Business
Empower profit climbs 16%
Dubai district cooling demand lifts earnings
- First-half revenue rose 4.5 percent as EBITDA increased 7.5 percent, supported by growing district cooling demand across Dubai developments.
- Empower added 61 contracts, lifting contracted capacity above two million refrigeration tonnes as connected buildings increased to 1,796.
Business
Burjeel profit nearly doubles
Healthcare demand drives stronger earnings.
- First-half revenue rose 4.4 percent to $761 million while adjusted net profit nearly doubled on stronger healthcare demand.
- Burjeel completed $500 million sukuk issuance, refinancing debt while maintaining stable leverage and strengthening liquidity for future growth.
Business
Sharjah real estate deals jump 62 percent in July
Dubai, UAE -- Real estate transactions in Sharjah rose 61.8 percent in July from the previous month to AED7 billion...
- Sharjah real estate transactions climbed 61.8 percent month-on-month to $1.91 billion as transaction volumes increased 25.3 percent in July.
- Largest land sale reached AED850 million while mortgages totaled AED1 billion, highlighting sustained investment across 129 areas statewide.
Business
Salik profit slips in H1
The company said traffic recovery supported resilience.
- H1 revenue declined 7.5 percent to AED1.41 billion ($384.4 million), while net profit fell 8.7 percent to AED704 million ($191.7 million).
- Company expanded digital mobility partnerships despite weaker traffic, reaffirming confidence in long-term ancillary revenue growth and Dubai's economic outlook.
Business
Aramco profit jumps as oil prices surge despite Hormuz disruption
Saudi oil giant Aramco reported a 44 percent jump in second-quarter net profit on Wednesday, helped by higher crude oil...
- Second-quarter net income climbed 44 percent to $32.7 billion as higher oil prices outweighed lower crude sales volumes.
- Aramco maintained exports despite Hormuz disruption, declaring a $21.9 billion dividend while advancing major oil and gas projects.
Business
Alpha Dhabi profit jumps 48%
AI and technology investments boost earnings.
- First-half revenue rose 5 percent to $10.24 billion, while adjusted EBITDA increased 7 percent to $2.53 billion year-over-year.
- Fair value investment gains reached $1.01 billion, driven by holdings in SpaceX, Cerebras and Anthropic alongside portfolio diversification efforts.
Business
Agthia profit, dividend jump
Transformation lifts earnings, cash generation.
- First-half revenue rose 7.4 percent to $708 million, while EBITDA increased 35.8 percent as margins expanded significantly.
- Free cash flow reached $142 million, net debt leverage declined sharply, prompting a 14.4 percent higher interim dividend recommendation.
Analysis
GCC lenders should reassess credit risks continuously
Today's environment calls for continuous reassessment rather than periodic review. Institutions need to challenge assumptions, stress-test portfolios against multiple scenarios,...
- KPMG urges GCC financial institutions to strengthen credit resilience through scenario analysis, governance and dynamic portfolio monitoring amid uncertainty.
- Analysis identifies retail, corporate and commercial real estate portfolios as key pressure points under prolonged geopolitical and economic disruption.
Business
Emirates NBD to acquire retail banking business of HSBC Egypt
Dubai, UAE -- Emirates NBD Egypt S.A.E., a 100 percent owned subsidiary of Emirates NBD Bank has entered into definitive...
- Emirates NBD Egypt will acquire HSBC Egypt’s retail banking portfolio along with the associated branch and ATM network, customer base and relevant employee base.
- The transaction is expected to enhance Emirates NBD Egypt's market positioning as a leading retail and premium banking franchise in Egypt.
Business
Aldar records $408 million sales from Yas Point residential launch
Dubai, UAE -- Aldar said it generated AED1.5 billion ($408 million) in sales from the launch of The Canopies, the...
- First-time Aldar buyers accounted for 84 percent of customers, with UAE nationals representing 40 percent of total sales.
- Expatriate residents and overseas buyers contributed 60 percent of sales, while 47 percent of buyers were under 45.
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Oman sees hospitality industry revenue fall 3.5%
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Proof of Covid-19 vaccination, PCR test needed to enter Expo Dubai
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Business
Empower profit climbs 16%
Business
Burjeel profit nearly doubles
Business
Sharjah real estate deals jump 62 percent in July
Dubai, UAE -- Real estate transactions in Sharjah rose 61.8 percent in July from the previous month to AED7 billion...
Business
Aramco profit jumps as oil prices surge despite Hormuz disruption
Saudi oil giant Aramco reported a 44 percent jump in second-quarter net profit on Wednesday, helped by higher crude oil...
Business
Most Read
Business
Agthia profit, dividend jump
Transformation lifts earnings, cash generation.
- First-half revenue rose 7.4 percent to $708 million, while EBITDA increased 35.8 percent as margins expanded significantly.
- Free cash flow reached $142 million, net debt leverage declined sharply, prompting a 14.4 percent higher interim dividend recommendation.
Analysis
GCC lenders should reassess credit risks continuously
Today's environment calls for continuous reassessment rather than periodic review. Institutions need to challenge assumptions, stress-test portfolios against multiple scenarios,...
- KPMG urges GCC financial institutions to strengthen credit resilience through scenario analysis, governance and dynamic portfolio monitoring amid uncertainty.
- Analysis identifies retail, corporate and commercial real estate portfolios as key pressure points under prolonged geopolitical and economic disruption.
Business
Emirates NBD to acquire retail banking business of HSBC Egypt
Dubai, UAE -- Emirates NBD Egypt S.A.E., a 100 percent owned subsidiary of Emirates NBD Bank has entered into definitive...
- Emirates NBD Egypt will acquire HSBC Egypt’s retail banking portfolio along with the associated branch and ATM network, customer base and relevant employee base.
- The transaction is expected to enhance Emirates NBD Egypt's market positioning as a leading retail and premium banking franchise in Egypt.