Passenger air traffic has reached pre-pandemic levels, says ICAO
MONTREAL, CANADA – In the first quarter of 2024, the International Civil Aviation Organization (ICAO) projected that passenger air traffic...
Business
Business
Emaar Properties buys Dubai Creek Harbour for $2 billion
Emaar Properties announced Thursday it would fully acquire Dubai Creek Harbour, the major development located along the historic Dubai Creek...
- It is expected that Emaar will profit from 100 million square feet of future development at Dubai Creek Harbour.
- Emaar recorded sales of AED 4.2 billion in 2021 and AED 3.6 billion sales in Dubai Creek Harbour in the first half of 2022
Business
Al Dahra, CLAAS sign deal
The two firms will cooperate in agriculture sector.
- Al Dahra Holding Company and the German company "CLAAS" signed an MoU for the cooperation.
- The MoU oversees the purchase of new machines, and maintain appropriate level of after-sales service.
Economy
Ma’aden H1 net profit at $1.6bn
H1 2022 net profit increased by 232 percent
- H1 2022 EBITDA increased by 128 percent, compared with the same period in the prior year, to $ 3billion.
- Q2 2022 EBITDA increased to $1.8 billion reflecting robust sales performance.
Business
ADNOC hires 13 jack up barges to boost offshore efficiency
Abu Dhabi National Oil Company (ADNOC) signed a $1.17 billion (AED4.3bn) for hiring 13 self propelled jack-up barges to drive...
- The jack up barges will enhance the capacity of its crude oil production to five million barrels per day (mmbpd) by 2030.
- Deployed across ADNOC's offshore fields, it will support extensive operations, including project work and maintenance.
Economy
MoCCAE discusses food security with feed manufacturers in UAE
UAE's Ministry of Climate Change and Environment (MoCCAE) hosted a meeting with licensed feed manufacturers in the country to explore...
- UAE's Ministry of Climate Change and Environment hosts a meeting with licensed feed manufacturers to talk of enhanced food production
- Participants highlight the importance of modern technologies in feed production and to adhere to the highest safety standards
Economy
CBUAE’s Financial Stability Report lists steps taken to help economy
The Central Bank of the United Arab Emirates has issued its Financial Stability Report for 2021, which outlines the measures...
- Among the steps were CBUAE's gradual exit strategy from the Targeted Economic Support Scheme as the UAE economic recovery commenced
- The CBUAE also conducted risk-based supervision and solvency and liquidity stress tests to assess potential vulnerabilities.
Business
DEWA H1 2022 revenue is $3.3bn
DEWA's net profit in H1 2022 is US$898 million
- In H1 2022, DEWA's revenue is US$3.3 billion (AED12.08 billion), and net profit is US$898 million (AED3.30 billion).
- DEWA's first half revenue increase of 15 percent to $3.3 b (AED12.08 b) was mainly driven by an increase in demand.
Business
IHC acquires stake in Kaylon
The 50 percent stake was acquired for $490m.
- Kalyon Enerji is owned by the giant Turkish group Kalyon Holding, which operates in the Construction, Energy and Aviation industries.
- The acquisition comes four months after its AED7.3 billion investment in Indian conglomerate Adani Group- green energy-owned companies.
Business
Dubai Clear and Muqassa to cooperate in central clearing services
Dubai Clear, a subsidiary of the Dubai Financial Market (DFM), and the Securities Clearing Centre Company "Muqassa", a subsidiary of...
- The two sides signed a Memorandum of Cooperation that also stresses knowledge sharing.
- Under the agreement, the two sides also agreed to organize training and events.
Business
Savola sells KEC stake for $122m
Savola wants to focus on core food and retail businesses.
- The company said it wants to focus on investing in its main operations in the food and retail sectors, while ending investments in non-core businesses
- Knowledge Economic City’s shares ended Wednesday’s trading session 6.12 percent higher at SR14.56
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Passenger air traffic has reached pre-pandemic levels, says ICAO
MONTREAL, CANADA – In the first quarter of 2024, the International Civil Aviation Organization (ICAO) projected that passenger air traffic...
Business
Company News
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Durar launches ‘MASA Residences’ in Ras Al Khaimah worth US$190.58m
RAS AL KHAIMAH -- Durar, a prominent UAE real estate developer, is set to launch MASA Residences, a luxury residential...
Business
Oil prices surge 3 percent amid Middle East tensions
New York, United States - Oil prices experienced a 3% surge on Friday, reaching a one-week high, driven by escalating...
Business
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Interview
Technology is a catalyst for recycling industry: Expert
By understanding and increasing recycling, we can offset the environmental effects of using new, virgin materials, Pranshu Singhal, founder of...
- By understanding and increasing recycling, we can offset the environmental effects of using new, virgin materials, Pranshu Singhal, founder of Karo Sambhav, tells TRENDS.
- Regarding battery recycling, Singhal emphasizes the urgent need for recycling, especially given the limited reserves of essential materials like lithium, cobalt, and nickel.
Business
AI revolutionizes real estate across GCC countries
Cities like Dubai and Riyadh are harnessing AI to redefine every facet of property dealings, from development to management, Tripler...
- Cities like Dubai and Riyadh are harnessing AI to redefine every facet of property dealings, from development to management, Tripler CEO Sam Singh tells TRENDS.
- AI helps tenants find perfect homes, introducing dynamic pricing based on various factors, while data privacy concerns persist in its real estate integration, he adds.
Business
GFH Capital mulls listing on Saudi market, says CEO
RIYADH, SAUDI ARABIA - GFH Capital is considering the offering of its unit in Saudi Arabia on the Tadawul. GFH...
- The group is listed on the stock exchanges of Bahrain, Dubai, Abu Dhabi and Kuwait.
- The group is continuing with fulfilling the regulatory requirements prior to listing.