ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.Company News Business
ADC sets price for IPO
Its share will be available in the price range of $24-$27.the process for institutional investors, which will end on Oct. 5, will be led by HSBC Saudi Arabia, Goldman Sachs Saudi Arabia, and SNB Capital
ADC is offering 30 percent of its capital, representing 26.7 million, and will list on Nomu
ADQ and OIA discuss opportunities to boost Oman-UAE cooperation
Abu Dhabi, UAE--ADQ, an Abu Dhabi-based investment and holding company, discussed a range of investment opportunities with Oman Investment Authority...The meeting was held on the sidelines of President Sheikh Mohamed Zayed Al Nahyan's visit to Oman.
ADQ and OIA recently entered into an AED10 billion ($2.72 billion) partnership agreement to facilitate investments between the UAE and Oman in sectors of mutual priority.
GCC banks look at pre-Covid profitability level
Earnings of many Gulf banks may hit nearly pre-pandemic levels by the year end, owing to high oil prices and...Earnings of many Gulf banks may hit nearly pre-pandemic levels by the year end, owing to high oil prices and rising interest rates that will support their creditworthiness
S&P forecasts a more visible strengthening of regional banks' interest margins and a manageable increase in risk cost in second half despite lingering COVID-19 effects
Saudi Arabia urges cooperation in tourism for sustainable future
Riyadh, Saudi Arabia - Saudi Minister of Tourism Ahmed bin Aqeel Al-Khatib said more cooperation is a must for sustainable...Saudi Minister of Tourism Ahmed bin Aqeel Al-Khatib said the cooperation includes facing the issues spawned by Covid pandemic.
Al-Khatib said the tourism sector is “more capable of providing wealth and opportunities in places where they are most needed.”
MENA’s first NFT marketplace NIFTY Souq secures $1.5m investment
The UAE-based NIFTY Souq, the MENA region’s first NFT marketplace which launched in 2021, has announced they’ve secured $1.5 million...Confirmed investors include Palm Ventures, Falak Investment Hub and Fitzy Fund alongside angel investors from the UAE, KSA and the US.
The seed-fund investment will be used on tech updates and the platform's expansion, says Talal Afghani, NIFTY Souq’s Co-founder.
Tabby, Paymob announce partnership
They will create a Buy Now Pay Later solution for retailers.Tabby’s BNPL payment solution will be available to over 120,000 Paymob merchants.
Tabby is a payments and shopping app, and Paymob, an omni-channel payments facilitator in MENAP.
Metaverse could touch US$500bn by 2030: Arthur D. Little
The metaverse, Beyond Fantasy, the latest in a series of new reports from the company running under the ‘Blue Shift’...The report provides a cautious, low-end forecast, which estimates that the current Metaverse market is estimated to be worth $50 billion
It looks at the key enabling technologies of the Metaverse, including artificial intelligence (AI), Internet of Things (IoT) and blockchain
Villas and apartments worth $270 million sold in Dubai
Dubai, UAE--Dubai real estate market recorded deals worth AED1.7 billion ($462 million) on Monday, according to Dubai Land Department. These...The emirate's real estate market recorded deals worth AED1.7 billion ($462 million) on Monday, according to Dubai Land Department
Mortgages included 51 villas and apartments worth AED141.5 million and 29 land plots valued at AED302.56 million.
UAE’s top banks post 10% profit jump in H1 of 2022
Signalling a broader economy recovery in the country, four largest banks of the UAE have posted a big surge in...The financial performance comes amid an improving environment in the UAE despite global macro-headwinds
The recovery reflected improving consumer confidence particularly given loosening pandemic restrictions, a strong vaccination roll-out, recovering oil prices
Jada to promote startups
It will collaborate with Invest Seoul Agency for the venture.The partnership seeks to exchange information on entrepreneurial policies and best practices and support startups aspiring to enter the Saudi or Korean markets
Invest Seoul Agency is a foreign investment promotion agency established by the Seoul Metropolitan Government
