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Pramod Kumar

Pramod Kumar
Aramex expects revenues to grow by 8 to 9 percent in 2024

Aramex quarterly profit hit hard by Dubai floods

The net profits of Dubai-listed courier company Aramex fell 85 percent in the second quarter of 2024 due to flooding in the emirate, leading to operational disruptions and a slowdown in business. Earnings for the second quarter stood at AED2.9 million ($789,558), compared to AED18.9 million a year earlier. Revenue for the three months rose […]

The number of Etihad destinations rose to 81 from 70 a year ago

Etihad profit surges 48% on higher passenger volume

Etihad Airways said net profit rose 48 percent year on year in the first half of 2024, driven by a rise in passenger numbers and new destinations. The Abu Dhabi-headquartered airline posted a profit of AED851 million ($232 million) in the first six months, up from AED575 million in the same period last year. Total […]

Dubai developer Emaar said property sales in the first half of 2024 hit a record high of AED31.5bn, rising 56 percent year on year

Emaar revenue jumps 17% as Dubai real estate thrives

Emaar Properties, the largest developer in Dubai, reported a net profit attributable to equity holders of AED5.3 billion ($1.4 billion) in the first half of 2024, a year-on-year increase of 8 percent. Revenue jumped 17 percent year on year to AED14.4 billion, thanks to high investor confidence and robust demand in Dubai’s real estate market. […]

Adnoc L&S is expecting annual revenue growth in the 30 percent range

Adnoc L&S profit rises as revenue grows 42%

Net earnings at Adnoc Logistics and Services (Adnoc L&S) jumped 31 percent year on year to AED1.5 billion ($401 million) in the first half of 2024. Revenues hit AED6.4 billion during the period, rising 42 percent year on year.   Second-quarter revenue increased 42 percent annually to AED3.3 billion, helping profit grow 28 percent to […]

Spinneys has recently opened two new stores in Dubai and its first Saudi store in Riyadh

Spinneys profit grows 18% with help from online sales

Profits at UAE supermarket operator Spinneys surged 18 percent year on year to AED146 million ($40 million) in the first half of 2024. Strong growth in online sales helped raise revenues, which increased by 10 percent year on year to AED1.6 billion. The company also opened two new branches in Dubai, the first standalone dining concept […]

Burjeel said patient footfall increased to 3.1 million in the first six months of 2024

Burjeel profits drop despite jump in patient footfall

Hospital operator Burjeel Holdings said net profits for the first six months of 2024 fell 25 percent year on year to AED169 million ($46 million), despite annual revenue rising 9 percent to AED2.4 billion. Patient footfall increased to three million in the first six months, an increase of 11 percent in the second quarter. Abu […]

Vale Oman Distribution Center operates a maritime terminal in Sohar, with a large deep-water jetty

Apollo buys 50% interest in Oman maritime terminal

Apollo Global Management, listed on the New York Stock Exchange, will acquire a 50 percent interest in Vale Oman Distribution Center (VODC) from Brazilian miner Vale for $600 million. The stake was purchased jointly by Apollo-managed affiliates, funds and other long-term investors, the global alternative asset manager said in a statement. NewsletterGet the Best of […]

The US was the biggest investor in Arab nations' oil and gas sectors in terms of number of projects, taking part in 85 investments

Arab nations attract $406bn in oil and gas investments

Arab countries’ oil and gas sectors received investments totalling $406 billion between January 2003 and May 2024. The investments spanned 610 projects and involved 356 foreign and Arab companies, the UAE state-run Wam news agency reported, citing a report by the Arab Investment and Export Credit Guarantee Corporation (Dhaman). The United States was the biggest […]

IHC abu dhabi

IHC H1 profit up $3.4bn as revenue rises 46%

Revenues at Abu Dhabi conglomerate International Holding Company (IHC)  surged 46 percent for the first half of 2024 to AED41.7 billion ($11.3 billion). The company said it was due to sustained growth in its technology, real estate and construction, marine and dredging, and hospitality and leisure divisions. Net profits were up 18 percent to AED12.3 […]

Aramco will acquire a 22.5% stake in Petro Rabigh from Japan's Sumitomo Chemical for $702 million

Petro Rabigh’s turnaround hinges on Aramco’s support

Saudi Aramco and Japanese company Sumitomo Chemical will inject new funds into Rabigh Refining and Petrochemical Company (Petro Rabigh), as well as waive loans, in a bid to support the Saudi refinery’s turnaround strategy. As part of its plan to strengthen Petro Rabigh’s financial position, Aramco will acquire a 22.5 percent stake in the company from […]

Dubai Airports CEO Paul Griffiths says the company has "a very optimistic outlook for the remainder of the year”

Dubai Airports raises 2024 traffic forecast to 91.8m

Dubai Airports, the operator of the world’s busiest international hub, has revised its annual passenger forecast for 2024, projecting a record 91.8 million passengers, up from the 91 million forecast in May this year. This revision follows an 8 percent year-on-year increase in passenger numbers during the first six months, totalling nearly 45 million. “We […]

Pakistan finance minister Muhammad Aurangzeb. The IMF's $7bn extended fund facility may be approved next month

Saudi and UAE commit to debt rollover for Pakistan

Saudi Arabia, the UAE and China have confirmed their debt rollover for one year to support Pakistan’s $7 billion bailout package with the International Monetary Fund (IMF), a media report said. The rollover amount will be the same as last year, Bloomberg reported, quoting Pakistan’s finance minister Muhammad Aurangzeb. Islamabad has $12 billion in bilateral […]

Empower said total connected capacity rose to more than 1.53 million refrigeration tonnes in the first half of 2024

Empower revenues surge on growing real estate demand

Dubai-listed Emirates Central Cooling Systems Corporation, also known as Empower, posted an 11 percent year-on-year increase in revenue to AED814 million ($222 million) in the second quarter of 2024. The rise was fuelled by high demand and growing occupancy rates in housing projects. Net profit attributable to shareholders fell 6 percent to AED221 million in […]

Turkey's Togg transition concept electric vehicle. The government has offered $5bn in incentives for the EV industry and $4.5bn to develop battery production

Turkey ups FDI forecast to $14bn after FATF removal

Foreign direct investment (FDI) in Turkey is expected to reach $12-14 billion in 2024, compared to $10 billion in 2023, following the country’s removal from the Financial Action Task Force (FATF) ‘grey list’. Foreign investment has increased following removal from the Paris-based watchdog’s list and subsequent improvements in the country’s credit rating, Turkey’s investment office […]

Workers on a Saudi Aramco onshore rig. The company says it remains confident in its forecasts for medium- and long-term demand growth

Saudi Aramco pays $31bn dividend despite profit drop

Saudi Aramco, the world’s largest oil producer, reported a 9 percent decline in net profit to SAR212 billion ($56 billion) in the first half of 2024 due to lower crude oil volumes sold, weakening refining margins and lower finance income. Despite this, the Saudi-listed oil major announced a dividend of SAR116 billion ($31 billion) in the […]

Bahrain's non-oil sector grew by 3.3 percent, accounting for 85.9 percent of overall GDP in the first quarter of 2024

Bahrain’s economy expands on non-oil sector growth

Bahrain’s economy expanded by 3.3 percent year on year in the first quarter of 2024, thanks to growth in non-oil sectors, especially accommodation and food service. The non-oil sector grew by 3.3 percent, accounting for 86 percent of overall GDP in the first three months of 2024, state-run Bahrain News Agency reported, citing finance ministry’s […]

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the UAE's deputy prime minister and finance minister, visiting the London Gateway port

DP World’s London Gateway to become UK’s largest seaport

The official launch this month of a new berth at London Gateway Port makes the facility the UK’s largest seaport, with operator DP World outlining plans for three more berths. The port, which currently handles 2.4 million containers, will expand its capacity to 3.4 million containers with the opening of berth 4, the UAE state-run […]

Acwa Power CEO Marco Arcelli said the financial results renewed confidence in pursuing the company’s ambitious growth agenda

Acwa Power profit surges on divestment gains

Saudi Arabian renewable energy company Acwa Power reported a net profit of SAR927 million ($247 million) in the first half of 2024, up 35 percent from SAR684 million a year ago. Revenue increased by 3 percent year on year to SAR2.8 billion, driven by a gain from divestment and higher finance and other income. The […]

The Jabal Al-Qarah caves in Saudi Arabia. Bahrain was the top GCC source market, with 3.4 million tourists

GCC tourists spent $4bn in Saudi Arabia last year

Nine million visitors from the Gulf Cooperation Council (GCC) countries spent more than SAR15 billion ($4 billion) in Saudi Arabia last year, as the kingdom expands its portfolio of tourism attractions. Bahrain was the top GCC source market, with 3.4 million tourists, the state-run Saudi Press Agency reported, citing the tourism ministry’s annual statistics report. […]

Swedish company Tethys Oil's core area is Oman, where it holds interests in five blocks

Swedish company secures $156m for Omani oil blocks  

The Omani unit of Stockholm-headquartered Tethys Oil has secured funding from a UAE bank for its oil exploration blocks in the sultanate. Tethys Oil Block 3&4 Limited secured a five-year OR60 ($156 million) loan facility from Abu Dhabi Commercial Bank to support capital expenditure for blocks 3 and 4 in Oman. The loans drawn under […]

Adnoc Drilling's first-half revenue increased to more than $1.8bn due to the expansion of operations across all business segments

Adnoc Drilling revenue surges with fleet expansion

Adnoc Drilling, listed on the Abu Dhabi stock exchange, reported record revenue of $935 million for the second quarter of 2024. The 29 percent year-on-year increase was thanks to fleet expansion and oilfield services. Net profit for the quarter rose 29 percent annually to $295 million, while profit for the first half of the year […]

Oman's Marsa Liquefied Natural Gas project will be 80% owned by TotalEnergies and 20% by OQ

European regulator approves Oman’s $1.6bn LNG project

The European Commission has approved a $1.6 billion liquefied natural gas (LNG) project in Oman’s Sohar Port. The project, which is being jointly developed by Oman energy investment company OQ and France’s TotalEnergies, is unlikely to raise competition concerns due to its limited impact on the European economic area, the Oman Daily Observer reported, quoting […]