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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.

  • Twitter weighs ‘poison pill’ to hold off Elon Musk

    The so-called "poison pill" Twitter has proposed to use against Elon Musk's potential hostile takeover is a mechanism with a...

    To halt a takeover, the board plans to activate the pill if the Tesla CEO comes to own more than 15 percent of Twitter

    The "poison pill" was invented 40 years ago by business lawyer Martin Lipton to counteract a wave of hostile takeovers on Wall Street

  • SIB Q1 net profit up 13.9 percent

    The bank said it continued to maintain a strong liquidity.

    The bank said it recorded an increase in net impairment provisions amounting to AED 61.5 million, compared to AED 48.0 million for the previous period.

    Net income on financing and investment products increased by 11.6 percent, equivalent to an increase of AED 30.6 million.

  • Dubai South signs on Discovery Land to build luxury golf community

    The agreement was signed between, Dubai Aviation City Corporation and Dubai South Executive Chairman Khalifa Al Zaffin and Discovery Land...

    Discovery Land purchased the plot of land that will be utilized for the development of the spacious luxury golf community

    It will be built up to the highest standards and become among the top golf course communities in the region once completed

  • Saudi Arabia taps Fawaz Alhokair and Partners to support designers

    The MoU is expected to help the commission as well as the company to support Saudi fashion designers.

    As part of the agreement, Saudi fashion designers will benefit from the support of platforms managed by Fawaz A Alhokair and Partners Co

    The two parties will also collaborate on sustainability programs and projects, with implementation supervised by specialized teams in both parties

  • Price hikes fuel Nestle Q1 sales rise

    Nestle raised prices due to inflation, and signaled more hikes.

    Nestle's organic growth reached 7.6 percent in the first quarter, exceeding the forecast of analysts

    The growth excludes the effects of acquisitions or divestments to focus on a company's core operations

  • Abu Dhabi to trade carbon credits like assets

    Carbon credits can be traded on legal carbon markets, such as the Emissions Trading System of the European Union. They...

    Expected to launch in Q3 2022, ACX will be established as a recognized investment exchange regulated by ADGM

    The GCC's broader plan to achieve net-zero was one of the main factors in establishing a carbon market in Abu Dhabi

  • Etihad Engineering partners with Touchdown Aviation for aircraft parts

    Touchdown Aviation (TDA) will provide Etihad Engineering supply chain solutions locally in Abu Dhabi, to ensure the availability of high...

    Etihad Engineering has successfully completed maintenance projects over the years for airlines from all over the world.

    The company's state-of-the-art 500,000 sqm facility is located in Abu Dhabi, adjacent to Abu Dhabi International Airport.

  • Amlak appoints new MD

    Abdullah Al-Sudairy will hold the dual posts of CEO and MD.

    Al-Sudairy has served as the company’s CEO since 2007 and has a wide range of experience in the financial sector

    The Saudi-listed company said it received the Saudi central bank’s no-objection on April 21

  • DP World gross volume up 1.9 percent

    Qingdao (China) and Sokhna (Egypt) among strong performers.

    The first-quarter growth was driven by Asia Pacific, Middle East, Europe and Africa, and Americas regions.

    The company said that at a consolidated level, its terminals handled 11.3 million TEU during the first quarter of 2022.

  • Emirates NBD profit up 18 percent

    The bank said it was the highest quarterly profit since 2019.

    The bank said the total income was up 3 percent year on year to AED 6.4 billion on improved loan mix and cheaper deposits.

    The bank’s total assets rose 1 percent to AED 694 billion despite the Turkish Lira depreciation, it said.