Emirates’ first A350 takes flight
The airline operated the inaugural flight from Dubai to Edinburgh.
Business
NDMC arranges $2.5bn credit facility
The Shariah-compliant facility spans a tenure of three years.
Business
Business
Sharjah Islamic Bank signs Murabaha pact with Turkiye Wealth Fund
Sharjah, UAE -- Sharjah Islamic Bank (SIB) and the Turkiye Wealth Fund (TWF) have signed a Shariah-compliant Murabaha facility worth...
- This agreement, facilitated by Dogan Investment Bank, marks the first time the Turkish Sovereign Wealth fund has launched Shariah-compliant financing from an international source.
- The Turkiye Wealth Fund (TWF) is the entity responsible for the sovereign ownership of strategic and high-importance assets in Turkiye, including Turkish Airlines.
Business
UAE unveils National Policy on Biofuels aimed at emissions cut
The policy aims carbon emissions reduction through increased consumption of biodiesel by 20 percent by 2050. “It will lower the...
- The policy has been developed by the Ministry of Energy and Infrastructure in coordination with its strategic partners from the public and private sectors.
- Al Mazrouei said the policy supports the objectives of the National Energy and Water Demand-side Management Programme and the UAE Net Zero by 2050 Strategic Initiative.
Business
Emarat partners with Al Maryah Bank
Al Maryah gets first naming rights for Emarat fuel stations.
- Under this partnership, Al Maryah Community Bank becomes the inaugural entity, both locally and globally, to secure the rights to name a fuel station.
- Through Mbank Wallet application, customers can execute transactions by scanning the QR code at the checkout counters using their mobile phones.
Arts & Culture
‘Cultural initiatives key to nation’s advancement’
"Poetry holds a distinguished position among literary arts, especially within the Arabic language. As the foundational literary form in Arabic,...
- UAE’s Minister of Culture highlights the significance of cultural endeavors and poetry in social and individual advancement.
- World Poetry Day celebration emphasizes the foundational role of poetry in Arabic heritage and language, adds Sheikh Salem.
Business
Tabreed approves record dividend
The cash dividend of 15.5 fils per share was okayed at Tabreed's AGA.
- As disclosed in the company’s recent full-year results for 2023, this represents an increase of 15 percent over the previous year.
- Tabreed’s AGA also confirmed the appointment of two new board members: Geert Bunkens and Marion Deridder Blondel.
Business
Real estate deals worth $23bn recorded in Abu Dhabi in 2023: ADREC
Abu Dhabi, UAE -- Real estate deals worth AED 87.1 billion ($23.71 billion) were recorded in Abu Dhabi during 2023,...
- The value of buying and selling activities surged by 159.5 percent compared to 2022, reaching AED61 billion.
- ADREC reported this increase based on 15,653 transactions, representing a 73.7 percent rise from 2022.
Business
Al Ansari to pay $81m dividend
This brings the total amount of dividend for 2023 to $162m.
- The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus.
- The company had reported a net profit of AED495 million for 2023, a decrease of 15.7 per cent year-over-year, from AED595 millon.
Geostrategy
Hate crimes surge 32 percent in France following Gaza war: Govt
Police recorded 8,500 crimes and misdemeanors "committed because of the ethnicity, nationality, supposed race or religion" of the victim across...
- There were twice as many crimes and misdemeanors recorded in October-December as in the same period in 2022.
- "The increase can be seen from October, with a level of offences holding at the same high level in November before falling back in December," the report said.
Business
Nearly 71% firms plan to expand workforce in ADGM in 2024
Abu Dhabi, UAE: A total of 70.81 percent of companies anticipate expanding their workforce in Abu Dhabi Global Market during...
- Asset Management is poised to take the lead, as 18.56% of respondents recognize its significant growth potential.
- Fintech and the fields of Digital Assets, Blockchain, and Distributed Ledger Technology, came second, with 17.08% and 16.83% of stakeholders banking on their rise respectively.
Geostrategy
Planet ‘on the brink’, with new heat records likely in 2024: UN
The annual State of the Climate report by the UN weather and climate agency confirmed preliminary data showing 2023 was by...
- "Earth's issuing a distress call," UN chief Antonio Guterres said in reaction to the report, pointing out that "fossil fuel pollution is sending climate chaos off the charts".
- One especially worrying finding was that marine heatwaves gripped nearly a third of the global ocean on an average day last year.
Emirates’ first A350 takes flight
The airline operated the inaugural flight from Dubai to Edinburgh.
Business
Company News
Latest News
Global food prices reach 18-month high, vegetable oil cost soars
Paris, France -- Global food prices rose in October to their highest level in 18 months, with a sharp increase in...
Geostrategy
UN probe says women, children comprise the majority of Gaza war dead
In a fresh report, the United Nations Human Rights Office (OHCHR) detailed a raft of violations of international law. Many...
Geostrategy
Emirates half-year profit $2.5bn
The record profit is subject to new 9% corporate tax for the first time.
Business
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Business
Lulu’s IPO raises $1.72bn
The proceeds make it the largest UAE IPO of 2024 to date.
- The Offering achieved aggregate demand of over AED135 billion ($37 billion) from local, regional, and international investors.
- This is a record for a non-Government UAE IPO over the past 10 years, with the IPO oversubscribed by more than 25 times across all tranches (excluding Cornerstone Investors).
Geostrategy
What impact will Donald Trump have on the world economy?
Paris, France -- Donald Trump's return to the White House with his protectionist policies poses threats for the global economy, with...
- During his first term in office from 2017 to 2021, Trump often resorted to punitive tariffs in disputes with trade partners.
- Donald Trump's policies could also rekindle inflation, which cooled following a series of interest-rate hikes that the Federal Reserve began to unwind this year.
Business
Saudi Aramco’s quarterly profit drops 15% on low oil prices
Riyadh, Saudi Arabia -- Energy giant Saudi Aramco reported a 15 percent year-on-year drop in third-quarter profit on Tuesday, citing prices...
- The fall in net income to $27.56bn from $32.58bn in 2023 is the seventh consecutive quarterly drop for Aramco, one of the world's biggest companies by market capitalization.
- Aramco is the chief source of revenue for Crown Prince Mohammed bin Salman's Vision 2030 reform agenda, which aims to remodel the Gulf kingdom's crude-reliant economy.