Business
UAE signs deals worth US$70m to produce medical equipment
The UAE has signed agreements to the tune of $70.8 million with medical companies to manufacture medical equipment at home.
- PureHealth will work with Abu Dhabi Medical Devices Company (ADMD) to establish a medical supplies production line in Abu Dhabi
- Borouge will provide raw materials while Abu Dhabi Ports Group will provide industrial land for the production of medical syringes, administration devices
Business
NMDC records 40% profit jump
Its profit shot up to $191m in first nine months of 2022.
- The Group’s revenue increased by 12.9 percent to $1.63 billion from January to the end of September 2022, compared to $1.46 billion in the same period last year
- Its business continued to grow and expand , with significant progress made in major strategic projects such as the Hail and Ghasha field works
Business
Online spending set to rise as MENA shoppers start looking for products, offers ahead of holiday season
Consumers in the UAE, Saudi Arabia and Egypt are among the most excited to search for Black Friday compared to...
- Consumers in the UAE, Saudi Arabia and Egypt are among the most excited to search for Black Friday compared to Brazil, UK, and US, Google’s internal data suggest
- About 60 percent in the UAE and Saudi Arabia look for new products and brands when browsing online during the sales season, the Google's study highlights
Geostrategy
Spain says new gas pipeline may take 7 years to build
A planned underwater energy pipeline linking Barcelona in Spain and Marseille in France could take up to seven years to...
- France, Spain and Portugal announced that they had agreed to build the maritime pipeline.
- The underwater pipeline - dubbed BarMar - would initially be used for natural gas but, over time, more and more for hydrogen.
Business
Reliance Q2 net profit at $1.65bn
RIL's core oil-refining business hit overall profits.
- Revenues from operations increased 33.7 percent on-year to US$28.19 billion helped by strong contributions from Reliance's newer consumer-facing businesses.
- Additional excise duties cost Reliance US$488 million (40.4 billion rupees) in the quarter, the company said,
Business
Bayanat AI IPO tranche oversubscribed
The offering saw significant demand and commitment from IHC.
- The subscription period ends on 25 October 2022 while the listing of shares and trading on ADX is anticipated on 31 October 2022.
- Dubai Islamic Bank is the Lead Manager, and First Abu Dhabi Bank is acting as the Lead Receiving Bank. International Securities are the Lead Placement Agent on the IPO.
Business
Credit Suisse sells 8.6% stake in Allfunds
Bank raised US$325m from its stake sale of Spanish firm.
- Credit Suisse acquired the minority stake in 2020 after selling its business-to-business investment fund platform, InvestLab, to Allfunds.
- The bank was rocked last year by the collapse of the British financial firm Greensill.
Business
Dubai records $2.17 billion in weekly real estate transactions
Dubai, UAE---A total of 2,703 real estate transactions worth AED8 billion ($2.17 billion) were conducted during the week ending 21...
- A total of 147 plots were sold for AED1.12 billion, and 2,023 apartments and villas were purchased for AED4.79 billion.
- The top transactions were a land Fourth sold for AED85 million in Al Thanayah, and another sold for AED63 million in Island 2.
Business
Arada closes $100m tap on its Sukuk
Its existing Sukuk valued $350m was issued in June.
- The tap was priced at 99 cents on the dollar, with an investor yield of 8.386 percent.
- Arada said the tap witnessed demand from the global finance markets, with a lead order of US$185 million.
Business
Dlala Holding to resume trading
The authorized capital of the company is US$78 million.
- The QSE announced after completing the process of reducing the company's issued capital from 284.16 million shares to 190.387 million shares.
- Dlala Holding Company was established and listed on Qatar Stock Exchange in 2005.
Most Read
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
Latest News
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...
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...
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...
Business
Most Read
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.