ADIB 2023 net profit $1.4bn
The bank achieved a Return on Equity of 27.1 percent.Company News Business Banking & Finance
$124m plot of land among $2.83bn weekly realty deals in Dubai
Dubai, UAE – A plot of land that sold for AED456.25 million ($124.23 million) in Business Bay was the most...The Dubai Land Department said in its weekly report that 222 plots were sold for AED1.8 billion and 2,086 apartments and villas were sold for AED4.56 billion.
Al Hebiah Fifth recorded the most transactions for this week with 93 sales transactions worth AED246.61 million.
US hiring eases in March as economy shows signs of cooling
US job gains eased in March for a second straight month, government data showed, adding to signs that the economy...The figures could bring some relief to policymakers who have been battling to rein in stubborn inflation.
To ease demand, the Federal Reserve has lifted the benchmark lending rate nine times since early last year.
World food prices fall for 12 consecutive months, says UN
World food prices are still high but have fallen by a fifth compared to a year ago when prices soared...FAO said the fall in benchmark prices was "driven by declines in world quotations for cereals and vegetable oils."
The UN agency added that food remained expensive for developing countries highly dependent on imports.
Number of SMEs in UAE reaches 557,000 by end of 2022: Minister
Dubai, UAE -- A total of 557,000 small and medium enterprises (SMEs) were operating in the UAE at the end...Minister of Economy Abdullah bin Touq Al Marri said the number was in line with UAE’s ambitious plan to achieving 1 million SMEs by the end of 2030.
The UAE banks provided AED 83.3 billion ($23 billion) in financial facilities to small and medium-sized enterprises in 2022.
Al Ansari lists on DFM
The group raised $210m through the sale of 750 million shares.The group successfully raised $210 million)through the sale of 750 million shares for AED1.03
The IPO was met with strong demand from investors, with the offering oversubscribed 22 times
Salik approves H2 2022 dividend
The company reported a net profit of $144m for the period.Salik reported a net profit of $144 million for the second half of 2022
Salik’s revenue increased 11.8 percent Year on Year to $515 million
UAE, Vietnam begin process for economic partnership pact
Abu Dhabi, UAE - The UAE and Vietnam signed Thursday a declaration of intent to start negotiations for a comprehensive...The UAE is the leading trade partner of Vietnam in the Arab region, accounting for 39 percent of Vietnamese trade with the region’s countries.
The two sides discussed ways of strengthening their cooperation in the areas of trade, investment, the new economy, industry and energy.
TikTok parent firm ByteDance’s founder lost $17bn in 2022
ByteDance's success in China's highly competitive internet sector has been largely thanks to its popular short video app Douyin.The reasons for the losses are unknown, but Zhang is still the second-richest entrepreneur in the world under the age of 40.
Zhang co-founded ByteDance in Beijing in 2012, but resigned from the group in 2021 in the midst of regulatory tightening.
Switzerland to probe what led to Credit Suisse collapse
The economy committee of the National Council, the lower house of parliament, asked the government for an analysis of the...The emergency takeover by UBS has sparked unease and criticism within Switzerland, where Credit Suisse was a pillar of the country's totemic banking sector.
Following a string of scandals, the collapse of three US regional banks in March left Credit Suisse looking shaky amid fears of contagion and shares nosedived.
Dubai records $626 million in realty transactions: Land Department
Dubai, UAE -- Dubai recorded real estate deals worth AED2.3 billion ($626 million) on Wednesday, according to Dubai Land Department.The...The deals included 502 sales transactions worth AED1.44 billion, in addition to 95 mortgage deals of AED898.52 million.
The sales included 465 villas and apartments worth AED1.1 billion, and 37 land plots worth AED340.65 million.
