Company Insights Dubai Financial Market (DFM) Markets Dubai Financial Market (DFM) News Construction Court gives Dubai’s Drake & Scull stay of execution Dubai contracting company Drake & Scull International (DSI) has received a reprieve from liquidation following the latest court ruling on its long-running restructuring plan. DSI has been attempting to thrash out a restructuring proposal for more than a year. Its accumulated losses increased to AED5.3 billion ($1.44 billion) in the first half of this year, […] August 23, 2023 Tech Space tech company launches Dubai HQ and listings plan A US space tech company is setting up a regional headquarters in Dubai. Orion Applied Sciences and Technology (OrionAST), a global provider of high-resolution satellite data, is establishing a base in Dubai Silicon Oasis and intends to list its shares on Dubai Financial Market. The company has also launched a subsidiary, Open Skies Industries, to […] August 22, 2023 Construction Contractor Drake & Scull files lawsuit claims of $2.8bn Troubled Dubai contracting firm Drake & Scull International said on Tuesday that it has filed lawsuits with claims equivalent to more than AED10.3 billion ($2.8 billion) as it awaits court approval on its restructuring plan. Chairman Shafiq Abdelhamid said in a filing to Dubai Financial Market that the lawsuits include civil cases filed against the […] August 15, 2023 Transport Profit down 31% at Dubai toll road operator Salik Dubai toll road operator Salik saw its net profit shrink 31 percent in the second quarter, to AED272.6 million ($74.2 million), from AED393.6 million a year earlier. The company said the fall was due to it incurring “new costs, such as concession fees, rent, amortisation, transitional service expenses, as well as finance costs”. These followed […] August 11, 2023 Infrastructure Dewa profits fall 20% as financing costs surge Dubai Electricity and Water Authority (Dewa) reported net profits of AED1.93 billion ($525.46 million) in the second quarter of 2023, down 20 percent from AED2.41 billion a year earlier due to rising financing costs. Revenue rose 4 percent to AED7.29 billion, driven by increased demand for electricity, water and cooling services and higher income from […] August 11, 2023 Transport Aramex earnings plunge 57% in Q2 on softening volumes The net profit of Dubai-based courier company Aramex fell to AED18.96 million ($5.16 million) in the second quarter of 2023, down 57 percent compared to AED44.56 million in the same period last year. Revenue slipped on a global industry trend of softening volumes, declining eight percent year on year to AED1.39 billion. This was partly […] August 10, 2023 Markets Saudi leads ‘very healthy’ GCC IPO pipeline The GCC remains an attractive region for IPO listings with Saudi Arabia leading a healthy pipeline of planned deals for the rest of the year and beyond, say experts. The Middle East and North Africa (Mena) region recorded a 44 percent jump in listings during the second quarter. By contrast, wider Europe, Middle East, India, […] August 9, 2023 Finance UAE’s Al Ansari set to buy majority stake in Omani firm UAE remittance and foreign exchange house Al Ansari Financial Services has proposed to acquire a majority stake in an exchange company in Oman as part of its regional expansion plan. The acquisition is subject to the necessary regulatory approvals and due diligence, the company said in a statement on Monday. It is expected to be […] August 7, 2023 Tech Du parent posts Q2 profit surge as customers hit 8m Emirates Integrated Telecommunications Company (EITC), which operates the Du and Virgin Mobile brands in the UAE, reported a 31 percent increase in net profit on Wednesday. The growth was on the back of strong demand for mobile and fixed broadband services. Profits totalled AED397 million ($108 million) in the second quarter. Revenue rose by nearly […] July 26, 2023 Real Estate Emaar given ratings upgrade after first-quarter sales surge Dubai’s largest real estate developer Emaar Properties has received credit rating upgrades from Fitch Ratings, Moody’s and S&P Global, as residential property prices in the emirate continue to rise. Fitch Ratings upgraded its long-term issuer default rating to ‘BBB’ from ‘BBB-‘, Moody’s announced an upgrade to Baa2 from Baa3 and S&P Global raised Emaar to […] July 18, 2023 Posts navigation Previous 1 … 12 13 14 … 20 Next
Construction Court gives Dubai’s Drake & Scull stay of execution Dubai contracting company Drake & Scull International (DSI) has received a reprieve from liquidation following the latest court ruling on its long-running restructuring plan. DSI has been attempting to thrash out a restructuring proposal for more than a year. Its accumulated losses increased to AED5.3 billion ($1.44 billion) in the first half of this year, […] August 23, 2023
Tech Space tech company launches Dubai HQ and listings plan A US space tech company is setting up a regional headquarters in Dubai. Orion Applied Sciences and Technology (OrionAST), a global provider of high-resolution satellite data, is establishing a base in Dubai Silicon Oasis and intends to list its shares on Dubai Financial Market. The company has also launched a subsidiary, Open Skies Industries, to […] August 22, 2023
Construction Contractor Drake & Scull files lawsuit claims of $2.8bn Troubled Dubai contracting firm Drake & Scull International said on Tuesday that it has filed lawsuits with claims equivalent to more than AED10.3 billion ($2.8 billion) as it awaits court approval on its restructuring plan. Chairman Shafiq Abdelhamid said in a filing to Dubai Financial Market that the lawsuits include civil cases filed against the […] August 15, 2023
Transport Profit down 31% at Dubai toll road operator Salik Dubai toll road operator Salik saw its net profit shrink 31 percent in the second quarter, to AED272.6 million ($74.2 million), from AED393.6 million a year earlier. The company said the fall was due to it incurring “new costs, such as concession fees, rent, amortisation, transitional service expenses, as well as finance costs”. These followed […] August 11, 2023
Infrastructure Dewa profits fall 20% as financing costs surge Dubai Electricity and Water Authority (Dewa) reported net profits of AED1.93 billion ($525.46 million) in the second quarter of 2023, down 20 percent from AED2.41 billion a year earlier due to rising financing costs. Revenue rose 4 percent to AED7.29 billion, driven by increased demand for electricity, water and cooling services and higher income from […] August 11, 2023
Transport Aramex earnings plunge 57% in Q2 on softening volumes The net profit of Dubai-based courier company Aramex fell to AED18.96 million ($5.16 million) in the second quarter of 2023, down 57 percent compared to AED44.56 million in the same period last year. Revenue slipped on a global industry trend of softening volumes, declining eight percent year on year to AED1.39 billion. This was partly […] August 10, 2023
Markets Saudi leads ‘very healthy’ GCC IPO pipeline The GCC remains an attractive region for IPO listings with Saudi Arabia leading a healthy pipeline of planned deals for the rest of the year and beyond, say experts. The Middle East and North Africa (Mena) region recorded a 44 percent jump in listings during the second quarter. By contrast, wider Europe, Middle East, India, […] August 9, 2023
Finance UAE’s Al Ansari set to buy majority stake in Omani firm UAE remittance and foreign exchange house Al Ansari Financial Services has proposed to acquire a majority stake in an exchange company in Oman as part of its regional expansion plan. The acquisition is subject to the necessary regulatory approvals and due diligence, the company said in a statement on Monday. It is expected to be […] August 7, 2023
Tech Du parent posts Q2 profit surge as customers hit 8m Emirates Integrated Telecommunications Company (EITC), which operates the Du and Virgin Mobile brands in the UAE, reported a 31 percent increase in net profit on Wednesday. The growth was on the back of strong demand for mobile and fixed broadband services. Profits totalled AED397 million ($108 million) in the second quarter. Revenue rose by nearly […] July 26, 2023
Real Estate Emaar given ratings upgrade after first-quarter sales surge Dubai’s largest real estate developer Emaar Properties has received credit rating upgrades from Fitch Ratings, Moody’s and S&P Global, as residential property prices in the emirate continue to rise. Fitch Ratings upgraded its long-term issuer default rating to ‘BBB’ from ‘BBB-‘, Moody’s announced an upgrade to Baa2 from Baa3 and S&P Global raised Emaar to […] July 18, 2023
