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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.

  • Tanker that sank off Tunisia was empty: Ministry

    The Equatorial Guinea-flagged Xelo was thought to have been carrying 750 tons of diesel when it went down en route...

    The Equatorial Guinea-flagged Xelo was thought to have been carrying 750 tons of diesel when it went down en route between Egypt and Malta on Saturday

    The ship’s seven crew members were banned from leaving the country for two weeks, pending the outcome of the probe

  • Saudi Arabia licenses 109 new factories worth $667m in March

    The total number of factories that began actual production in Saudi Arabia reached 261 in March, with investments reaching $1.6...

    With the new licenses, the total number of factories across the country is now 10,489

    Meanwhile, the total number of workers in these licensed factories stands at 3,497

  • AMF signs MoU with Afreximbank

    Buna and PAPSS will act as payment gateways that link the Arab region to the African continent

    Buna and PAPSS will act as payment gateways that link the Arab region to the African continent

    The collaboration will support the growth of trade and investments between the Arab region and Africa

  • Meta renews bid for Giphy

    Britain's competition authority had stopped the FB-Giphy merger.

    Created in 2013, Giphy — a platform and search engine for GIFs — has some 700 million daily users

    Britain’s competition authority found Meta’s proposed takeover of Giphy would give it too much market share

  • GCC FMCG market faces headwinds

    Certain FMCG companies benefited from the pandemic since people spent more time at home baking and spending time together. As...

    Rising worldwide raw material and transportation costs have put pressure on FMCG profits

    The current global issues caused by rising oil prices is also impacting consumers and prices

  • Global markets slide on Fed chief’s warning

    Global stock markets slid Friday after the Federal Reserve warned of an aggressive tightening of monetary policy to tame runaway...

    Frankfurt and Paris stocks were down almost two percent in late afternoon deals while London lost one percent

    In Asia earlier, Tokyo stocks slid more than 1.5 percent even as inflation data from Japan was in line with market expectations

  • ADNEC’s launches, successes in 2021

    The company said it added about $653m to Abu Dhabi's economy.

    The company said it made significant investments and expanded its mandate to the leisure tourism sector, which contributed to a strategic approach to diversifying the portfolio.

    In collaboration with SEHA, ADNEC was a key player in delivering critical support for Abu Dhabi and the UAE in mitigating the impact of COVID-19, the company said.

  • Tadawul sets up SAC

    The stock exchange established Shariah Advisory Committee.

    The committee consists of representatives from the Kingdom’s largest financial institutions, who will work towards a unified Shariah-compliant rulebook

    The committee will also undertake the responsibility of overseeing and approving the list of Shariah-compliant listed companies on a periodic basis

  • Dubai records weeklong real estate transactions worth $1.71 billion

    About 2,145 real estate and property transactions worth AED 6.3 billion ($1.71 billion) were conducted in Dubai during the week...

    A total of 250 plots were sold for AED1.12 billion, and 1,436 apartments and villas were sold for AED3.2 billion.

    The top transactions were a land sale in Hadaeq Sheikh Mohammed Bin Rashid for AED96 million, and another plot of land that was sold for AED52.5 million in Palm Jumeirah.

  • China dumps 15 coal plants abroad after Xi pledge: study

    More than a dozen Chinese coal power projects overseas were cancelled after a ban last year on funding such plants,...

    China is the world's biggest emitter of the greenhouse gases driving global warming

    The cancelled projects would have generated 12.8 gigawatts of electricity -- or the total power generation capacity in Singapore, the think tank added