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Featured in Banking and Investments
World Investment Forum to Incentivize Global Investment in Sustainable Development

Abu Dhabi, United Arab Emirates, 21 September 2023: Recognizing sustainability as the defining challenge of our time, the upcoming UNCTAD World Investment Forum (WIF), to be held from 16 to 20 October 2023 in the UAE’s capital Abu Dhabi, will serve as the perfect opportunity to facilitate the transition to a more sustainable economy, particularly for developing countries. The 8th edition of the Forum, to be anchored on the overall theme of “Investing in Sustainable Development,” will bring together heads of state and ministers, CEOs of largest global companies, and other investment stakeholders from various countries to formulate policies and strategies that will address key and emerging investment-development challenges through a series of local and international forums and conferences.  Over 7,000 more

Abrahamic Family House Announces Programming to Foster Interfaith Dialogue and Inspire Understanding

Panel discussions, workshops and events around our shared humanity, the value of cooperation, and the role of religious teachings in inspiring sustainable and peaceful coexistence    Abu Dhabi, UAE, 18 September 2023: The Abrahamic Family House has announced its upcoming programme of panel discussions and events on the themes of peaceful coexistence and the role of faith in fostering culture, inspiring the arts, and tackling global challenges. The programming will bring together a diverse group of experts including community leaders, academics, religious figures, and artists.  The Abrahamic Family House also maintains an active schedule of community events, workshops, and club activities that are open to all. In the coming months, sessions will include workshops on sustainable practices and group discussions, more

The Tamkeen Real Estate Programme Workshop Empowers understanding of ‘Nafis' and Reinforces Compliance with Labour Market Laws

- Organised by Dubai Land Department in Collaboration with the Emirati Human Resources Development Council - Dubai, the Ministry of Human Resources & Emiratisation, and the Emirati Talent Competitiveness Council (Nafis)   - The workshop witnessed the participation of more than 160 representatives of jointly owned properties companies   - The workshop marks the inaugural session in a series of forthcoming workshops designed to stay updated with the latest developments in this field and accomplish all necessary objectives.   Dubai, United Arab Emirates, 19 September 2023: Dubai Land Department recently organised the “Tamkeen Real Estate Programme” workshop in collaboration with the Emirati Human Resources Development Council - Dubai, the Ministry of Human Resources & Emiratisation, and more

Infracapital successfully Closes Largest Ever co-investment process into Zenobē

Abu Dhabi, 14 September 2023: Infracapital, the infrastructure equity investment arm of M&G Plc, has successfully closed a co-investment process in Zenobē, providing the opportunity for a consortium of Infracapital’s strategic LPs, including Mubadala and Pantheon, to invest into a high-quality asset. “This marks a significant milestone for the Infracapital platform as it represents the largest co- investment raised by an Infracapital fund to date. It reiterates Infracapital’s ability to source high- quality assets benefiting from secular trends in decarbonisation of transport and battery storage” says Infracapital’s Head of Capital Formation and Investor Relations, Latifa Tefridj-Gaillard. Since Infracapital’s initial investment in 2020, Zenobē has grown to establish itself as more

SailGP and Mubadala bring the World's Most Exciting Racing on Water to the UAE's Capital for the First Time

First ever Mubadala Abu Dhabi Sail Grand Prix Presented by Abu Dhabi Sports Council to take place at Mina Zayed, January 13-14, 2024  Abu Dhabi, UAE - September 13, 2023 - Abu Dhabi will host the world’s most exciting racing on water as it gears up for the inaugural Abu Dhabi Sail Grand Prix. Tickets are now on sale to witness the sport’s best athletes representing national teams from around the globe unleash their prowess on the waters of Mina Zayed, Abu Dhabi’s historic port – on January 13-14, 2024. The event is presented in partnership with SailGP’s Global Series Partner Mubadala Investment Group and the Abu Dhabi Sports Council. The highly anticipated global event was announced at a press conference held at the Saadiyat Beach Club in Abu Dhabi, in the presence of Sheikh Ahmed bin Hamdan Al more

Forescout Releases 2023H1 Threat Review

Dubai, United Arab Emirates, 13 September 2023: In a new threat briefing report, Forescout Vedere Labs looks back at the most relevant cybersecurity events and data between January 1 and July 31, 2023 (2023H1) to emphasize the evolution of the threat landscape. The activities and data Forescout saw during this period confirm trends it has been observing in its recent reports, including threats to unmanaged devices that are less often studied.   Overall, 2023H1 continued the trend of threat actors exploiting an increasingly diverse attack surface. Notably, Forescout saw more evidence of the type of “cross-device” attacks it first demonstrated with R4IoT and then observed with botnets such as Chaos. Some threat actors are now routinely mixing traditional endpoints with unmanaged devices such as VPN appliances, more

UAE's Financial Wealth to Grow by 5.5% Annually, Reaching USD 1.3 Trillion by 2027

• In 2022, 25% of the UAE's financial wealth came from Ultra High Net Worth individuals worth more than USD 100 million, and individuals with wealth between USD 1 million - USD 20 million held another 32% • A new BCG report projects that the UAE's financial wealth will increase from USD 1 trillion in 2022 to USD 1.3 trillion in 2027 • Equities & investment funds remain the largest asset class in the UAE, making up 58% of total onshore personal wealth in 2022, with bonds expected to have the fastest growth at an 8.4% CAGR between 2022 - 2027   Dubai, September 12, 2023— The United Arab Emirates (UAE) financial wealth is anticipated to experience a robust Compound Annual Growth Rate (CAGR) of 5.5% in new wealth, rising from USD 1 trillion to USD 1.3 trillion from 2022 to 2027, according to more

QNET's Parent Company Named Employer of the Year at HR Awards 2023

Dubai – September 07, 2023: The QI Group, the parent entity of global lifestyle and wellness company QNET, has been named Employer of the Year for the ninth consecutive year at Hong Kong’s HR Asia Awards 2023.  This year's highly anticipated award is themed "Celebrate Diversity and Inclusion", recognising companies for their commitment to embracing diversity, championing equity, and fostering inclusion in the workplace. Rooted in the philosophy of the company's Founders, Raise Yourself To Help Mankind (RYTHM), QNET is committed to actively cultivating an environment where everyone has an equal opportunity to contribute, grow, and succeed – regardless of nationality or demographic.    "We are incredibly honoured to win this award for the ninth year in a row," says Malou more

Multiply Group Secures 55% Majority Stake in Media 247, Strengthening its Media Portfolio

Valued at AED 225 million, the move positions Multiply Media as a key player in the UAE's media landscape Abu Dhabi, UAE, September 06, 2023: Multiply Group (ADX: MULTIPLY), an Abu Dhabi-based investment holding company, confirmed today the completion of its acquisition of a 55% majority stake in Media 247, a leading outdoor advertising firm in the UAE, for AED 225 million. This strategic move follows Multiply Group’s announcement in April 2023 regarding its intent to invest, subject to regulatory approvals, which has since been secured. The acquisition price has been adjusted as a result of the Company’s strong financial performance during the first half of 2023, where it overachieved its revenue and profitability targets by about 10% and 37%, respectively. Media 247, known for its extensive portfolio of over 45 more

Meet “Jais”, The World's Most Advanced Arabic Large Language Model Open Sourced by G42's Inception

Developed in partnership with MBZUAI, Jais was trained on the  Condor Galaxy 1 AI supercomputer on 116 billion Arabic tokens and 279 billion English tokens of data. Abu Dhabi, August 30 — Inception, the pioneering G42 company dedicated to pushing the boundaries of AI, announced the open-source release of Jais, the world’s highest quality Arabic Large Language Model. Jais is a 13-billion parameter model trained on a newly developed 395-billion-token Arabic and English dataset.  With a name inspired by UAE’s highest peak, Jais will bring the advantages of generative AI across the Arabic-speaking world. The model is the result of a collaboration between Inception, Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) -- the world’s first graduate research university dedicated to AI more

ADX Launches Investment Outlook Report in Partnership with Five Leading Brokers

Abu Dhabi, 30 August 2023: The Abu Dhabi Securities Exchange (ADX) has partnered with five of the leading research providers in the UAE to launch the Investment Outlook Report (IOR). Aimed at retail investors, the IOR is intended to educate individual investors on opportunities available on the Exchange and to assist them in making sound investment decisions. The five participating research providers are FAB Securities, Al Ramz Capital, Arqaam Capital, BHM Capital and International Securities. ADX will send the report via e-mail on a daily basis to the existing subscribers, in addition to the possibility of sending the report to anyone interested in the research provided by the Exchange by having them register on ADX’s SAHMI app. The report will provide insights on the activity of the market and possible stock investment more

Insurance House Champions Safe Driving with a 28% Discount on Motor Insurance for ‘Accident-Free Day'

In support of Accident-Free Day by the Ministry of Interior and General HQs of the Police  Abu Dhabi, UAE – 28 August 2023 – Insurance House PJSC (IH), one of the leading insurance institutions in the United Arab Emirates, is slashing its motor insurance product premiums by 28% Off for prudent drivers for 30 days starting 29th August to 27th September 2023 in support of ‘Accident-Free Day’ on 28th August 2023. The nationwide campaign, launched by the UAE Ministry of Interior and the General Headquarters of the Police, aims to promote safe driving during the first day back-to-school and highlight the significance of road safety, particularly for families commuting with children.  The initiative, which coincides with the ‘Our Children are a Trust’ traffic campaign, offers motorists more

Shakeel Group Launches Discount on Stationery and Office Supplies as Middle East Market Set for US$6.49 bn This Year

Sale of stationery and office supplies jump this week as students prepare to re-start a new academic season and professionals get back to work   Date: Dubai, UAE; August 28, 2023   News Highlights 1. Stationery and office supplies market in the Middle East is poised to reach US$6.49 billion (Dh23.82 billion) this year, up from US$6.26 billion (Dh22.97 billion) estimated sale in 2022;   2. The stationery and office supplies market in the UAE is 27.2 percent of the total Middle East market, or US$1.77 billion (Dh6.48 billion);   3. The UAE has 639 public schools and 580 private schools with a total enrolment of 287,725 students in public schools and 793,295 students in private schools;   4. The total number of students in the GCC is projected to reach 14.2 million by more

Third Islamic Treasury Sukuk Auction Achieves Exceptional Results

• AED1.1 billion Islamic Treasury Sukuks issued in the third auction, as part of the Islamic Treasury Sukuks issuance program for 2023 • Bids worth AED6 billion received • Oversubscription by 5.5 times   United Arab Emirates, August 23, 2023: The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, has announced the results of the third dirham-denominated Islamic Treasury Sukuk auction (T-sukuks), which is part of the T-sukuks issuance program for 2023.   The third auction of the UAE T-sukuks program witnessed a strong demand through the eight primary dealers, with bids received worth AED6 billion, and an oversubscription by 5.5 times. The strong demand was on both, the two- more

UAE Banking Sector Prioritises Sustainable Financing to Support Economic and Social Development

A total of AED 190 billion in green financing was dedicated by 6 major UAE banks Abu Dhabi, United Arab Emirates; 21 August 2023:  UAE Banks Federation (UBF), the sole representative and unified voice of banks in the UAE, revealed the remarkable success of the UAE banking and financial sector in developing sustainable banking solutions in line with the UAE's strategy to reduce emissions and achieve climate neutrality by 2050 and with United Nations Sustainable Development Goals.   The Federation highlighted the proactive role of the banking sector in combating climate change through green financing commitments and climate initiatives and said that providing green finance and issuing green-oriented funds has emerged as a powerful mechanism to meet sustainability commitments of various organisations in the UAE in more

Majid Al Futtaim Announces Half Year Financial Results Robust Numbers Highlight Solid Revenue and Profit Growth

Key Highlights: • Reported a 13% increase in EBITDA to AED 2.1 billion and a 5% increase in revenue to AED 18.9 billion in H1 2023, demonstrating the success of strategic initiatives to drive operational efficiency and profitability over the first half. • Achieved net profit of AED 1.7 billion, an increase of 74% year-on-year. • Majid Al Futtaim – Properties delivered 39% net revenue growth to AED 3.4 billion and a 22% EBITDA increase to AED 1.7 billion, aided by a rise in mall footfall, tenant sales and scale up of the residential business. • Majid Al Futtaim – Retail digital sales revenue increased 13% over the first half of the year. • Majid Al Futtaim – Entertainment expanded its Global Snow business, opening Snow Abu Dhabi, the capital’s first indoor snow park and the more

Response Plus Holding PJSC Releases Half-Year Results, Revealing 29% Increase in Net Profits to Reach AED 26.6 Million

Abu Dhabi, 18 August 2023 -  Response Plus Holding PJSC - one of the leading providers of onsite emergency and healthcare services in the United Arab Emirates - has just released its half-year results for the period ending on June 30th, 2023. Over the first 6 months of 2023, the group reported AED 168.7 million worth of revenues, compared to AED 162.7 million in the previous year reporting period ending on June 30th, 2022, illustrating a revenue growth of 4% year-on-year. Net profits over the same period grew substantially, reaching AED 26.6 million compared to AED 20.6 million last year, and marking a substantial rise of 29%. The growth in both, revenues and profits, can be attributed to the group’s firm commitment towards sustainability, cost optimization, and increased efficiency and productivity across the more

EGA's Al Taweelah Alumina Refinery Certified by Aluminium Stewardship Initiative for ESG Performance

All EGA operational assets around the world are now certified to aluminium industry’s internationally recognised sustainability standard United Arab Emirates, 17 August 2023: Emirates Global Aluminium, the largest industrial company in the United Arab Emirates outside oil and gas, today announced that its Al Taweelah alumina refinery has been certified for its environmental, social and governance performance by the Aluminium Stewardship Initiative. All EGA operational assets around the world are now certified to the Aluminium Stewardship Initiative’s Performance Standard V2 (2017). The Aluminium Stewardship Initiative is a global, non-profit organisation that brings together aluminium producers, end-users such as BMW Group and Nespresso, civil society, and the public through consultation, to determine what more

MBME Group Reveals Robust Financial Performance in the First Half of 2023, Reporting a Net Profit of AED 487 Million

The Group is cementing its presence across GCC, MENA and Southeast Asia markets in line with its commitment to foster cutting-edge financial solutions. The Group’s blockchain-based fintech solution reinforces transaction security, engendering trust in both individuals and financial institutions. August 16, 2023 - Abu Dhabi, UAE:  MBME Group PJSC (the “Group”) (ADX symbol: MBME / ISIN: AEE01201M235), today announced its financial results for the six-month period ending 30 June 2023.  In the first half of the year, the Group recorded a net profit of AED 487,746,760 - reflecting the Group’s continuous efforts to expand its market presence and deliver exceptional value to its stakeholders. The Group's growth has been driven by a range of strategic endeavors such as entering new markets, more

Finance House Group Announces H1 2023 Financial Performance

Abu Dhabi – August 15, 2023: Leading UAE financial institution Finance House PJSC today released its condensed consolidated interim financial statements for the first half year ended 30 June 2023.      The Total Comprehensive Income for the period stands at AED 9.73 million, marking an improvement from the Total Comprehensive Loss of AED 14.56 million reported in the corresponding period of the previous year.   Mohammed Alqubaisi, Founder said: "Despite ongoing challenges, this is a significant turnaround in the overall financial performance of the group in the first half of 2023, in comparison to the same period of the previous year."   Key financial highlights include:   • An 8.8% increase in Net Interest Income and Income from Islamic Financing and Investing more

Solid Performance in Developed Markets Outweighs EM Equities in Q2 2023

Dubai, UAE 15 August 2023:  According to Mashreq Capital’s Q2 2023 Market and Strategy Report, the US's better-than-expected economic data and the banking system's stability have quelled concerns of a 'hard landing' or financial crisis. This outcome has led to higher US Treasury yields in Q2 2023. In developed market fixed income, the higher US treasury yield was counterbalanced by spread compression of corporate credits as recession fears receded.  According to the report, high-yield bonds outperformed investment-grade, and sovereign bond yields increased in other major developed economies, mainly driven by inflation readings higher than expected, especially in the UK and Australia.  As for the emerging market fixed income, EM bonds performed well against higher Treasury rates in Q2 2023, more

ICSFS Named Best Islamic Banking Solutions Provider for the 4th Consecutive Year

For the fourth consecutive year, ICS Financial Systems Ltd. has been recognized by World Finance as the Best Islamic Banking Solutions Provider. This prestigious accolade and the consistent recognition by World Finance Magazine is a testament to the company’s steadfast commitment to excellence. For over two decades, ICS BANKS® Islamic Banking Solution has been setting the industry standard with its comprehensive Sharia’ compliance, scalability, integration capabilities, and flexible deployment options. As the global Islamic banking sector continues to grow, ICSFS remains at the forefront, empowering financial institutions to thrive in a rapidly evolving landscape while ensuring the delivery of exceptional services. In an era of rapidly evolving financial technology, ICSFS has emerged as a dominant player in the Islamic more

Insurance House Announces H1 2023 Financial Performance

Abu Dhabi: August 14, 2023 - Insurance House PJSC (IH), one of the leading insurance institutions in the United Arab Emirates, predominantly recognised for offering exceptional insurance services and competitive insurance products, today released the half-yearly financial results for the period ended 30 June 2023. IH registered a total comprehensive loss of AED 25.64 million in the first half of 2023, compared to a total comprehensive loss of AED 4.72 million during the same period in the previous year.  A significant contributor to this loss was the motor business. Issam Mouslimani, the new IH CEO stated: "Cut-throat competition amongst insurers led to very low rates of insurance premium that were not commensurate with the underlying risk being underwritten."  However, he expressed optimism about the future. more

Astro Min Relocated its new Office and Warehouse in Khawaneej, Dubai

Astro Min is a one of the fastest growing shipping & logistics company in GCC & India. We moved to new office & warehouse in KHAWANEEJ, DUBAI, UAE . We also have hubs in KSA, OMAN & INDIA   Main Services 1. Providing door to door services in all cities of GCC 2. Best solution for small and medium enterprises wanting to grow their foot print 3. Last mile delivery of ships spares to all ports and shipyards in GCC 4. Scheduled/ regular LTL services to all major cities in GCC 5. In-house customs clearance services 6. Warehousing and distribution services    Inaugurated by Actor, RJ & Influencer Mr. Mithun Ramesh   Chief Guests                     Humaid Abdurahman Abdullah ahmed altamimi – ASTRO MIN more

Yahsat Reports Solid First Half Results for 2023

Normalised EBITDA grew 3% versus prior year to AED 460 million and Normalised Net Income 5% to AED 175 million delivering improved margins   Abu Dhabi, United Arab Emirates, 9 August 2023: Al Yah Satellite Communications Company PJSC (“Yahsat” or the “Group”), the UAE’s flagship satellite solutions provider listed on the Abu Dhabi Securities Exchange (”ADX”, under symbol: YAHSAT, ISIN: AEA007501017) announced today its consolidated financial results for the six months ended 30 June 2023.    Revenue for the first half of the year was stable at AED 753 million [USD 205 million] whilst EBITDA and net income increased, on a normalised basis, by 3% versus the prior year to AED 460 million [USD 125 million] and 5% to AED 175 million [USD 48 million], more

AIQ Expands Globally: MOU with PETRONAS to Scale AI Solutions Outside UAE

Abu Dhabi, UAE, August 9, 2023 - PETRONAS and AIQ, an Abu Dhabi-based technology company, have signed a Memorandum of Understanding (MoU) to share experiences in building Artificial Intelligence (AI) solutions that may potentially accelerate the energy transition and drive sustainability across energy operations. AIQ is a technology pioneer focused on driving the transformation of the industrial sector powered by artificial intelligence (AI). The MoU was signed by PETRONAS Head of Data Science, Dr Sambasivam Rajamani, and AIQ Chief Technology Officer, Saravan Kumar Penubarthi; and witnessed by PETRONAS Vice President of Group Technology and Commercialisation, Aadrin Azly and AIQ Senior Vice President of Commercial and Business Development, Dr Ahmed Salem. PETRONAS and AIQ will leverage their deep understanding of the energy more

ADQ and Safe Haven Solutions Launch High-tech Greenhouse Project to Bolster the UAE's Food Resilience

• New project to use advanced technology to sustainably cultivate tomatoes and cucumbers year-round in the UAE • High-tech greenhouse to leverage efficient cooling systems that limit carbon footprint and water usage   Abu Dhabi, UAE – 07 August 2023: ADQ, an Abu Dhabi-based investment and holding company, and Safe Haven Solutions, a Netherlands-based climate-smart agriculture solution provider, have commenced on a project to construct a high-tech greenhouse at ADQ’s cutting-edge AgTech Park in KEZAD. The automated 10-hectare facility will leverage advanced agriculture technology to increase sustainable food production in the UAE.   Designed with sustainability considerations, the greenhouse facility will operate with an efficient cooling system that reduces its carbon and water footprint, more

IHC Presents Strong H1 2023 Operational and Financial Results

• International Holding Company beats earnings estimates, raises full-year outlook with stabilization in stock prices and EPS growth of 35.1%.  • Marine and dredging, Real estate, Financial Services and Hospitality segments continue to drive IHC’s revenue growth hitting AED 28.7 billion. • IHC maintains growth and profitability in H1 2023 despite the global economy’s geopolitical ramifications. • The company’s total number of subsidiaries rose to 479 in second quarter of 2023.   Abu Dhabi, 3 August, 2023: International Holding Company (ADX:IHC), the global diversified Abu Dhabi-based conglomerate, unveiled its financial results for the second quarter and half year of 2023,  registering a group net profit of AED 10.4 billion, accompanied by net profit margin of 36.3%. more

Forescout's New Risk and Exposure Management Solution Delivers Streamlined, Quantitative Approach to Cyber Asset Risk Management

Gives enterprises overwhelmed by rapid asset growth and a widening attack surface a more intuitive way to identify and respond to exposure gaps   Dubai, United Arab Emirates, 03 August 2023 – Forescout, a global leader in cybersecurity, today unveiled Risk and Exposure Management, its cloud-native product designed to collate all data sources associated with an enterprise’s connected assets and calculate a unique multifactor risk score for each asset offering a more intuitive and quantitative approach to risk prioritization.   Enterprises’ attack surfaces are expanding daily given the technology and business dynamics at play. Security teams realize that existing approaches to cyber asset management can’t effectively scale to meet the diversity of asset types, or track configuration and risk posture more

CBI Net Profit Increases by 44% to AED 79 Million in the First Half of 2023

Dubai, UAE, 2nd August 2023: Commercial Bank International (CBI or “the Bank”) has announced its 2023 half-year financial results.    Key financial result highlights: - Net profit increased by 44% year-to-date from AED 55 million in H1 2022 to AED 79 million in  - H1 2023.  - Net operating income increased year-to-date from AED 268 million in H1 2022 to AED 270 million in H1 2023. - Loans and advances increased year-to-date from AED 12 billion in H1 2022 to AED 12.3 billion in H1 2023.     Commenting on the Bank’s H1 performance, Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International, said: “At CBI, our foundation rests on the "client first" principle, and it drives everything we do. We take immense pride in consistently providing more

The World FZO Signs Agreement with the Adriatica Special Economic Zone to host AICE 2024 in Bari

Dubai, UAE –30 July 2023: The World Free Zones Organization (World FZO) signed an agreement with the Adriatica Special Economic Zone, appointing Bari as the host city for the 10th edition of the Annual International Conference and Exhibition (AICE), taking place from June 19-21, 2024. The conference will run alongside the G7 Summit, which is also scheduled to take place in Puglia during the same period. The agreement was signed in the presence of His Excellency Dr. Mohammed Al Zarooni, Chairman of the World Free Zones Organization, Extraordinary Government Commissioner of the Adriatica Special Economic Zone, Engineer Manlio Guadagnuolo, Deputy Minister of Justice, Sen. Francesco Paolo Sisto, and the Undersecretary of State for Health, Hon. Marcello Gemmato.  AICE is renowned as one of the world's most prestigious more

LG Announces Second-Quarter 2023 Financial Results

Record Revenues, Strong Profitability Provide Solid Foundation for  Pursuing Mid- to Long-term Growth through Advancement of Business Portfolio DUBAI, July 28, 2023 — LG Electronics Inc. (LG) announced second-quarter 2023 consolidated revenue of KRW 20 trillion with operating profit of KRW 741.9 billion. The company recorded the highest second-quarter revenues in company history. The second-quarter results underscore the success of the company’s strategy to drive continuous growth while strengthening its business competitiveness. The record revenue reflects the company’s actions to fundamentally improve its business structure by pursuing new platform-based service businesses and continuously expanding the business-to-business (B2B) segments. Profitability also was strong, although operating income was 6.3 more

Arab Bank Group Profits Grow by 59% to $401 Million for the First Half of 2023

United Arab Emirates – 29 July 2023 Arab Bank Group reported solid results for the first half of 2023, The Group’s strong performance was driven by robust growth in its core banking business across different markets, as net profit after tax increased by 59% reaching $401 million as compared to $252 million for the same period last year. The Group maintained its strong capital base with a total equity of $10.6 billion. Loans grew to $36.1 billion and deposits reached $48.3 billion. Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 2% & 5%, respectively. Mr. Sabih Masri, Chairman of the Board of Directors, stated that the solid financial performance during the first six months underscores the resilience of the bank’s diversified business model that is more

Emirates Stallions Group AED 597 million H1 Net Profit Registers a Massive YoY Growth of 831%

• ESG has surpassed expectations, achieving an octuple-digit growth figure that significantly exceeds the initial forecast. • The company’s revenue in the first half reached all-time highs, with 81% growth YoY, supported by solid new projects.   Abu Dhabi, UAE 28th July 2023: Emirates Stallions Group (ADX: ESG), the Global investment, engineering, and construction solutions company and a subsidiary of International Holding Company (ADX: IHC), has announced an extraordinary 831% Year-on-Year (YoY) surge in net profit for H1 2023.  The company's net profits for first-half profit reached AED 597 million, compared to AED 64 million during the corresponding period last year. Furthermore, the revenue for H1 2023 experienced a solid 81% growth, amounting to AED 266 million, as opposed to AED 147 million more

Nestlé Reports Half-Year Results for 2023

• Organic growth reached 8.7%, with pricing of 9.5% and real internal growth (RIG) of - 0.8%. Growth was broad-based across geographies and categories.  Total reported sales increased by 1.6% to CHF 46.3 billion (6M-2022: CHF 45.6 billion). Foreign exchange decreased sales by 6.7%. Net acquisitions had a negative impact of 0.4%.  The underlying trading operating profit (UTOP) margin was 17.1%, up 20 basis points on a reported basis and 30 basis points in constant currency. The trading operating profit (TOP) margin increased by 120 basis points to 15.9% on a reported basis, reflecting one-off items in the prior year.  Underlying earnings per share increased by 11.1% in constant currency and increased by 4.1% on a reported basis to CHF 2.43. Earnings per share increased by 10.6% to CHF 2.13 on a reported more

Mashreq Delivers Strong Performance with 150% Surge in Net Profit to AED 3.5 Bn for 1H 2023

Dubai, UAE; 26th July 2023: Mashreq announces the financial results for 1H 2023 displaying a strong performance and providing excellent shareholder value with an annualised return on equity of over 30%. Further details are outlined below.   1. Robust Growth in Operating Income & Net Profit • Operating profit at AED 3.7 billion represents an 88% increase compared to 1H 2022 on the back of a healthy operating income growth of 60% - strong growth across all business units • Operating income growth was primarily driven by net interest income which has increased significantly by 96.3% as a result of growth in the loan portfolio and the high interest rate environment; the non-interest income to total income ratio currently stands at 29.5% • Positive jaws of 43.2% has led to a significant improvement in more

National Bank of Fujairah Posted a Strong Set of Results in the First Half of 2023

 Net profit jumped 120.7% to reach AED 332.1 million for the half year and rose 18.5% quarter-on-quarter on the back of underlying business momentum 26 July 2023: National Bank of Fujairah PJSC (NBF) is pleased to announce its results today for the six month period ended 30 June 2023.   Highlights:     NBF recorded year-on-year growth of 120.7% to close the six month period with a net profit of AED 332.1 million compared to AED 150.5 million in the corresponding period of 2022. On the back of a robust Q2 2023 performance, NBF posted a net profit of AED 180.1 million in the second quarter of 2023, a rise of 99.8% over the corresponding quarter of 2022, which reflects the interest rate environment, an improvement in the impairment provisions during the current quarter and a high level of more

Juma Al Majid Est. Marks Exceptional Growth of 37% in H1 2023 Across Hyundai, Genesis in UAE

UAE, 26 July 2023: Juma Al Majid Est., the exclusive distributor of Hyundai and Genesis in the UAE, powers into the spotlight with an unprecedented surge of 37% growth in the first half of 2023. The UAE market has witnessed sustained innovation from Hyundai and Genesis, as their cutting-edge technology and unwavering commitment to customer satisfaction continue to captivate attention. This remarkable achievement reinforces Juma Al Majid Est.'s position as a trailblazer in the industry and solidifies the trust of UAE consumers in the iconic brands. Compared to the same period in 2022, Hyundai and Genesis passenger vehicles experienced a collective H1 growth of 37%, out of which there was a 16% increase in fleet business. This growth was primarily driven by Hyundai's standout performance, which saw a 37% increase in passenger more

Al Seer Marine Reports AED 564m Revenue in H1 2023, Demonstrating Strong Growth

• The company’s revenue showed 18.9% YoY growth, driven by effective operation of seven vessels sailing since 2022 • ASM continued to diversify its portfolio with a significant investment in ADNOC Logistics and Services • Operating income increased by 134.7% YoY to reach AED 53m in H1 2023     Abu Dhabi, UAE 24th July 2023: Al Seer Marine (ADX: ASM), the global player across multiple marine sectors and International Holding Company (IHC) Subsidiary, released today its financial results for the first half of 2023, ended on 30 June, reporting gross profit reached AED 74m, a significant 92.5% YoY increase over H1 2022, while operating income increased by 134.7% YoY to reach AED 53m.   The company has generated total revenues of AED 564m in H1 2023, marking an 18.9% YoY growth from the more

Alpha Dhabi and Limak Group Sign MoU to Drive Sustainable Development in UAE and Turkey

 Alpha Dhabi's MoU with Limak Group presents an opportunity to broaden its investment portfolio in Turkey.   The opportunities include construction and rehabilitation of areas impacted by the earthquake in Turkey.   Abu Dhabi, UAE; 20 July 2023: Alpha Dhabi Holding (ADX: ALPHADHABI), one of the fastest-growing investment holding companies in the United Arab Emirates (UAE), signed a Memorandum of Understanding (MoU) with Turkey-based Limak Group. The MoU aims to explore a range of business opportunities and joint ventures in construction, development, infrastructure, energy, and hospitality, all within a framework of sustainable development in the UAE and the Republic of Turkey.   This MoU marks a significant milestone in the economic relations between the two countries and presents an more

C&D Partners with Conares to Facilitate Distribution of Chinese Steel in GCC

DUBAI – July 19, 2023: Conares, the second-largest private steel manufacturer in the UAE, has officially announced a partnership with C&D, a Fortune Global 500 company focused on supply chain operation services and real estate development based in the city of Xiamen, China. This groundbreaking collaboration will empower the Chinese corporation to distribute high-quality steel from China in the GCC region, strengthening trade ties between them. The official signing of the partnership took place at Conares' state-of-the-art steel plant in the Jebel Ali Free Zone (JAFZA) in Dubai. Zheng Yongda, General Manager of Xiamen C&D Corporation Limited & Deputy Party Secretary and Bharat Bhatia, Chairman and CEO of Conares, was also present, accompanied by other distinguished guests and senior executives from more

NBQ – Q2 2023 Results – Net Profit Surges 54% Reaching AED 255 Million

United Arab Emirates, Umm Al Quwain, 18 July, 2023:  National Bank of Umm Al Quwain reported a net profit of AED 255 million in Q2 of 2023, reflecting a 54% increase compared to AED 165 million in Q2 of 2022. Cost-to-income ratio is 20.58%, reflecting a 880 basis point year-on-year improvement, indicating the bank's operational efficiencies and disciplined cost management. Bank's Impairment coverage ratio, including collateral, improved to 254% as of June 30, 2023, from 183% as of December end. Total assets of the group reached AED 14.06 billion as of June 30, 2023, reflecting a 3% increase compared to Dec 2022. Bank maintained deposits to net advances ratio prudently at 129%. Capital Adequacy Ratio is 46% as of June 30, 2023, which is well over the minimum threshold stipulated by Central Bank of the UAE in accordance more

Crayon Data to Benchmark Personalized Experiences Empowered by Generative AI Models

Crayon Data’s R&D turns to Generative AI to enhance personalized experiences for enterprises   Dubai; July 17, 2023 – Crayon Data, a leading Artificial Intelligence (AI) and big data company headquartered in Singapore with a presence in Asia, the Middle East, and Africa, is working on bespoke Generative AI solutions for large enterprises.    Over 11 years, Crayon Data has emerged as the go-to player in AI. With data and AI at its core, Crayon transforms commerce in banks, fintech companies, and other enterprises through   • The first AI-led lifestyle marketplace for banks  • Hyper localization to drive growth for fintech companies • Revenue acceleration platform for enterprises • Real-time personalized itineraries for travel more

Yahsat Reaffirms Position as UAE's Leading Satellite Tech Provider with Award from the Country's Telecom Regulator

Khalid Al Kaf, Yahsat’s Chief Operations Officer, accepted the TDRA Partner Recognition Award for the company’s role in developing an advanced satellite communications infrastructure in the UAE  Abu Dhabi, UAE, 13 July 2023: The UAE’s flagship satellite solutions provider, Al Yah Satellite Communications Company PJSC (ADX trading symbol: YAHSAT), has been honoured for its longstanding relationship with the Telecommunications and Digital Government Regulatory Authority (TDRA) with its Partner Recognition Award. The award recognises Yahsat’s pivotal role in establishing a cutting-edge satellite telecommunications infrastructure within the UAE, which has given the country a leading position in the Information and Communications Technology (ICT) sector. As the UAE’s first and only publicly listed more

American Express Teams Up with Jazeera Airways to Expand its Network

American Express’ latest partnership sees Jazeera Airways accept American Express payments American Express is pleased to announce that Kuwait’s leading low-cost carrier Jazeera Airways, now accepts American Express card payments. American Express Cardmembers now have greater payment choice and are able to use their American Express Cards with Jazeera, which operates a robust network spanning 66 destinations across the Middle East, Europe, Central and South Asia as well as Africa. With the addition of Jazeera Airways, American Express Cardmembers will be able to use their American Express Card when booking flights on or via the Jazeera app making it easier than ever to explore the world.  “We are thrilled to be working with Jazeera Airways, increasing our range of accepted payment more

IDB Backs IRENA's ETAF with Potential Investment of up to USD 100 Million

Through this partnership, the climate financing platform ETAF boosts its ongoing support for public sector renewable projects in Latin America and the Caribbean 12 July 2023 - The Inter-American Development Bank (IDB) today signed an agreement with the International Renewable Energy Agency (IRENA) to join the Energy Transition Accelerator Financing (ETAF) platform, a global initiative that seeks to mobilise funds for renewable energy investments. As part of its commitment, the IDB plans to co-finance renewable energy projects and energy transition technologies in the Latin America and the Caribbean region, with an allocation of up to USD 100 million. IRENA Director-General Francesco La Camera and IDB CEO Ilan Goldfajn signed the agreement at the IDB Headquarters in Washington D.C. “As the climate tipping point nears, the more

Diversifying Critical Material Supply Chains Minimises Geopolitical Risks

New report on the geopolitics of critical materials sees significant concentration in supply chains and calls for collaborative strategies to sustain the energy transition Abu Dhabi, United Arab Emirates, 12 July 2023 - The energy transition requires a dramatic increase in the supply of critical materials, yet their supplies chains remain vulnerable to a range of geopolitical risks.  While there is no scarcity of reserves for energy transition minerals, global capabilities for mining and refining them are limited. Supply disruptions could impact the speed of the energy transition in the short to medium term, a new report by the International Renewable Energy Agency (IRENA) warns.  Geopolitics of the Energy Transition: Critical Materials examines the geopolitical risks and opportunities linked to a growing demand for more

Sovereign Investors Reshape Portfolios after Year of Negative Returns

• Sovereign wealth funds experience their first year of negative returns since the survey started in 2013 after a sharp correction in listed asset prices • Middle Eastern SWFs and central banks drive green investment surge amidst widespread adoption of ESG policies • Middle Eastern SWFs are looking to increase their allocation towards fixed income assets over the next 12 months • Middle East investors capitalize on India's rising star in emerging market debt investments • Middle Eastern SWFs prioritize private equity, infrastructure investments; show specific interest in industrial real estate, renewable energy • A new generation of sovereign wealth funds has emerged, with the energy transition front-of-mind   Dubai, UAE, 10 July 2023 – Sovereign investors are adapting more

UAE Gears Up for UN High-Level Political Forum with Preparatory Meeting to Chart Sustainable Development Path

Representatives from the National Committee for Sustainable Development Goals and the COP28 team prepare for the United Nations High Level Political Forum in New York later this month that will draw the participation of over 1000 delegates from all around the world  Dubai, UAE: 08 July, 2023 – His Excellency Abdulla Nasser Lootah, Deputy Minister of Cabinet Affairs for Competitiveness and Knowledge Exchange, Director General of Federal Competitiveness and Statistics Authority, and Vice-Chairman of the National Committee for Sustainable Development Goals, has highlighted the UAE's progress in achieving the United Nations Sustainable Development Goals (SDGs). These achievements were credited to collaborative efforts among government agencies, partners, and a strong collective commitment to deepening sustainable more

Intersect by Lexus – Dubai Bids a Fond Farewell after Eight Successful Years

Unique social venue brining Japanese-fusion fine dining and the Lexus Omotenashi experience to the heart of Dubai International Financial Centre closes its doors on July 31st Dubai, UAE - July 7th, 2023: Following eight successful years, INTERSECT BY LEXUS – DUBAI will close its doors on July 31st, 2023. Since opening in December 2015, INTERSECT BY LEXUS has been a staple in Dubai International Financial Centre, offering locals and visitors an opportunity to experience the ethos of the Lexus lifestyle without getting behind the wheel of a car. INTERSECT BY LEXUS – DUBAI was meticulously designed to establish the perfect environment for inspiration and collaboration, a creative haven for people seeking enriched hospitality experiences. It is a place for guests to be entertained, inspired and educated, all while more

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