Bahrain Steel raises $450m SLL
The company produces and supplies high-grade iron ore pellets.
Business
Tabreed Q1 net profit $64.37m
Business
Aramex Q1 net profit down 49%
Business
Economy
Saudi EXIM Bank joins Berne Union
This will help the bank address major issues in export credit.
- The bank’s membership in the union represents a major milestone in its role as a facilitator
- It is also said to be in line with the bank’s objective of boosting the export of national products through local and global partnerships
Economy
FAB joins Net-Zero Banking Alliance
FAB is the first bank in the UAE and GCC to join the NZBA.
- The NZBA was launched in April by the United Nations Environment Program Finance Initiative
- It aims to bring together banking institutions committed to aligning their lending and investment portfolios with net-zero carbon emissions by 2050
Business
Madayn lands Oman solar deal
Madayn has signed a deal to build a 100MW solar PV farm.
- Oman-based Madayn has signed an agreement with Mubadrah and Solar Wadi to build a solar farm
- Madayn, also known as Public Establishment for Industrial Estates, will build the farm in the Suhar Industrial City
Business
Jarir posts $194m net profit in nine months
Q3 net profit surges 44 percent compared to Q2.
- The increase in net profit was attributed to a decrease in selling and marketing expenses and financing costs.
- The net comprehensive income grows by about 2 percent.
Business
ArcelorMittal arm buys Sharjah mill
ArcelorMittal Projects is a part of the ArcelorMittal Group.
- ArcelorMittal Projects has also leased 1.38 million sq ft of industrial land in the zone
- The entire transaction, to be concluded in two phases, has a price tag of AED90 million ($24.51 million)
Business
$2bn Arada project in new phase
Arada has launched the second residential phase of Masaar.
- The new phase is called Kaya and is located within the Al Suyoh district of Sharjah
- The new phase is said to containing 421 townhouses and villas
Business
Engicon lands Jordan partnership
Engicon has signed an MoU with the JPMC for a water treatment plant.
- Engicon will supply, develop, and operate a phosphate water treatment plant in El-Sheidiyah mines
- The treated water will be used for purposes of industry and agriculture, aimed to improve and preserve the region's ecosystems
Business
DEWA gets $10.9bn via IPWP model
DEWA used the IPWP model in a number of its key projects.
- One of the model’s key features includes the implementation of the directives of the leadership
- It also includes adopting a successful partnership model on sound commercial foundations
Business
Prescott announces Dubai project
The project is worth AED140 million (more than $38 million).
- Prescott Real Estate Development is launching a residential development called Prime Residency III in the Al Furjan area of Dubai
- It will be a mixed-use development that offers studios and one-bedroom apartments, with views of the city’s skyline
Science
Aramex vows to cut emissions
It has signed a deal with the Science Based Target initiative.
- Aramex has signed a commitment with the Science Based Target initiative to significantly reduce its greenhouse gas emissions by 2030
- The SBTi is a partnership between CDP, the United Nations Global Compact, World Resources Institute, and WWF
Company News
TAQA income rises to $3.16bn
Business
ICIEC inks deal with SNB
Business
Latest News
Salik Q1 net profit $74.89m
Business
Tabreed Q1 net profit $64.37m
Business
Burjeel Holdings H1 net profit $61m
Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.
Business
ADNOC Drilling posts $446m net profit
The increase was attributed to expansion in fleet and services.
Business
ADNOC to acquire stake in Absheron field
TotalEnergies and SOCAR will hold 35% stake each in the field.
Business
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Business
Americana posts $144m H1 net profit
The company reported revenues of $1.24 billion for H1.
- In the second quarter of 2023, the company delivered 13.5 percent revenue growth compared to Q2 2022.
- Net profit (attributable to shareholders of the parent company) for Q2 2023 was US$86.6 million, an increase of 16.7 percent.
Business
EIH buys stake in Gewan Holding
Acquisition aims to diversify and expand into several sectors.
- EIH has cultivated a diversified, innovative, and sustainable investment portfolio comprising over 30 companies across various sectors.
- Gewan is a diversified holding company operating in various sectors, including real estate, general trading, hospitality, travel and tourism.
Business
DUBAL, Oriental Copper ink MoU
JV will manufacture high-quality copper products in UAE.
- As per the agreement, DUBAL Holding will assist with local resources and be a co-investor.
- Oriental Copper will contribute its extensive technical, operational, and market expertise.