ADIB 2023 net profit $1.4bn
The bank achieved a Return on Equity of 27.1 percent.Company News Business Banking & Finance
Three companies to buy Masdar stakes
TAQA, ADNOC, and Mubadala enter binding agreements worth $1.9bn.The agreements will see TAQA acquire a 43 percent controlling stake in Masdar's renewables business, with Mubadala retaining a 33 percent interest and ADNOC 24 percent.
ADNOC will hold a 43 percent controlling stake in Masdar's new green hydrogen joint venture, Mubadala will retain a 33 percent interest and TAQA a 24 percent effective stake.
ADNOC signs manufacturing pacts
Identifies $19bn worth of products that can be manufactured in UAE.The agreements, which were signed at the “Make it in the Emirates Forum”, will see the UAE and international companies set up and expand manufacturing facilities in the UAE.
The local manufacturing opportunities comprise of over 100 products which will be utilized across ADNOC's full value chain.
Equities climb in Asia as calm returns after sharp sell-off
Equities rose in most cities Tuesday in Asia as some stability returned to markets after last week's upheaval, but analysts...The Fed announced a three-quarter point lift last week, after inflation data days earlier had smashed forecasts and hit a four-decade high
Tokyo, Hong Kong, Sydney, Seoul, Singapore, Wellington, Taipei, Mumbai, Bangkok and Jakarta all rose but Shanghai and Manila slipped
Abu Dhabi Chamber looks to boost trade ties with Mexico
Abu Dhabi Chamber of Commerce and Industry has held discussions with a business delegation from Mexico to boost trade ties...The Ambassador called on Emirati investors to leverage the facilities his government provides for foreign investors
The meeting discussed boosting trade cooperation and opening up new doors for economic cooperation between the two sides
Saudi crude oil exports jump to 147,000 barrels per day in April
Crude oil exports of Saudi Arabia grew 147,000 barrels per day in April to 7.38 million, a level not seen...Exports of crude rose by 2 percent in April from 7.24 million bpd in March 2022
As for the production of crude, in April it grew by 141,000 bpd to 10.44 million bpd
GCC countries likely to issue less debt this year
The Gulf region seems to have a better fiscal positions thanks to high oil prices and the recovery of the...The region seems to have a better fiscal positions thanks to high oil prices and the recovery of the economies from the Covid-19 related woes.
Analysts last year were especially concerned about Bahrain and Oman whose government debt ratios had risen sharply in recent years.
Al Seer acquires 2 VLCCs
Each carrier has a carrying capacity of 320,000 deadweight tonnage.The VLCCs allow for crude oil cargo, provisions, lubricant and fuel.
Under current market conditions, these newly acquired tankers are expected to provide estimated returns of more than 20 percent.
Air traffic to reach full capacity by 2023 despite uncertainty
Air passengers are expected to hit 83 percent of pre-pandemic levels this year and the aviation industry's return to profit...Industry losses are expected to drop to $9.7 billion in 2022, an improvement from $42.1 billion in 2021.
The aviation industry was sent reeling by the pandemic, with passengers down by 50 percent in 2021.
Abu Dhabi-based Al Roeya newspaper closed down
The CEO of IMI Nart Bouran reportedly visited Al Roeya's Dubai office to announce that the management has decided to...More than 100 journalists, editors and others lost their jobs as the Arabic newspaper Al Roeya shuts down
The last edition of the business newspaper will be printed on Tuesday
UAE joins global clean energy partnership body
The partnership will enable access to a global hydrogen knowledge database and encourage cooperation with related initiatives and concerned entities.Joining the global initiative will support the UAE's long-term policies related to energy and hydrogen
It will boost the UAE's stature as a leading contributor to the development of international policies related to hydrogen
