ADIB 2023 net profit $1.4bn
The bank achieved a Return on Equity of 27.1 percent.Company News Business Banking & Finance
Musk seeks to lift regulator ‘muzzle’ on Tesla tweets
The SEC also charged Musk with fraud and ordered him to step down as chair of Tesla's board of directors,...The Securities and Exchange Commission reprimanded Musk after posting a tweet in 2018, in which he said he had acquired funding to take Tesla private
Musk, whose fortune is estimated by Forbes to be nearly $260 billion, is also locked in a lawsuit with Twitter over a potential acquisition of the micro-blogging platform
UAE, Japan sign comprehensive strategic partnership pact
Minister of Industry and Advanced Technology and UAE Special Envoy to Japan Dr. Sultan bin Ahmed Al Jaber and the...The UAE-Japan strategic partnership agreement aims to bolster relations between the two countries to advance their common interests.
The key areas of the partnership include diplomacy, enhancing international development, humanitarian aid efforts, business, trade, energy.
Abu Dhabi Exchange, MSX sign cooperation agreement
Abu Dhabi, UAE---The Abu Dhabi Securities Exchange (ADX) and the Muscat Securities Market (MSX) signed a memorandum of understanding (MOU)...The two sides will cooperate in a number of areas, including advisory services, training, development of systems, and promotion of integration.
It also provides a channel of direct communication between the two parties, for the exchange of legal and technical information, sustainability and ESG.
CMA clears three new IPOs for listings on Saudi bourses
The CMA has approved an application from Power and Water Utility Co. for Jubail and Yanbu to register and sell...IPOs in Saudi Arabia are on course for a record year, with the number of listings already exceeding last year
The main TASI index accounted for eight listings generating $4.4 billion, and the parallel Nomu market had nine listings worth $649 million
IHC buys 54% stake in Emircom
Firm buys stake for $68 million via its subsidiary IHC DigitalEmircom is the Middle East’s leading information and communications technology (ICT) provider.
This $68 million purchase comes as part of IHC’s strategy to grow its digital assets portfolio and expand into new growth areas.
ADNOC Distribution to pay $349m
This is the first payment of a full-year AED2.57 billion dividend.The second and final dividend for 2022 expected to be paid in April 2023, subject to the Board of Directors’ recommendation and shareholders’ approval.
The 2022 full-year dividend would offer a 4.9 percent annual dividend yield (based on a share price of AED4.21 as of 27th September 2022).
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.”
