Tech Bayanat increases funding for climate disaster R&D By Divsha Bhat May 15, 2024, 12:43 PM Reuters Bayanat says its AID data platform provided information to authorities during April's flooding in Dubai Bayanat to extend R&D funding $8.7m profit in Q1 Yahsat merger continuing Geospatial services provider Bayanat has increased its investment into climate disaster research and development following a strong profit rise in the first quarter of 2024. Abu Dhabi-based Bayanat said gross profit for the first quarter reached AED32 million ($8.7 million), representing a gross margin of 28 percent. Revenues were 12 percent up year on year in the first three months to AED113 million. The company said its AI-enabled disaster management platform, called AID, “had proven vital” during April’s flooding in the UAE by providing data and analytics to authorities. NewsletterGet the Best of AGBI delivered straight to your inbox every week Bayanat is also aiming to broaden its product portfolio and fuel future revenue growth. The initiatives are in line with its initial public offering strategy. Managing director Hasan Al Hosani said the company’s “ability to not only sustain but significantly build upon last year’s financial milestone” was a sign of its strong market position. UAE merger creates world’s most valuable listed space company Yahsat 2023 profit rises to $116m on revenue growth Private sector ‘always better’ says UAE space industry head Bayanat and the satellite company Yahsat are progressing with their merger to form Space42. This new entity will combine Yahsat’s advanced satellite communication capabilities with Bayanat’s expertise in geospatial data analytics to create an AI-powered space technology company in the Mena region. The merger is expected to take effect in the second half of the year.
Finance Pakistan agrees to $1bn loan from Middle Eastern banks Pakistan has agreed terms for a $1 billion loan with two Middle Eastern banks at a 6-7 percent interest rate, its finance minister Muhammad Aurangzeb told Reuters on Tuesday, as the South Asian country searches for more financing. “With two institutions we have now gone forward in signing up the term sheet – one bilateral […] 4 hours ago
Economy Egypt targets €4bn EU funding by June Egypt is aiming to strike a deal with the European Union (EU) to secure €4 billion ($4.2 billion) in financing to back its current reform agenda, according to a media report. Cairo has started negotiations with the EU, with the funds directed towards budget support and not specific projects, Asharq Business reported, quoting minister of […] 4 hours ago
Energy Fertiglobe’s $1bn blue ammonia bet hinges on Asia Abu Dhabi-listed Fertiglobe will invest $1 billion in expanding its blue ammonia plant capacity if Asian countries commit to buying. The final decision on the investment depends on securing contracts from Japan and South Korea, who have plans to subsidise imports of the blue ammonia, CEO Ahmed El-Hoshy told Bloomberg. The capacity building will take through […] 3 hours ago
Real Estate PIF worker housing company buys luxury compound Smart Accommodation for Residential Complexes Company (Sarcc), the company established to provide housing for workers employed on major projects, has bought a luxury residential compound in Riyadh. Sarcc acquired Al Nakhla Residential Resort in Riyadh for SR2.5 billion ($667 million). The development, located in northern Riyadh, has more than 600 apartments and over 500 villas. […] 12 hours ago
