QEWC 2023 net profit US$426m
QEWC market share in supply of electricity was 61 percent.Company News Business Energy
Dubai Maritime City launches $38 million infrastructure project
DP World’s purpose-built maritime hub, Dubai Maritime City (DMC), has launched an infrastructure project at a cost of AED140 million...The infrastructure project includes developing networks for deep sewage, stormwater, fire, irrigation, potable water, telecommunication, and roads.
The new infrastructure will integrate DMC with the Mina Rashid area that includes the QE2 Hotel, P&O Marinas and Marina Cubes.
DEWA electricity and water accounts rise by above 40 percent in 5 years
Dubai Electricity and Water Authority (DEWA) announced that the number of electricity accounts reached 1.06 million by the end of...The number of electricity accounts reached 1,061,476 by the end of 2021 compared to 752,505 at the end of 2016.
DEWA’s total capacity increased to 13,417MW of electricity, said Saeed Mohammed Al Tayer, MD & CEO of DEWA.
Egypt sets up $50m venture capital fund for startups
The World Bank and MSMEDA is eager to review and develop the needs of startups.The World Bank is supporting the operation of the program, aimed at tech-based startups
The fund was announced by Egypt's Minister of Trade and Industry, Nevine Gamea
Ras Al Khaimah provided $1.9m package to local businesses during pandemic
The Ras Al Khaimah Department of Economic Development (RAK-DED) offered AED 7 million ($1.9 million) in economic stimulus package to...The package was provided to support the local economy and ensure business continuity during the COVID-19 pandemic.
RAK said the package included licenses registered with RAK-DED and affected by the pandemic such as infrastructure projects and SMEs.
Federation of Saudi Chambers signs deal to host UN Global Compact
The Federation of Saudi Chambers of Commerce signed an agreement to host the local network of the United Nations Global...This pact affirms Federation's role in realizing the importance of corporate sustainability in implementing the programs and initiatives of Saudi Vision 2030.
It also covers the sustainable development goals of the UN through the Saudi private sector.
Dubai international pharma exhibition generates deals worth $1.38 bn
The 27th edition of the Dubai International Pharmaceutical & Technologies Conference and Exhibition (DUPHAT 2022) has generated direct and indirect...The largest of its kind in the region, DUPHAT 2022 was held at the Dubai World Trade Centre and featured the participation of a number of doctors and pharmacists.
The event attracted more than 22,000 visitors and participants from 82 countries and featured 140 speakers who shared their insights at 112 scientific sessions.
Dubai records weekly real estate transactions worth $1.9 billion
Real estate transactions worth AED7.1 billion ($1.9 billion) were recorded by the Dubai Land Department during the week ending 25...The total number of transactions was 2,064, which included 300 plots of land that were sold for AED2.58 billion and 1,382 apartments and villas sold for AED2.88 billion.
The top transactions were a plot of land in Marsa Dubai that sold for AED535.92 million, followed by a plot that was sold for AED476.81 million in Marsa Dubai.
At $2.24trn value, Aramco tests Apple for the top slot
Aramco is inching closer to dislodging Apple as the world's most valuable company when the former's shares rose up, taking...The Saudi oil giant surpassed Microsoft, claiming its position as the second-largest valued company worldwide
As of 11.04 a.m. Saudi time, shares stood at SR42 ($11.2) after the oil giant closed a $15.5 billion pipeline deal
e& 2021 net profit $2.53 bn
The net profit was 3.2 percent higher than in 2020, the company said.UAE’s largest telecom operator said that foreign ownership limit in share capital from 20 pc to 49 pc increased ownership stake in Maroc Telecom Group from 48.4 pc to 53 pc.
The company has proposed a dividend of AED 0.4 per share for the second half of 2021, representing a total dividend for FY2021 of AED 0.8 per share.
SWIFT: The Russia sanctions threat for Ukraine invasion
Ukrainian President Volodymyr Zelensky called on world powers on Thursday to cut Russia off from SWIFT, after Russian forces invaded...Founded in 1973, the Society for Worldwide Interbank Financial Telecommunication, actually doesn't handle any fund-transfers itself
But its messaging system, developed in the 1970s, provides banks the means to communicate rapidly, securely, and inexpensively
