New-Age Growth Comes Home to the GCC
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading...
Opinion
Abu Dhabi real estate transactions reach $4.69bn in Jan, Feb 2025
Abu Dhabi, UAE -- Real estate transactions in Abu Dhabi reached AED17.24 billion ($4.69 billion) in the first two months...
Business
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.
New-Age Growth Comes Home to the GCC
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading...
Opinion
Company News
Endava to widen UAE operations
Business
Masdar City, ADAFZ sign MoU
Business
Latest News
QatarEnergy announces integration of all marketing and related activities
DOHA, QATAR - QatarEnergy has announced the successful integration of all marketing and marketing-related activities formerly managed by QatarEnergy LNG....
Business
Maghreb farmers fight climate change with drones
The use of modern technologies in agriculture is globally on the rise, including in North Africa where countries rank among...
Business
UAE signs agreements to develop Kazakhstan renewables sector
Dubai, UAE--The United Arab Emirates (UAE) and Kazakhstan signed an agreement outlining a commitment to co-operation in the development of...
Business
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Business
Innovations, regulatory shifts make Bitcoin resilient
In 2023, the crypto market sees a surge in blockchain advancements, regulatory shifts, and a notable rebound in Bitcoin, signaling...
- In 2023, the crypto market sees a surge in blockchain advancements, regulatory shifts, and a notable rebound in Bitcoin, signaling a year of dynamic change and potential.
- Most market experts believe that 2024 promises clearer government regulations, DeFi evolution, and integration of cryptocurrencies in traditional financial markets.
Business
AD Ports, Kazakhstan Railways form venture to boost services
Abu Dhabi, UAE - AD Ports Group signed an agreement with Kazakhstan Temir Zholy JSC (Kazakhstan Railways to form a...
- The joint venture, owned 51 percent by AD Ports Group and 49 percent by KTZ, will aim to establish a dynamic regional logistics hub,
- The joint venture will be implemented in phases, with both entities collaborating to develop maritime electronic systems
COP28 UAE
50 oil and gas companies pledge to cut operational emission in COP28 meet
DUBAI, UAE - Fifty oil and gas companies representing 40 percent of global production pledged to decarbonize their operations by 2050...
- The charter is part of a set of initiatives designed to accelerate the decarbonization of the global energy industry.
- They are voluntary commitments unlike the decisions of COP28, which are taken by consensus between nearly 200 countries.