED 2.8 billion net gain on the disposal of majority stake in payments business Magnati.
- Core underlying performance was healthy, driven by higher net interest income, a pick-up in fees and commissions.
Economy
Hamdan bin Mohammed okays Dh370m ‘Venture Capital Fund for Startups’
With a capital of approximately AED370 million, the Fund aims to drive Dubai’s economic growth and fortify its position as...
- With a capital of approximately AED370 million, the Fund aims to drive Dubai’s economic growth and fortify its position as a global hub for financial technology
- The Fund is set to contribute around AED3 billion to the emirate’s GDP during the implementation period, which will run for eight years
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Ahli Islamic signs agreement with AAOIFI to support Islamic banking
MUSCAT, OMAN - As part of its ongoing efforts to support the Islamic banking industry, ahli Islamic signed a Memorandum...
Business
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du revenues vault 10.5%
Business
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UAE, China eye $200bn bilateral trade by 2030
Infographics
Rate cuts may help in avoiding chronic recession
It is logical for the FRB to halt the wave of escalation of interest rates on the dollar, which was...
Economy
Global economic crisis takes fizz out of MENA startups
MENA startups had begun the year with a deluge of funding from investors, but toward the year end a dark...
Business
NEXT50 unveils platform for firms to maximize their business values
Abu Dhabi, UAE -- NEXT50 today launched PLATFORM50, a one-stop-shop solution for organizations to maximize business value and address tomorrow’s...
Business
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Videos
Saudi Aramco only behind Apple in market cap
The world's largest producer of oil and world's most profitable company marginally overtook Apple with a market capitalization in excess...
- Technology companies have dominated the top five, with four companies being from this sector in the past 10 years.
- Though primarily owned by the state, the energy giant raised $29.4 billion in an Initial Public Offering in 2019.
Economy
Mohammed bin Rashid approves Dubai rural area development master plan
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai has approved the...
- The Plan seeks to preserve the nature of areas including Lehbab, Margham, Al Marmoom, Al Lisaili, Al Faqaa and Al Aweer.
- It also aims to offer a unique touristic experience and transform each area into a key tourist destination in the emirate.
Business
Dubai plans to set up country-specific councils to boost non-oil foreign trade
Dubai, UAE---Dubai Chambers unveils plans to establish new country-specific business councils operating in the emirate and expand their roles to...
- The announcement was made by Abdul Aziz Al Ghurair, Chairman of Dubai Chambers at the Diplomatic Circle Dinner 2022.
- More than 150 ambassadors, consul generals and commercial attachés were present at the Diplomatic Circle Dinner 2022.