ADNOC Distribution 2024 net profit down 7%
Minus UAE corporate tax, it would have grown by 2.4% to $725m
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‘World’s most efficient AC’
Strata, Hyperganic and EOS will partner to build the energy-efficient AC.
- Strata Manufacturing is a UAE-based Digital Factory pioneer, Hyperganic an AI-based engineering platform company EOS a German industrial 3D printing company.
- Media reports said the partnership is a result of the Ministry of Industry and Advanced Technology’s efforts to facilitate industrial collaboration.
Business
SARCO, Christof Global sign MoUs
Renewable energy projects costing $301 million will be built.
- The first project is to study an investment partnership to build a refinery producing the ‘biodiesel’ biofuel carbon.
- The second project, aims to study the investment in the technology of slop oil to convert waste oil wells, oil from shipping ships.
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Alpha Dhabi ups stake in Aldar
After the deal, Alpha Dhabi becomes Aldar's parent company.
- Aldar will be treated as a subsidiary in Alpha Dhabi's consolidated financial statements.
- The additional shareholding came through the acquisition by Alpha Dhabi of an entity already holding shares in Aldar.
Business
Chimera Capital launches two funds
The funds are Shariah-compliant and fully fungible exchange-traded funds.
- Both funds will be listed on Abu Dhabi Securities Exchange (ADX).
- The new Shariah-compliant ETFs will offer UAE investors direct access to US equity markets, further expanding Chimera’s product offering, the company said.
Business
EGA holds wearable tech trial
Trial aimed at preventing heat-related illness in workers.
- 50 volunteers working in EGA's hottest operations are wearing devices to monitor critical health indicators.
- Data is transmitted in real-time to supervisors and EGA's occupational health team, with alerts to variations of potential concern.
Business
SVC to invest in Venture Debt Fund
The fund will offer venture debt tools to startups and SMEs.
- SVC CEO Nabeel Koshak said the investment is part of the company's program to invest in funds.
- Koshak said funds offering venture debt tools provide financing solutions for startups, and SMEs, known for their quick growth rates.
Business
Careem acquires MUNCH: ON
MUNCH: ON offering will be rebuilt on the Careem app.
- MUNCH: ON, a subscription-based food delivery platform which connects customers to meals at a discount by tapping into underutilized kitchen capacity.
- Careem said the two firms will work together to deliver even greater value by introducing low-cost meal segments.
Business
EGA to produce silicon metal
Silicon metal is added to aluminum to create high-strength alloys.
- Roughly a quarter of EGA’s production is foundry alloys, which are used to make vehicle parts.
- The UAE currently has no domestic silicon metal manufacturing capacity, and EGA is by far the largest importer of this material.
Business
EIG, Q Properties sign gas deal
EIG will supply gas to Q Properties' Reem Hills project.
- EIG will provide the Q Properties with services like feasibility, commercial, technical, conceptual designs and engineering.
- EIG will also support the project during engineering phases for gas-related work on the Reem Hills luxury development.
Business
Three companies to buy Masdar stakes
TAQA, ADNOC, and Mubadala enter binding agreements worth $1.9bn.
- The agreements will see TAQA acquire a 43 percent controlling stake in Masdar's renewables business, with Mubadala retaining a 33 percent interest and ADNOC 24 percent.
- ADNOC will hold a 43 percent controlling stake in Masdar's new green hydrogen joint venture, Mubadala will retain a 33 percent interest and TAQA a 24 percent effective stake.
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Investcorp portfolio firm listed
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ADNOC Distribution Q3 net profit $227m
The EBITDA increased by 28% YoY to $303 million in the third quarter.
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MIS net profit $7.1m in 9M 2023
Riyadh, Saudi Arabia -- Al Moammar Information Systems Co. (MIS) recorded a net profit of SAR 26.7 million ($7.1 million) in the...
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Al Ansari 9M profit US$105m
The operating income of the group rose to US$234 million.
- Al Ansari received shareholders’ approval for the proposed interim dividend payment of $81 million.
- The second payment of the dividend of an equivalent amount will be disbursed in April 2024.
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Emirates Group H1 net profit $2.7bn
The profit was 138% higher than the $1.2 billion in H1 2022.
- Group revenue was AED67.3 billion ($18.3 billion) for the first six months of 2023-24, up 20 percent from AED56.3 billion ($15.3 billion) last year.
- Overall profit for dnata is AED709 million ($193 million), compared to the same period last year's AED236 million ($64 million).
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ADIB issues green sukuk
The final orderbook of the green sukuk closed at $2.6 billion.
- The issuance was met with exceptional demand, attracting interest from over 100 global and regional investors.
- ADIB intends to allocate an amount equal to the net proceeds of this issuance to fund eligible green projects.