Aviation Three vertiport locations identified in Abu Dhabi Al Bateen, Yas Island and Khalifa Port have been identified as locations for developing vertiports in Abu Dhabi after 14 potential sites were accessed. A detailed feasibility study has been submitted to the Abu Dhabi government following discussions with more than 34 government entities, according to a joint statement from LODD, an Abu Dhabi-based AI-powered drone […] February 12, 2025
Telecoms UAE’s e& agrees to buy Serbia’s broadband operator UAE telecommunications company e&, formerly Etisalat, has agreed to acquire 100 percent of SBB d.o.o. Serbia (SBB), a cable television and broadband internet service company, for €825 million ($854 million). The deal will allow e& PPF Telecom to combine SBB with its Serbian mobile subsidiary Yettel, offering mobile, fixed broadband and pay-TV services. The acquisition will […] February 12, 2025
Logistics DP World nears opening of $80m logistics hub in Egypt Global ports operator and logistics company DP World has completed nearly two-thirds of the work on the first phase of a $80 million logistics hub in Egypt’s Suez Canal Economic Zone. The 300,000 sq m complex is due for completion in June. It aims to reduce logistics costs and strengthen connections between Egypt, the Middle East […] February 12, 2025
Retail Bahrain duty free operator’s 2024 earnings rise 17% Bahrain Duty Free Shop Complex, the operator of duty free shopping at the country’s international airport, said net profit increased 17 percent to BD5 million in 2024 compared to BD4.3 million a year ago. Total income increased to BD3.4 million, rising 44 percent year on year. Profits from investments reached BD6.1 million last year, up […] February 11, 2025
Real Estate Egyptian contractor to build houses in Equatorial Guinea Egypt-based Arab Contractors Company will build 100,000 housing units in Equatorial Guinea as part of a cooperation agreement signed between the two governments. The mega project will be under the direct supervision of Egypt’s housing ministry. Financial details of the project were not disclosed. The ministry is currently supervising the Tanzanian dam project, which is […] February 11, 2025
IPOs Tabby hires three global banks for Saudi listing Tabby, the buy-now-pay-later startup backed by Abu Dhabi sovereign wealth fund Mubadala, has appointed three global banks to oversee its potential initial public offering (IPO) on the Saudi stock exchange. The company has brought in HSBC Holdings, JPMorgan Chase. and Morgan Stanley to finalise the flotation process, Bloomberg reported, citing informed sources. The plans are still in the early […] February 11, 2025
Exclusive Energy Adnoc Distribution to spend billions on M&A deals Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is looking to deploy $2 billion in potential mergers and acquisitions in the Middle East and beyond, a senior executive has told AGBI. Athmane Benzerroug, Adnoc Distribution’s chief strategy, transformation & sustainability officer, said on Tuesday that with a free cash flow of more than $700 […] February 11, 2025
Oil & Gas Adnoc to sign LNG deal with India’s BPCL State-run Abu Dhabi National Oil Company (Adnoc) will supply 2.5 million tonnes of liquefied natural gas (LNG) to India’s Bharat Petroleum Corporation (BPCL) under a new five-year deal, sources with knowledge of the matter have said. Indian’s state refiner will receive 40 cargos of LNG under the five-year contract with supplies beginning in April. In […] February 11, 2025
Retail Lulu’s 2024 profit strong but fourth quarter takes a hit Lulu Retail, the largest grocery retailer in the GCC, said 2024 net profit rose 12 percent to $249 million from $222 million in 2023, thanks to new store rollouts and improved margins. Revenue increased 5 percent year on year to $8 billion, driven by strong performance in Oman, the UAE and Saudi Arabia, the company […] February 11, 2025
Energy Dewa’s 2024 revenue hits $8bn on rising demand Dubai Electricity and Water Authority (Dewa), which trades on the Dubai Financial Market, said revenue hit an all-time high of AED31 billion ($8 billion), rising 6 percent annually, thanks to growing demand for electricity, water and cooling. As a result, net profit jumped 6 percent year on year to AED16 billion. Clean power accounted for […] February 11, 2025
Real Estate Aldar’s 2024 profit nears $2bn as new projects lift revenues Aldar Properties shares rose on Monday after Abu Dhabi’s largest developer reported net profit for 2024 had surged 47 percent year on year to AED6.5 billion ($1.8 billion), driven by strong demand for new launches and existing inventory. Revenue jumped 60 percent year on year to AED23 billion as 12 projects were launched last year, […] February 10, 2025
Industry Fertiglobe profit drops as topline falls 17% in 2024 Abu Dhabi-listed Fertiglobe, the largest nitrogen fertiliser producer in the Middle East and North Africa, said that year-on-year net profit in 2024 dropped by over a half on lower revenues. Net earnings fell to $160 million last year compared to $349 million in 2023, as revenues fell 17 percent to $2 billion, Fertiglobe said. Revenue for […] February 10, 2025
Food & Drink Former KFC operator in Turkey files for bankruptcy IS Gida, the former operator of the KFC and Pizza Hut franchises in Turkey, has filed for bankruptcy after debt reached TR7.7 billion ($214 million). The filing comes a month after the US-based owner of KFC and Pizza Hut terminated its franchise agreements with the Turkish company, state-run Anadolu Agency (AA) reported. “The reality we […] February 10, 2025
Tourism Oman hotel revenue up 6% to $633m by end of 2024 The revenue of Oman’s 3 to 5-star hotels rose 6 percent year on year to OMR243.4 million ($633 million) by the end of December 2024, official data shows. Hotel guest numbers increased by 4 percent to 2 million by the end of December, the Oman Daily Observer reported citing data from the state-run National Centre […] February 10, 2025
Tourism Foreign tourists to Dubai up 9% Dubai received nearly 19 million international overnight visitors in 2024, a 9 percent increase from the previous year, according to the Dubai Department of Economy and Tourism (DET). Partnerships, campaigns, and the hosting of events led to the rise in numbers to 18.7 million, state-run WAM news agency reported. The hotel sector consisted of 154,016 […] February 10, 2025
Infrastructure Work accelerates on Morocco’s high-speed rail Morocco has awarded contracts worth €430 million ($444 million) to expand the country’s high-speed rail network ahead of the 2030 Fifa World Cup, according to the successful French bidder. The Office National des Chemins de Fer (ONCF), the national rail operator, awarded three contracts to two subsidiaries of French civil engineering company Colas to extend […] February 10, 2025
Economy Egypt raises minimum wage in private sector by 17% Egypt’s private sector minimum wage will increase by 17 percent to EGP7,000 ($139) a month from EGP6,000, effective March 1, following directives from president Abdel Fattah Al-Sisi. A minimum wage for part-time workers will also be introduced for the first time, providing a net hourly wage of at least EGP28 ($0.56), the state-run National Wages […] February 10, 2025
Logistics Contracts awarded for $3bn Oman-UAE rail network Hafeet Rail, formerly Oman and Etihad Rail Company, has awarded construction contracts for the $3 billion railway network between Oman and the UAE. Indian conglomerate Larson & Toubro and Chinese state-owned Power China will develop railway logistics facilities in Al Buraimi on the border with the UAE, and Sohar, a port in the north of the sultanate, the […] February 10, 2025
Economy Iraq’s external debt halves as projects start to pay off Iraq’s external debt has more than halved, driven by revenue-generating projects that help repay loans, according to a news report. External debt has declined to $9.8 billion from $20.9 billion, state-run Iraq News Agency reported, quoting technical advisor to the prime minister Mohammed Sahib Al-Daraji. He said the government is focussing on investing in productive […] February 7, 2025
Real Estate RAK Properties banks on new launches to spur 2025 growth RAK Properties, which trades on the Abu Dhabi stock exchange, said revenues hit a new high in 2024, rising 40 percent to AED1.4 billion ($381.2 million) from AED1 billion in 2023. The higher topline drove net profit up by 32 percent to AED280 million, compared to AED202 million in 2023. The company said it was fuelled […] February 7, 2025
Manufacturing Ceer strikes $145m deal with Sabelt for EV sports seats Ceer, Saudi Arabia’s first electric vehicle (EV) brand, has struck a SAR543 million ($145 million) deal with Italy’s Sabelt to develop sports seats for its upcoming flagship E sedan and SUV models. The drivers will get the same seats as those in high-performance sports cars. Sabelt will create high-performance seats for Ceer, ensuring maximum protection, […] February 7, 2025
Oil & Gas Adnoc Gas dividend unchanged despite record profit Adnoc Gas, which is traded on the Abu Dhabi stock exchange, left its 2024 fiscal-year dividend commitment unchanged, despite record profits. The gas-processing company, which is majority owned by national hydrocarbon producer Abu Dhabi National Oil Company (Adnoc), said it confirms its commitment to a 2024 dividend payout of $3.41 billion, of which $1.71 billion […] February 6, 2025
