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
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
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
JAHEZIYA, Enekom ink pact
Business
Latest News
du revenues vault 10.5%
Business
Tehran protests after US football body posts modified Iran flag
Iran has seen more than two months of demonstrations sparked by the death in custody of 22-year-old Kurdish-Iranian woman Mahsa...
Geostrategy
Turkish, Egyptian ministers to meet to build ties: Erdogan
Erdogan and Egypt's President Abdel Fattah al-Sisi shook hands last week in Qatar, signalling a fresh beginning in their ties.
Geostrategy
Jordan makes two big seizures of captagon pills on Syrian border
Amman, Jordan— Jordan has seized a big haul of drugs being smuggled into the kingdom from Syria in two different...
Economy
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Economy
Egyptian Exchange rises on buying by FIIs
The market capital gained about $0.60 billion to close at $35 billion, amid transactions worth $0.08 billion.
- The market capital gained about $0.60 billion to close at $35 billion, amid transactions worth $0.08 billion
- The broader EGX 70 EWI index of the leading small and mid-cap enterprises (SMEs) increased by 1.37 percent, ending at 2,550.95 points
Business
Global Data Dialogue summit in Dubai to discuss AI, public policy, media
The summit will bring together data leaders, high-level government officials, entrepreneurs, technologists, scientists and journalists to engage in dialogue on...
- The summit will bring together data leaders, high-level government officials, technologists, scientists and journalists to engage in dialogue on making data a global good
- Participants will be provided opportunities to network, and participate in plenary sessions, flash talks and a fact-checking workshop
Economy
Egyptian LNG exports will exceed 8 million tonnes in 2022: Minister
Ninety percent of Egyptian LNG exports will be destined for European Union countries, El Molla said.
- Ninety percent of Egyptian LNG exports will be destined for European Union countries, El Molla said
- He said the companies will focus on reducing emissions from production operations while stepping up their activities