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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.

  • Oman becomes first GCC nation to ratify a treaty on rights of seafarers

    Oman has become the 100th country to ratify a 2006 treaty that protects the rights, pay and conditions of seafarers. The...

    Maritime Labor Convention has become a worldwide reference for the maritime industry and a pillar of international maritime rules and regulations since its signing in 2006.

    Guy Ryder, the ILO Director-General, said Oman, a longstanding maritime nation, has set an example for other countries in the region.

  • As EU eyes stopping Russian gas imports, Israel sees an opening

    As Europe aims to wean itself off Russian fossil fuel because of the Ukraine invasion, Israel hopes to help fill...

    EU states remain divided on the time scale, but European Commission President Ursula von der Leyen has said the bloc hopes to phase out its dependency on Russian gas, oil and coal.

    Israel could build one or more pipelines, potentially via Greece or Turkey, or increase the quantity of gas piped to Egypt to be liquified and shipped off, say experts.

  • Two firms set up UAE’s first Special Purpose Acquisition Company

    ADQ, an Abu Dhabi-based investment and holding company, and Chimera Investments, an Abu Dhabi-based private investment firm, announced they have...

    The ADC Acquisition Corporation ADQ has been formed by ADQ and Chimera Investments, an Abu Dhabi-based private investment firm.

    ADC plans to raise AED367 million through an Initial Public Offering (IPO) of 36.7 million shares at an offer price of AED10 per share.

  • ADNOC to build two LNG vessels

    The two 175,000 cubic meter LNG vessels will join the company's fleet in 2025.

    The new-build LNG vessels are significantly larger than the current ADNOC L&S fleet of LNG vessels, which have a capacity of 137,000 cubic meters.

    Over the past 24 months, ADNOC L&S acquired 16 deep-sea vessels, including eight Very Large Crude Carriers in 2021.

  • DEWA IPO biggest since Aramco

    DEWA shares soared 19% in the first minutes of trading on Tuesday.

    DEWA last week said it had raised AED22.3 billion ($6.1 billion) in the region's largest IPO since Saudi Aramco

    Some 9 billion shares, an 18 percent stake, were listed, with the initial price set at AED2.48 ($0.68)

  • Honda plans $40bn EV investment

    The automaker is switching all sales away from traditional fuel cars.

    Global auto giants are increasingly prioritizing the production of electric and hybrid vehicles

    After all, demand is growing for less polluting models as concern about climate change grows

  • How do MENA oil prices compare with the world?

    Prices of crude oil have skyrocketed across the world, thanks to the Russian invasion of Ukraine and the subsequent sanctions...

    Russia is a major supplier of oil to European countries and the United States, besides other countries

    However, they are not accepting crude from Russia anymore, pushing up prices of oil from elsewhere

  • Meta tests sale of virtual goods in metaverse

    Meta, the parent company of Facebook and Instagram, will give content creators the opportunity to sell virtual items to users...

    The metaverse consists of a set of parallel "universes" accessed primarily through augmented and virtual reality platforms

    It already exists in a basic way in the form of video games such as Minecraft, Fortnite and Roblox and social platforms such as Horizon Worlds, and VRChat

  • Dubai records $417m worth of realty transactions on Monday

    The Dubai real-estate market recorded transactions amounting to more than AED1.53 billion ($417.72 million) on Monday, April 11.

    Dubai saw 403 sales worth AED1.12 billion (around $305 million) and 80 mortgage deals of AED414.07 million ($112.73 million)

    The emirate also saw 10 gift transactions that amounted to AED18.32 million (almost $5 million) on Monday

  • Cybersecurity – The rush to catch up with reality

    The invasion of Ukraine was a major wake-up call globally for both governments and private firms. Small-to-medium businesses need to...

    The number of cyberattacks against small-to-medium businesses has increased by 150 percent over the past two years, and the companies’ defenses have not grown accordingly

    Shortage of workforce, which needs to grow by 65 percent for organisations to be able to sufficiently defend their critical assets, is adding to the cybersecurity woes