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Maaden raises $1.25bn in sukuk offering

The Sukuk were offered in a five-year and a 10-year tranche.

DAE net profit up 36.2%

Revenues grew by 9 percent to $1.42bn from $1.31bn in 2023.

Borouge 2024 net profit $1.24bn

The company said it will maintain a $1.3bn dividend for 2025.

ADQ, Orion to establish JV

The partners commit to deploying $1.2bn in the next four years.

Alpha Dhabi acquires interest in NCTH

The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.

Kuwait emir names former PM as new crown prince

The skyline of Kuwait City. AFP

    Kuwait City, Kuwait – Kuwait’s emir on Saturday named a new crown prince, Sheikh Sabah Khaled al-Hamad al-Sabah, state media reported, just six months after taking over the throne and weeks after suspending parliament.

    The 71-year-old sheikh was the Gulf state’s foreign minister from 2011 to 2019 and then prime minister until 2022.

    Kuwait entered new political turbulence in May when the 83-year-old emir, Sheikh Meshal al-Ahmad al-Sabah, dissolved parliament just six weeks after elections. He also suspended some provisions of the constitution.

    He then named the second government since he took over as head of state in December.

    Unlike other Gulf states, Kuwait has an influential parliament while most power remains with the royal family.

    While lawmakers have powers their regular battles with the government causes repeat crises.

    Kuwait has about seven percent of global oil reserves and one of the world’s biggest sovereign wealth funds. But it has struggled in recent years to diversify its economy away from reliance on oil.