Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
Business
Abu Dhabi records $2.88 billion in real estate transactions in January
Abu Dhabi, UAE -- Abu Dhabi’s real estate market recorded AED10.6 billion in transactions in January, totaling 2,514 property deals....
Business
Business
VW 2022 net profit at $16.7bn
Firm booked profit despite supply chain disruptions.
- German automaker Volkswagen on Friday said it booked a higher profit in 2022 despite supply chain disruptions and increased costs.
- The group expects vehicle deliveries to rise to around 9.5 million this year, from 8.3 million in 2022.
Business
DEWA’s R&D Center registers 8th patent for geographical areas survey device
DUBAI, UAE - Dubai Electricity and Water Authority's (DEWA) Research and Development Center has obtained its eighth patent for a...
- The device employs real-time kinematic processing techniques to process data collected on-site.
- It works with a smart device developed by the R&D Center, which uses a smart app to read the updated coordinates in seconds.
Business
ADNOC Drilling to buy hybrid power land rigs for $252m
The purchase is part of the company’s “rigorous decarbonisation strategy,” the company noted.
- The purchase is part of the company’s “rigorous decarbonisation strategy,” the company noted
- ADNOC Drilling owns one of the world’s largest drilling and well completion fleets
Business
Lufthansa returns to profit
The airline reported $839m in profit in 2022.
- The group reported an adjusted operating profit of 1.5 billion euros, in line with expectations.
- The company suffered a net loss of 2.2 billion euros in 2021 and 6.7 billion euros in 2020
Business
ADNOC Gas announces final IPO pricing, to raise $2.5 billion
The ADNOC Gas offering was set at 2.37 dirhams ($0.65) per share, towards the top of its range, implying a...
- The offer was expanded from 4.0 percent to 5.0 percent this week in reaction to demand.
- ADNOC Gas, hived off from the Abu Dhabi National Oil Company (ADNOC) at the start of this year, is expected to start trading on the UAE capital's stock exchange on Mar 13.
Business
Abu Dhabi real estate transactions reach $21.12 billion in 2022
The emirate’s Department of Municipalities and Transport (DMT) said a total of 19,033 transactions were recorded during the year---9,010 sales...
- Yas Island topped the list with transactions worth AED4.2 billion, followed by Al Reem Island (AED3.4 billion) and Saadiyat Island (AED3.1 billion).
- These zones will be open to foreign investors, providing them with an extended range of investment opportunities.
Business
UAEIIC, JOIN ink pact to boost investments in Middle East, Africa
The agreement will build their mutual capacities, and encourage bilateral and multilateral investments, especially in the Middle East and Africa...
- The agreement will build their mutual capacities, and encourage bilateral and multilateral investments, especially in the Middle East and Africa region
- It will create appropriate projects and opportunities for investment and establish new economic partnerships, Secretary-General of UAEIIC Al Jarwan said
Business
Some sectors may benefit more than others as more GCC companies turn to metaverse to boost business
Industries in the region may use metaverse interchangeably. However, there is no specific way to know which sector will benefit...
- Industries in the region may use metaverse interchangeably. However, there is no specific way to know which sector will benefit the most from the latest technology, says an expert
- The use cases of a metaverse in the GCC and the MENA region will vary primarily depending on the core nature of work within each sector, adds Mohamed Khaled, CEO of Hotdesk
Business
UAE best country globally for expat lifestyle, says HSBC survey
Abu Dhabi, UAE - The United Arab Emirates is the best country for expat lifestyle, according to a survey by...
- A total of 36 percent of the people surveyed said chances of having a better lifestyle is the main reason for relocating to the UAE.
- Another reason for the survey was to find about the changes in people’s lives post pandemic which includes the changes in their financial lives.
Business
QFCA, AmCham Qatar sign MoU to boost bilateral trade
Doha, Qatar-- Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), and the...
- Under the MoU, both parties will work to promote QFC as a financial and business platform for foreign financial investments.
- They will also provide necessary support and facilities to American companies interested in doing business in Qatar.
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Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
Business
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Chemanol to buy stake in ACC
Business
Bitcoin crosses $45,000 for first time since April 2022
Dubai, UAE--Bitcoin stormed above $45,000 on Tuesday for the first time since April 2022. Bitcoin touched a 21-month peak of...
Business
UAE to press firms with 20-49 staff to hire at least one Emirati in 2024
Dubai, UAE--The UAE's Ministry of Human Resources and Emiratisation (MoHRE) has started implementing the cabinet decision to expand the scope...
Business
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Business
Gupco begins pumping oil in Egypt
The production started at the first well in the Gulf of Suez.
- Egypt's petroleum minister said the project first phase aims to reach 6,000 barrels per day by mid-January
- The completion of the second well is expected by mid-January to raise production to targeted levels
Business
New investors throng Dubai Financial Market to open accounts
Dubai, UAE--Brokerage firms at the Dubai Financial Market (DFM) opened 57,054 new investor accounts in 2023, marking a significant increase...
- The expansion in the growth resulted from the listing of the government and semi-government companies and also rising popularity of online trading
- The brokerage firms numbering 29 on the bourse executed over 3.83 million transactions in 2023, a 32.7% increase compared to 2022's 2.88 million
Economy
Najran extends MoU with Ayan for Commerce & Industry
Jeddah, Saudi Arabia - Saudi Arabia's Najran Cement Company has announced the extension of its non-binding memorandum of understanding (MoU)...
- This extension comes as a result of the ongoing valuation and due diligence processes, which are yet to be completed
- The original MOU, signed on October 19, 2023, was set to pave the way for a potential collaboration between the two companies