Empower okays $119.1m H2 2025 dividend
The dividend is equivalent to 43.75% of paid-up capital.
Business
Business
Dubai Financial Market, Nasdaq Dubai, Shanghai Stock Exchange sign MoU
Dubai, UAE--The Dubai Financial Market (DFM), Nasdaq Dubai, and Shanghai Stock Exchange (SSE) have signed a memorandum of understanding (MoU)...
- The MoU will enhance ties between Dubai and China's capital markets, marking a significant milestone in cross-border collaboration
- The two bourses will jointly explore to develop products, introduce companies and issuers to the advantages of each market
Business
ACWA Power starts commercial ops at phase 2 of Dubai’s Noor Energy
RIYADH, SAUDI ARABIA – ACWA Power Co said it received the initial commercial operation certificate from the Dubai Electricity & Water Authority...
- The second phase is part of a 950 MW solar CSP independent power project, the company said .
- The financial impact from the full capacity (950 MW) is expected to show starting from the first quarter 2024.
Business
48,616 firms register with Dubai Chamber of Commerce in January-September 2023
DUBAI, UAE – Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has...
- The total value of exports and re-exports of member companies reached $57 billion in January- September 2023.
- The strong growth underlines Dubai’s attractiveness among both companies and investors,
Business
Norwegian firm expects first cross-border transport of CO2 in 2025
Oslo, Norway -- Norwegian fertilizer group Yara International on Monday signed a contract to begin transporting CO2 produced at its Netherlands...
- Yara International signed a contract to begin transporting CO2 produced at its Netherlands plant to Norway so it can be buried under the seabed.
- Carbon capture and storage is aimed at helping halt climate change, involves capturing CO2 emissions at factory smokestacks and burying them underground in geological reservoirs.
Business
Messi’s World Cup jerseys up for $10m auction
If the jerseys sell for above $10m, that could make the sale the most valuable collection of sports memorabilia ever...
- He donned these shirts during the first halves of the group-stage rounds against Saudi Arabia and Mexico, as well as later games against Australia, the Netherlands and Croatia.
- The most expensive individual jersey ever sold at auction was one that basketball legend Michael Jordan wore during his NBA finals run in 1998. It sold for $10.1m.
Business
48% of people in UAE expect cross-border payments surge in 2024
Dubai, UAE -- Nearly 48 percent of individuals in the UAE anticipate an uptick in cross-border payments over the next...
- The report reveals that 53 percent of respondents in the UAE prioritize lower fees, 52 percent prefer speedy transactions, and 41 percent seek a straightforward remittance process.
- A remarkable finding is the surge in the use of apps for cross-border payments among UAE SMEs, with 82 percent leveraging this technology.
Business
Saudi EXIM Bank, Obeikan AGC ink pact
Obeikan AGC Glass will have an export credit insurance policy.
- This partnership will enable Obeikan AGC Glass to secure their international sales against non-payment risks posed by global buyers.
- This agreement significantly amplifies the prospects for growth and penetration into new regional and international markets.
Business
Gulftainer extends concession pacts
The agreements with Sharjah Ports extended for another 35 years.
- The extended agreements allow Gulftainer to manage, operate and further develop Sharjah Container Terminal (SCT) and Khorfakkan Container Terminal (KCT) throughout this century.
- Gulftainer signed the original concession agreements for operating and managing the container terminal at Port Khalid in 1976 and the container terminal at Port Khorfakkan in 1986.
Geostrategy
Attack in area claimed by Sudan, S. Sudan, leaves 32 dead
A government representative for Abyei condemned the attacks that occurred early Sunday in two counties by armed militias and soldiers...
- Bulis Koch Aguar Ajith, information minister for Abyei said the latest "barbaric attacks on civilians" were a continuation of deadly violence that broke out last week in the region
- Security Council this month voted unanimously to extend the 12-year-old UN peacekeeping mission in Abyei which currently comprises some 4,000 military and police personnel
Business
First internationally recognized renewable ammonia shipment made
Dubai, UAE -- Abu Dhabi-based Fertiglobe, a strategic partnership between ADNOC and OCI Global, has completed the maiden shipment of...
- The renewable ammonia was generated at Fertiglobe's facilities in Egypt utilizing renewable hydrogen from its Egypt Green Hydrogen electrolyzer pilot.
- This eco-friendly ammonia will play a crucial role in producing near-zero emissions synthetic soda ash, a vital component in laundry powder, for consumer goods giant Unilever.
Empower okays $119.1m H2 2025 dividend
The dividend is equivalent to 43.75% of paid-up capital.
Business
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Tesla reports drop in auto sales
Business
The future of logistics: Insights from DHL’s Amadou Diallo
The future of logistics is a convergence of technology, sustainability, and human ingenuity, which are transforming supply chains into more...
Interview
Gold tops $3,000 for first time on Trump tariff threats
Gold surpassed $3,000 for the first time Friday as US President Donald Trump's trade wars boost the safe-haven asset, while...
Economy
DAE to acquire 17 aircraft for $1 bn
This portfolio comprises 100 percent next-generation aircraft
Business
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Business
DP World posts record $20bn revenue
The adjusted EBITDA rose by 6.7% to $5.5bn in 2024.
- DP World capacity exceeded 100 million TEU due to selective infrastructure investment in key growth markets.
- Capital expenditure of $2.2 billion ($2.1 billion in 2023) was invested across the existing portfolio.
Business
Meraas awards $544m contract
It has been awarded for construction of Design Quarter at d3
- It includes the first residential community within Dubai Design District (d3), a global creative and design ecosystem.
- Scheduled for completion by mid-2027, the Design Quarter at d3 comprises a collection of 558 apartments.
Economy
Smart cities lead GCC’s IoT boom: NEOM and Smart Dubai in focus
IoT applications are transforming critical sectors such as transportation, where connected vehicles improve traffic management, utilities where smart grids enhance...
- For instance, to manage the flow of massive stadium crowds during the FIFA World Cup, Qatar leveraged “digital twins,” aggregating data from 40,000 IoT devices.
- In a similar vein, Dubai’s Enterprise Command and Control Center uses a combination of AI, digital camera, and thermal imaging technologies to oversee 11,000 surveillance cameras.