Abu Dhabi records real estate deals worth $38.7 billion in 2025
Abu Dhabi, UAE -- Abu Dhabi’s real estate market recorded transactions worth a record AED 142 billion ($38.7 billion) in...
Business
Business
Lufthansa Q3 profit $1.3bn
38 million passengers travelled with the group's airlines in the third quarter.
- The group said sales rose by eight percent to 10.3 billion euros, delivering "the strongest quarter in its history in revenue terms".
- The surge in profit is driven by "strong demand, higher capacity" and more expensive ticket prices, the aviation firm said.
Business
Alpha Dhabi 9M net profit $3.15bn
The net profit increased by a substantial 29 percent during this period.
- Alpha Dhabi's revenue also increase by 22 percent during this period, reaching AED 32.4 billion, compared to AED 26.6 billion in the previous year period.
- Alpha Dhabi's total assets reached AED 133.6 billion, with a cash position of AED 19.1 billion as of September 30, 2023.
Business
Lootah Biofuels inks MoU
The agreement is aimed at producing biofuel in Maldives.
- The deal was inked during the second day of the Dubai Business Forum, an influential global gathering of businesses and investors.
- The objective of the MoU is to reduce the impact of CO2 by replacing normal diesel with biodiesel.
Business
Al Ansari Financial Services okays dividend
The first proposed interim dividend is of $81 million.
- All matters relating to future dividend distribution will be subject to the Board of Director's recommendation and shareholder's approval.
- The approved US$81 million cash distribution aligns with the group's previously announced dividend policy.
Business
stc, Microsoft to collaborate
The aim is to advance digitalization in Saudi Arabia.
- The two firms will jointly develop and deploy cutting-edge solutions that will transform and empower organizations across various industries.
- The collaboration between the organizations aims to enable stc’s subsidiaries to explore new markets, develop disruptive business models.
Shell reports rise in profits
The company announces a buyback of shares worth $3.5bn.
- "Shell delivered another quarter of strong operational and financial performance," chief executive Wael Sawan said
- Over the first nine months of 2023 Shell's profit was down sharply, reflecting lower oil prices year-on-year
Business
ADX partners with HSBC to develop digital assets
Abu Dhabi, UAE - Abu Dhabi Securities Exchange (ADX) and HSBC Bank Middle East Limited are working together in the...
- The initiative leverages the investment product knowledge of ADX, and HSBC’s investment banking, capital markets and blockchain capabilities.
- Digital bonds are financial instruments that are created and managed using blockchain and smart contract technology to create efficiencies in capital markets
Business
ACWA Power 9M net profit up 22%
The company said higher operating income was the main driver.
- The company said it recorded SAR 814 million in operating income—before impairment, loss and other expenses—in the third quarter of 2023.
- Operating income for the first nine months of 2023 reached SAR 2.10 billion, growing by 12.4 percent, compared to the same period last year.
Business
DEWA discusses cooperation in renewable energy with German delegation
Dubai, UAE-- Dubai Electricity and Water Authority (DEWA) has held discussions with a delegation from Germany on how to boost...
- DEWA's CEO emphasized the importance of strengthening strategic cooperation with German enterprises in water, renewable, and clean energy
- The delegation applauded the UAE's leading role in dealing with climate change and promoting a sustainable, safe, and healthy environment
Business
SABIC 9M net loss $277m
The company had posted a net profit of $4.32bn in 9M 2022.
- In the third quarter period, the petrochemicals giant swung to a net loss of SAR 2.9 billion, against a net profit of SAR 1.84 billion in Q3 2022, Argaam reported.
- SABIC cited stagnation in global demand for chemicals, which weighed on average selling prices, and led sales value to drop by SAR 7.3 billion year-on-year (YoY).
Company News
Italy’s Enel doubles net profit
Business
Lamborghini sales up in 2023
Business
Latest News
EGA to acquire Leichtmetall
Business
‘Authenticity, experiences, culture, generational and solo travel to lead tourism trends’
Visit Saudi, experience the warmth, generosity and hospitality of the people, Jerry Inzerillo tells TRENDS in an exclusive interview.
Business
‘Global Collaboration Village aims to digitize and democratize WEF dialogues’
DAVOS: The future of global collaborations is being shaped by innovation and the ubiquitous embrace of immersive technologies, which continue...
Economy
Most Read
Business
Alpha Dhabi acquires interest in NCTH
The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.
- It acquired the 73.73% controlling interest after selling assets from Alpha Dhabi Hospitality Holding and Murban Energy Limited to NCTH in exchange for shares.
- The deal Alpha Dhabi Holding’s investment in the domestic and international luxury hospitality sector and involves the transfer of four key hotel assets.
World Economic Forum
Lithium-sulfur batteries will transform energy storage, says Lyten’s Horvath
Lyten, a Silicon Valley-based company, is revolutionizing the energy storage market with its groundbreaking lithium-sulfur battery technology. These batteries offer...
- Lithium-sulfur batteries are about half the weight of a lithium-ion batteries, but they have twice the energy density.
- These batteries work better in heat and, therefore, will be better suited to tropical countries that are expected to grow at a much faster pace.
Wheels in motion for investors as two Gulf carriers plan 2025 IPOs Â
UAE's Etihad Airways and Saudi Arabia's Flynas are preparing to listing on local stock markets, the first IPO by Gulf...
- Etihad Airways to expand its destination network to over 125 airports by 2030, up from the current 90
- Flynas plans to grow its fleet to more than 160 aircraft by 2030 from a current 60+