Aldar nets $953m in sales at Fahid
Aldar said 42 percent of the buyers are under the age of 45.
Geostrategy
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.
Business
Tabreed Q1 net profit $64.37m
Tabreed's total connected capacity rose to 1.276 million RT.
- Its revenue increased by 10 percent year-on-year to AED464 million from AED420 million in Q1 2022.
- The company's profit from operation increased by 12 percent to AED172 million compared to AED154 million in Q1 2022.
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Aldar nets $953m in sales at Fahid
Aldar said 42 percent of the buyers are under the age of 45.
Geostrategy
Company News
Al Saqr names chairman of board
Business
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ESG buys majority stake in UIG
Business
SAIF Zone signs MoU with Tokai Optical
The Japanese firm will lease a warehouse in the free zone.
Business
Arab Bank Group net profit $829.6m
The Group posted a 52% increase in net income compared to 2022.
Business
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Business
Alaska Airlines’ Boeing 737 MAX9 resumes flight
The voyage comes after the Federal Aviation Administration on Wednesday announced a maintenance and inspection program to clear the MAX...
- The first trip was flight 1146 from Seattle to San Diego, which left 90 minutes past its scheduled 2:20 pm departure time and arrived in California at 6:14 pm
- Alaska Airlines said it expects inspections on its fleet of 65 MAX 9 planes to be completed by the end of next week, allowing for a resumption of its schedule
Business
JADCO, EGG ink MoU on development of agriculture in Saudi Arabia
RIYADH, SAUDI ARABIA - The Ministry of Environment, Water and Agriculture witnessed the signing of a memorandum of understanding (MoU)...
- The agreement involves the transfer and localization of potato seed production techniques in the Kingdom.
- The aim of the collaboration is to support the transformation of local companies into industrial agricultural entities.
Business
Vodafone Qatar 2023 profit up
The 2023 net profit of Vodafone Qatar increased to $148 million.
- Vodafone Qatar’s net profit for the nine months ending September 2023 reached US$107 million.
- This reflects a growth of 17.3 percent compared to the same period in 2022, mainly driven by higher EBITDA.