Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
Business
Business
AFZ e-commerce grows 45 percent
The Free Zone announces this at Seamless Middle East 2022.
- AFZ said the growth can be attributed to the authority's diverse set of offerings, primarily warehouse solutions and the evolving e-commerce sector in the UAE.
- The dedicated logistics cluster also benefits e-commerce businesses by providing access to end-to-end warehousing capabilities, AFZ said.
Business
Arada issues $350m Sukuk
The deal has been listed on the London Stock Exchange.
- The deal, which reopened the MENA US dollar markets after a six-week hiatus, was also the first US dollar corporate Sukuk globally in 2022.
- The Sukuk issuance saw strong demand from both regional and international investors, with a subscription order of $720 million, more than two times the offer size, Arada said.
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.
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DAE closes $1.6 billion loan
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Zain posts highest-ever quarterly revenue
Tower infrastructure sale among factors responsible for the performance.
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Business
Amanat net profit up 73%
The company posted a 44 percent growth in revenues for 9M-period.
- Revenu growth was driven by strong performance at the Education platform up more than two times, boosted by contribution from the recently acquired Human Development Company.
- Amanat reported an increase in EBITDA by 65 percent year-on-year to AED173.7 million in 9M 2023, on track to significantly exceed the AED188 million recorded in full year 2022.
SEC reports $1.55bn Q3 profit
The company attributes the growth to surge in demand.
- Operating revenues went up to $15.19 billion, marking a 2.2% increase compared to the same period in the previous year
- The company attributed the revenue growth primarily to a surge in demand for electrical energy during the summer season
Business
Fertiglobe Q3 revenue of $525m
The firm recently launched steps to optimize its cost structure.
- In the third quarter, nitrogen prices reflected tighter market balances due to record low inventory levels.
- In the medium to longer term, the nitrogen outlook is favorable, with limited supply additions over the next several years.