ADNOC Gas net income $3.37bn
Business
ACWA Power, SEC sign PPAs
Business
Chemanol to buy stake in ACC
Business
Business
Al Seer Marine secures ADNOC investment
The cornerstone investment in ADNOC Logistics is valued $70m.
- The move comes as part of the company’s strategy to diversify its investment portfolio, the company said.
- Al Seer Marine was the sixth IHC Group company to list on the ADX in 2021. The company has a portfolio of services including management and training.
Business
Alcoa, EGA ink supply pact
Alcoa is now EGA's largest third-party supplier of alumina.
- The agreement, spanning eight years starting in 2024, includes options that enable EGA to procure up to 15.6 million metric tonnes of alumina.
- The pact is the largest alumina supply contract ever signed between the two firms and is one of the largest in the industry, said Alcoa CEO Roy Harvey.
Business
Khalifa Fund partners with Wio Bank
Wio will offer Khalifa members full digital account onboarding.
- The two entities aim to empower SMEs, entrepreneurs and freelancers in Abu Dhabi and the UAE with business banking tools and financial solutions.
- Wio Business will be extending a special promotion of a three-month free subscription plan to over 3,600 members and portfolio companies of Khalifa Fund.
Business
AD Ports Q1 revenue is $494m
The group's EBITDA also rose by 33 percent YoY.
- This growth is attributed to the robust performance of its Maritime, Economic Cities and Free Zones, and Ports Clusters, as well as the recent acquisitions
- The Group is continuing its ambitious revenue-generating CapEx programme, spending $278 million in Q1 2023 to diversify its income streams
Business
GIG to pay $49m in dividends
This amounts to cash dividend of 54 percent (54 fils per share)
- The group had announced a net profit of KD 38.2 million ($124.7 million) and earnings per share of 134.56 fils for 2022.
- The group had achieved extraordinary profits in 2021 amounting to KD 49.2 million ($160.9 million) resulting from the acquisition of AXA operations in the Gulf region.
Business
Emaar Development reports 26% growth
The company's EBITDA for the quarter was $310 million.
- The company's sales backlog stands at AED 45.680 billion (US$ 12.437 billion), indicating a healthy demand for its properties
- Emaar Development delivered 1,600 residential units in Q1, with over 28,500 residences currently under development in the UAE
Business
TAQA income rises to $3.16bn
The firm reported a 6% increase in group revenues.
- The company also reported a 6 percent increase in group revenues to $3.56 billion
- TAQA announced a capital expenditure of $300 million, 26% higher than the last year
Business
ICIEC inks deal with SNB
ICIEC is world's only multilateral Islamic insurance firm.
- DCIP is a non-payment insurance policy against the default of issuing banks to meet their obligations under an irrevocable letter of credit.
- DCIP supports the potential of SNB to provide confirmation lines to various issuing banks in Saudi Arabia or ICIEC member states.
Dubai Investments profit up 55%
The Group's income also saw an increase of 34 percent.
- The company's net profit for the period stood at $85.51 million, up from $55.20 million during the same period last year
- he Group's total income also saw an increase of 34 percent, reaching $278.11 million, compared to $204.65 million in Q1 2022.
Business
Salik Q1 net profit $74.89m
Salik recorded the highest level of quarterly revenue-generating trips.
- The company achieved net profit of AED275 million during the quarter, with a net profit margin of 52.9 percent, the company said.
- Toll usage revenue, which contributed 87 percent to total revenue, increased 7.9 percent year-on-year.
Company News
Tabreed 9M profit at $218m
Business
Siemens posts record profit
Business
Alstom to cut 1500 jobs
Business
ADNIC reports $82m profit
Business
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ADNOC Gas net income $3.37bn
Business
ACWA Power, SEC sign PPAs
Business
Chemanol to buy stake in ACC
Business
Mubadala Energy makes gas discovery
This is the company's second successful well in the Andaman area.
Business
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Business
KIPCO sells its stake in GIG
The deal is valued at 256 million Kuwaiti Dinars ($832 million).
- The purchase price was set at KD two per share, with an adjustment of 54 fils per share to account for the cash distributions GIG made in 2022
- The sale of KIPCO's stake in GIG is seen as a testament to the company's effective strategy of acquiring, expanding, and then timely exiting companies
Business
Hyundai Motor, Mubadala ink MoU
The two firms will seek to unlock investment opportunities.
- The agreement between the two firms will allow both parties to jointly invest and share expertize.
- Hyundai Motor and Mubadala will seek to unlock potential investment opportunities.
Business
ADNOC to buy stake in Fertiglobe
ADNOC to buy OCI’s entire shareholding in Fertiglobe.
- Fertiglobe is listed on the ADX and is the world’s largest seaborne exporter of urea and ammonia combined.
- It is also an early mover in sustainable ammonia, with production facilities in Egypt, Algeria and the UAE.