Air Arabia Q2 profit $125m
Business
DEWA Q2 revenue $2bn
Business
Huawei H1 revenue at US$43.3bn
Business
ADNIC net profit $55.64m
Business
EIH gives $27.2m dividend
Business
Business
DAMAC buys Swiss diamond jeweler
De Grisogono SA, a Swiss luxury jeweler filed for bankruptcy in 2020.
- The acquisition came three years after the Group purchased Italian fashion group Roberto Cavalli SpA
- Damac announced the launch of Safa One by de Grisogono, a project with cascading waterfalls and hanging gardens
Business
ICD net profit $2.74 bn
The Group's revenue was AED 169.4 bn, up 24.5 percent.
- The rise in revenue was attributed to rallying commodities prices in oil and gas, higher levels of activity in transportation.
- The Group's share of equity decreased by 1 percent to AED190.6 billion.
Business
Agthia eyes KSA expansion
The company to set up a manufacturing facility in Jeddah.
- CAPEX spending is expected to start in the coming months, with first sales from the new Saudi facility expected in H2 2023.
- The project, which is in response to strong demand from local customers, will further strengthen Agthia’s footprint in Saudi Arabia
Business
Arts DAO NFT drop on June 5
The drop is being created in partnership with NFT artist Kristel Bechara.
- The community’s NFT collection will feature 2,000 NFTs and prices will start from 0.49 ETH ($1,000).
- Arts DAO is registered with the Dubai Multi Commodities Centre (DMCC).
Business
ADNOC acquires drilling units
The two premium jack-up units will be operational in Q3 2022.
- The units, being acquired from Well Target Five Limited and Well Target Six Limited, are Gusto MSC design, premium independent leg cantilever rigs.
- Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 96 to 104 owned rigs.
Business
ADC to start trading on ADX
The firm was established by ADQ and Chimera Investment.
- Trading follows the conclusion of ADC's public subscription to retail and professional investors
- The listing of ADC offers target businesses the opportunity to access capital in Abu Dhabi's capital markets
Business
ENBD REIT rental income down 19.7 percent
Occupancy of its portfolio up 80 percent in the year ending 31 March 2022.
- The firm's property portfolio value stood at $356 million, down 1.1 percent year-on-year whilst Net Asset Value was $167 million.
- The firm has proposed a final dividend of $5 million or $0.02 per share for the six-month period ending 31st March 2022, a 13.6 percent increase from the same period of 2021.
Business
ADNOC partners with BP, Masdar
The three firms will create green hydrogen and sustainable aviation fuel.
- ADNOC and BP will begin the design phase of the H2Teesside low-carbon hydrogen project.
- Cooperation agreements related to BP's HyGreen Teesside, a large-scale green hydrogen production facility in UK.
Business
Standard Chartered, flydubai sign deal
The Sale and Leaseback (SLB) agreement is for five new Boeing 737 MAX aircraft.
- Four of the aircraft were delivered between March and May 2022, while the remaining aircraft is scheduled to arrive from Boeing before the end of the first half of the year.
- The deal was structured, financed and arranged exclusively by Standard Chartered.
Business
Alpha Dhabi to invest in Borouge IPO
The conglomerate will invest $99 million as corner investor.
- Alpha Dhabi's investment comes as the company continues to scale its highly diversified portfolio, it said.
- The company said petrochemical vertical remains a key target sector for it.
Company News
Air Arabia Q2 profit $125m
Business
DEWA Q2 revenue $2bn
Business
Latest News
Huawei H1 revenue at US$43.3bn
Business
ADNIC net profit $55.64m
Business
ADNOC Drilling to pay $358m dividend
The company's H1 revenue increased by 13% to $1.4 billion.
Business
Borouge signs supply pact with NPCC
Borouge will also supply critical materials for UAE energy projects.
Business
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Business
EV infrastructure company launched
PIF will own 75% in the Electric Vehicle Infrastructure Company.
- It plans to establish presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia.
- PIF said the new company aims to enhance Saudi Arabia’s automotive ecosystem, through collaboration with EV companies.
Business
EWEC, Masdar sign purchase pact
Power to be purchased generated from UAE's Wind Programme.
- This strategic agreement will see EWEC procuring power from the UAE's utility-scale wind programme for the first time.
- Located at Sila, Sir Bani Yas Island and Delma Island, the wind power farms have a generation capacity of up to 99 megawatts.
Business
ADNOC to deploy UAE-made drones
ADNOC's partnership with EDGE Group aimed at cutting emissions.
- EDGE’s autonomous systems arm, ADASI, will repurpose its existing UAVs for ADNOC to deploy in its operations, to minimize emissions and enhance environmental performance.
- ADNOC has allocated an initial $15 billion (AED55 billion) to lower-carbon solutions, new energies and decarbonization technologies.