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ADNOC Distribution 2024 net profit down 7%

Minus UAE corporate tax, it would have grown by 2.4% to $725m

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.

UAE and Egypt to boost investment and cooperation

The two countries also mulled over cooperation in energy sector
  • This includes traditional and renewable energy, advanced industries, infrastructure, tourism, agriculture
  • The two discussed on wind and solar energy, and finding opportunities for sustainable joint investments

UAE’s Minister of Industry and Advanced Technology Sultan bin Ahmed Al Jaber reviewed bilateral relations with Mostafa Madbouly, Prime Minister of Egypt.

The two discussed investment opportunities and joint cooperation in areas that would further strengthen their relations.

This includes traditional and renewable energy, advanced industries, infrastructure, tourism, agriculture, and other promising areas.

It would contribute to achieving sustainable economic growth, said Al Jaber.

Al Jaber also discussed business progress and the latest developments of the joint strategic investment fund with Hala Elsaid, Egypt’s Minister of Planning and Economic Development.

Lastly, he met with Mohamed Shaker, Minister of Electricity and Renewable Energy, to review opportunities for cooperation in the field of energy and renewable energy.

The meeting also covered discussions on wind and solar energy, and finding opportunities for sustainable joint investments.