UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...Business Banking & Finance Economy
Shipping insurance rates soar on Red Sea missile attacks
Maritime container transport has sunk by almost one third so far in 2024 compared with a year earlier, according to...Business Geostrategy
Dubai records over $571 million in real estate transactions
Dubai, UAE -- Dubai real estate market recorded deals worth AED2.1 billion on Tuesday, Dubai Land Department said.The deals included...The deals included 471 sales transactions worth AED1.87 billion, in addition 70 mortgage deals of AED122.36 million.
The sales included 451 villas and apartments worth AED1.56 billion, and 20 land plots worth AED316.57 million.
ADCB 2022 net profit $1.75 bn
The bank’s net profit for Q4 2022 was up 23%.The bank's net interest income was to the tune of AED 10.194 billion, an increase of 15 percent compared to 2021.
The Board has recommended a dividend of AED 0.55 per share, equivalent to 60 percent of net profit.
UK’s biggest retailer Tesco to cut 2100 jobs as inflation hikes costs
Tesco plans to cut about 1,750 management roles.Tesco recently posted bumper revenue for the key Christmas season, even as customers switched to less expensive rivals.
Tesco has benefitted from passing on some of its own rising costs to consumers, many of whom appear willing to stay loyal to the group.
ExxonMobil 2022 profit at $55.7bn
Results reflect higher production of oil, natural gas.The huge profits by oil companies have sparked pushback from governments.
In 2022, ExxonMobil put $29.8 billion into shareholder distributions, evenly split between dividends and share repurchases.
World’s largest wealth fund lost record $164 billion in 2022
"2022 was a truly dramatic year in the world. It affected financial markets and hence it also affects our global...The fund has shares in more than 9,000 companies in nearly 70 countries, including Apple, Microsoft and Alphabet, the parent company of Google.
At the end of 2022, the value of the fund, which is financed by taxes paid by the nation's oil and gas industry, still amounted to a whopping 12.43 trillion kroner.
UniCredit 2022 net profit at $7bn
Bank said it would pay out US$5.6 billion to shareholders.The news sent the bank's share prices zooming more than eight percent higher in morning trading.
The European Central Bank has been lifting interest rates since last year to tackle inflation and tame consumer price growth.
Strong demand seen for first 2023 auction of UAE treasury bonds
Abu Dhabi, UAE-- The first auction of the UAE treasury bond program in 2023 has been oversubscribed by 6.2 times,...In 2022, the Ministry of Finance, the issuer, had issued bonds totaling AED 9 billion across tenors of two years, three years and five years.
The auction has been oversubscribed by 6.2 times, receiving bids worth $1.76 billion.
UBS Q4 net profit at US$1.7bn
Net profits at the banking giant rose 23% in Q4 of 2022.For the full year 2022, UBS meanwhile saw its net profit inch up to $7.6 billion from $7.5 billion a year earlier.
As revenues generated by global markets dwindled, UBS's investment bank saw revenues shrink 24 percent in the fourth quarter.
Adani firm gains 5.26% after UAE’s IHC announces $400m investment
IHC announced it would be investing $400m into Adani Enterprise's $2.5 billion Further Public Offering. IHC said in a statement...This is the second investment deal International Holding Company has completed with India's Adani Group after last year's Dh7.3 billion ($2 billion) investment.
Media reports said the FPO so far received 3 percent subscription amid the rout Adani Group has been facing since a report by US investment group Hindenburg Research.
UAE to showcase advance in organ transplant at Arab Health 2023
Dubai, UAE--The Ministry of Health and Prevention (MoHAP), the Department of Health-Abu Dhabi (DoH) and the Dubai Health Authority (DHA),...The UAE health authorities will take part in the 48th edition of the exhibition under a unified national platform called "Emirates Health
The National Program was designed to support the country's goal of becoming a regional and global leader in organ and tissue transplantation
