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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 […]

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 […]

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 […]

A Zara store in London. Azadea operates Zara franchises in the Middle East and plans to focus on expansion

Dubai Holding-backed retailer Azadea puts IPO on hold

Azadea Group, which is backed by an investment company owned by Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, has put its initial public offering on the back burner, it has been reported. Dubai Holding acquired a minority stake in the Beirut-based retailer in 2018, valued at $1 billion. The IPO pause is not down to […]

Foreign investors accounted for 42 percent of total trading on ADX in the first quarter, up from 31 percent a year earlier

Foreign activity fuels ADX trading volume

Foreign and institutional investors were highly active on the Abu Dhabi Securities Exchange (ADX) in the first quarter of 2025, boosting trading volumes by more than half. The value of foreign investor trades (buy and sell) rose by 62 percent to AED70 billion ($19 billion) in the January to March period from AED43 billion a […]

Traders on the floor of the New York Stock Exchange on Friday. Markets around the world have been rocked by Trump's tariffs

Aramco losses mirror wider Saudi stock plunge

The Saudi stock market opened at more than 2 percent lower on Monday to a 17-month low, following its biggest single one-day drop since the 2008 financial crisis. The Tadawul All Share Index (Tasi) tumbled by about 1,025 points or 8.6 percent following US President Donald Trump’s announcement last week of a minimum 10 percent […]

Saudi investment minister Khalid Al Falih. International ownership of stock in the Saudi Exchange is at 13%, compared to London's 65%

Riyadh’s financial ambitions bump up against hard reality

Saudi Arabia wants to emulate London or Hong Kong in the international money markets and become a global financial centre, Saudi investment minister Khalid Al-Falih said at a capital markets conference in Riyadh in February. “We need to channel global capital,” he said. “We want to become a regional financial hub.” But judging by the […]

Indoors, Interior Design, Outdoors The dividend proposal will need shareholders’ approval at the annual general meeting in April

PureHealth proposes first dividend after Abu Dhabi listing

Healthcare group PureHealth is planning its first dividend distribution after listing on the Abu Dhabi Securities Exchange (ADX) in December 2023, the company said in a statement. The board of directors has recommended a total dividend of AED343 million ($93.4 million), or AED 3.09 fils per share, for 2024, representing 20 percent of the group’s […]

Shareholders in Borouge are due to vote on a proposed dividend and 2.5 percent share buyback on April 7

Borouge proposes share buyback after merger stock slide

Abu Dhabi petrochemicals company Borouge will seek shareholder approval to buy back up to 2.5 percent of its shares, it said on Monday, after its share price plunged on this month’s news of its merger deal with Austria’s Borealis.  Borouge’s majority shareholder Abu Dhabi National Oil Company (Adnoc) and Austria’s OMV said they had agreed to merge […]