ADQ, ADNEC Group sign agreements
They will buy 40.5% stake in TMG Holding’s hospitality business.
Business
Tawuniya Q1 2023 net profit $20m
Business
Finland firm to slash 1,150 jobs
Business
Tecom secures $2.06bn loan
Business
Business
MYCRANE expands to India
The Dubai firm has appointed an exclusive pan-India franchisee.
- The franchise partnership agreement was between MYCRANE and Sahil Freight Express Pvt Ltd was signed at Expo 2020 Dubai
- The crane market in India is expected to grow strongly in the coming years due to the expansion of roads and metro railways
Business
Ajman Free Zone partners with AlHabbai
One of the pact's aims is easing access to residence visas.
- Providing more competitive features and choices for medical examinations part of the partnership.
- AFZ committed to exploring and establishing partnerships with various sectors to deliver unified and efficient services to investors, said the director general.
Business
FedEx turnover rises to $23.5 bn
E-commerce growth has benefited the company.
- The company's turnover rose 14 percent to $23.5 billion, significantly more than expected by analysts, who had pegged it at $22.47 billion
- All the group's sectors benefited from the growth surge, from the urgent delivery service of FedEx Express to the ordinary transport of mail and parcels in FedEx Ground
Business
Aldar-ADQ grp to buy SODIC share
The Abu Dhabi based consortium will focus on identifying growth opportunities and guiding the company’s long-term strategy.
- The Abu Dhabi based consortium will focus on identifying growth opportunities and guiding the company’s long-term strategy
- The consortium’s objective is to advance SODIC’s position as a leading national developer by scale and reputation
Business
Dubai South and Huawei ink deal
The pact entails building smart transportation ecosystem.
- They will also explore innovative solutions to support a mixed-traffic, intelligent transport system for autonomous and driver-assisted vehicles.
- The two entities will also develop and promote unified international cybersecurity standards to safeguard digital transformation projects.
Business
QA arm expands Gulfstream fleet
Qatar Executive is a business-jet subsidiary of Qatar Airways.
- Qatar Executive is a business-jet subsidiary of Qatar Airways
- It now has a total of 11 Gulfstream G650ER aircraft in its fleet
Business
Qantas picks Airbus over Boeing
Boeing currently supplies much of Qantas' domestic fleet.
- Qantas Airlines committed to buying 20 Airbus A321XLR planes and 20 A220-300 jets from Airbus
- Boeing currently supplies much of Qantas' domestic fleet
Business
Borouge and ADNOC sign agreement
ADNOC L&S will manage integrated logistics for Borouge.
- The pact covers transportation and handling operations for Borouge-manufactured polymer products at Khalifa Port for export.
- The new agreement will see 85 percent of its value flow back to the UAE’s economy, accelerating the development of critical local supply chain functions.
Business
Mubadala and AD Gaming sign MoU
Both will cooperate to build a gaming and esports ecosystem in UAE.
- Part of the MoU is content creation, as well as support gaming initiatives and events in the UAE.
- The gaming and esports markets in the MENA region are growing faster than anywhere else in the world, says the AD Gaming Director of Strategy.
Business
EDB, Jetro ink investment deal
The agreement will promote direct investment in various fields.
- This agreement will highlight Bahrain as an investment hub for Japanese companies
- Bahrain recently ranked first for availability of advanced computer programming talent in ICT
Company News
Jamjoom Tadawul debut on Jun 20
Business
Bupa renews contract with SABIC
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Latest News
Tawuniya Q1 2023 net profit $20m
Business
Finland firm to slash 1,150 jobs
Business
Etihad Cargo flight lands in Hubei
Hubei's Ezhou Huahu Airport is world's fourth professional cargo airport.
Business
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Business
AD Ports Group Q2 net profit $84m
The Group posted 66% year-on-year revenue growth.
- Maritime, Digital, and Ports Clusters were the key growth drivers with 208 per cent, 26 per cent, and 22 per cent year-on-year, respectively.
- AD Ports Group Q2 2023 EBITDA rose by 29 per cent year-on-year to AED686 million, mainly driven by maritime, digital, and ports clusters as well as acquisitions.
Business
Riyad Capital okays 2.5% cash dividend
The SAR 0.25 per unit dividend will be paid to Riyad REIT Fund's unitholders.
- The distribution represents 2.19 percent of net asset value (NAV) as of June 30, 2023.
- Riyad REIT is a closed-ended Shariah-compliant real estate investment traded fund.
Business
4.4m travel by SAR in H1 2023
Train trips in H1 2023 rose 46 percent compared to H1 2022.
- The volume of minerals and goods transported over SAR networks during the second quarter of the year exceeded 6.34 million tons.
- The total volume of goods transported by SAR H1 2023 rose to over 12 million tons, a 13 percent increase compared to the previous year.