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Featured in Banking and Investments
Tourism leaders from around the world will explore how entrepreneurship and innovation are transforming the global travel sector at ATM 2024

·Arabian Travel Market 2024 will take place from 6-9 May at DWTC, with the theme: ‘Empowering Innovation: Transforming Travel Through Entrepreneurship’ The sold-out Travel Tech space at this year’s edition of ATM will be 56% larger than in 2023, with sector participation growing by a third, year on year ATM 2024 will host over 200 speakers across more than 50 sessions, covering the full spectrum of industry from tourism and hospitality to aviation and MICE Dubai, United Arab Emirates, 18 April 2024: International policymakers and industry leaders are preparing to gather in the UAE for Arabian Travel Market (ATM) 2024, where they will examine how entrepreneurship and innovation are reshaping the global tourism industry. The 31st edition of the exhibition will take place at Dubai World Trade Centre ......read more

UAE to host Second Gulf Metrology Forum in Dubai with focus on sustainability

The forum is expected to draw broad international participation as industry leaders are set to discuss how Metrology can boost sustainability and stimulate trade. Dubai-UAE. 17 April 2024: The UAE is set to host the Second Gulf Metrology Forum in Dubai on 22-23 April where industry leaders will discuss the critical role of Metrology in achieving net zero targets and enhancing economic growth. The forum is jointly organized by the Ministry of Industry and Advanced Technology (MoIAT) and GULF Association for Metrology (GULFMET) with sponsorship from the Abu Dhabi Quality and Conformity Council, which is represented by the Emirates Metrology Institute, with its responsibility for overseeing national measurement standards. Under the theme "Metrology for Sustainability" the forum will raise awareness of the importance of ......read more

Diriyah Company Group Ceo Jerry inzerillo appointed united nations Tourism Ambassador

Prestigious accolade granted in New York during first ever UN Sustainability Week Honor granted to recognize Jerry Inzerillo’s career-long commitment to innovation in visionary tourism development Joins elite group of nearly 50 tourism ambassadors from business; sport; the arts and gastronomy who include Georgio Armani; Lionel Messi and Placido Domingo ​NEW YORK – APRIL 16, 2024 – Diriyah Company Group CEO Jerry Inzerillo has been appointed a United Nations Tourism Ambassador during the first ever UN Sustainability week in New York. The accolade recognizes his achievements as a global visionary in the hospitality industry and internationally acknowledged visionary in tourism development over a career spanning more than 50 years. He was presented with the award by the Secretary General of the United ......read more

Majid Al Futtaim's ‘State of the UAE Retail Economy' Report Reveals Double-Digit Consumer Spending Increase in 2023

The UAE’s GDP grew by 3% in 2023, backed by a strong performance in its non-oil sectors. UAE consumer spending rose 13% year-on-year in 2023, propelled by a 14% increase in retail spending and a 12% increase in non-retail spending. E-commerce spending continued growing in 2023, with a 15% growth rate since 2022. Travel and tourism contributed as major economic drivers for the UAE, with hotel occupancy hitting a record high of 77% in 2023. Property prices in Dubai increased by over 20% annually in 2023, making the city the second-fastest growing real estate market in the world. UAE residents show confidence in their future, with 91% of respondents to the Majid Al Futtaim Happiness Lab survey either “happy” or “very happy” in the first quarter of 2024.   Dubai, United Arab Emirates, 4 ......read more

OQ Group Reports OMR 970 Million Profit in 2023, with 408 Million OMR in ICV

Muscat, April 2024 – OQ, the global integrated energy group, released today its financial results for 2023. The company reported a revenue of OMR 13.7 billion, earnings before interest, taxes, depreciation and amortisation (EBITDA) of OMR 1.975 billion, and a net profit of OMR 970 million. This outstanding performance reflects robust operational achievements across the Group's businesses. Key factors included increased production volumes, strong Oman Export Blend (OEB) and refined product prices, operational excellence across the assets, and gains from divestment activities. The achievement of this level of operational, financial, and strategic performance in 2023 reflects the directives of the Oman Investment Authority (OIA) and the Group's Board of Directors to enhance performance and achieve the targeted rates. ......read more

Growing UAE Saving Culture Propels National Bonds Investments to Record AED 14 billion in 2023

National Bonds distributed AED 2.9 billion in profit payouts and prizes Bond holders have earned up to 5.84% in returns on their savings for 2023 Dubai, UAE, 02 April 2024: National Bonds, a leading Sharia-compliant savings and investment company in the UAE, today announced another remarkable year marked by significant growth, consistent profit sharing for customers, and a relentless focus on profound customer engagement, as evidenced by the introduction of novel saving solutions and ongoing digitization efforts. The investment portfolio of National Bonds crossed AED 14 billion (US$3.8 billion) as of December 2023 reaffirming the company’s position as a trusted financial partner for UAE nationals and residents seeking a simplified rewarding savings journey, tailored to their unique needs and ......read more

UAE and Kenya sign Investment Memorandum to advance digital infrastructure and AI initiatives

UAE and Kenya sign Investment Memorandum to advance digital infrastructure and AI initiatives   His Excellency Mohamed Hassan Alsuwaidi: “This memorandum is set to accelerate the development of a sector that has the potential to become a growth driver for other industries”  Abu Dhabi, UAE, 29th March 2024 – The Ministry of Investment of the UAE and the Ministry of Information, Communications and the Digital Economy of the Republic of Kenya have signed an Investment Memorandum establishing a framework for investment cooperation in the field of digitalization and technology.  In addition to exploring investments in digital infrastructure and artificial intelligence (AI) services in Kenya, the cooperation may include the development of data centre projects with a total capacity of up to 1,000 ......read more

ADNOC Distribution Shareholders Approve New Five-Year Dividend Policy As Company Reinforces Focus On Accelerated Growth

  Shareholders approve H2 2023 dividend of AED1.285 billion (10.285 fils per share), bringing 2023 total dividend to AED2.57 billion (20.57 fils per share) ADNOC Distribution has provided shareholders with a 90% return on their investment since its initial public offering in 2017 New five-year dividend policy sets annual dividend of $700 million or a minimum of 75% of net profit, whichever is higher Company targets value-accretive domestic and international growth, exploring expansion in new markets Company reaffirms commitment to AI & innovation-enabled growth, customer-centricity, and sustainability while evolving into an international multi-energy, convenience and mobility leader AI and advanced technology enabled a four-year-high customer convenience store conversion rate of 24.7% and a 10% reduction in ......read more

Hotpack Global MD emerges Founding VC of Paper and Tissue Business Group at Dubai Chamber of Commerce

Dubai – March 28, 2024:  Mr. Abdul Jebbar P. B., Founder and Group Managing Director of Hotpack Global, the UAE-based global leader in packaging products, has been appointed as the Founding Vice Chairman of the Paper and Tissue Business Group under the esteemed Dubai Chamber of Commerce, says a press statement issued by the company. Mr. Jebbar's appointment comes as a result of his extensive industry expertise and leadership within the packaging sector, further solidifying Hotpack Global's position as a key player in shaping the future of the paper and tissue industry. Commenting on the appointment, Mr. Abdul Jebbar, said, "I am deeply honored to serve as the Founding Vice Chairman of the Paper and Tissue Business Group at the Dubai Chamber of Commerce. Under the adept Chairmanship of Mr. Salahaldin Sharafi, ......read more

Abu Dhabi Chamber and UAE International Investors Council Sign Collaboration Agreement to Promote their Strategic Cooperation

Al Qubaisi: The agreement comes in alignment with our ongoing endeavor to extend bridges of cooperation with investors worldwide, fulfill their aspirations, and provide them with more investment opportunities, enabling them to thrive locally and internationally  Al Jarwan: We are keen to extend bridges of cooperation and forging strategic partnerships that contribute to promoting the economic landscape and facilitate the sustainable growth of Emirati companies internationally. 27 March 2024 – Abu Dhabi, UAE: The Abu Dhabi Chamber of Commerce and Industry has proudly announced the signing of a collaboration agreement with the UAE International Investors Council, laying the groundwork for their strategic collaboration in investment and futuristic economic sectors. According to the agreement, the Abu Dhabi Chamber ......read more

Green Metal Industries to set up a $100m Steel Recycling and Production Facility in KEZAD

Facility on 116,000 sqm land will recycle scrap metal into high-quality special steel products Abu Dhabi, UAE – 27 March 2024: Khalifa Economic Zones Abu Dhabi – KEZAD Group, the largest operator of integrated and purpose-built economic zones, and UAE-based Green Metal Industries today announced the signing of an agreement for the establishment of a new special steel recycling and production facility in KEZAD. To be developed with an investment of AED 367 million US$100 million, the plant will utilise cutting-edge recycling technologies like meltshop, refining facilities (AOD/VOD/VD), multi-product continuous casting, and a rolling mill, for converting metal scrap into high-quality products for diverse industrial applications, including construction and infrastructure developments. Spanning over 116,000 square metres ......read more

Arabian Travel Market's sold-out Travel Tech area sees 56% year-on-year growth as leading brands prepare to showcase latest innovations in Dubai

ATM 2024 to host more than 100 Travel Tech exhibitors from 6-9 May at DWTC Sponsored by Sabre, the ATM Future Stage – formerly the Travel Tech Stage – will feature over a hundred expert speakers and a range of cutting-edge innovations Dubai, United Arab Emirates, 26 March 2024: More than 100 of the world's leading travel technology companies will be exhibiting at Arabian Travel Market (ATM) 2024, which will take place at Dubai World Trade Centre (DWTC) in the UAE from Monday 6 to Thursday 9 May. ATM 2024's sold-out Travel Tech space will be 56% bigger than last year with 33% more exhibitors participating this year, thanks to unprecedented demand from companies looking to showcase their innovations in front of a global audience. Sponsored by Sabre, the ATM Future Stage – formerly known as the Travel Tech Stage – will host ......read more

Mai Dubai Receives a Green Certification for Hosting at Moro Hub Green Cloud

Dubai, UAE, 23 March 2024: Moro Hub, a subsidiary of Digital DEWA, the digital arm of Dubai Electricity and Water Authority (PJSC), presented a Green Certificate to Mai Dubai, the UAE’s leading bottled water company. The Green Certificate was presented to Abraham Kah Chief Executive Offier of Mai Dubai by Mohammed Bin Sulaiman, Chief Executive Officer of Moro Hub in recognition of the company's commitment to hosting their IT Workloads on Moro’s Green Cloud. The decision to entrust Moro Hub with its data hosting needs reflects Mai Dubai’s dedication to employing cutting-edge technology and ensuring highest standards of data management. Moro Green Cloud, renowned for its state-of-the-art facilities and robust infrastructure, has provided Mai Dubai with a secure and scalable environment to safeguard its ......read more

Middle East region first to recover Chinese tourism numbers, boosting participation at Arabian Travel Market 2024

China’s outbound tourism numbers to double in 2024 Y-on-Y, only 22% below record pre-pandemic levels of 155 million tourists   ATM 2024 expecting to double number of Chinese participants that exhibited in 2019   Huawei to share latest trends and data on Chinese travellers’ plans to the Middle East during dedicated conference session   Dubai, United Arab Emirates, 20 March 2024: According to research by Oxford Economics, outbound travel from China is estimated to almost double this year, compared with 2023 and will only be 22% below its peak pre-pandemic numbers of 155 million tourists in 2019, who spent over $250 billion overseas.    Full recovery is expected to materialise in 2025, with the Middle East being the first region globally to recover its Chinese inbound ......read more

Intersec launches new global platform for excellence in policing in Dubai

The Intersec Police Summit will take place from 14-16 January 2025 at the Dubai World Trade Centre  Features will include a conference, innovation zone, awards and live demonstrations The Summit will form an integral part of the 26th edition of Intersec, which will be held under the theme of The world's number-one event mapping the future in safety, security and fire protection Dubai, UAE: Intersec, the leading exhibition and conference for the security, safety, and fire protection industries worlds, has officially launched the Intersec Police Summit as part of the exhibition’s 2025 lineup. A central feature of the newly rebranded Public Safety & Security sector, the summit is set to provide a new global platform for policing excellence, building on Intersec’s 25-year reputation and exhibition success ......read more

New Index launched for Iraq Market

Investors in the Iraqi market have now a new index which they can incorporates both price changes and dividend incomes, allowing them a better understanding about their investment performance in public listed companies.   Aysegul Ozge Ozgur, Head of Research at Rabee Securities said : “ We introduced a separate total return index to better cater to the market's needs. The new index, named the "RSISX Total Return (RSISXTR) Index incorporates both price changes and dividend incomes.:”  Aysegual added: “ RSISXTR Index which was launched recently offers investors a comprehensive view of total returns and stands apart from the existing RSISX Index, which solely reflects price changes. Commencing its computation in 2021, the RSISXTR Index complements the longstanding price return index, the RSISX ......read more

National Bank of Fujairah PJSC (NBF) approves dividends of 15%

NBF delivered a record-breaking financial performance in 2023 and saw increased dividends approved at its Annual General Assembly Meeting. 7 March 2024: NBF held its Annual General Assembly Meeting (AGAM) today at Novotel Hotel, Fujairah, United Arab Emirates, where shareholders approved the distribution of profits equivalent to 15% of paid-up capital. This took the form of cash dividends of 10% (AED 212 million) and bonus shares of 5% (AED 106 million) of paid-up capital. The bank’s shareholders also approved the Chairman’s and Directors’ Reports, and the Internal Shari’ah Supervision Committee Report for NBF Islamic, the Islamic banking window of NBF. The bank’s consolidated financial statements for the year ended 31 December 2023 were also discussed and approved. The shareholders confirmed the ......read more

EGA reports competitive financial results for 2023, with highest-ever production from mining to metal

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium: “In 2023, EGA again delivered strong performance in what we control – the safety of our people, operational excellence, our costs, and our long-term commercial relationships with our global customers. This enabled us to continue to deliver competitive financial results compared to our global peers, and record-equalling dividends for our shareholders.” Financial highlights of 2023  Revenue of AED 29.5 billion ($8.0 billion) for 2023 compared to AED 34.6 billion ($9.4 billion) for 2022, driven by lower global benchmark prices for aluminium, offset by EGA with increased production and sales volume. Adjusted EBITDA of AED 7.7 billion ($2.1 billion), compared to AED 12.4 billion ($3.4 billion) in 2022, with decline due to global ......read more

March 2024 Brings Vibrant Events to Dubai World Trade Centre: Spotlight on Transport, Healthcare, Maritime and Entertainment Industries

The action-packed events calendar covers a wide range of sectors and provides valuable networking opportunities for exhibitors and attendees Dubai, UAE – 1 March 2024: Dubai World Trade Centre (DWTC) has announced its March events calendar featuring a robust line-up featuring multiple sectors spanning healthcare, transport, maritime, food and beverage, real estate and entertainment, among others. With a focus on encouraging networking, collaboration and fostering business growth, DWTC remains committed to providing a platform for industry professionals to connect and thrive.   Today 1 March is the final day of the UITP MENA Transport Congress and Exhibition 2024, organised by the International Association of Public Transport, a key event focusing on sustainable urban mobility solutions in the MENA region. This ......read more

National Bank of Fujairah wins prestigious Euromoney award

NBF recognised for its contribution to the trade finance sector regionally 29 February 2024: National Bank of Fujairah (NBF) is proud to announce that it has won the award for Best Domestic Trade Finance Service - UAE in the prestigious 2024 Euromoney Trade Finance Survey. The award - voted for by NBF trade finance customers - recognises NBF’s outstanding contribution to the trade finance sector, and is the latest acknowledgement of NBF as a regional leader in this field, after the bank won multiple awards in 2023. NBF has deep sector knowledge and an in-depth understanding of trade finance which enables it to service clients across the UAE with customised solutions. With the flexibility and ability to tailor any solutions to best suit customers’ requirements, NBF regularly provides its customers with intelligence to ......read more

Stellantis Middle East and Africa Reports Strong 2023 Performance – Advancing Fast Toward Dare Forward 2030 Goals

Dubai, United Arab Emirates – February 29TH 2024 – Stellantis Middle East and Africa (MEA) has shown robust performance in 2023, effectively advancing its Dare Forward 2030 objectives despite global challenges. Key achievements include: Net Revenues up 64% versus 2022 to €10.560 billion Shipments up 43% versus 2022 to 616,100 units Adjusted Operating Income (AOI) up by 111% versus 2022 to €2.503 billion Market Share up, reaching 14.9%, a 3-point gain versus 2022 LCV Regional Market Position: ranked 2nd in 2023, 1st in Q4 2023 Customer centricity: Top Level of Performance of the Group with n.1 position in quality of service and n.2 position in quality of product Stellantis MEA's performance in 2023 reflects a steady alignment with the Dare Forward 2030 strategy, focusing on offering ......read more

UAE Participates in BRICS' Finance Ministers and Central Bank Governors Meeting

Discussing international monetary policy and the implementation and development of multilateral financing for infrastructure. São Paulo, Brazil: 28 February 2024 – The United Arab Emirates, represented by the UAE Ministry of Finance and the Central Bank of the UAE, participated in the first BRICS Finance Ministers and Central Bank Governors meeting held on February 27 in São Paulo. The UAE delegation included His Excellency Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, His Excellency Ebrahim Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE, His Excellency Ali Abdullah Sharafi, Assistant Undersecretary of the International Financial Relationship Sector at the UAE Ministry of Finance, and Thuraiya Hamid Alhashmi, Director of International ......read more

NBF's new Ramadan campaign provides new financing opportunities for customers

Limited-time Personal Finance and Home Finance offers aim to help turn dreams into a reality   Dubai – 28 February 2024: National Bank of Fujairah PJSC (NBF) announces the launch of its Ramadan campaign for its customers, featuring special offers on personal finance and home finance.   From now until 31st May, both conventional and Islamic banking customers who apply for NBF Personal Finance can enjoy cashback benefits of up to 2% of the finance amount or AED 5,000. Those looking to turn their dreams into a reality will benefit from financing of up to 20 times their monthly income, flexible payment terms up to 48 months and fast processing and easy documentation, among other benefits.   Throughout this period, NBF Islamic customers can also unlock the door to their dream home with a limited-time offer on NBF ......read more

Dubai Islamic Bank Shareholders Approve 45% Dividend for 2023

Dubai, UAE – 28 February 2024: Dubai Islamic Bank (DIB), the UAE's largest Islamic bank, has successfully concluded its Annual General Assembly (AGM) with the approval of the bank’s 2023 financial statements and other tabled resolutions, demonstrating the confidence of the shareholders in the board and management’s strategic agenda and plans to take the bank forward. 2023 saw record growth in profitability including a robust 43% rise in total income to AED 20 billion, which led to the highest ever net profit in the bank’s history of over AED 7 billion – a YoY increase of 26%. Earning assets growth whilst supporting the higher returns also helped the bank’s balance sheet expand to AED 314 billion. With shareholders’ returns always a priority, this record-breaking financial performance led ......read more

DSO and MIT Honour Winner of MIT DesignX Dubai Accelerator's First Cohort

Celebrating Innovation and Global Collaboration, Recognising Sustainability Dubai, UAE: 24 February 2024 – Dubai Silicon Oasis (DSO), and the Massachusetts Institute of Technology (MIT), in collaboration with the Global Growth Hub (GGH), have recently concluded MIT DesignX Dubai Accelerator’s (MDXB) Demo Day at DSO, the special economic zone for knowledge and innovation and a member of the Dubai Integrated Economic Zones Authority (DIEZ). The winning team, Othalo from Oslo, was awarded at an event that celebrated the culmination of an intensive five-week curriculum followed by another month of design and business classes, undergone by the 12 innovative startups that made up the inaugural cohort of MDXB. These visionary teams, hailing from Oslo, London, Jerusalem, Boston, and Dubai, worked collaboratively to ......read more

Global boat builders urged to prioritise sustainable manufacturing to ride the wave of a US13$ billion luxury yacht market

Dubai Boat Show Leisure Yachting Conference 2024 deep dives into cross-sectoral growth strategies as new-age eco-conscious consumers seek more holistic marine experiences   Dubai, UAE – 25 February 2024: The world’s mega-rich and well-heeled luxury consumers are taking to the ocean like never before, but luxury yacht builders and makers of high-end marine crafts should continue to prioritise their eco-credentials if they’re to ride the wave of a US$13 billion market.   Speakers at this week’s Dubai Boat Show Leisure Yachting Conference agree that boatyards which prioritise sustainable manufacturing into yachts that are better for the environment will align with the values of the new-age eco-conscious yacht owner or even first-time buyer.   If they do so, expect to see plenty of ......read more

Hitachi Energy invests over 30 million euros to expand transformer operations in Germany

The expansion and modernization of the power transformer manufacturing facility in Bad Honnef will generate up to 100 new jobs in the region. Set for completion in 2026, the investment expands the company's global footprint and capacity at speed, addressing the accelerating demand for transformers to meet Europe’s energy transition.   Dubai, February 22, 2024 – Hitachi Energy today announced an investment of more than 30 million euros (approx. $32 million) in the expansion and modernization of its power transformer manufacturing facility in Bad Honnef, Germany. Expected to be completed in 2026, the project will generate up to 100 new jobs in the region and address the rising demand for transformers to support Europe's clean energy transition.   Operational since 1906, the facility in Bad ......read more

Monty Capital Achieves Key Regulatory Milestone With The Acquisition Of DFSA Category 4 License In Dubai

Dubai, UAE – February 22, 2024: Monty Capital, the financial and investment advisory division of the Monty Group of Companies, announced today that it has secured the Category 4 license from the Dubai Financial Services Authority (DFSA). DFSA's authorisation enables Monty Capital to broaden its suite of services, enhancing its capabilities in financial empowerment, investment deal-making, and credit management.   This significant achievement marks a major advancement in Monty Group's commitment to innovation and service excellence in the region's rapidly evolving technology and financial sectors as well as providing comprehensive and innovative financial solutions, tailored to meet the diverse needs of clients in a dynamic market environment.   Ahmad Tabbara, CEO of Monty Capital, expressed his enthusiasm ......read more

e& reports record consolidated net profit of AED 10.3 billion growing 3% year-over-year

Consolidated revenues reached AED 53.8 billion, a growth of 8.3 per cent year-over-year, at constant exchange rates Board proposes a total dividend of AED 0.80 per share for FY 2023 Recommends a new progressive dividend policy to bring the DPS to 89 fils by FY2026   Abu Dhabi, 21 February 2024 – e& announced its consolidated financial results for fiscal year 2023 reporting a record consolidated net profit of AED 10.3 billion, a growth of 3 per cent year-over-year. Underlining the Group’s commitment to value creation for its shareholders, e&’s Board of Directors proposes a dividend of AED 0.40 per share for the second half of 2023 representing a total dividend of AED 0.80 per share for FY2023. In addition, the board recommended a new progressive dividend policy with an increment of 3 ......read more

Dubai Department of Economy and Tourism showcases a range of products, services and investment opportunities at Gulfood 2024

DET’s participation aligns with the objectives of the Dubai Economic Agenda D33 to double the size of the emirate’s economy over the next decade and further consolidate its status as one of the top three global cities DET is represented at the international F&B exhibition by Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME) and Dubai Economic Development Corporation (DEDC) Dubai, United Arab Emirates, 20 February 2024: Dubai Department of Economy and Tourism (DET) is participating at the 29th edition of Gulfood, the world’s largest food and beverage trade event, to showcase an array of products, services and investment opportunities. DET’s participation at Gulfood 2024, from 19 to 23 February at Dubai World Trade Centre, will further reinforce the pivotal ......read more

Italy's Food and Beverage Exports to UAE Surge, Notching an 8.4% increase in 2023

200 companies, 15 World Class Chefs, Italian Trade Agency Showcases “Made in Italy” Excellence at the Gulfood 2024 17th February 2024, Dubai, United Arab Emirates - The Italian Trade Agency (ITA) is thrilled to present its remarkable showcase at Gulfood 2024, the world's largest annual food and beverage trade exhibition, hosted at the Dubai World Trade Centre from February 19th to 23rd, 2024. With over 200 Italian companies participating in this year's edition of Gulfood 2024, ITA aims to spotlight the unparalleled quality, authenticity, and sustainability of Italian agri-food products. In 2023, Italian food exports to the UAE experienced a remarkable surge, showcasing the enduring appeal of Italian gastronomy. With a notable 8.4% increase up to November 2023, there has been a significant uptick in demand for ......read more

Young UAE-based Climate Tech Angel Investors Favor African and MENA Regions For Growth Potential Over More Established Markets

UAE-based investors are using the MENA region as a base to provide sustainability solutions across the India China Africa corridor, according to the annual Angel Rising Investor Trends Report from startAD and VentureSouq The average age of participants is younger than their global counterparts and features a higher female ratio   Abu Dhabi, UAE, February 16, 2024: Angel investors based in the UAE with a focus on climate tech are more likely to favor Africa and the Middle East and North Africa (MENA) over the more established US, Asian, and European markets, according to the Investor Trends Report 2023. The report was produced by startAD, the Abu Dhabi-based startup accelerator powered by Tamkeen and anchored at NYU Abu Dhabi (NYUAD), and MENA-based venture capital firm VentureSouq.   According to the report's ......read more

UAE AI Office partners with Emirates Global Aluminium to accelerate AI adoption in the industrial sector

UAE, 14 February 2024: The UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications office and Emirates Global Aluminium have signed a memorandum of understanding to promote the adoption of artificial intelligence in the industrial sector. The agreement was signed by His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Abdulnasser Bin Kalban, Chief Executive Officer of EGA, at the World Governments Summit 2024 in Dubai. HE Omar Sultan Al Olama affirmed that digitising various vital sectors by adopting artificial intelligence applications is a fundamental cornerstone in enhancing the UAE's competitive position globally, and accelerate the pace of digital transformation in all industrial sectors. His Excellency ......read more

TAQA Group Reports Full Year 2023 Net Income of AED 16.7 Billion

Net income jumps 107% YoY, supported by recognition of value of TAQA’s stake in ADNOC Gas Strong portfolio growth through organic and inorganic expansion, particularly the planned acquisition of SWS Holding, reinforces TAQA’s position as Abu Dhabi’s fully integrated utility TAQA’s 2030 targets revised upwards significantly, reflecting stronger growth ambitions; Gross power capacity target tripled to 150 GW by 2030 Company to make AED 75 billion investment into power and water capacity expansion and UAE-based transmission and distribution networks by 2030 Board proposes final cash dividend for 2023 of 2.00 fils/share (approx. AED 2.2 billion), including variable dividend of 0.7 fils/share (approx. AED 0.8 billion), bringing the full year dividend to 3.95 fils/share (approx. AED 4.4 billion) Abu ......read more

Awqaf Dubai, Arab Women Authority and National Bonds Launch ‘Women Sukuk' to Drive Impact in Breast Cancer Advocacy and Treatment

Dubai – UAE, 13 February, 2024: Mohammed bin Rashid Global Centre for Endowment Consultancy, an affiliate of the Awqaf and Minors Affairs Foundation in Dubai, Arab Women Authority, the leading Arab organization in the field of supporting women’s empowerment and National Bonds, the UAE’s savings and investment company, has joined forces to introduce the “Women Sukuk” as an integral addition to the esteemed Sukuk Al Waqf endowment initiative. Sukuk Al Waqf, is an innovative endowment that was announced in 2022 by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, and launched by Mohammed bin Rashid Global Centre for Endowment Consultancy (MBRGCEC), in partnership with the Awqaf and Minors Affairs Foundation in Dubai and ......read more

DUBAI WORLD TRADE CENTRE WINS BIG AT IKA/CULINARY OLYMPICS 2024

Representing the UAE's national team - The Emirates Culinary Guild – made up of the country's most prestigious chefs, DWTC's Chef Dwiyanti Cintaningrum brings home three medals after rounds of intense competition with international chefs   Dubai, UAE – 13 February 2024: Dubai World Trade Centre (DWTC) proudly announces big wins following an outstanding performance at the 2024 edition of one of the world's most coveted culinary competitions, the IKA/Culinary Olympics held in Stuttgart, Germany, last week. Representing the United Arab Emirates, along with a team of the country's finest chefs, as part of The Emirates Culinary Guild, Dwiyanti Cintaningrum, Pastry Chef at DWTC, acclaimed for her mastery in pastry arts, clinched a gold medal for Pastry Art and two silver ......read more

Rabee's Iraq Stock Exchange Index increased by 8.8% in January

February 9, 2024: In January, the Rabee Securities Iraq Stock Exchange Index (RSISX Index) experienced a significant 8.8% surge in both USD and Iraqi Dinar (IQD) terms mainly due to the increase in share prices of Fallujah for Construction Materials, National Bank of Iraq, Al-Mansour Bank and Commercial Bank of Iraq. In January, the share prices of 9 out of the 10 RSISX Index companies recorded an increase. Mrs. Tugba Tan Karakaya, an Analyst at the Research Department of Rabee Securities, commented, “We witnessed a good start to the year, and investors are satisfied that the momentum is continuing from last year's positive index performance. Despite some geopolitical incidents during the month, the economic and companies' performance overshadowed such concerns.” The total trading volume of the ISX decreased 29% in ......read more

Commercial Bank International and Fuze Sign Breakthrough Digital Assets MoU

Collaboration will support the development of products to address the burgeoning demand for cryptocurrency services in the UAE   Dubai, UAE – 9 February, 2024: Commercial Bank International PJSC (‘CBI’), a corporate and retail bank headquartered in Dubai, and Fuze, MENA’s leading digital asset infrastructure provider, have announced the signing of a Memorandum of Understanding. The agreement will allow both parties to jointly explore digital assets innovation, under the comprehensive regulatory frameworks of the UAE.   The agreement between CBI and Fuze provides the foundations for innovative new use cases that leverage the potential of blockchain and digital assets, including investments and payments. Leveraging CBI’s extensive and robust track record in business and personal finance, ......read more

Aseer Investment Company launches operations to drive investment in the Aseer region

Riyadh, Saudi Arabia – 6 February 2024: Aseer Investment Company (AIC) has launched operations to support the transformation of the Aseer region into a year-round destination with a focus on tourism, sports and wellness. The company is fully owned by the Public Investment Fund (PIF) and was announced in December 2022 to stimulate local and international investment in the region. ​ ​AIC will unlock a wide array of investment opportunities across 12 sectors including hospitality, entertainment, education, F&B, technology and retail. It aims to create mutually beneficial partnerships with international investors as well as public and private sector entities.​ The company’s vision is to be a regional investment leader with an ability to foster opportunities for everyone and to ......read more

IHC Announces Stellar Preliminary Financial Results for 2023: Record Revenue and EPS Growth

EPS of AED 12.36, indicating robust financial health and investor confidence. Preliminary Net profit remains strong at AED 32,748 million.  Revenue Soars to AED 60,089 million with strategic acquisitions and performance driving a preliminary 18% YoY increase. Abu Dhabi, 5th February 2024: ABU DHABI, UAE – International Holding Company (IHC), a leading investment conglomerate based in Abu Dhabi, has announced its Unaudited Preliminary Financial Results for the year ended December 31, 2023, showcasing a remarkable year of financial growth and strategic achievements. The Group's Preliminary Revenue soared to AED 60,089 million, marking an 18% increase from the previous year's AED 50,946 million. This significant revenue growth is attributed to the company's strategic acquisitions and the enhanced ......read more

Ghitha Achieves 100% Revenue Growth in 2023, Signaling Strong Market Expansion and Operational Success

• The Group reported strong revenue of AED 4.6Bn (+100% YoY) • Operational profit growth of AED 99Mn; +64% YoY • EBITDA growth of AED 79 Mn; +22% YoY (Excluding fair value changes in investments) • Total Assets of AED 7.1 Bn; +32% YoY    Abu Dhabi, UAE; 29 January 2024: Ghitha Holding PJSC (ADX:Ghitha), the Abu Dhabi headquartered  conglomerate that consolidates Food, Agriculture, Fish, Dairy, Poultry, Vegetable Oil, retail, distribution and catering services, and is a subsidiary of International Holding Company (ADX: IHC), has released its financial results for 2023. The group reported an operating profit of AED 254 million, reflecting their commitment to operational excellence and efficiency.   Driven by stellar performance and sustained business momentum, Ghitha achieved a ......read more

Management Discussion & Analysis Report

Mashreq Achieves Historical Financial Milestone in 2023, with its net profit soaring by an impressive 130% to reach an unprecedented AED 8.6 billion amidst Exceptional Income Growth and Significantly Reduced Risk Costs   • Net Interest Income Skyrockets: Witnessed an impressive 69% surge, fuelled by extraordinary growth in the balance sheet and solid client margins. Concurrently, non-interest income witnessed a robust increase of 13% year-on-year. • Dynamic Expansion of Balance Sheet: Marked by a significant 25% year-on-year escalation in Loans and Advances, coupled with a substantial 29% boost in customer deposits, showcasing a strong upward trajectory. • Financial Strength and Efficiency: The Capital Adequacy Ratio stands at a notable 16.5% (excluding proposed dividend), highlighting Mashreq’s ......read more

Arab Bank Group Reports Net Profits of $829.6 Million for 2023, 30% Cash Dividends

Dubai, UAE, 27 January 2024: Arab Bank Group achieved solid results for the year ending December 31, 2023, reporting a growth of 52% in net income after tax of $829.6 million as compared to $544.3 million in 2022. The Group’s performance was driven by sustainable growth in the underlying business across different markets, as net profit before provisions and tax improved by 34% to reach $1.81 billion. Total Assets grew by 6% to reach $68.3 billion, loans grew by 5% to reach $37.1 billion, and deposits grew by 6% to reach $50.6 billion. While total Group equity stood at $11.4 billion. In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2023. Mr. Sabih Masri, Chairman of Arab Bank, commented that the bank's strong ......read more

Wego Unveils WegoPro to Revolutionize Business Travel and Expense Management Across MENA

WegoPro will launch in Saudi Arabia, UAE, Qatar, Bahrain, Oman, Kuwait and Egypt Dubai, 24 January 2024 - Wego, the largest online travel marketplace in the MENA region, announces the launch of WegoPro, a modern platform that simplifies business travel and expense management for companies globally. Formerly known as Travelstop, WegoPro will debut today in 7 key markets in the MENA region, including Saudi Arabia, UAE, Qatar, Bahrain, Oman, Kuwait, and Egypt. The rebranding follows Wego's acquisition of Travelstop in September 2023, reinforcing Wego’s commitment to offer comprehensive travel solutions to businesses in the region. Market research firms predict that the global business travel market will be valued at over US$1.8 trillion by 2027 and will return to the pre-pandemic levels of US$1.4 trillion this year. A ......read more

Zoho Captures UAE's Upmarket Segment and Records 43% Revenue Growth in 2023

Dubai – January 24, 2024: Zoho, a leading global technology company, today announced a revenue growth of 43% and 29% increase in partner network in the UAE in 2023. This growth has been marked by a significant upmarket shift, with an increasing number of mid-and-large enterprises shifting to Zoho's comprehensive and value-driven solutions. Having long dominated the small and medium-sized business (SMB) landscape with its user-friendly, affordable, and secure solutions, Zoho has seen a growing demand in adoption among prominent UAE-based organisations, including Al Rostmani Group, Al Shirawi, IFFCO, CAFU, Masafi, Consulate General of India- Dubai, Sharaf DG, MAF Carrefour, and Jashanmal.  Last year, Zoho recorded a 24% increase in migration by large corporations. The upmarket momentum has been led by adoption of ......read more

Dubai Islamic Bank Full Year 2023 Group Financial Results

 Robust rise in total income by 43% YoY to AED 20 billion.  Net profit of AED 7 billion, stellar growth of 26% YoY.  Expansion continues as Balance Sheet rises to AED 314 billion, up 9% YoY.  Asset quality improved to 5.4% down 110 bps YoY, beating guidance.   Shareholder returns continue to grow with RoTE at 20%, up 300 bps YoY, beating guidance.  Proposed dividend of 45%, subject to shareholder approval in AGM. ​ Dubai, January 23, 2024   Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE, today announced its results for the period ending December 31, 2023.   FY 2023 Highlights: • Group Net Profit came in at AED 7,010 million, up 26% YoY compared to AED 5,552 million, driven by rising non-funded income and lower impairment ......read more

EDGE Expands its End-to-end Defence Capabilities with the Addition of International Golden Group

• International Golden Group will expand the scope of EDGE’s capabilities as a supplier of defence and service solutions to provide more complete end-to-end offerings to customers   Abu Dhabi, UAE: 23 January, 2024 – EDGE Group PJSC (EDGE), one of the world’s leading advanced technology and defence groups, today announced the addition of International Golden Group (IGG) to the EDGE portfolio of companies. Abu Dhabi-based IGG is the UAE’s leading agent for high-end defence supplies and security solutions. The move will allow EDGE to expand its business and to provide a more complete end-to-end offering to its end-users.   Recognised as a leading supplier to the UAE Armed Forces, Ministry of Interior, and other defence and security authorities, IGG builds alliances and partnerships in the ......read more

Century Financial's ‘Financial Freedom for All' Campaign Achieves Monumental Success, Aligning with UAE's Vision for Financial Literacy

Date: Dubai, UAE; January 23, 2024    The Financial Freedom for All – a campaign launched by Century Financial in collaboration with the United Nations Principles for Responsible Management Education (PRME) Middle East and the Anti-Poverty Working Group, has garnered the backing of leading corporates, pledging to enroll 10,000 blue-collar workers within the very first month of its launch.    This significant milestone underscores the campaign's broad appeal and its profound impact. Furthermore, the initiative has successfully galvanised the support of over 50 prominent corporates and more than 30 esteemed educational institutions, solidifying its crucial role in cultivating a future rich in financial literacy.   This initiative marks a transformative journey towards instilling comprehensive ......read more

Industry contributes a projected AED 197bn to UAE GDP in 2023

• UAE achieves 30% of Operation 300bn’s target since its 2021 launch, with the industrial sector’s contribution to GDP reaching a projected AED 197 billion.   • UAE industrial exports increase by 17% since the launch of Operation 300bn in 2021, reaching projected AED 187 billion in 2023.   • AED 9.3bn value of import substitution projects.   • The value spent by National ICV companies on local products and services increased by 17% to reach AED 61 billion, redirected to the national economy.   • AED 3.3 billion of industrial investments in biotechnology, hydrogen, and electric vehicles.   • AED 5.3 billion in financing provided to the industrial sector, out of which AED 1.5 billion was allocated to advanced technology ......read more

AI Breakthrough Enables Refineries to Self-diagnose Fouling to Reduce CO2 Emissions

Energy efficiency technology can help refineries abate up to 400 million tonnes of CO2 per year Dubai, UAE – 15 January 2024: DecarbonX has concluded groundbreaking research into the use of AI in industry, bringing a new level of autonomy to industrial processes and enabling critical equipment to self-diagnose issues. The milestone marks a major shift in the efficient monitoring and maintenance of refinery infrastructure, empowering the petroleum industry to reduce emissions. HEX Care, a DecarbonX innovation, utilises AI to enable heat exchangers to autonomously identify issues and then verbally communicate with staff at petrochemical plants, alerting them to maintenance needs. Integrating the technology into heat exchangers, a vital cog in petrochemical plants, will ensure the monitoring of fouling is proactive, rather than ......read more

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