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SIB’s 2024 profit $272m

The profit surpassed AED 1 billion for the first time in bank's history.

AD Ports to invest in Kazakh port

Under the deal, AD Ports Group owns 51% stake.

PIF acquires stake in Saudi Re

The acquisition was made by way of a capital increase.

ADNOC Gas awards contracts

The $2.1bn contracts are aimed at enhancing LNG supply infrastructure.

ADNOC L&S buys stake in Navig8

The company will acquire the remaining stake in mid-2027.

Prices for utilities, fuels rise 9 percent in June in Saudi Arabia

RIYADH, SAUDI ARABIA – Prices for housing, water, electricity, gas and other fuels in the Kingdom rose by 9.1 percent...
  • Restaurant and hotel prices went up by 4.3 percent and education up by 3 percent.
  • Clothing, shoe prices fell 2.9 percent, communication costs were down by 0.7 percent.

MBRGI joins UAE delegation, takes part in UN forum on sustainable development goals

DUBAI, UAE - Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) joined the UAE delegation to the United Nations High-Level...
  • Established in 2012, the High-Level Political Forum is the UN’s central platform for the follow-up and review of the 2030 Agenda for SDGs at the global level.
  • The UAE delegation discussed ways to bolster mutual collaboration, strategic partnerships and knowledge-sharing, in line with MBRGI’s mission.

CBD H1 2023 net profit $133m

Profit is a 41.5 percent jump compared to H1 2022.
  • This remarkable growth in net profit is attributed to outstanding revenue contribution across net interest and other operating income.
  • The economic outlook for the UAE and business confidence continue to be encouraging, powered by buoyant domestic activity.

UAE banking sector is resilient, says CBUAE in its report

ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) on Friday issued its Financial Stability Report for 2022.The...
  • The report discusses global, local macroeconomic conditions, domestic asset markets and provides a detailed assessment of the UAE banking system.
  • The report also contains an analysis of other important developments across the UAE financial sector such as digitalization and sustainability.

Louvre Abu Dhabi displays new collection of artworks from across the world

ABU DHABI, UAE – The Louvre Abu Dhabi has displayed new acquisitions including three artworks by Pablo Picasso alongside loans...
  • The artworks complement the museum’s narrative and enrich its collection and serve as windows into different eras, civilisations and artistic movements.
  • Each item tells a unique story, shedding light on the richness of human creativity and the timelessness of artistic expression.

DEWA given Net-Zero statement of verification for work on climate change

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has received the net-zero statement of verification and assurance certificate in...
  • This followed a comprehensive assessment conducted by W3 Solutionz - US based on the International Workshop Agreement Guidelines IWA 42:2022.
  • The Net Zero Guidelines were commissioned by Our 2050 World, a global collaboration to accelerate action towards net zero through standards.

IDB inks pact with IRENA

IDB will fund renewable projects by joining ETAF platform.
  • The IDB plans to co-finance renewable energy projects and energy transition technologies worth US$100 million in Latin America and the Caribbean.
  • By leveraging its global reach and energy transition knowledge, IRENA is actively developing a pipeline of energy transition projects .

DEWA, Huawei ink deal to bolster digital change, decarbonization

Guangdong, China - A DEWA delegation led by Al Tayer, MD and CEO DEWA, discussed enhancing cooperation and exchanging experiences...
  • An agreement was signed between Digital DEWA and Huawei which focuses on accelerating digital transformation.
  • The deal is a step towards supporting supports DEWA's efforts in energy transformation, sustainability, and achieving Net-Zero.

Agthia Group launches Agthia Ventures

New firm is a $54 million corporate venture capital fund.
  • Funded by Agthia and its parent company ADQ, Agthia Ventures will be managed together with Touchdown Ventures.
  • Agthia Ventures will help entrepreneurs through access to the firm’s extensive industry knowledge, diverse distribution networks.

UAE says 79,000 Emiratis working in private sector

DUBAI, UAE -  Around 79,000 UAE nationals are working in the private sector, the Ministry of Human Resources and Emiratization...
  • These figures mark a 57 percent increase compared to the end of 2022 figures, where 50,228 UAE nationals were employed in the private sector.
  • Nearly 17,000 private sector firms employ UAE citizens as of July 7, which was the last day for companies to achieve their semi-annual Emiratisation targets.

Abu Dhabi’s private sector grows by over  35 percent in 2023

ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...

Latest News

Dubai posts real estate transactions worth $3.5bn in week ending January 19

DUBAI, UAE - The real estate and properties transactions valued at US$3.5 billion (AED13 billion) in total during the week...

Palestinians count cost of Israel’s West Bank raid

Palestinians held funerals and assessed the damage of a days-long Israeli raid in the occupied West Bank, where violence has...

Qatar real estate trading volume reaches US$91m between January 7-11

DOHA, QATAR - The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...

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CBI 2023 net profit at $46.5m

The 2023 annual net profit rose 14 percent from 2022.
  • The customer deposits increased from US$3.3 billion in 2022 to US$3.4 billion in 2023.
  • The capital adequacy ratio increased from 14.4 percent in 2022 to 15.2 percent in 2023.

EU worried Red Sea attacks could spark inflation

European Union economy commissioner Paolo Gentiloni warned that violence in the Red Sea sparked by Houthi attacks on shipping could...
  • Gentiloni said that "what is happening in the Red Sea... is not for the moment apparently creating consequences on energy prices and inflation".
  • Tensions in the Red Sea have soared after the United States and Britain carried out strikes on Houthi rebels in Yemen.

Mammoet, Aertssen sign agreement

The two firms will provide heavy-lifting solutions in Qatar.
  • Mammoet said in a statement that the collaboration will "capitalize on the individual strengths and capabilities of both companies".
  • The solutions range from small mobile cranes for quick operations to complex engineered heavy lifting and transport projects.