Logistics DP World profit falls 60% amid Red Sea disruption Dubai’s DP World said profit fell 60 percent in the first half of the year, as the global port operator felt the impact of the Red Sea disruption. Profit attributable to owners fell to $265 million in the first six months from $651 million a year earlier. However, revenues were up 3 percent to $9.3 […] August 16, 2024
Real Estate Arada moves into Australia with first project set for 2025 UAE developer Arada is planning multiple projects, valued at AED6 billion ($1.6 billion) in Australia, adding more than 2,500 dwellings in Sydney, the country’s most populous city. The Dubai-based master developer announced that the first project will be launched next year, after opening its office in Sydney. Arada’s Australian-born group CEO Ahmed Alkhoshaibi will spearhead […] August 15, 2024
Finance Dubai’s Amanat to pay $20m dividend despite profit fall Amanat Holdings, a Dubai-listed investment company, will pay an interim dividend of AED75 million ($20.4 million) for the first half of 2024 despite a decline in profit. The bottom line fell 8 percent year on year to AED89 million, impacted by the one-time gain in the last year and the impact of corporation tax. Excluding […] August 15, 2024
Banking and Finance EFG Holding quarterly revenues surge 63% to $104m Egypt-based EFG Holding said revenues surged 63 percent year on year to EGP5.1 billion ($104 million) in the second quarter of 2024 thanks to strong income from the investment banking division. The group’s different verticals – investment bank EFG Hermes, EFG Finance, the non-bank financial institution and aiBank, the commercial bank – all posted strong growth in the […] August 15, 2024
Infrastructure UAE company involved in $1bn project in Uzbekistan A consortium, which includes an Abu Dhabi state-owned company, is set to develop a $1 billion wastewater treatment plant in Uzbekistan. The group, comprising Abu Dhabi Sustainable Water Solutions Company, Japan’s Marubeni Corporation and France’s Suez, signed a development agreement with Uzbekistan’s investment, industry and trade ministry and state-run Uzsuvtaminot JSC. The project, located in […] August 15, 2024
Finance ADGM reports 31% increase in registered entities in H1 Abu Dhabi Global Market (ADGM), a financial free zone in the UAE capital, reported a 31 percent year-on-year increase in the number of registered entities to 2,088, including 231 in financial services. Assets under management rose by 226 percent year on year in the first half. By June 2024, ADGM had 112 fund and asset […] August 15, 2024
Renewable Energy Acwa Power signs deal on Indonesian solar project Saudi Arabia’s Acwa Power has signed a power purchase agreement (PPA) with Indonesia’s state-owned electricity utility PT Perusahaan Listrik Negara (Persero) for the 60 megawatt (MW) Saguling floating solar PV project. The Saudi-listed renewable major has a 49 percent stake in the project, with the rest being held by Indonesia Power, a subsidiary of PT […] August 15, 2024
Banking and Finance Emirates NBD seeks majority stake in India’s Yes Bank Dubai’s largest lender Emirates NBD is in advanced talks to acquire a majority stake in India’s Yes Bank, according to a media report. The potential acquisition comes as the state-owned State Bank of India (SBI) intends to divest its 24 percent stake in Yes Bank for $2.2 billion by the end of March, Reuters reported […] August 14, 2024
Banking and Finance ADQ in talks to buy Turkish lender Odeabank Abu Dhabi sovereign wealth fund ADQ is in discussions to buy Turkish lender Odeabank as it seeks to expand its international footprint. The fund has been engaged in talks over the past few months to buy the bank owned by Lebanon’s Bank Audi SAL, Bloomberg reported quoting informed sources. However, the report said that no final […] August 14, 2024
Energy Taqa first-half profit falls despite rising revenues Abu Dhabi National Energy Company (Taqa) said net profit attributable to shareholders fell 68 percent year on year to AED4.4 billion ($1.2 billion) in the first half of 2024. Revenues reached AED27 billion, up 2 percent than the prior year’s period, due to the contribution from Sustainable Water Solutions Holding Company, which was acquired in […] August 14, 2024
Economy Salik revenue rises but profit growth slows Dubai toll operator Salik’s second-quarter profits fell 2 percent year on year to AED268 million despite a 3 percent rise in revenues to AED533 million. Revenue-generating trips reached 116 million, up 2 percent year on year, the highest second-quarter revenue-generating trips since inception. Growth remained strong across several gates in the second quarter, with Jebel […] August 14, 2024
Logistics Turkey and AD Ports talks continue over port venture Turkey is continuing negotiations with the UAE state-owned Abu Dhabi Ports (AD Ports) to establish a joint venture for the operational rights of the Aegean port of Izmir, a news report said. Regional competition and changing capacity conditions have delayed the closure of the deal, Reuters reported, quoting two unnamed sources. Although Ankara explored discussions […] August 13, 2024
Aviation Riyadh Air awards $400m ground handling contract Riyadh Air, Saudi Arabia’s new national carrier, has awarded a SAR1.5 billion ($400 million) ground handling services contract in the kingdom as it gears up to launch operations next year. The 4.5-year contract, with an option for a two-year extension, was awarded to Saudi Ground Services Company, which trades on the Saudi stock exchange. Under […] August 13, 2024
Aviation Air Arabia profits slip even as revenues climb Air Arabia’s profits declined in the second quarter of 2024, impacted by rising costs amid economic and geopolitical uncertainties. The UAE’s low-cost carrier reported a 7 percent fall in net profit, down to AED427 million ($116.3 million) from AED459 million in the same period last year. “The aviation industry continued to experience slower yield growth […] August 13, 2024
Media & Advertising Turkey lifts ban after Instagram agrees to demands Turkey has lifted its more than week-long ban on Instagram after the social media company agreed to collaborate with the government to address its concerns. The ban was removed on Saturday night after Instagram promised to work on demands regarding “catalogue crimes” and censorship on users, transport and infrastructure minister Abdulkadir Uraloğlu said in a […] August 12, 2024
Transport New parking spaces in Dubai drive Parkin’s revenues Revenues for Parkin, the Dubai government’s parking management company, grew 12 percent year on year in the second quarter of 2024 due to an increase in parking spaces and seasonal permits. Parkin’s top line for the April to June period reached AED206 million ($56 million), compared to AED184 million a year ago despite the impact […] August 12, 2024
Industry Maaden profit up three-fold on higher commodity prices Maaden, Saudi Arabia’s largest miner, reported a three-fold surge in net profits supported by higher commodity prices and lower raw material costs. The second-quarter 2024 earnings rose to SAR1.02 billion ($260 million) from SAR351 million in the year-earlier period. In addition, an insurance claim of SAR270 million and a one-off severance charge of SAR192 million […] August 12, 2024
Oil & Gas Sipchem to build new $189m Saudi petchem facility Saudi International Petrochemical Company (Sipchem) has awarded a $189 million contract to a South Korean contractor to build a new petrochemicals facility in Saudi Arabia. The project was won by SGC Engineering & Construction, an engineering, procurement and construction contractor, The Korean Economic Daily, a financial news outlet, reported. The deal involves the construction of […] August 12, 2024
Finance Abu Dhabi’s ADQ buys minority stake in Sotheby’s Abu Dhabi sovereign wealth fund ADQ and Patrick Drahi, majority owner of auction house Sotheby’s, will jointly invest $1 billion in the company to support its expansion plans. As part of the agreement, ADQ will acquire a minority stake in Sotheby’s, a British-founded company that has its headquarters in New York. The value of the sovereign […] August 12, 2024
Energy Tunisia powers up green energy plan with new solar plants Two new solar photovoltaic (PV) plants are set to be constructed in Tunisia, helping the country reduce its reliance on fossil fuels. The European Bank for Reconstruction and Development (EBRD) and Proparco, a French development agency, will provide €25 million ($27.31 million) funding for the construction of two 60-megawatt (MW) solar power plants in Tozeur […] August 11, 2024
Mining Saudi Arabia seeks bidders for seven mining sites Saudi Arabia is seeking bidders for seven exploration sites as it accelerates the development of its $2.5 trillion untapped mineral resources. The ministry of industry and mineral resources has opened the sixth round of exploration licenses competition this month, offering the seven sites covering more than 1,000 sq km. The sites up for bidding include […] August 9, 2024
Construction King Abdullah Economic City developer’s losses at $185m Emaar the Economic City (Emaar EC), the developer of King Abdullah Economic City near Jeddah, widened its losses in the first half of 2024 on higher finance costs and write-offs. Loss in the first half of the year reached SAR694 million ($185 million), compared with SAR76 million a year ago. Revenue fell 74 percent year […] August 9, 2024
