Dubai PR Network, Online Press Release from Dubai and Middle East
Featured in Banking and Investments
EIF Announces the Fourth Ethraa Career Fair

Dubai, UAE – 24 April 2024: The Emirates Institute of Finance (EIF), a regional leader in banking and finance training, proudly announces the fourth edition of the Ethraa Career Fair. The event will be held in Dubai and Abu Dhabi from May 27-29, aiming to provide 1,286 job opportunities with salaries ranging between 15,000 to 17,000 dirhams (excluding Nafis support). This initiative continues the success of previous fairs in enriching the UAE’s economy with national talent dedicated to serving their country. The Ethraa Career Fair will see participation from over 100 banking and financial institutions, offering job opportunities across the Emirates in various financial and banking specializations. The fair targets fresh graduates, professionals, high school graduates, diploma holders, and all job seekers. It presents a ......read more

DIFC Courts signs cooperation agreement with The Law Society Hong Kong

DIFC Courts and Law Society of Hong Kong sign Memorandum of Understanding (MoU) to enhance cooperation MoU signed in the presence of Mr. Paul Lam SC, Secretary for Justice of the Hong Kong Special Administrative Region Government Alliance builds on existing DIFC Courts memorandum with Hong Kong High Court ​Dubai, United Arab Emirates; 24 May 2024: The Dubai International Financial Centre (DIFC) Courts has further cemented relations with one of Asia's leading financial centres through a cooperation agreement with The Law Society of Hong Kong. The MoU was signed as part of a Hong Kong delegation visit, which also included Mr. Paul Lam SC, Secretary for Justice of the Hong Kong Special Administrative Region Government, and the Hong Kong Trade Development Council (HKTDC). Speaking at the signing, H.E. Justice Omar ......read more

Alpen Capital Report highlights investment opportunities amid strengthening investment ties between GCC and India

Dubai - May 23, 2024: The UAE-based investment banking advisory firm, Alpen Capital, announced the publication of its research report titled “GCC-India Corridor – Investment Opportunities”. This report provides an analysis of the investment flows between the GCC and India. It assesses the competitiveness of both regions and identifies key sectors for potential cooperation and investment. Additionally, the report examines the investment drivers and challenges within both regions. Furthermore, it profiles prominent Indian companies which have invested in the GCC and vice versa. The report also includes profiles of the sovereign wealth funds (SWFs) of the GCC. “Indian engagement with the GCC countries is expanding at a rapid pace. The vision of the leadership on both sides, in India as well as in the GCC ......read more

Hong Kong is a gateway between Middle East and China, says Secretary for Justice

Dubai - May 23, 2024: Hong Kong (HK) has very often been described as a ‘super connector’ and a ‘super value-adder’ between China and countries outside China, says Mr. Paul Lam Ting-kwok, Secretary for Justice of the Hong Kong Special Administrative Region, highlighting HK’s comprehensive professional legal services and its strengths in the rule of law.  Speaking at a forum titled “Hong Kong - The Common Law Gateway for UAE Businesses to China and Beyond” held in Dubai to promote the Special Administrative Region’s legal and dispute resolution services. Mr. Paul Lam stated that Hong Kong has been assigned to be the international legal and dispute resolution services centre under various important national development plans of China.  The forum organised by the Department of ......read more

SSUP wins Tim Hortons to be their official Creative Partner across key GCC Markets

Tim Hortons Middle East, the iconic Canadian coffee chain, continues to embark on an exciting journey of brand revitalization and creative excellence by appointing SSUP (Sunny Side Up) as one of its marketing partners. With a strategic focus on elevating brand visibility and engagement across the region, Tim Hortons Middle East aims with the support of SSUP to redefine its social narrative and strengthen its market presence in the UAE, Qatar and Oman. The company is targeting 500 stores across the Middle East by 2025, building upon its current presence of more than 300 stores across the region. SSUP emerged as the clear choice to lead Tim Hortons' creative and digital endeavors, showcasing their talent and innovative approach. "This significant partnership underscores SSUP’s dedication to contributing to the ......read more

du elevates brand strength to historic highs, climbing the ranks as a global top 25 telecom powerhouse

du climbs to the 3rd strongest brand in the UAE and 7th in the Middle East, with a brand value growth of 13% to $2.47 billion, showcasing its enhanced market position and branding excellence. Dubai, UAE, 22 May 2024 – du, an Emirates Integrated Telecommunications Company (EITC), reached a significant milestone in its brand strength, according to the 2024 Brand Finance rankings. Achieving a brand strength index (BSI) of 82.5 points, the company has not only maintained its AAA- rating but has also risen to become the 3rd strongest brand in the UAE and 7th in the Middle East. This notable growth has elevated du into the Global Top 25 Telecom brands, from its previous position at 33rd last year. The company’s strategic initiatives and consistent focus on innovative telecommunications solutions have significantly increased ......read more

2nd edition of Investopia Europe provides forward-looking outlook on investments for both UAE and European business communities facilitating their expansion & investment in new and

Investopia Europe offers solutions and strategies to promote the advancement of the global economy while addressing issues of environmental and social sustainability Abu Dhabi, 21 May 2024: The second edition of Investopia Europe, held at Palazzo Mezzanotte in Milan, Italy, provided a forward-looking outlook on investments for both the UAE and European business communities to facilitate expansion and investment in new and sustainable economic sectors. Additionally, the event shed light on the importance of policies and legislation that support the sustainable economic progress of nations and societies. Furthermore, it aimed to forge new partnerships for startups, enhancing business growth and facilitating their expansion into foreign markets. The latest edition of Investopia Europe made a significant impact on both the public ......read more

Largest ever edition of the International Exhibition for National Security & Resilience gets underway at ADNEC Centre Abu Dhabi

210 exhibitors set to showcase innovative new tech and products 35 participating countries represented 6 innovative new features included for the first time at ISNR Abu Dhabi, 21 May 2024: Under the patronage of Lt. General His Highness Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, the largest ever edition of the International Exhibition for National Security & Resilience (ISNR) 2024 kicked off today at the ADNEC Centre Abu Dhabi. Held under the theme of “Accelerating Transformation in National Security Ecosystem”, ISNR now has a global reputation as an essential platform for the national and cyber security sectors. The total square meterage of area space at this year’s event has increased by 57% to total 24,038 square metres compared to the event’s previous ......read more

EDGE Group and Fincantieri Formalise Shipbuilding Joint Venture, MAESTRAL, and Announce 400 Million Euro Order for 10 Naval Vessels

Official signing ceremony formalising the launch of the Joint Venture between both companies in the presence of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi Ceremony followed by order announcement by the UAE Coast Guard Forces for 10 high-performance 51m Offshore Patrol Vessels (OPVs) Abu Dhabi, UAE: 20 May, 2024 – EDGE, one of the world’s leading advanced technology and defence groups, and Fincantieri, one of the largest shipbuilding companies in the world, have signed an agreement today formalising the launch of MAESTRAL an Abu Dhabi-based shipbuilding Joint Venture (JV) between both companies. The JV, which was first announced in February of this year, will capitalise on global opportunities for the design and manufacture of advanced naval vessels. EDGE holds a ......read more

Emirates Glass Reforms Digital Printed Glass Production with Tecglass's Vitro-Jet FS Jumbo Line

Acquisition of Vitro-Jet FS Jumbo digital printing production line from Tecglass marks a transformative leap in production efficiency and design flexibility for Emirates Glass Dubai, UAE, 20th May 2024: Emirates Glass LLC, one of the leading processors of architectural flat glass in the Middle East and a wholly owned subsidiary of Dubai Investments has taken another technological leap with the acquisition of Tecglass's Vitro-Jet FS Jumbo digital printing production line. This strategic investment underscores Emirates Glass's steady commitment to innovation and excellence, propelling the company into a new era of digital printed glass production. The Vitro-Jet FS Jumbo, an advanced digital printing solution tailored for large-scale glass sheets, positions Emirates Glass as a catalyst in the digital transformation of glass ......read more

DWTC Drives Impact with Economic Output Surging to AED 18.3Bn in 2023, up 40% YoY

Large-scale events at DWTC generated a total economic output of AED 18.3Bn, with a remarkable 10.5Bn retained as Gross Value Added to Dubai’s GDP;  Every dirham invested at DWTC for events generated 8 times economic output across the wider economy;  International visitors’ participation soared by 53%, driving significant GDP impact for adjacent sectors like travel, accommodation and retail   DWTC events supported over 69,000 jobs, generating AED 3.36Bn in disposable household income for the city  Dubai, United Arab Emirates, 20 May 2024: Dubai World Trade Centre (DWTC), the global events and exhibitions industry leader and business enabler, has continued its trajectory of driving substantial impact for Dubai’s economy. Against the backdrop of the ambitious Dubai Economic Agenda ......read more

Mubadala Investment Company Reports 2023 Financial Results

Company broadens investments in AI, other industries of the future as assets under management grew to over AED 1.1 trillion AED 89 billion deployed in key industries including artificial intelligence, technology, digital infrastructure, life sciences & clean energy, and private credit   Creation of new businesses in the UAE and growth in international investments underpinned Mubadala’s role as a global investor Portfolio achieved a five-year rate of return of 10.3% 17 May 2024, Abu Dhabi - Mubadala Investment Company (“Mubadala”), an Abu Dhabi sovereign investor, has released its 2023 financial results for the Group. In a year marked by persistent global inflation and sporadic disruptions to supply chains, Mubadala grew its portfolio with assets under management (AUM) reaching more ......read more

Agility Global PLC Reports Q1 2024 Net Profit of $30.5 Million

Board approves $65 million interim cash dividends.      Q1 2024 (Million USD) Q1 2023 Carved out (Million USD) Variance (%) Revenue 979.4 927.6 5.6% EBITDA 169.5 126.5 34.0% EBIT 95.4 62.2 53.3% Net Profit 30.5 7.2 323.1% EPS ......read more

100 Years Of Meisterstück

A new Montblanc eyewear capsule celebrates the 100th Anniversary of the Maison's most iconic writing instrument Montblanc celebrates 100 years of Meisterstück with the launch of a limited-edition eyewear capsule inspired by the timeless style of the iconic writinginstrument released in 1924. Part of the celebratory project honoring the Meisterstück, as interpreted by the evocative brand campaign directed and written by Wes Anderson, the Meisterstück Centenary Eyewear Limited Edition features a rectangular design crafted with refined details and embellishments reminiscent of the recognizable fountain pen that has left an indelible mark on the pages of Montblanc's history. The frame has a refined construction with a rimless front and exclusive temples that recreate the shape of the writing instrument. They are adorned with ......read more

Deyaar posts AED 77.5 million Net Profit Before Tax, up 38% YOY in Q1 2024

Net profit before tax for Q1 2024 amounted to AED 77. 5 million, a significant growth from AED 56.4 million in Q1 2023. Total Assets increased by 7% from AED 6,240 million as of 31 March 2023 million to reach AED 6,704 million as of 31 March 2024. Revenue for the three-month period ending March 2024 reached AED 327.8 million compared to AED 312.5 million in March 2023, reflecting a YOY increase. Liquidity increased by AED 454 million due to robust receivables and increased advances from customers, indicating a positive trend in the current market.   Earnings per share increased from 1.29 fils in Q1 2023 to 1.67 fils in Q1 2024   Dubai, UAE – 15 May 2024: Deyaar Development PJSC ("Deyaar"), a leading real estate developer and service provider in Dubai, UAE, has reported a YoY increase in ......read more

EDGE Signs Agreement with PT Pindad for Ammunition Production Line

Abu Dhabi, UAE: 14 May 2024 – EDGE, one of the world’s leading advanced technology and defence groups, signed a USD 27 million (AED 99 million) agreement today to supply an ammunition production line to PT Pindad, an Indonesian state-owned enterprise and one of Asia’s leading defence manufacturers. The agreement is for the production of 5.56x45mm and 7.62x51mm calibre ammunition, and is aligned with the Indonesian Ministry of Defence’s objective to increase local job creation and sovereign manufacturing capabilities. The ammunition facility is scheduled to commence production in 2026. The agreement is part of an ongoing effort between both countries that aims to increase bilateral trade to USD 10 billion by 2030 under the Comprehensive Economic Partnership Agreement.

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Trina Solar Reports Increase of 27% Year-On-Year Revenues In 2023 Annual Report

Trina Solar Co., Ltd (“Trina Solar” or ‘the company”), a global leader in smart PV and energy storage solutions, has released its 2023 annual report, confirming revenues of $16.09 billion and representing a 27% increase on 2022. Module shipments for the year totalled 65.21GW, which is 51% higher than in 2022.  Meanwhile, the TrinaTracker business unit had delivered more than 20GW of solar mounting systems, and the Trina Storage business unit had installed 5GWh of DC container and energy storage systems by the end of 2023. These figures are testament to Trina Solar’s continued growth as an integrated provider of smart solar and storage solutions. The company has also announced updated module shipment figures, with total cumulative shipments to date exceeding 205GW by the end of the first quarter of ......read more

Dubai Investments Reports Robust Q1 2024 Results with Net Profit of AED 119.96 million

Dubai, May 14th, 2024: Dubai Investments, the leading diversified investment company listed on the Dubai Financial Market, announced net profit attributable to shareholders after tax of AED 119.96 million for the first quarter of 2024, compared to AED 314.44 million in the corresponding period last year. Excluding the one-off gain on the fair valuation of investment properties in 2023, the Group's profit for the same period in 2024 has surged by 90%. The growth is primarily attributed to the property sector's resilient performance, characterized by substantial revenue derived from the sale of properties. This strength was complemented by significant contributions from the investment portfolio which further bolstered revenue streams. The overall operational progress across various business segments also played a vital role in ......read more

Arab Bank “Best Bank in the Middle East 2024”

Arab Bank has recently received the “Best Bank in the Middle East 2024” award by New York-based international publication “Global Finance”, for the ninth consecutive year. This global recognition was made by the editors of Global Finance after extensive consultations with corporate financial executives, banking consultants, and analysts throughout the world. Global Finance considered several factors when selecting top banks, including asset growth, profitability, geographical coverage, strategic alliances, product innovation, and market expansion endeavors. The evaluation criteria also included the opinions of equity analysts, credit rating analysts, banking consultants, and industry participants. Global Finance Awards cover more than 150 countries, territories and districts across Africa, Asia-Pacific, ......read more

Al Masaood Bergum Showcases Innovative Modular Solutions at Saudi Giga Projects 2024 & MENA Construction Summit 2024

Al Masaood Bergum's modular solutions to expand to Saudi market Abu Dhabi, May 13, 2024 – Al Masaood Bergum, part of Al Masaood Group, and a leading tailor-engineered modular building systems provider, successfully participated as an attending partner at the Saudi Giga Projects 2024 and MENA Construction Summit 2024 at the Hilton Hotel & Residences in Riyadh on 13-14 May 2024. The first day of the event was dedicated to Saudi Giga Projects 2024, giving participants an overview and future perspective of Saudi Arabia's giga project initiatives and the opportunities it presents for contracts and suppliers. The second day focused on the MENA Construction Summit 2024, fostering in-depth conversations about the execution of construction projects, while also emphasizing enhanced sustainability and efficiency ......read more

National Bonds Creates 3770 Millionaires Since Inception

National Bonds Witnesses Surge in Millionaires, 292 Achieve Status in Q1 2024 Alone  Post-Millennials in UAE Fastest to Reach AED 1 Million Savings, Defying Existing Stereotypes Dubai, UAE, May 13th, 2024 - National Bonds, the UAE's leading sharia-compliant savings and investment company, proudly announces a significant milestone in advancing financial prosperity among UAE citizens and residents. In the first quarter of 2024 alone, 292 customers attained millionaire status through saving with National Bonds. This achievement highlights an accelerated success rate, underscoring the effectiveness of the company's innovative financial solutions. The company's recent data highlights a noteworthy trend: the post-millennial generation in the UAE is emerging as a beacon of financial prudence, actively saving for ......read more

Emicool Releases Its First Sustainability Report

Dubai, UAE, 13th May 2024: Emicool, a leading player among the district cooling service providers in the region and a joint venture between Dubai Investments, a leading investment company listed on the Dubai Financial Market (DFM) and Actis, a leading global investor in sustainable infrastructure announced the release of its inaugural Sustainability Report. The milestone was unveiled during the Company's annual gathering. The event served as a testament to Emicool's journey, highlighting its pivotal role in shaping the district cooling industry. From its inception as a visionary district cooling company, Emicool has emerged committed to realizing its sustainability vision. The report highlighted Emicool's commitment to sustainability which is underscored by its initiatives in fostering a climate-resilient infrastructure ......read more

Wilo surpasses AED 7.82 billion in net sales globally in 2023 with strong focus on sustainability and diversification

Company holds significant potential in the Middle East and Africa pump market, which is expected to grow to USD 11.93 billion by 2028 UAE, May 13, 2024 Wilo Group, a leading pump manufacturer and digital pioneer in the pump industry, reveals remarkable financial results for the fiscal year 2023, and continues to grow profitably and sustainably. Despite a challenging market environment, the multinational technology group achieved record net sales of around AED 7.82 billion in the 2023 financial year. This corresponds to a currency-adjusted increase of 10.4 per cent compared to the previous year. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) also reached a new record high of AED 848.27 million. The consolidated net income rose by over 20 per cent to AED 293.96 million. Wilo further ......read more

UAE leads global rankings in Fibre to the Home penetration

For the 8th consecutive year, UAE tops global fibre connectivity with 99.3 per cent penetration e& UAE continues to support the nation’s standing as a global frontrunner in high-speed fibre connectivity Dubai, 13th May 2024 – The UAE has once again been recognised as the global leader in Fibre to the Home (FTTH) penetration. This marks the eighth consecutive year the country has held this top position with a penetration rate of 99.3 per cent, as reported by the FTTH Council in its latest annual report. The report analysed data from 20 countries that have exceeded 50 per cent FTTH availability and compared global statistics on fibre optic network penetration. It placed the UAE above Singapore (97.1 per cent), Hong Kong (95.3 per cent), China (92.9 per cent), and South Korea (91.5 per cent). The ranking ......read more

The DFSA 2023 Annual Report chronicles a year of growth, innovation, and collaboration

Dubai, UAE, 10 May 2024: The Dubai Financial Services Authority (DFSA) issued today its annual report for 2023, showcasing a year of exceptional growth, innovation, and impactful contributions to Dubai’s economic landscape. In 2023, the leading regulator marked a remarkable 25% increase in licensing from the previous year, bringing the total number of licensed firms to 791. This surge in licensing activity underscores the growing confidence in the DFSA’s regulatory framework and the attractiveness of the region for financial services firms. Notably, there was a remarkable 50% year-on-year increase in applications across all business models, reflecting the robust growth and diversity of the financial services sector within the Dubai International Financial Centre (DIFC). The wealth management sector experienced ......read more

Wings of Change: Climate-action Partnership announced to research solutions for Polar Raptors in a Warming World

Scientists from Boise and Abu Dhabi collaborate to focus on species decline. Abu Dhabi, UAE and Boise, ID, USA (10 May 2024)—The Mohamed bin Zayed Raptor Conservation Fund and The Peregrine Fund have partnered to monitor the responses of raptors to climate change. Scientists are increasingly concerned about the impact warmer temperatures are having on polar raptors. This long-standing partnership between Boise and Abu Dhabi began in 1976 when Dr. Tom Cade met with the late Sheikh Zayed during a World Falconry Conference where they developed a close friendship that was sustained for decades. In 2005, Abu Dhabi supported the establishment of the Sheikh Zayed Heritage Wing at The Archives of Falconry in Boise, providing visitors with a unique insight into the heritage of traditional Arabian falconry deeply entwined with the ......read more

Ajman Bank sets New Record Jumping to 117.1 million up by 139% profit before tax (AED 107.4 million net profit)

Ajman Bank has reported an all time high quarterly profit in Q1 2024 of AED 107.4 million. This is on the back of a 7.0% increase in total operating income to AED 400.3 million as compared to AED 374.0 million in corresponding period of 2023, and net operating income of AED 194.8 million. Return on shareholder Equity (annualized) and Return on Asset (annualized) have doubled in Q1 2024 as compared to corresponding period of 2023 – respectively to 15.5% (up by 7.9%) and 1.9% (up by 1.0%). His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Chairman of Ajman Bank, “Our strong financial performance in the first quarter of 2024 is a testament to the success of our transformation agenda committing to our shareholders, investors and clients enhancing our operational excellence. We have made significant ......read more

Adnoc Distribution Reports Robust Q1 2024 Growth With 18% Increase In Ebitda

EBITDA increases by 18% year-on-year to $248 million and net profit rises to $150 million. Year-on-year fuel volumes increase by 17% and non-fuel retail transactions rise by 7%, demonstrating continued momentum across both fuel and non-fuel businesses. • ADNOC Distribution leverages AI-driven digital innovation to drive value and enhance efficiency, employing predictive fuel demand models, Fill & Go for personalized fueling, and expanding its network of EV charging points. Abu Dhabi, UAE – 09 May, 2024: ADNOC Distribution (ISIN: AEA006101017) (Symbol: ADNOCDIST), the UAE’s largest fuel and convenience retailer, today announced robust Q1 2024 financial results, reporting an 18% year-on-year increase in its Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) to $248 million, ......read more

AlUla recognised with Sustainability Stand Award at Arabian Travel Market 2024

AlUla recognised with prestigious Sustainability Award for stand concept of ‘AlUla’s Net Zero: Empowering Innovation, Transforming Travel’ Presence at Arabian Travel Market (ATM) highlights AlUla’s drive for sustainable tourism, including conservation projects, eco-friendly accommodation, and community-based tourism initiatives - underpinned by AlUla Sustainability Charter and amplified by destination’s first global brand campaign, ‘Forever Revitalising AlUla, Saudi Arabia – 08 May 2024: The ancient city of AlUla in northwest Saudi Arabia has been honoured with the prestigious Sustainability Stand Award at the Arabian Travel Market (ATM) in Dubai, United Arab Emirates, out of 2,844 other competing stand designs at the event.  This accolade highlights AlUla’s steadfast ......read more

DIEZ and the Ministry of Investment, Industry, and Trade of the Republic of Uzbekistan Collaborate to Drive the Growth of Digital Trade

Al Zarooni: DIEZ is keen to contribute to strengthening collaboration between the UAE and Uzbekistan Kudratov: Signing the MoU with DIEZ reflects the significance of bolstering relations between the UAE and Uzbekistan The MoU aims to support companies specialized in digital technology and sustainability across the two countries. The visit included a meeting with Uzum’s, Chamber of Commerce leadership and a tour of the Tashkent Pharma Park and the Angren Free Economic Zone (FEZ) 08 May 2024, Dubai, UAE: The Dubai Integrated Economic Zones Authority (DIEZ) signed a memorandum of understanding (MoU) with the Ministry of Investment, Industry, and Trade of the Republic of Uzbekistan. The MoU aims to foster collaboration, enhance strategic partnerships, and increase the volume of trade exchange between the UAE and ......read more

UK-based Monument Bank secures funding from Sheikha Amal Bahwan

Dubai, UAE – 08 May 2024: Monument Bank, a UK-based neo-bank, is pleased to announce the establishment of a strategic financial relationship with Sheikha Amal Suhail Bahwan, Chairperson of the National Bank of Oman, and one of the most prominent individuals in the financial services sector in the Gulf Cooperation Council (GCC). Sheikha Bahwan has acquired a significant equity stake in Monument Bank and will contribute to further developing Monument Bank's operations in the UK, the GCC, and across other international markets. Sheikha Bahwan's experience will help in guiding the strategy for scaling up the bank's operations in the UK, and in shaping and advancing some of the strategic opportunities the Bank will consider in the future, including licensing its formidable, cutting-edge technology in various new markets, ......read more

Al Tayer opens 5th Emirati French Business Engagement Summit

The Summit engages 35 leading companies in mobility and innovation MoU signed between RTA and French Business Council to promote cooperation, share expertise RTA is committed to forging successful partnerships with the private sector The Emirati French cooperation in several projects worth AED9.5 billion Dubai. Roads and Transport Authority. 6th May 2024 His Excellency Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors of the Roads and Transport Authority (RTA) opened today the 5th Emirati French Business Engagement Summit today. The Summit, organised by RTA in collaboration with the French Business Council ‘CCI France UAE,’ was attended by His Excellency Nicolas Niemtchinow, Ambassador of the French Republic to the UAE; Her Excellency Nathalie Kennedy, Consul General of the ......read more

Slow travel, sustainability and technology highlighted as future global tourism trends

Haitham Mattar, Managing Director, Middle East, Africa and South West Asia, IHG Hotels & Resorts, addressed travel and tourism trade professionals at the ATM 2024 Future Stage Senior representatives from Marriot, Four Seasons, Banyan Tree, Mastercard and Silkhaus, also provided perspective on industry challenges and opportunities ATM 2024, the region’s leading global travel and tourism event, continues until May 9 with interactive discussions and keynotes at Dubai World Trade Centre Dubai, United Arab Emirates, 6 May 2024: Travel & tourism experts from across the industry convened at the Arabian Travel Market (ATM) 2024 Future Stage this morning to discuss the complexities of navigating the transformation of hospitality.   Slow travel, a movement that encompasses sustainable travel, mindful travel, ......read more

Abu Dhabi Chamber Partners with AIM Congress to Boost Investment Climate in the Capital

The Congress will discuss the latest developments and strategies related to attracting investments The event allows the private sector to understand the shifts in the global investment landscape and adapting mechanisms The event provides promising opportunities for the business community in Abu Dhabi to build and conclude partnerships and mutual investment with their counterparts from various countries of the world 6 May 2024, Abu Dhabi, UAE: The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has announced its participation as a business community partner in the 13th edition of the 2024 AIM Congress which will be held in Abu Dhabi on 7-9 May. The Chamber's participation underscores its commitment to bolstering Abu Dhabi's investment climate and its competitiveness in attracting foreign direct investment. It ......read more

Alpha Dhabi records strong first quarter with Revenue of AED 14.2 billion and Net Profit of AED 4.6 billion

“Alpha Dhabi's significant profitability demonstrates our ability to effectively execute our growth strategy, and it points to ongoing pursuit of excellence.” said, His Excellency Mohamed Thani Alrumaithi, Chairman of Alpha Dhabi Holding. “Overall, our results for the quarter tell a story of continual year on year growth, sending a strong signal about our commitment to vital sectors in the UAE's present and future economy.” Alpha Dhabi’s continued momentum in strategy execution across key verticals drives record Revenue of AED 14.2 billion and growth in Net Profit from Operations of 232% Key Investments and Strategic Partnerships across Energy, Construction, Luxury Hospitality & Lifestyle ventures, positioning Alpha Dhabi as a ‘partner of choice.’ Alpha Dhabi’s ......read more

Philip Morris International Reports First-Quarter 2024 Results and Updates Full Year Guidance

Reported Diluted EPS Grew 7.8% to $1.38 Adjusted Diluted EPS Grew 8.7% to $1.50; and by 23.2% excluding currency Smoke-free business accounted for 39% of the total net revenues. Dubai, United Arab Emirates, May 1, 2024 – Philip Morris International Inc. (PMI) (NYSE: PM) announced its 2024 first-quarter results.   "The strength of our first-quarter results with excellent top-line growth and significant margin expansion gives us the confidence to raise our 2024 currency-neutral guidance," said Jacek Olczak, Chief Executive Officer. "Strong smoke-free momentum continues with rapid underlying volume progression and accelerating organic net revenue and gross profit growth, fueled by the operating leverage of IQOS and the best-in-class economics of ZYN." "We are executing efficiently and ......read more

e& reports consolidated revenues of AED 14.2 billion in Q1 2024, up 9 per cent

Abu Dhabi, 30th April 2024: e& today disclosed its consolidated financial results for Q1 2024, reporting consolidated revenue of AED 14.2 billion, growing 9% year-over-year, while consolidated net profit increased to AED 2.3 billion, a year-over-year growth of 7%. The group’s consolidated EBITDA reached AED 6.4 billion, growing 3% year-over-year, resulting in an EBITDA margin of 45%. The number of e& UAE subscribers reached 14.5 million in Q1 2024, while consolidated group subscribers reached 173 million, representing an increase of 5 per cent over the same period last year. Financial Highlights for Q1 2024 e& reported strong performance across its operations. This was driven by the expansion of partnerships across its verticals and continuous investments in developing critical infrastructure for ......read more

Emirates Institute of Finance Launches Future Tech Leaders Program for UAE Nationals

Emirates Institute of Finance Launches Future Tech Leaders Program for UAE Nationals Dubai – 30 April 2024: The Emirates Institute of Finance (EIF), a regional leader in banking and finance training, officially commenced its Future Tech Leaders Program on April 22. The initiative is scheduled to run for 12 weeks, aiming to develop leadership skills and technological expertise among UAE nationals in the financial sector. The Future Tech Leaders Program will address the growing need for skilled Emirati talent in technology roles within banking and finance by training 100 participants focusing on three key areas: Artificial Intelligence, Payments Technology, and Site Reliability Engineering. Noura Alblooshi, General Manager of the Emirates Institute of Finance, said, “Following the success of COP28 and the guidance of ......read more

Emirates Integrated Telecommunications Company PJSC Reports its Q1 2024 Results

Impressive 63% surge in Net Profit on robust top line growth and significant margin improvement Q1 2024 Key takeaways Outstanding profitability, driven by top-line growth, margin expansion, and operational efficiency improvements Launch of “du Pay” an important step towards diversifying business activities New royalty and corporate tax regime in place Guidance re-affirmed highlighting confidence in executing our strategy Dubai, UAE, 29 April 2024 - Emirates Integrated Telecommunications Company PJSC published today its financial results for Q1 2024. Revenues increased by 4.1% to AED 3.58 billion reflecting our continuous commercial momentum and market competitiveness. EBITDA soared by 16.2% to AED 1.59 billion reflecting top line growth, margin expansion as well as continued focus on enhancing operational ......read more

National Bank of Fujairah PJSC (NBF) – Q1 2024 Results

Net profit before tax rose 80.8% reaching AED 274.8 million compared to Q1 2023; with net profit after tax of AED 251.1 million 29 April 2024: NBF is pleased to announce its results today for the three-month period ended 31 March 2024. Highlights: NBF recorded year-on-year growth of 80.8% to close the three-month period at a net profit before tax of AED 274.8 million compared to AED 152.0 million in the corresponding period of 2023. Further, NBF posted a net profit after tax of AED 251.1 million for the quarter with a corporate tax charge of AED 23.7 million. These results evidence the bank’s continued focus on selective quality business growth, and the effective management of margins and liquidity. The continued high interest rate environment, continuing improvement in impairment provisions, careful management of costs ......read more

Danish fashion house, BESTSELLER spotlights its retail brands in the UAE

A showcase of contemporary collections from fashion brands like Jack & Jones, Vero Moda, ONLY, name it and other premium upcoming brands was unveiled.   UAE, April 29th, 2024: BESTSELLER, the Danish fashion house renowned for contemporary apparel and accessories is all set to grow its portfolio in the UAE region by opening its first flagship Jack & Jones retail store by end of 2024. This was announced at the grand showcase of BESTSELLER's top brands namely Jack & Jones, Vero Moda, ONLY, name it and other premium upcoming brands highlighting their latest collections at the regional head-office located in Dubai Design District.    Driven by tech and sustainability in fashion, BESTSELLER's office and showroom space is designed to cater and service all wholesale, e-commerce and retail partners in the ......read more

Geopolitical stability, inclusive growth, energy security under spotlight in Riyadh at World Economic Forum Special Meeting

Riyadh-Saudi Arabia. 29 April 2024 – Riyadh convened global leaders today at the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development to host candid dialogues and outline bold steps to tackle the most pressing geopolitical, social and economic challenges facing humanity. Speaking at the Special Meeting, His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy for Saudi Arabia said a just and equitable energy transition will only be achieved by using a range of energy sources to diversify the global energy market. Access to secure and reliable energy, he said, is crucial to enabling people and communities from emerging nations achieve meaningful economic development. In a session on 'North to South, East to West: Rebuilding Trust', His Highness ......read more

Arab Bank Group Profits Grow By 17% To $252.8 Million For The First Quarter Of 2024

Arab Bank Group reported solid results for the first quarter of 2024, with 17% increase in net income after tax reaching $252.8 million as compared to $216.3 million for the same period last year. The Group maintained its strong capital base with a total equity of $11.3 billion. At constant currency the Group’s loans grew by 7% to reach $37.1 billion, and deposits grew by 6% to reach $49.8 billion. Mr. Sabih Masri, Chairman of the Board of Directors, stated that Arab Bank’s first quarter 2024 performance was strong despite the challenging environment for banks globally and regionally. He also added that the results reflect the bank’s resilience and ability to deliver sustainable growth from multiple markets mainly from the GCC region. Mr. Masri expressed his confidence in the bank’s ability to continue to ......read more

LG Announces First-Quarter 2024 Financial Results

Company Pushes Boundaries With Innovative Business Models While Balancing Core Operations and Future Growth to Create New Opportunities Dubai, April 26, 2024 — LG Electronics Inc. (LG) announced first-quarter 2024 consolidated revenue of KRW 21.09 trillion and operating profit of KRW 1.33 trillion. The company's home appliance sector demonstrated global leadership, achieving record-breaking revenue and double-digit operating profit margins. The EV components sector, a key driver of future growth, continued its steady expansion. Both the TV and business solutions sectors experienced year-on-year sales growth and returned profits compared to the previous quarter. Despite navigating challenging macroeconomic conditions such as high commodity prices, volatile exchange rates, rising interest rates and delayed demand ......read more

Dubai South Signs Agreement With Agmc To Launch A New AED 500 Million State-Of-The-Art Facility

AGMC's new hub will be built to the highest standards surpassing any existing facilities The facility will house its automotive brands – BMW, MINI, Rolls Royce and other brands Dubai, UAE, 26 April 2024: Dubai South, the largest single-urban master development focusing on aviation, logistics and real estate, announced the signing of an agreement with AGMC, one of the leading importers of luxury vehicles in the United Arab Emirates, to launch a new AED 500 million showroom and service centre at Dubai South to serve customers of its automotive brands BMW, MINI, Rolls Royce and other brands. The agreement was signed in the presence of HH Sheikh Sultan Ahmed Mohamed Al Qassimi, HE Khalifa Al Zaffin, Executive Chairman of Dubai Aviation City Corporation and Dubai South, Nabil Al Kindi, CEO of Dubai South Properties, Jan ......read more

Experts outline a promising future for the GCC hospitality sector, as the UAE market is forecasted to exceed US$7 billion by 2026

Dubai offers 150,000 hotel rooms, surpassing the capacity of destinations such as London, New York City and Bangkok Riyadh has recorded a 134% growth in hotel supply, with 28,465 rooms, and Doha has doubled its room offering in the past decade The region’s hospitality sector will convene at Arabian Travel Market (ATM), which takes place from 6-9 May Dubai, United Arab Emirates, 25 April 2024: Recent data from global research companies indicates a bright future for the GCC hospitality industry, with insights from Deloitte and STR demonstrating sustained growth as tourism continues to be a key priority for regional governments. The upcoming edition of Arabian Travel Market (ATM), a premier global event in travel and tourism, will serve as a pivotal gathering for hospitality stakeholders when it takes place from 6 to 9 ......read more

RAKEZ achieves 61% increase in new company registrations in Q1 2024

Ras Al Khaimah, 25 April 2024: Ras Al Khaimah Economic Zone (RAKEZ) recorded an impressive 61% increase in new company registrations for the first quarter of 2024, compared to the first quarter of 2023. During this period, 3,000 companies joined the thriving RAKEZ business community, marking a strong start to the year. RAKEZ Group CEO Ramy Jallad said, "We are thrilled to have welcomed 3,000 new companies in the first quarter of this year, reinforcing our position as a preferred business hub for global investors. We are continually dedicated to facilitating the growth and success of diverse businesses, ranging from SMEs to industries. Our competitive edge is sharpened by the superior value we deliver to our clients from helping them navigate the market to providing them with essential support services post their ......read more

The Authority of Social Contribution – Ma'an Launches 9th Social Incubator: Entrepreneurship for Social Impact

The Ma’an Social Incubator (MSI), is designed to support the next wave of social entrepreneurs through providing funding, networking, mentorship and more.  Entrepreneurship for Social Impact welcomes start-ups which aim to improve the lives of various societal groups to apply to be part of the programme by July 19. Abu Dhabi, UAE, 25 April 2024: The Authority of Social Contribution – Ma’an has launched its 9th Social Incubator programme, Entrepreneurship for Social Impact, to support start-ups, led by at least one Emirati youth, who are developing solutions to social priorities in Abu Dhabi. The programme is designed to support social entrepreneurs and enable them to provide innovative and sustainable solutions to address social priorities in Abu Dhabi. The 9th MSI Cohort is organised as part of the ......read more

Hitachi Energy to invest additional $1.5 billion to ramp up global transformer production by 2027

Capacity expansion will increase speed to market to meet accelerating global demand, address long-term customer investments and create over 4,000 jobs. Investments spans across Europe, the Americas, and Asia leveraging existing global footprint. Around $180 million in a new state-of-the-art transformer factory in Finland, a key location for clean technology development for renewables and industrial electrification.                  High-Voltage Direct Current (HVDC) power transformer testing area in one of Hitachi Energy’s facilities in Europe   Dubai, UAE, April 25, 2024 – Hitachi Energy today revealed investments of over $1.5 billion to ramp up its global transformer manufacturing capacity ......read more

e&'s AGM approves a 3-year progressive dividend policy with an annual increase of 0.03 AED per share

Dividend to reach 89 fils per share by FY 2026 e&'s AGM to approve cash dividends of 40 fils per share for H2 of 2023 Abu Dhabi, 23rd April 2024: e& announced today, during the group's Annual General Meeting (AGM), that its shareholders approved the Board of Directors' recommendation of a new progressive dividend policy with an incremental increase of AED 0.03  every year for the fiscal years 2024, 2025, and 2026 bringing the dividend per share (DPS) to AED 0.89 by FY 2026. The group's AGM also backed the Board's recommendation to distribute cash dividends of AED 0.40 per share for the second half (July to December) of 2023, representing a total dividend of AED 0.80 per share for FY 2023. e& shareholders also elected four members of the e&'s Private Sector Board of Directors to ......read more

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