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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.

Meraas awards construction contract

The $272m contract has been awarded for Bluewaters Bay.

  • Amazon tactics under US scanner

    Amazon is accused of using merchant info for its own products.

    Former Amazon employees have said the online retail titan used data of other sellers on its platform without their permission

    Amazon gathered information about sales trends by third parties at its website to develop private-label products, said reports

  • More checks needed as crypto scams hit all-time high

    Blockchain expert Kim Grauer offers insights into why people fall prey to scammers, how they can protect their crypto assets...

    In 2021, cryptocurrency-based crime reached an all-time high, with criminal addresses receiving $14 billion.

    By the end of 2021, criminals had accumulated $11 billion in crypto from known sources, compared to $3 billion in 2020.

  • Middle East and Africa may add 14 GW of wind power capacity

    The Middle East and Africa can add 14 gigawatts of new wind power capacity in the next five years, according...

    Between 2022 and 2026, South Africa (5.4 GW), Egypt (2.2 GW), Morocco (1.8 GW) and Saudi Arabia (1.3 GW) would lead the new wind capacity addition

    The report said 2021 was the second-best year ever for the global wind industry after 2020 with almost 94 GW of capacity added

  • Foreign Direct Investment into UAE reaches $20.7 billion in 2021

    UAE received $20.7 billion in Foreign Direct Investment in 2021, recording a 3.9 percent growth over 2020. The country’s FDI...

    The country’s FDI balance now stands at AED 630 billion ($171.6 billion) by the end of 2021, a 13.7 percent growth over 2020.

    UAE's outward FDI flows reached nearly AED 82.6 billion ($22.5 billion) in 2021, with an annual growth of 19.1 percent.

  • Saudi Arabia to ban import of trucks older than five years

    Saudi Arabia has declared a ban on the import of trucks older than five years in order to raise the...

    Saudi Arabia's Public Transport Authority said the decision will take effect on May 5, 2022

    It applies to all heavy transport trucks designed for transporting goods and includes locomotives, trailers, and semi-trailers

  • Aramco, Saudi varsity sign MoU

    An Artificial Intelligence center will be set up at King Abdullah University.

    The center will support research, development and marketing of advanced artificial intelligence technologies.

    It will combine leading innovations of digital transformation adopted by Saudi Aramco and the globally accredited academic excellence at KAUST.

  • DEWA raises $6.1bn for GCC’s second-largest IPO

    The Dubai Electricity and Water Authority said Wednesday it had raised $6.1 billion for the Gulf's second-largest IPO since 2019....

    The 18 percent stake in the emirate's state-owned DEWA is the biggest IPO in the Gulf region since that of Saudi oil giant Aramco

    The record for the largest public listing in the Gulf, and in the world, is held by Saudi oil company Aramco, which raised $29.4 billion

  • ECB, Binance spar over use of cryptos to evade Russia sanctions

    The European Central Bank has voiced its concern that cryptos can be used to evade Russian sanctions. But, the co-founder...

    Binance CEO Changpeng Zhao said his firm complies with all government sanctions very strictly

    Founded in China in 2017, Binance doesn't have a global base yet but is pushing its presence in the Middle East

  • JetBlue makes $3.6bn bid for Spirit Airlines, upstaging Frontier deal

    JetBlue Airways announced Tuesday a bid to acquire Spirit Airlines for $3.6 billion, setting up a bidding war with Frontier...

    The all-cash bid of $33 a share marks a 52 percent premium of Spirit's price prior to its February 7 announcement of the deal with Frontier

    Frontier opposed JetBlue announcement and said its proposed merger with Spirit remained "in the best interest of consumers and shareholders

  • A $40m fund set up in KSA

    Al Moammar and Saudi Fransi Capital sets up a private fund.

    One of Al Moammar primary objectives is developing technology start-ups with the focus on disruptive and innovative technologies

    The company said it intends to establish a business incubator, accelerator, and innovation lab, either within the company or as a separate subsidiary