Banking & Finance Alpha Dhabi explores buyouts despite profit drop By Pramod Kumar May 6, 2024, 8:48 AM Wam Alpha Dhabi Holding will be 'both active and agile by exploring possibilities, including the adoption of artificial intelligence solutions', said CEO Hamad Al Ameri Alpha Dhabi Holding, the fourth most valuable listed company in Abu Dhabi, reported a net profit of AED4.6 billion ($1.3 billion) for the first quarter of 2024, a decrease of 37 percent year on year. Revenue rose 11 percent annually to AED14.2 billion and total assets rose 5 percent year on year at AED147 billion at the end of the first quarter. Total liabilities increased 6 percent annually to AED68 billion. The company reported a 29 percent year on year increase in its cash balance to AED21.5 billion. NewsletterGet the Best of AGBI delivered straight to your inbox every week Alpha Dhabi is strategically poised to forge ahead with its growth ambitions which will include further possibilities for acquisitions and geographical diversification, the company said in a statement. “We will be both active and agile by exploring possibilities, including the adoption of artificial intelligence solutions, that expand and add depth to our portfolio,” CEO Hamad Al Ameri added. UAE wealth fund ADQ buys stake in Abu Dhabi builder Alpha Dhabi takes over water specialist Metito Mubadala and Alpha Dhabi to capitalise on discounted assets The company operates in eight verticals and more than 250 businesses across the Middle East, Europe, Asia and North America. In February, a joint venture between Adnoc Drilling and Alpha Dhabi plans to surpass its $1.5 billion investment target within the three-year timeframe originally set, and is seeking acquisitions in the US and across Europe.
Real Estate Emaar hikes dividend distribution for 2024 Emaar Properties said on Friday that it would double dividend payouts in 2024 over the previous year. The Dubai-listed property developer will disburse AED 8.8 billion (US$ 2.4 billion), or 100 percent of its share capital, up from AED 4.4 billion (US$ 1.2 billion) in 2023, according to a press release. “At Emaar, our priority […] 1 day ago
Energy Former BP boss named on Adnoc’s investment board Bernard Looney, the former CEO of BP, is among the board members of Abu Dhabi National Oil Company’s new lower carbon energy and chemicals investment company, XRG. Formed by Adnoc last month, XRG aims to more than double its $80 billion asset value over the next decade by capitalising on the demand for low-carbon energy […] 1 day ago
Aviation Used private jets soar as Gulf aircraft deliveries stall The Gulf’s second-hand private jet market has enjoyed a surge in popularity due to an influx of wealthy residents and delays in the delivery of new aircraft. “It is hard for [buyers] to get access to assets,” Vincent Rolland, director of JetNet IQ, a US-based market analysis and business aviation consultancy company, told AGBI. Clients […] 1 day ago
Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
