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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.

Alpha Dhabi acquires interest in NCTH

The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.

  • UAE and South Korea sign agreement to boost ties

    The UAE and South Korea have signed an agreement to boost ties between the two countries to develop entrepreneurship and...

    Under the terms of the MoU, the two parties will jointly design flexible partnership program during the next phase

    They will also cooperate in exchanging knowledge regarding the development of program, policies and legislation related to the entrepreneurship sector in the two countries

  • UAE government holiday for Eid al-Fitr begins on 29th day of Ramadan

    The holiday will last till the third day of the month of Shawwal, which is yet to be declared.

    The holidays will begin on Tuesday, the 29th day of Ramadan

    That date corresponds to April 30 on the Gregorian calendar

  • Red Sea Development Company to use biofuel for all tourist facilities

    The company has chosen MAN Energy Solutions to provide 25 sets of biofuel generators for the sustainable tourism destination.

    The Red Sea destination will apparently use solar energy stations that include storage batteries with the system of MAN GenSets

    These generators will reportedly have engines that will let them use the climate-neutral B100 biofuel

  • Oil prices up as traders weigh demand and supply issues

    Oil began inching upward on Thursday after a day of losses over demand concerns linked to the Covid-19 lockdown in...

    The United States has said it will release a substantial portion of its oil reserves to cushion the shortfall

    "Oil is still trading mixed after Tuesday's sharp pullback but is opening in Asia near the midpoint of yesterday's trading range," Stephen Innes of SPI Asset Management said

  • Twitter and analysts are wary of takeover bid by Elon Musk

    Earlier this month, Elon Musk made an unsolicited bid of $43 million for Twitter, citing better freedom of speech as...

    Moody's estimated it would cost Musk $39 billion to buy all the outstanding shares of Twitter

    That would give Twitter ‘a strong chance’ to repay or refinance its billions of dollars of existing debt

  • Tesla reports record profits

    Tesla shares rose 5% to $1,026.99 in after-hours trading.

    Elon Musk's high-flying electric vehicle company notched a new record in quarterly profits of $3.3 billion

    This follows the unveiling of factories in Germany and the US state of Texas that have begun commercial deliveries

  • UAE’s hospitality sector delivers strong results in Q1 2022

    The uplift in overall performance was primarily driven by beachfront and luxury developments.

    The uplift in overall performance was primarily driven by beachfront and luxury developments

    The office market continued to perform well as rents in well-managed quality buildings rose

  • Sweden opens criminal probe into Ericsson Iraq graft

    Senior Public Prosecutor Leif Gorts confirmed that the investigation had been launched following reports of potential corruption between 2011 and...

    Senior Public Prosecutor Leif Gorts confirmed that the investigation had been launched following reports of potential corruption between 2011 and 2019

    Ericsson has already agreed to pay $1 billion in penalties to US authorities to close corruption cases in Djibouti, China, Vietnam, Indonesia and Kuwait in 2019

  • BNPL gains currency in the UAE

    It also seems to be extremely helpful for customers who want to pay for a purchase in installments or make...

    BNPL payments in the UAE are expected to grow 89.4% on an annual basis to reach $1.82 billion in 2022

    BNPL is not just for Gen Y and millennials; it is expected to see adoption by elderly individuals as well

  • Al Seer Marine signs VLGC deal

    Al Seer Marine and BGN International sign the $134 million financial transaction.

    The deal was agreed and signed by ABGC DMCC, the joint-venture firm of Al Seer Marine and BGN International, an energy, trading, storage and transportation company.

    ABGC has two new VLGC’s on order with Hyundai Heavy Industries in Korea.