Retail Dubai’s Spinneys plans Saudi entry as profit rises 13% First quarter 2024 net profit at Spinneys rose 13 percent year on year to AED75 million ($20.4 million) as it targets opening its first stores in Saudi Arabia. Revenue grew by 11 percent annually to AED815 million over the period, driven by higher retail revenue, the supermarket operator said in its first quarterly results after listing […] May 14, 2024
Logistics AD Ports Q1 revenue doubles on robust business growth Revenue for the first quarter of 2024 at the UAE’s AD Ports Group more than doubled year on year to AED3.9 billion ($1.1 billion). The topline was supported by its maritime and shipping, ports and logistics divisions. Mergers and acquisitions, including that of Spanish integrated logistics company Noatum and Dubai container shipping company Global Feeder […] May 14, 2024
Transport Air Arabia profit falls 22% amid fuel and currency woes UAE carrier Air Arabia reported a 22 percent decline in net profit for the first quarter of 2024 compared with the previous year. It cited challenges such as fuel price fluctuations, currency volatility and a shift in seasonality as a result of Ramadan. The low-cost carrier reported earnings of AED266 million ($71 million) for the first three months of […] May 14, 2024
Video length: 08:25 exclusive Banking and Finance Rate of debt skipping falls 90% at Dubai’s biggest bank There has been a dramatic decline in the number of people leaving the country to avoid debt obligations to UAE banks. The fall in so-called “skips” is a result of the Gulf state’s introduction of legal reforms such as the decriminalisation of bounced cheques, and new insolvency and bankruptcy laws, experts said. In the past […] May 14, 2024
Opinion Mining The Gulf has solid reasons to intervene in BHP’s bid for Anglo Anglo's board has rejected two offers. A 'white knight' could step in – and become a force in mining May 13, 2024
Oil & Gas Mubadala Energy makes second gas discovery off Indonesia Mubadala Energy, a wholly owned subsidiary of Abu Dhabi wealth fund Mubadala, has made a significant deep-sea gas discovery in Indonesia’s South Andaman Block. The Tangkulo-1 exploration well was drilled about 65 kilometres off North Sumatra and has an estimated capacity of 80 million-100 million cubic feet per day and over 2,000 barrels of condensate. […] May 13, 2024
Aviation Dubai to receive $1bn dividend after record Emirates profits Emirates Group will pay more than $1 billion in dividends to its owner, the Investment Corporation of Dubai sovereign wealth fund, after it announced record profits of just over $5 billion for the year. The holding group includes Dubai-based flag carrier Emirates and aircraft and airport services company Dnata. It repaid $596 million from the […] May 13, 2024
Real Estate Overseas buyers dominate in Sharjah’s reformed real estate Overseas buyers in Arada’s two mega-developments in Sharjah have vastly outnumbered locals in the year-and-a-half since the emirate expanded full real estate ownership rights to non-GCC nationals. From when Aljada, Sharjah’s biggest mixed-use project, launched in 2017 until the land reform of late October 2022, Emirati nationals bought more than 63 percent of the value […] May 13, 2024
Transport Dubai road toll revenue hits $153m as tourism flourishes Revenue generated by Dubai’s road toll operator Salik rose 8 percent year on year to AED562 million ($153 million) in the first quarter of 2024, as the number of tourists to the city continues to rise. There were 122 million revenue-generating trips through eight toll gates in the first three months of the year. Net profit […] May 13, 2024
Oil & Gas Adnoc Drilling first quarter profit rises 26% Adnoc Drilling said its net profit in the first quarter rose 26 percent year on year to $275 million, supporting its full-year profit guidance of more than $1.2 billion. Revenue increased 24 percent year on year to $886 million, beating market expectations, thanks to accelerated fleet expansion and oilfield services growth. The offshore jack-up and oilfield […] May 13, 2024
Finance Dubai financial watchdog reports 25% rise in licences The Dubai Financial Services Authority (DFSA), the emirate’s financial regulator, reported a 25 percent year-on-year increase in the number of licensed companies in 2023, amounting to nearly 800 in total. The number of applications across all business models within the Dubai International Financial Centre (DIFC), the emirate’s main financial hub, rose 50 percent annually, the […] May 13, 2024
Opinion Real Estate In Dubai’s new Uptown hub, all the talk is of diamonds Ahmed bin Sulayem prepares for a critical meeting of the Kimberley process May 10, 2024
Oil & Gas Sharjah buys slice of concession in RAK in hope of gas The state-owned Sharjah National Oil Corporation (Snoc) has acquired a 30 percent stake in a concession located onshore in Ras Al Khaimah from the Italian energy company Eni in the hunt for gas. Block 7, awarded to Eni in 2021, covers an area of 430 square km and is being actively explored, with drilling of […] May 10, 2024
Real Estate Plots from failed Dubai Lifestyle City project up for auction Plots of land from a never-completed AED2.4 billion ($650 million) development in Dubai, once endorsed by tennis star Maria Sharapova, have been put up for auction. The abandoned Dubai Lifestyle City project was announced in 2007 by developer ETA Star Projects, a division of the ETA-Ascon business group. It promised buyers “high style living” in […] May 10, 2024
Opinion Banking and Finance Catastrophic floods are a wake-up call for insurers Regional insurance penetration needs to be higher and policies must be overhauled May 10, 2024
Energy Dewa profit falls despite surge in demand The state-owned utility provider Dubai Electricity and Water Authority (Dewa) reported a 13 percent year on year decline in net profit to AED651 million ($177.2 million). The lower earnings were mostly due to higher administrative expenses, finance costs and a drop in other income. Revenue for the period reached nearly AED6 billion, an annual rise of 7 […] May 10, 2024
Aviation Etihad Q1 profit jumps nine-fold on 41% traffic growth Etihad Airways’ net profit surged 792 percent to AED526 million ($143 million) in the first quarter, from AED59 million a year ago, amid strong growth in passenger revenue and reduced net finance costs. Total revenue at the UAE flag carrier increased 21 percent year on year to nearly AED6 billion, driven by increased network capacity and passenger numbers. […] May 10, 2024
Construction Drake & Scull losses narrow before return to trading Dubai contractor Drake & Scull International has trimmed its losses in the first quarter of this year as it nears the end of a drawn-out capital restructuring process. The Dubai-based utilities and infrastructure engineering company said in a press release accompanying disclosures to the Dubai Financial Market (DFM) that revenue jumped 55 percent year on […] May 9, 2024
Energy Adnoc Distribution to expand as earnings rise Adnoc Distribution plans to open 15 to 20 more fuelling stations in 2024 after opening eight in the UAE, Saudi Arabia and Egypt in the year so far. The expansion increased fuel and non-fuel sales, driving revenue up by over 9 percent year on year to AED8.7 billion ($2.4 billion) in the three months to […] May 9, 2024
Transport Q1 profits rise 5% at Dubai’s Parkin The Dubai government’s parking management company Parkin reported a 5 percent increase year on year in net earnings for the first quarter of 2024. This is despite the introduction of a 9 percent standard corporate tax from January this year. Net profit rose to AED103.7 million ($28.2 million) in January to the end of March, […] May 9, 2024
