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Sunil Singh

Reporter

Sunil Singh is a reporter in Dubai who focuses on the Middle East. Previous roles include at The National and Citywire

Sunil Singh
Karim Zidane, Morocco’s minister of investment, said the country 'offers incentives that can reach up to 30 percent of the total investment amount'

Tax incentives for Morocco stadium construction bids

Morocco is offering tax incentives of up to 30 percent, as it looks to attract private sector partners for large scale projects such as the infrastructure needed ahead of its co-hosting of the World Cup in 2030. “Morocco offers incentives that can reach up to 30 percent of the total investment amount,” Karim Zidane, Morocco’s […]

Adult, Male, Man

Tecom profit rises on higher revenue and demand

Tecom Group, a Dubai-based developer and operator of business parks and free zones, reported an increase in net profit for the first quarter, driven by record demand in the emirate’s commercial property sector. Net profit grew by 23 percent year-on-year to AED361 million ($98 million) during the three months to March led by “improved collections […]

TotalEnergies and Oman are collaborating on a groundbreaking LNG project

Oman launches LNG project for clean marine fuel

Oman has begun construction of a liquefied natural gas (LNG) project in the northern port of Sohar, which its sponsors say is one of the lowest emission plants in the world. TotalEnergies of France holds an 80 percent stake in the $1.6 billion Marsa scheme while OQ Exploration & Production has the remaining 20 percent, […]

Dubai International Financial Centre, home of Dubai Financial Market

DFM first-quarter profit jumps on higher trading activity

Profit at Dubai Financial Market surged more than 40 percent year on year in the first quarter, driven by the highest trading activity in more than a decade, the company said. Net profit before tax rose to AED135 million ($37 million) in the three months to March 31, compared with AED95.6 million in the same […]

An engineer at a mining farm. Abu Dhabi-listed Phoenix Group has strengthened its presence in Ethiopia with a new mining facility, contributing to its global bitcoin operations

UAE’s Phoenix expands Ethiopian bitcoin mining

Phoenix Group, an Abu Dhabi-listed blockchain and cryptocurrency company, has expanded its bitcoin mining operations in Ethiopia, securing an additional 52 megawatts (MW) of power supply.  The latest move brings the company’s total capacity in the African country to 132MW and raises its global capacity to more than 500MW across five countries, it said in […]

As part of the Lunate deal, Azura will relocate its headquarters from Monaco to Abu Dhabi

Wealth company Azura to leave Monaco for Abu Dhabi

Lunate, an Abu Dhabi-based alternative asset manager, has acquired a stake in Azura Partners, a wealth management firm in Monaco. Azura, started by former Julius Baer executive Ali Jamal, manages assets of around $5 billion and serves high-net-worth and ultra-high-net-worth clients.  As part of the deal, Azura will relocate its headquarters from Monaco to Abu […]

Eric Trump looks at a model of the Trump Organization's planned project in Qatar in partnership with Dar Global

Trump Organization enters Qatar property market

Dar Global, the international development arm of Saudi-listed Dar Al Arkan, has partnered with the Trump Organization to develop a Trump International Golf Club in Doha. The project is the US company’s first foray into Qatar’s property market. The project will include an 18-hole golf course, a clubhouse and branded villas overlooking the golf course […]

Qatar is aiming for 4 gigawatts of renewable capacity

GWC and Yellow Door to build Qatar solar power plants

Logistics business Gulf Warehousing Company (GWC) has formed a partnership with Yellow Door Energy, a Dubai-based clean energy company, to develop solar power plants in Qatar. The plants will be located in Logistics Village Qatar, Bu Sulba Warehousing Park and Al Wukair Logistics Park, GWC said in a statement on Wednesday. Doha-based GWC claimed the […]

Despite a decrease in first-quarter profits, Mashreqbank's shares are up 11% this year, as the UAE lender navigates tighter margins and investment in digital growth

Mashreq Q1 profit down but shares see gains

Tighter net interest margins and increased expenses have hit first quarter profits at Mashreq, the fifth-largest lender in the UAE by assets. The Dubai-listed bank said net profit after tax decreased 12 percent annually in the three months to March to AED1.8 billion ($490 million).  Mashreq’s shares, which closed at AED242 on Wednesday, are nonetheless […]

The FTA is refunding collected late corporate tax fines for those meeting new compliance criteria

UAE waives late registration fines for corporate tax filers

The UAE has waived late registration fines for corporate taxpayers and certain exempt persons who failed to register with the Federal Tax Authority (FTA) within the deadline. The cabinet decision announced by the ministry of finance and the FTA, aims to bolster “voluntary tax compliance environment” and ease “financial burdens on businesses”, the UAE state-run […]

Keeping the lights on in Kuwait is becoming a problem with a lack of power reserves

Kuwait cuts off crypto mining to save power

Kuwait this week began a clampdown on illegal cryptocurrency mining activity, as the energy-intensive sector places further pressure on the Gulf state’s already severe power shortage problem. The country’s industrial facilities were told earlier this month to suspend operations for six hours daily during the summer, as part of a power rationalisation plan. The ministry […]

Wind power in Chalkewadi, Maharashtra. India is aiming for 500 GW of renewable energy by 2030

Alterra part of $100m buy-in for Indian renewable energy company

Alterra, the UAE’s $30 billion climate fund, has partnered with investors including Canada-based investment company Brookfield Asset Management, to co-invest $100 million in Indian renewable energy company Evren.  The investment aims to bolster Alterra’s clean energy portfolio and accelerate India’s push toward 500 gigawatts (GW) of installed renewable capacity by 2030, it said in a […]

Doha. Qatar's business measures contributed to an 87 percent annual increase in the number of new commercial licences

Industrial investments in Qatar reach $13.8m in Q1

Qatar attracted QAR50 million ($13.8 million) worth of new industrial investments in the first quarter of 2025, with eight new factories beginning operations, according to its ministry of commerce and industry.  Commercial registrations in the three months to March rose 32 percent year on year, the ministry said in a statement on Tuesday, after a […]

Borouge's sales volume of polyethylene and polypropylene, used in plastics and packaging, increased

Borouge net profit increases to $281m for first quarter

UAE petrochemical company Borouge reported a rise in profit for the first quarter, driven by higher production and revenue. Net profit for the three months to March rose to $281 million, on the back of an increase in sales volumes and cost reduction, the company said in a statement. Production volumes rose 7 percent year […]

KFC is one of the many fast food brands operated by Americana Restaurants in the Middle East

Americana reports growth in revenue and profit

Americana Restaurants reported a higher net income for the first quarter of 2025 compared with this time last year, as a consumer boycott targeted at the company’s brands related to the Gaza conflict eased. Net profit in the three months to March grew 16.5 percent in the quarter to $32.6 million, driven by higher revenue […]

ADCB said customer deposits rose 15 percent year on year to AED442 billion

ADCB records promising early year results

Abu Dhabi Commercial Bank (ADCB), the UAE’s third largest bank by assets, reported double-digit growth for the first quarter of 2025.  The bank cited an increase in operating income and growth across its core businesses.  Rated as the UAE’s strongest banking brand for the second consecutive year by Brand Finance, ADCB reported a net profit […]

Workers at Woodside's Pluto LNG in Australia. Louisiana LNG is targeting first production in 2029

Kuwait in talks to buy stake in Woodside’s Louisiana LNG

Australian petroleum company Woodside Energy Group is in negotiations with Kuwait Foreign Petroleum Exploration (Kufpec) to sell a stake in its Louisiana liquefied natural gas (LNG) project. Kufpec, state-owned Kuwait Petroleum’s overseas unit, is considering both acquiring equity and securing LNG supply from the US facility, Bloomberg reported, citing people familiar with the matter.  The […]

Lake Park in Abu Dhabi. Aldar, the city's largest developer, says demand is strong for new and existing projects

Abu Dhabi developer Aldar reports $520m first quarter profit

Aldar Properties, Abu Dhabi’s largest real estate developer, has reported a rise in first-quarter profits driven by sales to international buyers. Net profit after tax increased 22 percent year on year to AED1.9 billion ($520 million). Revenue was up 39 percent to AED7.8 billion. Overseas investors and expatriates living in the UAE accounted for AED7.4 […]

Emaar EC is the master planner and primary infrastructure developer of KAEC, a 185sq km city north of Jeddah

Emaar EC reschedules loan with consortium of Saudi banks

Emaar the Economic City (Emaar EC), the developer of King Abdullah Economic City, has signed an agreement with four Saudi banks to reschedule a total of SAR3.4 billion ($904 million) in existing financing. The agreement also includes securing a new credit facility of SAR287 million from Alinma Bank, Saudi Awwal Bank, Banque Saudi Fransi and […]

Borouge, backed by Abu Dhabi National Oil Company (Adnoc) and Austria’s OMV, has awarded two contracts for the expansion

UAE’s Borouge to expand its production capacity 

UAE petrochemical company Borouge, a specialist in polyethylene and polypropylene, has unveiled expansion plans to increase annual production capacity to more than 6.6 million tonnes by 2028. The expansion is expected to contribute $165-$200 million in earnings before interest, tax and depreciation, the company said in a statement.  Borouge, backed by Abu Dhabi National Oil […]

Hana Al Rostamani, group CEO of First Abu Dhabi Bank , which saw Q1 profits rise by 23%

First Abu Dhabi Q1 profit rises by nearly a quarter

First Abu Dhabi Bank (FAB) reported an increase in profits in the first quarter of this year, fuelled by higher revenue from its retail, wholesale and investment banking segments. FAB’s net profit rose 23 percent to AED5.1 billion ($1.4 billion) in the January to March period, while revenue saw an 11 percent growth to AED8.8 […]

Profits and revenues at telecom provider STC rose in Q1

Q1 profits and revenue up for Saudi Telecom Company

Profits at Saudi Telecom Company (STC) rose in the first quarter of this year, pushing the share price of the kingdom’s biggest telecoms operator to a yearly high. Net profit rose 11 percent year on year to SAR3.6 billion ($973 million) in the first three months of 2025. Revenues for the quarter rose 2 percent […]