ADQ, ADNEC Group sign agreements
They will buy 40.5% stake in TMG Holding’s hospitality business.
Business
Borouge signs supply agreement
The two-year agreement is worth AED 160 million ($43.56 million).
Business
Business
OXAGON, largest floating industrial complex in the world, launched in Saudi Arabia
The project forms the next phase of NEOM’s master plan and represents a radical new model for future manufacturing centers.
- The project forms the next phase of NEOM’s master plan and represents a radical new model for future manufacturing centers
- OXAGON will establish the world’s first fully integrated port and supply chain ecosystem for NEOM
Business
Emirates Islamic lists US$500m sukuk
The five years’ benchmark issuance, rated A+ by Fitch Ratings, was priced at 2.082%.
- The issuance will further support Emirates Islamic’s business expansion plans
- The listing strengthens Dubai capital market's status amongst the leading Sukuk listing venues globally
Business
Saudi EXIM inks $118m deals
The deals were signed at the Saudi Trade Finance Summit.
- The first deal was with the Saudi British Bank with a value of SAR238 million (around $63.5 million)
- The other two were credit-line agreements with Jordan’s Capital Bank and the National Bank of Iraq for $55 million
Business
L’Oréal Middle East taps Accenture
Accenture will help L'Oréal Middle East improve its consumer experience.
- Accenture Interactive is expected to use its expertise in data-driven marketing transformation for L'Oréal Middle East
- This, L'Oréal said, will help it develop a more precise and connected approach to increase consumer engagement in the GCC region
Business
ADGM meet promises development
This was the first meeting of ADGM’s new Board of Directors.
- The board members reiterated their commitment to progressing ADGM’s growth journey, and strengthening the financial sector
- They said they were also looking to attract global companies and investments, and develop a business environment underpinned by innovation
Business
Emaar property sales at $5.7bn
Emaar Development sales were AED20.943 billion in Jan-Sept 2021.
- The $5.7-billion property sales revenue was said to be an increase of 382 percent compared to the first nine months of 2020
- The build-to-sell property development business is majority-owned by Emaar Properties
Business
AD Ports 9M revenue up by 22 percent
The rise is attributed to volume growth, business diversification.
- EBITDA rose 7 percent year-on-year to AED1.161 billion during this period, up from AED 1.081 billion during the same period in 2020.
- General cargo volumes rose to 37 million metric tonnes in year-to-date September 2021, up from 22 million metric tons in the same period in 2020.
Business
Cham Wings halts Minsk flights
The airline cited the Belarus-Poland border crisis as a reason.
- Syrian airline stopped flying to Minsk due to the increasing tension of migrants moving to Poland
- This, even as hundreds of migrants mostly from the Middle East remained trapped on the Belarus-Poland border
Business
Gulf Air boosts frequencies
Passenger numbers have grown ahead of the holiday season.
- Bahrain’s national carrier Gulf Air has boosted frequencies to popular destinations
- This is said to be in line with increasing demand for air travel and relaxed travel restrictions in many countries
Business
Alba seeks solar project bids
The solar farm should have a capacity of more than 5 MW.
- The last date for tender purchase is November 30
- The deadline for technical bid submission is January 31 next year
ADQ, ADNEC Group sign agreements
They will buy 40.5% stake in TMG Holding’s hospitality business.
Business
Company News
ADNOC L&S Q1 net profit $144m
Business
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Advanced secures $586m loan
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Business
Al Hammadi H1 2023 net profit $43.5m
In Q2 2023, net profit jumped 25.7% to $21.8 million.
- The growth was spurred by revenues, which grew by 7.96 percent year-on-year (YoY) to US$153 million.
- This was driven by higher revenues reported by Al Hammadi’s medical services and pharmaceutical segments.
Business
GFH Financial Group Q2 net profit $30m
The net profit increased by 32.74 percent compared to Q2, 2022.
- Total income for the second quarter of 2023 was $86.83 million compared to $56.11 million for the second quarter of 2022, a rise of 54.7Â percent.
- Consolidated net profit for the second quarter was $32.75 million compared with $26.03 million in the second quarter of 2022, an increase of 25.8Â percent.
Business
NPCC receives award for MERAM project
The award has been received from ADCNOC Gas.
- The project is valued at AED 13 billion and is being led by the National Petroleum Construction Company (NPCC) in partnership with Técnicas Reunidas.
- MERAM project is expected to increase the recovery of methane from ADNOC Gas's facilities.