Aviation Air Arabia takes off in Q1 2023 with 17% profit rise By Pramod Kumar May 9, 2023, 7:20 AM Air Arabia Sharjah-based low-cost airline Air Arabia posted a turnover of AED1.42 billion, a 27% increase year-on-year Sharjah-based Air Arabia reported a 17 percent increase in net profit to AED342 million ($93.14 million) in the first quarter of 2023, compared to AED291 million a year earlier. The low-cost airline posted a turnover of AED1.42 billion, a 27 percent increase year-on-year. More than 3.9 million passengers flew between January and March across the carrier’s operating hubs in the UAE, Morocco, Egypt, Armenia and Pakistan It saw an increase of 59 percent, compared to 2.4 million passengers carried in the first quarter of last year. The airline’s average seat load factor, or passengers carried as a percentage of available seats, during the period stood at 85 percent, up eight percent year-on-year. Sheikh Abdullah bin Mohammad Al Thani, chairman of Air Arabia, said that a focus on driving profitability and maintaining an efficient operation helped the airline deliver solid results despite the ongoing global economic and geopolitical uncertainty. Air Arabia added nine new routes to its global network in the first quarter, serving passengers with its fleet of 68 new Airbus A320 and A321 aircraft.
Energy Masdar gets contractors on board for $6bn energy project Abu Dhabi Future Energy Company (Masdar) has selected the suppliers and preferred contractors for the $6 billion renewable facility capable of providing energy at scale around the clock in the emirate. Bombay stock exchange-listed Larsen & Toubro and China state-owned PowerChina are the preferred engineering, procurement and construction (EPC) contractors. China-headquartered Jinko Solar and JA […] 11 hours ago
Real Estate ‘Safe’ Sharjah attracts Kuwaiti investors to $950m project The emirate of Sharjah has been praised as “safe and business-friendly” by a Kuwaiti developer who has formed a partnership to develop a AED3.5 billion ($950 million) housing project in its burgeoning local property market. Talal Al-Bahar, vice-chairman and CEO of Kuwait Real Estate Company (Aqarat), said that investors were attracted to Sharjah because of […] 2 days ago
Tech KKR signs a $5bn Gulf data centre deal in Dubai KKR, the American investment giant, and the data centre platform Gulf Data Hub (GDH), based in Dubai, have signed a strategic partnership to invest $5 billion in data centres serving the Gulf. A joint press release on Friday said that funds “affiliated with KKR” will also acquire a stake in GDH, although it did not […] 2 days ago
Real Estate Eagle Hills plans Trump hotel project with Kushner The Abu Dhabi-based developer Eagle Hills and Affinity Partners, an investment firm founded by Donald Trump’s son-in-law, Jared Kushner, have agreed to build a luxury hotel and apartment complex in Serbia’s capital, Belgrade. The project, on the site of the former Yugoslav defence ministry, will feature a 175-room Trump hotel as its centrepiece, and 1,500 […] 2 days ago
