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ADNOC Distribution 2024 net profit down 7%

Minus UAE corporate tax, it would have grown by 2.4% to $725m

Maaden raises $1.25bn in sukuk offering

The Sukuk were offered in a five-year and a 10-year tranche.

DAE net profit up 36.2%

Revenues grew by 9 percent to $1.42bn from $1.31bn in 2023.

Borouge 2024 net profit $1.24bn

The company said it will maintain a $1.3bn dividend for 2025.

ADQ, Orion to establish JV

The partners commit to deploying $1.2bn in the next four years.

  • Fitch affirms AA- rating to Emirates Development Bank

    The bank, which is a key financial enabler of the UAE’s economic diversification and industrial transformation agenda, has also been...

    The bank, a key financial enabler of the UAE’s economic diversification and industrial transformation agenda, has also been assigned an ‘aa-’ Government Support Rating

    The EDB has contributed AED1.91 billion to the UAE’s GDP growth following the launch of its new strategic vision

  • Apple Q2 profits rise 5.8%

    However, it warned of a $4-8bn hit from Covid and supply chain woes.

    The iPhone-maker enjoyed another solid performance for the period ending March 26, registering record revenues for the quarter

    However, executives said the difficulties of the pandemic have returned with a vengeance since the reporting period ended

  • Could movie theaters help stave Netflix decline?

    With box offices bouncing back from the Covid-19 pandemic, and Netflix stock plummeting after its first loss of subscribers in...

    Releasing films on big screens before offering them to subscribers would have seemed anathema to Netflix's successful business model

    It is this model that has already sent the likes of Disney and Warner scrambling to catch up in the so-called streaming wars

  • UAE startup faces mental-health struggles head on

    Having struggled to deal with the loss of a loved one and postpartum depression, Hammad and Takalam co-founder Inas Abu...

    “Breaking taboos around mental health is the need of the hour,” said Emirati entrepreneur Khawla Hammad

    Takalam co-founders Inas Abu Shashieh and Hammad acknowledge that embracing vulnerabilities is often the first step to improving mental health

  • Sharjah records real estate transactions worth $1.71 billion during Q1

    A total of 21,615 real estate transactions worth AED 6.3 billion ($1.71 billion) were executed in Sharjah during the first...

    March witnessed the highest value of transactions with a total of AED2.7 billion, recording an increase by 32.3 percent compared to February.

    Sector-wise, residential properties topped the list of properties sold in the emirate with 1,225 properties,.

  • FAB Q1 net profit $1.38 bn

    The results represent the highest quarterly net profit in the bank's history.

    The bank's total income reached AED 7.3 billion and includes an AED 2.8 billion net gain on the disposal of majority stake in payments business Magnati.

    Core underlying performance was healthy, driven by higher net interest income, a pick-up in fees and commissions.

  • Dubai sets up $100m fund to support fintech startups

    Dubai has set up a $100 million venture capital fund in order to provide financial support to fintech startup companies....

    “We are committed to create a vibrant business environment and provide the opportunities to promote excellence,” Sheikh Hamdan said in a statement

    The fund is expected to contribute around 1 billion dirhams ($815 million) to the country's GDP during the eight-year implementation period

  • JAFZA hold groundbreaking for park

    The new logistics park is scheduled to open in 2023.

    The purpose-built trading and logistics development will accommodate the growing number of warehousing, processing and logistics activities carried out in Dubai, JAFZA said.

    Jafza’s logistics cluster is home to over 460 companies from 30 countries, almost all international logistics providers which already operate from the free zone.

  • Unilever posts rise in revenue

    The British firm reported $14.5bn revenue in Q1.

    Unilever said in a trading statement that its higher prices had turned off some customers, with volume of sales down one percent

    Inflation, which was accelerating sharply as economies reopened from Covid lockdowns, has worsened following Russia's invasion of Ukraine

  • China to cut coal import taxes to ensure energy security

    China will slash coal import tariffs to ensure energy security, the finance ministry said Thursday, the latest move to cast...

    Beijing is the world's biggest importer of coal, but import volumes dropped in the first quarter of the year and energy prices have surged globally

    Policymakers in Beijing have long walked a tightrope balancing climate objectives with domestic growth