Logistics DP World hits out at Djibouti after latest court victory DP World has described the government of Djibouti as “bad for business” and said companies should “think twice” about investing in the country, following the latest ruling in their long-running legal dispute. A US court ruled in favour of the Dubai-based global ports operator this week in its battle over the Doraleh container terminal in […] July 31, 2024
Industry Borouge profit up 33% on higher product sales Record production volumes, higher sales and increased cost efficiencies helped net profits at petrochemicals company Borouge rise 33 percent year on year in the second quarter of 2024 to $308 million. Revenue at the Abu Dhabi-listed company reached $1.5 billion during the quarter, up 6 percent annually. NewsletterGet the Best of AGBI delivered straight to […] July 31, 2024
Finance US forms bulk of growing Mena M&A activity Middle East and North Africa merger and acquisition deals over the first half of this year were focused in the US. In the opening six months of 2024, 321 deals worth $49 billion were completed in the Mena region, a 1 percent year-on-year increase in volume and 12 percent rise in value, the EY Mena […] July 31, 2024
Finance UAE and Qatari funds buy into India’s Adani $1bn share sale Sovereign wealth funds from the UAE and Qatar have invested in Indian billionaire Gautam Adani’s first share sale following US short-seller Hindenburg Research’s alleged fraud report last year. The Abu Dhabi Investment Authority and Qatar Investment Authority have invested in Adani Energy Solutions’ qualified institutional placement, which raised up to $1 billion, Reuters reported citing informed sources. […] July 31, 2024
Trade Chile deal marks UAE’s latest trade agreement A trade deal signed between the UAE and Chile is expected to more than double non-oil bilateral trade and add $73 million to the UAE’s economy by 2031. Non-oil trade between the two countries is forecast to grow from $305 million in 2023 to $750 million by 2030 as a result of the latest comprehensive […] July 30, 2024
Leisure & Hospitality Lottery licence heralds UAE gaming industry growth The issuance of the UAE’s first lottery licence and publication of a framework to regulate gaming looks set to kickstart the rapid development of the industry in the Gulf nation. The year-old federal General Commercial Gaming Regulatory Authority (GCGRA) said over the weekend it had awarded Abu Dhabi-based The Game LLC the rights to operate […] July 30, 2024
Markets Alef Education profits rise but share price struggles Alef Education has reported pre-tax profits of AED249 million ($68 million) for the first half of 2024. However, the company’s share price continues to struggle. At noon on Tuesday the share price was AED1.18, down 12.6 percent on its debut IPO price in June. Alef was the first education technology business to list on a […] July 30, 2024
Leisure & Hospitality ADIA consortium in $5bn bid for Indian snack maker Haldiram’s A consortium that includes Abu Dhabi Investment Authority (ADIA) is planning a Rs400 billion ($4.8 billion) bid to acquire a majority stake in Haldiram’s, an Indian snack maker, according to a media report. The ADIA deal, if finalised, will value Haldiram’s at INR700 to 780 billion ($8.4 to $9.3 billion), Moneycontrol.com, an Indian business portal, reported, quoting […] July 30, 2024
Tech Yahsat H1 profit rises despite revenue dip The UAE satellite provider, Al Yah Satellite Communications Company (Yahsat), said its net profit for the first half of 2024 rose 62 percent year on year despite falling revenue. Net earnings stood at AED269 million ($73 million) during the period, compared with AED166.4 million a year earlier. NewsletterGet the Best of AGBI delivered straight to your […] July 30, 2024
Finance DFM profit rises 62% on higher trading activity Dubai Financial Market, the operator of the emirate’s stock exchange, reported a 62 percent rise in net profit for the first six months of 2024 on higher trading activity and new investors. DFM net profit increased to AED181 million ($49.3 million) in the first half, compared with AED112 million a year ago. Total consolidated revenue […] July 30, 2024
Real Estate Aldar reports strong half-year performance Strong interest from international buyers, an increasingly tight office sector and a record development backlog at the end of June helped Aldar Properties to double-digit profit and revenue growth for the first half of 2024. Profit rose 57 percent year on year to AED3.3 billion, while revenue surged 73 percent to almost AED11 billion, the […] July 29, 2024
Construction Drake & Scull announces positive note after return to markets Construction company Drake & Scull International has reported mid-year net profit of AED 30 million ($8.17 million) two months after it resumed trading on the Dubai Financial Market following a scandal-plagued, six-year suspension. Engineer and chairman of the board of directors Shafiq Abdelhamid said in a statement that he was “pleased” with Drake & Scull […] July 29, 2024
Tourism Dubai tourism flourishes as visitor numbers rise by 9% Dubai attracted 9.3 million international visitors in the first half of 2024, a year-on-year rise of 9 percent. The emirate hosted just over 17 million international visitors last year, the UAE state-run Wam news agency reported, citing data from the Dubai Department of Economy and Tourism. Helal Saeed Almarri, director-general of Dubai Department of Economy […] July 29, 2024
Analysis Tourism Corporate travel rising as Dubai plays perfect host Dubai has won 175 deals so far this year that will boost the emirate’s corporate and business travel sector over the next four years. The events, representing an increase of almost a quarter year on year, include international conferences, congresses and meetings. They’re expected to bring more than 92,000 delegates to the city, according to […] July 29, 2024
Analysis Construction Supply logjams force Gulf builders to get creative Shipping cost spikes resulting from the Red Sea crisis are hitting the Gulf’s construction industry especially hard. Mounting tensions between Israel and the Houthis in Yemen are exacerbating the already severe decline in commercial shipping traffic there. Builders are struggling to adjust their supply chains and pricing mechanisms to deliver materials and products to their […] July 29, 2024
Renewable Energy Masdar buys stake in Spanish utilities company Endesa The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […] July 26, 2024
Markets UAE capital markets partner with Hong Kong exchange The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […] July 26, 2024
Transport Dubai Taxi to pay $43m dividend despite profit drop Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […] July 26, 2024
Renewable Energy Abu Dhabi seeks developers for greenfield power storage project State-owned Emirates Water and Electricity Company has requested proposals from 27 qualified companies and consortiums to develop a greenfield 400-megawatt battery energy storage system project in Abu Dhabi. The request for proposals is being issued to bidders who passed the qualification process following the expression of interest in April 2024. A total of 93 companies […] July 26, 2024
Banking and Finance Mashreq’s earnings up as loans and deposits rise Dubai-listed lender Mashreq said its net profit rose 14 percent year on year to AED4 billion ($1.1 billion) in the first six months of 2024 on higher interest income, business expansion and minimal risk costs. Net profit before tax grew 24 percent to AED4.5 billion. Net interest income increased 17 percent year on year to […] July 26, 2024
