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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.

  • Spending on quantum computing will surge to US$ 9.1 billion by 2030: report

    Tractica LLC, a market intelligence firm, revealed that spending on quantum computing will surge from US$260 million in 2020, to...

    Tractica LLC, a market intelligence firm, revealed that spending on quantum computing will surge from US$260 million in 2020, to US$9.1 billion by 2030

    90 percent of organisations will partner with consulting companies or full-stack providers to accelerate quantum computing innovation through 2023, according to Gartner

  • Meta celebrates the spirit of Ramadan through #MonthofGood campaign

    Throughout #MonthofGood, Meta will be sharing the stories of Muslim communities making positive impact.

    Throughout #MonthofGood, Meta will be sharing the stories of Muslim communities making positive impact

    The company is also introducing new Ramadan AR effects and weaving Muslim culture into the foundation for the metaverse

  • e& to pay AED0.4 dividend

    The total annual dividend for 2021 is now Dh0.8 per share.

    The Group reported a net profit of AED 9.3 billion, an increase of 3.2 percent year on year

    It also saw a 3.0 percent increase in its aggregated subscriber base, rising to 159 million

  • UAE free zones set to gain from corporate tax relief

    Around 40 free zones in the UAE are likely to attract more investors and FDI after they were declared exempt...

    The 9-percent corporate tax will be levied on companies with profits above AED375,000 (approximately $102,090)

    Announced on January 31 by the UAE’s Ministry of Finance, the tax regime will be implemented from June 1, 2023

  • Qatar Development Bank launches program for micro-enterprises

    Qatar Development Bank (QDB) announced the launch of a version of the "Al Dhameen" program for micro-enterprises, for the first...

    Al Dhameen program for micro-enterprises is characterized by a profit rate and distinct conditions.

    He noted the program will contribute to the development of the national business system in terms of access to financing.

  • AUB to acquire Citi Bahrain unit

    The acquisition includes retail banking and credit card.

    Citigroup expects to close the transaction by the second half of this year, after which no changes will apply to the services provided to Bahraini customers.

    Citigroup plans to exit operations in 13 markets, including Bahrain, Australia, China, India, Indonesia and South Korea.

  • Lebanon central bank not bankrupt, says governor

    Lebanon’s Deputy Prime Minister Saadeh al-Shami claimed on Monday that the country and its central bank had gone bankrupt. The...

    Lebanon is in the third year of a financial implosion, which is widely blamed by experts on decades of corruption and bad policies

    These have led the currency to crash in value by more than 90 percent since end-2019, and banks to lock most savers out of hard currency

  • Amazon inks satellite deals

    Satellites in low orbit to provide internet service to people below.

    Amazon said that its contracts with Arianespace, Blue Origin and United Launch Alliance (ULA) are the largest commercial procurement of launch vehicles in history.

    The overall cost and timing of launches booked to make Amazon's Project Kuiper a reality were not disclosed.

  • Islamic banking tipped to grow in GCC

    Of recent, Islamic banking has been getting quite a boost from governments and financial institutions in the Gulf Cooperation Council.

    Islamic banks are prohibited from collecting or paying interest, which raises the question: How do they make a profit, or even stay in business?

    The answer is that they make money through equity participation, which requires a borrower to give the bank a share of their profits

  • Oman to generate 25 GW of solar, wind energy

    The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce...

    The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce over 1.5 million tons of carbon-free hydrogen per year.

    Najla Zuhair Al Jamali, Executive Manager of Alternative Energy at OQ said that GEO is at the vanguard of mega-scale green fuels projects