Business
ADNOC increases size of logistics unit’s IPO by 4% on high demand
Abu Dhabi, UAE --Abu Dhabi National Oil Company (ADNOC) Monday said it has increased by the number of shares offered...
- ADNOC will now offer 1.40 billion ordinary shares, equivalent to 19 percent of the Company’s total issued share capital.
- Previously, the company announced that it would offer 1.10 billion shares, representing 15 percent of its total issued share capital.
Business
Sharjah event discusses anti-money laundering practices
SHARJAH, UAE - Sharjah Economic Development Department (SEDD) organized multiple workshops for legal purposes and a number of investors and...
- In the workshops , the legislative frameworks for real beneficiary and combating money laundering were reviewed.
- The purpose of the event is to form an ideal investment climate which supports business continuity, said an official.
Business
Meta fined record $1.3bn over EU user data transfer to US
Meta said it was "disappointed to have been singled out" and the ruling was "flawed, unjustified and sets a dangerous...
- The European investigators found that Meta did not "address the risks to the fundamental rights and freedoms of data subjects".
- Meta has been fined thrice this year, by European Union, for not following EU regulation over data safety on Instagram, WhatsApp, and Facebook.
Business
UAE Investors Council, EECB sign MoU to boost partnerships
Cairo, Egypt - The UAE International Investors Council (UAEIIC) and Egyptian-Emirati Business Council (EEBC) will work together to enhance the...
- The two councils would work together to score investment opportunities in multiple areas including technology.
- Both the parties are likely to seek partnerships between the business communities and companies of private sector.
Business
Leading games developer MY.GAMES makes Abu Dhabi its MENA base
Abu Dhabi, UAE - AD Gaming has expanded its gaming ecosystem by welcoming MY.GAMES to Abu Dhabi, marking the latest...
- Headquartered in Amsterdam, MY.GAMES is a leading publisher and developer of mobile, PC, and console games, with over one billion registered users worldwide
- MY.GAMES’ will work on over 70 games across the company’s portfolio, including genre-defining titles such as War Robots, Rush Royale, and Hustle Castle
Business
Allen & Overy to merge with US peer
The merged firm will have a combined revenues of $3.4bn.
- The new group, called Allen Overy Shearman Sterling or A&O Shearman, was "truly a game-changing moment for both firms".
- The merged firm will have around 3,900 lawyers and about 800 partners across a total of 49 offices worldwide.
Business
East Pipes, Aramco sign $480m contract
The firm will manufacture pipes for the global energy giant.
- East Pipes said the financial impact of the 12-month contract will show in the second half of 2023 and the first quarter of 2024.
- On 14 May, the company signed a contract with Abdullah Ibrahim Al Sayegh & Sons, valued at SAR81 million, for supplying steel pipes to the firm.
Business
Brazil’s exports to Arab countries $5.16bn in four months, up 10%
Dubai, UAE -- Brazilian exports to Arab countries during the first four months of this year have increased by 10.33...
- The main exported products from Brazil to the Arab World were sugar, poultry, beef, maize, and soybeans.
- Beef exports from Brazil to Arab countries amounted to $356.06 million, with Egypt leading the list with $115.59 million worth of exports.
Business
Maaden Q1 net profit down 81%
The company posted a net profit of $111 million.
- The company said in a statement that the net profit was impacted by lower EBITDA of SAR 2.18 billion (Q1 2022 SAR 4.40 billion).
- Argaam reported that the decline in profit was driven by lower average selling prices of all products except gold and higher cost of sales.
Economy
DEWA, WeGO discuss cooperation to achieve sustainable development goals
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) is looking to cooperate with World Smart Sustainable Cities Organization (WeGO) in urban...
- The two sides discussed cooperation in urban sustainability, smart technologies and innovative solutions to achieve sustainable development goals
- DEWA CEO underscored the company's plan to achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
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Market Report
Emirates Islamic profit rises 71%
The Bank’s total income reached AED 1.2 billion ($326.69 million)
Business
DMCC launches global trade roadshow in London to attract FDI from UK
Dubai, UAE--DMCC has kicked off the ninth edition of its global trade roadshow, Made For Trade Live, in London, seeking...
Business
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Business
UAE MoD ink deals worth $517m in first two days of UMEX and SimTEX 2024
ABU DHABI, UAE - On the second day of the sixth edition of UMEX and SimTEX 2024, the accumulated value...
- The second day of the event witnessed announcement of five deals signed by the Tawazun Council.
- The total number of local contracts on the second day of UMEX and SimTEX 2024 reached five contracts.
Business
Hub71-backed ABHI to set up global headquarters in Abu Dhabi
DUBAI, UAE - With support from the Abu Dhabi Investment Office (ADIO), Hub71-backed ABHI, an embedded finance platform founded in...
- ABHI is working with Abu Dhabi Investment Office as it scales up its operations to capture growth opportunities in emerging markets.
- ADIO provides a range of support to the FinTech company, including incentives and connections to the Abu Dhabi ecosystem.
Business
Milrem and UAE sign world’s biggest defense robotics order
Abu Dhabi, UAE - EDGE Group entity Milrem Robotics signs a contract to supply 20 tracked robotic combat vehicles (RCVs)...
- Milrem will supply 20 tracked robotic combat vehicles (RCVs) and 40 THeMIS unmanned ground vehicles (UGVs) to UAE Ministry of Defense.
- Milrem Robotics will also provide comprehensive training and supervision to ensure the relevant personnel.