On the eve of COP28 and with a joint investment of over 2.5 million AED
Dubai, UAE, 1 December 2023: Tetra Pak and Union Paper Mills (UPM) have entered the next stage of their partnership, marked by the signing of a ground-breaking AED 2,500,000 recycling agreement aimed at establishing a commercially viable collection and recycling value chain for used beverage cartons (UBC) in the UAE. A memorandum of understanding was signed in November last year and has paved the way for significant progress in identifying the technical and investment needs for the recycling of UBC in the UAE. Since the signing of the MoU, Tetra Pak and UPM have engaged in extensive collaboration, including technical assessments, recycling expert visits from abroad, numerous meetings, and industrial trials with carton packages collected from local dairy ......read more
A new global coalition is coming together with a mission to raise awareness to reverse biodiversity loss and save our planet’s pollinators.
To be presented for the first time at COP28 in Dubai this December, new global coalition Trillion Bees is inviting businesses, organisations and industry leaders to join its mission and ‘Bee The Change’ to help protect the world’s pollinators.
They may be small, but bees have a big impact. In fact, bees and other pollinators are the guardians of the ecosystems on which all life on earth depends. A planet filled with nature and thriving biodiversity can even help mitigate the climate crisis.
Trillion Bees is a new global coalition and unified force of science-led individuals, businesses and organisations committed to promoting Bee The Change – the name of a ......read more
In a series of new initiatives, the Dubai-based PR agency moves to ensure it is making a positive impact on wider society
Katch and Blurred - a UK-based sustainability, management and communications consultancy, with deep expertise in climate and biodiversity issues - have formed a strategic partnership to help companies in the Middle East create more impact and share that impact through powerful storytelling
Katch has previously worked on some exciting sustainability campaigns including with such esteemed clients as Rove Hotels, Address Hotels & Resorts, The H Dubai, W Abu Dhabi – Yas Island, and much more
Dubai, UAE (November 2023): Katch International, a PR agency that has been doing things its own unique way since its creation in 2011, is proud to announce the launch of its new department focused on ......read more
Cooperation adds the UAE and GCC region to the company’s global footprint
ABU DHABI, November 29, 2023 – As the world focuses on climate change in the coming weeks, Wisdom Motor, a technology company that designs and develops zero-emission commercial vehicles, today announced a cooperation with the Integrated Transport Centre (ITC) of the Department of Municipalities and Transport (DMT) in Abu Dhabi, to provide new green mobility solutions to the Emirate through its distributor EGME (part of the Al Fahim Group).
Under this significant cooperation, Wisdom Motor joins other international brands to support ITC’s Green Bus Assessment Programme contributing towards the region’s proactive efforts to embrace sustainability.
Mr. Cliff Zhang, Chairman of the board of directors of Wisdom Motor and ......read more
Ahmed bin Saeed: Dubai Free zones are an essential enabler of Emirati talents, a driver for Dubai’s growth, and a booster of its economy.
Dubai, UAE: 29 November 2023 - His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones (DFZ) Council, recently chaired the Council’s 25th meeting, during which he highlighted the importance of Dubai’s free zones as an enabler of Emirati talents, a driver of Dubai’s diversification and agility, and a catalyst of its economic agenda.
His Highness Sheikh Ahmed said: “The Dubai Economic Agenda (D33) mandates creating new economic opportunities and activating the role of Emirati talent. It is a strategic goal through which the Dubai free zones contribute to supporting economic diversification, attracting direct investment and international ......read more
High-stakes financial services and healthcare sectors the top targeted industries
Dubai, UAE – November 29, 2023 – BlackBerry Limited (NYSE: BB; TSX: BB) today released its latest Quarterly Global Threat Intelligence Report, revealing a 70 percent increase in new malware encountered by BlackBerry’s AI-powered cybersecurity solutions. At 26 cyberattacks per minute, this highlights a diversification of tools and attacks by threat actors and as they target high-stakes or financially lucrative industries.
“Malicious actors are working harder than ever to expand their range and volume of cyberattacks,” said Ismael Valenzuela, Vice President of Threat Research and Intelligence, BlackBerry. “The intensifying number of novel attacks targeting nations and industries demonstrates ......read more
Dubai – November 28th 2023: UAE-based investment banking advisory firm, Alpen Capital, projects the food consumption in the region to grow at a CAGR of 2.8% to reach 56.2 million MT by 2027 in its latest GCC Food Industry report. The vegetables food category is expected to surpass the growth rates of the meat and cereals categories in the coming years.
Released on Tuesday, November 28th, the report provides a comprehensive overview of the GCC food sector and outlines the sector’s recent trends, growth drivers and challenges. It also profiles some of the renowned food companies in the region.
The report was launched over a webinar followed by a panel discussion featuring Sanjay Bhatia, Managing Director, Alpen Capital; Garrett Walsh, Chief Executive Officer, Mezzan Holding Co. and Nasser Talib ......read more
The two-day competition brought together seven teams from universities across the UAE to champion environmental, social and governance challenges
UAE graduates who established entrepreneurial projects have increased by 54 per cent over the past three years according to the UAE Ministry of Economy
Dubai, 27 November 2023: The Pearl Initiative, a business-led non-profit organisation focused on promoting corporate accountability in the Gulf Region, has partnered with the Abu Dhabi Music & Arts Foundation (ADMAF) to host the 'Youth Impact Lab', a two-day competition with the aim of empowering UAE’s youth to seek solutions to pressing ESG (environmental, social, and governance) issues.
The Youth Impact Lab brought together seven teams from prominent universities across the UAE to build innovative solutions to ......read more
The Bank Strives to Increase Emirati Representation Beyond Mandatory Operational Requirements as Operations Expand
Ziad Khalaf: Emiratization is not merely a compliance measure for IDB, it is the bank’s way of contributing to the sustainable economic growth and empowerment of the UAE's workforce
Dubai, United Arab Emirates – Thursday 23 November 2023: The International Development Bank (IDB), the first Iraqi private bank operating in the United Arab Emirates, announces its commitment to Emiratization as it successfully achieved the goal of hiring 30% Emiratis within less than a year of commencing operations in the UAE. Furthermore, the bank affirms its willingness to increase the percentage of Emirati employees as its operations expand, surpassing the mandatory operational requirements.
In addition ......read more
This Joint Venture intends to manufacture a minimum of 3,000 Veronte Autopilots per annum.
Dubai, UAE – November 21, 2023: In a significant milestone for technological innovation and sustainable air mobility growth in the UAE, Embention, a global leader in avionics with the highest aircraft mobility standards, and EANAN, a leading Dubai-based Urban Air Mobility company, have signed an unprecedented MOU agreement within the framework of the Dubai Airshow 2023.
The signing ceremony, which took place on Thursday, 16th November at the prestigious Dubai Airshow 2023, marked the official launch of the first fleet of unmanned aircraft entirely designed and produced in Dubai.
This agreement covers the manufacturing of Embention’s Veronte Autopilot System in Dubai, the U.A.E, which is the core flight control ......read more
Savoye was selected as the automation and technology partner to fully automate the e-commerce Global Distribution Center of iHerb in KSA, first of its kind in the region
November 21, 2023: Savoye, a leading global warehouse automation integrator and software publisher in the Middle East, partnered with CJ Logistics, a 3PL services company operating for iHerb, the leading global eCommerce retailer for health and wellness, in Riyadh, Kingdom of Saudi Arabia (KSA), to deliver world-class automation solutions for its e-commerce Global Distribution Center (GDC). The strategic partnership is a significant development for Savoye in KSA, following its recent expansion into the region.
Under the terms of the partnership, Savoye will implement a fully automated fulfilment center, the first-of-its-kind in the region, which ......read more
United Arab Emirates, 21 November 2023: Emirates Global Aluminium, the largest ‘premium aluminium’ producer in the world, today announced the start of construction of the United Arab Emirates’ largest aluminium recycling plant.
The 170 thousand tonnes per year facility is being built next to EGA’s existing smelter in Al Taweelah. The plant will process post-consumer aluminium scrap such as used window frames, as well as pre-consumer aluminium scrap from extrusion production, into low-carbon, high quality premium aluminium billets.
The new facility will supply local and global markets with low carbon metal under the product name RevivAL. Construction is expected to be complete within three years.
Most of the aluminium scrap generated in the UAE is currently exported for processing outside the country, ......read more
Dubai, UAE, 15 November 2023 ... Chestertons, one of the world's oldest and leading real estate advisory services, has awarded the winners of the first ever Chestertons Polo in the Park Dubai.
The prizegiving took place at a ceremony attended by His Excellency Saeed Harib, Secretary General of the Dubai Sports Council; Amr Zedan, Chairman of the Saudi Polo Federation; Ali Albwardy, Founder of Desert Palm Polo Club and Salah Mussa, Chairman of Chestertons Global.
The polo event saw Boadicea The Victorious Team Riyadh living up to their name with a win over Chestertons Team London, and the Northern Data Group Team Dubai emerging as the victors over the England Polo Team.
Chestertons Polo in the Park Dubai, held at the Desert Palm Polo Club, was attended by a host of VIPs, business partners, clients and ......read more
Lenovo sees signs of recovery across technology sector - maintains majority market share in Middle East, Africa and Gulf and further accelerates AI leadership
November 20, 2023– Lenovo Group Limited (HKSE: 992) (ADR: LNVGY), together with its subsidiaries (‘the Group”), today announced second quarter results reporting Group revenue of US$14.4 billion and net income of US$273 million on a non-Hong Kong Financial Reporting Standards (HKFRS) basis. Gross profit margin improved year-on-year to 17.5%, a record high for a second quarter. The Group’s diversified growth engines continued to deliver strong performance, with revenue from the non-PC businesses accounted for 40% of Group revenue, up three points year-on-year.
The Group is seeing clear signs of recovery across the ......read more
Dubai – November 20, 2023: SEDCO, a global leader in providing customer experience and digital branch transformation solutions, has been named the Leading Queue Management Solutions Provider in the United Arab Emirates at the International Business Magazine (IBM) Awards 2023. This achievement coincides with the company’s 40th anniversary, signifying four decades of innovative solutions and unwavering dedication to shaping the future of customer experiences.
SEDCO's exemplary approach to customer experience and innovation have been pivotal in securing its win. One of the company’s distinguishing factors is its 'vertical zed' strategy, uniquely tailoring solutions for each industry or vertical with embedded best practices. This customization ensures that regardless of the sector being served, ......read more
Dubai – November 20, 2023: QNET, a global lifestyle and wellness-focused direct-selling company, in collaboration with its esteemed Pakistani agency, Parwaz, proudly reaffirms its commitment to supporting crucial healthcare initiatives and community welfare in Pakistan through its contributions to the Indus Hospital and Health Network.
As a Platinum Sponsor, QNET's support for the Indus Hospital underscores its belief in the transformative power of healthcare to uplift lives. This collaboration aims to fortify the healthcare infrastructure and accessibility, aligning with QNET's broader vision of empowering communities.
Parwaz, QNET's trusted local partner, takes centre stage in this sponsorship, exemplifying the synergy between global brands and local impact.
In a statement, Tareq Abdul Hafeedh Yawar Al ......read more
Dubai – November 20, 2023: November 20th marks a significant day dedicated to children – World Children's Day, serving as a powerful reminder of the rights and aspirations of our youth worldwide. QNET, a global lifestyle and wellness brand, has committed to ensuring the well-being of these young minds by translating its dedication into tangible actions. QNET's initiatives in the MENA region reflect a steadfast commitment to enhancing the lives of children.
QNET's commitment to empowering and protecting children's rights stems from the belief that society's potential is intricately tied to the well-being and development of its youngest members. Recognizing the transformative power of education, health, and support, QNET aims to create a world where every child not only survives but ......read more
Almost 3,000 runners took part with cash prizes totalling AED 95,000
18 November 2023: National Bank of Fujairah (NBF) saw close to 3,000 runners take part in its seventh annual run through the Emirate of Fujairah on Saturday 18th November, with Sheikh Abdullah bin Hamad bin Saif al-Sharqi, President of the UAE Federation for Body Building and Physical Fitness, presenting trophies and medals to the top runners in each of six categories.
Designed to raise awareness of the health benefits of a more active lifestyle, this year’s run saw strong participation from a wide range of runners, including some of the UAE’s best runners, fitness enthusiasts, casual runners, and many families.
A long-standing fixture on the UAE sporting calendar, the NBF Fujairah Run featured runs of 3km, 5km, and 10km, an 11km trail ......read more
Challenge Group, an international air cargo conglomerate offering tailored end-to-end logistics solutions for complex verticals, is pleased to announce the appointment of David Canavan as Chief Operating Officer (COO). In his new role, Canavan will be responsible for leading, planning, directing, coordinating, aligning and overseeing all Group Operations, bringing his extensive experience and expertise to drive operational excellence and contribute to the company's overall expansion plan and fleet growth.
Canavan comes to Challenge Group with a proven track record of more than 30 years’ international experience in strategic planning, operational efficiency, supply chain management and logistics, having previously led various multinational teams and business units in senior management roles both in Europe and Asia at ......read more
• EDGE and Calidus will collaborate on the integration of a range of UAE-made smart weapons onto the locally-produced B-250 light attack aircraft
Abu Dhabi, UAE: 17 November, 2023 – EDGE, one of the world's leading advanced technology and defence groups, and Calidus, a UAE-based provider of next-generation aeronautical and land systems, signed an MoU at Dubai Airshow to integrate EDGE precision-guided munition (PGM) and guided-glide weapon (GGW) solutions onto the B-250 light attack aircraft, and other Calidus platforms.
Hamad Al Marar, President of EDGE Group’s Missiles & Weapons cluster, said: “We are proud to work with Calidus on this integration initiative, and to provide high technology smart weapons to B-250 end-users. The opportunity will offer a range of versatile precision ......read more
On November 16th, 2023, as part of the 6th Edition of Dubai Watch Week, Singer Reimagined and Perpétuel Gallery invites passionate watch enthusiasts worldwide to explore the brand’s entire timepieces collection, highlighting the remarkable Singer 1969 models, which feature the award-winning 60-hour central chronograph and the unique zero reset flyback Timer’s movement.
Founded in 2017 by Marco Borraccino and Rob Dickinson, Singer Reimagined redefined the standards of a chronograph with the introduction of the world's first 60-hour central chrono with peripheral time indication. The brand's excellence was further acknowledged in 2018 when Singer Reimagined timepieces received the prestigious GPHG Chronograph Prize. Inspired by the philosophy driving the outstanding success of Singer Vehicle Design, the ......read more
• The company’s newest innovations are being launched across GCC markets including Saudi Arabia, Kuwait and Bahrain
• PMI has appointed over 1,500 scientists, engineers, technicians, and experts who have contributed into research and development for an ever-innovating smoke-free portfolio.
Kuwait City, Kuwait — November 15, 2023 — Philip Morris International (PMI) has continued to take further bold steps of its smoke-free ambitions in the GCC region. The company, currently undergoing a massive transformation to a smoke-free organization, is focused on fostering innovative solutions that aim to reduce harm for adults who would otherwise continue to smoke cigarettes or use nicotine products.
IQOS ILUMA was launched in Saudi Arabia, Kuwait, and Bahrain, the ......read more
Aman achieves strong results during Q3-2023 following Board of Directors' strategy.
Dubai, UAE, November 15, 2023: The Dubai Islamic Insurance & Reinsurance Company PJSC (AMAN) has announced the achievement of promising financial results during the third quarter of the current year, 2023.
AMAN Insurance Company recorded a net profit of AED 10.7 million with an increase of 270% compared to the same period of 2022, which witnessed a loss estimated at AED 6.3 million.
“We are looking forward to achieving better results in coming days,” the company said.
These results are attributed to the reflection of the AGM decisions and the good performance of the board of directors' plan aimed at divestment and selling insurance portfolios, as well as transitioning the company into an investment firm.
Dr. ......read more
· Poland’s Piotr Tłuszcz wins a special humanitarian prize for The Life Chariot, an off-road trailer ambulance for universal towing, that has been used by medics in Ukraine
· Korea’s first global winners secure prize for The Golden Capsule, a hands-free intravenous (IV) device for use in disaster zones
· Hong Kong SAR’s first global winners clinch sustainability prize for their invention of E-COATING, a sustainable exterior wall coating with a high cooling effect, reducing the environmental costs of air conditioning
The James Dyson Award, the international design award, today announces its three global winners: an International winner, a Sustainability winner, and a Humanitarian winner. Selected by Sir James Dyson, each will receive £30,000 to support the ......read more
Dubai, UAE – 14 November 2023: Deyaar Development PJSC ("Deyaar"), one of the leading real estate developers and service providers in Dubai, the United Arab Emirates (UAE), has reported a significant increase in its profits for the first nine months of 2023, compared to the corresponding period in the previous year. The significant growth is underpinned by robust property sales and growth in the performance of recurring revenue businesses.
Key Financial Highlights:
• Profit for the period of AED 237.5 million (AED 103.3 million for the same period in 2022).
• Revenue for the period of AED 939.8 million (AED 577.2 million for the same period in 2022).
• Deyaar’s profit for Q3 2023 surged 227% to AED 119.02 million year-on-year. Revenue for Q3 2023 increased 50% to AED ......read more
Al Ain Allied specialises in end-to-end e-commerce support, from creating seller and ads accounts to implementing strategic digital marketing activities
Dubai, United Arab Emirates, November 2023: Al Ain Allied Investment, a pioneer in the digital marketing and online seller accounts consulting space, proudly announces its commitment to revolutionise e-commerce businesses through tailored strategies and proven results.
Established in 2017, Al Ain Allied specialises in end-to-end e-commerce support, from creating seller and ads accounts to implementing strategic digital marketing activities. The company is dedicated to driving results through effective and measurable solutions, collaborating closely with clients to enhance brand awareness, increase sales opportunities, and maximise marketing budget ROI.
Dr Ziad Amir Saleh, ......read more
DUBAI, November 2, 2023: The Good Plastic Company, the largest producer in sustainable materials, is proud to announce the exclusive distribution of its revolutionary surface material, Polygood®, into the Middle East with the successful conglomerate Danube Group.
Danube Group, a Dubai-based diversified business conglomerate, with its inception in 1993 has established itself as a major player in various sectors including building materials, home décor, hospitality, sanitary solutions, and real estate development to name a few. With a significant presence in the Middle East and worldwide, the partnership with The Good Plastic Company marks another step towards the promotion of sustainable solutions in the region.
Danube Group has grown into one of the largest building materials companies in the Middle East, with ......read more
Dubai – 7 November 2023: As businesses around the globe act to understand and capitalize on the full potential of artificial intelligence, APCO Worldwide announced today that it is launching a new form of adaptive intelligence called Margy—an advanced form of AI that dynamically brings the collective wisdom and history of APCO’s powerful team to its client strategy and work, and learns from the firm’s top experts to provide better insights over time—as well as a comprehensive AI advisory offering to help clients navigate this incredible moment of transformation.
Margy is inspired by founder Margery Kraus, under whose leadership APCO has emerged from a small practice inside Arnold & Porter to a powerhouse global consulting firm.
“At APCO, we believe that AI should not be looked at as a ......read more
• Q3 FY23 revenue up 11.8% to AED 553.1M compared to AED 494.9M in Q3 FY22
• Q3 FY23 net profit increased 17.5% compared to Q3 FY22, reaching AED 130.5M
• Revenue for the first three quarters of FY23 passed AED 1 billion
Abu Dhabi, UAE 7th November 2023 – Presight AI Holding PLC (“Presight” or the “Company”), (ADX: PRESIGHT) today announced strong financial performance for Q3 FY2023 and year-to-date Q3 FY2023, continuing the company’s robust growth trajectory and potential as highlighted at the time of it’s listing on Abu Dhabi Securities Exchange (ADX) in March this year.
Presight’s Q3 FY2023 net profit was AED 130.5 million, an increase of 17.5% (AED19.4 million) compared to Q3 2022 net profit of AED 111.1 million. Revenue for Q3 FY23 ......read more
— Revenue growth of 24.8% in YTD-2023 as compared to YTD-2022, driven by positive performance in key segments including real estate and construction, marine and dredging, and services.
— Growth in Total Assets to AED 235.6 billion, a 3.3% increase as compared to December 2022.
Abu Dhabi, 08 November 2023: International Holding Company (ADX: IHC), the global diversified Abu Dhabi-based conglomerate, today announced its financial results for the third quarter of 2023. IHC recorded a quarterly group Revenue of AED 14.2 billion representing a 9.5% increase over Q2 2023. During the 9 months period ending September 2023, the Group reported a Profit After Tax of AED 15.2 billion (vs AED 24.3 billion in YTD-2022).
Syed Basar Shueb, IHC’s Chief Executive Officer, said: “IHC produced a strong set of ......read more
• AED1.1 billion Islamic Treasury Sukuks were issued in the fifth auction, as part of the Islamic Treasury Sukuks issuance program for 2023.
• Bids worth AED5.77 billion were received.
• Oversubscription by 5.2 times.
UAE: November 07, 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 fifth auction of the Islamic Treasury Sukuks (T-Sukuks), which is part of the T-Sukuks issuance program for 2023 as published on the ministry’s website.
The fifth auction of the UAE T-Sukuks program witnessed a strong demand through the eight primary dealers, with bids received worth AED5.77 billion, and an oversubscription by 5.2 ......read more
52% shareholding in the Switzerland-based VTOL systems manufacturer will see EDGE become a market leader in the advanced unmanned helicopter domain
United Arab Emirates - 6 November, 2023: The UAE’s EDGE Group, one of the world’s leading advanced technology and defence groups, has announced the acquisition of a 52% majority shareholding in ANAVIA, a Switzerland-based company that specialises in the design, development, and manufacturing of versatile vertical take-off & landing (VTOL) systems of up to 750 kilograms, and their associated capabilities. The move will see EDGE become a market leader in this highly-specialised domain.
ANAVIA produces a range of industry-leading unmanned helicopters for various mission profiles such as surveillance and reconnaissance, inspection, and mapping ......read more
High Performance, Strong Profitability Reflect Progress in Advancing Business Portfolio, Accelerating B2B Business and Procuring New Growth Engines
02 November, 2023 — LG Electronics Inc. (LG) today announced third-quarter 2023 consolidated revenue of KRW 20.7 trillion and operating profit of KRW 996.7 billion, both the second highest third-quarter figures in the company’s history. The noteworthy performance was driven by both the company’s core home appliance business and vehicle solutions, one of its future growth engines. Home appliances more than doubled its operating profit year-over-year while vehicle solutions recorded an all-time high operating profit.
The strong performance reflects the company’s smooth progress in the execution of its future vision for 2030, leading to solid revenue and profits ......read more
Standard Chartered awards Intella, The Waste Lab and Wellx a total of USD 100,000 in equity-free seed capital
Dubai, UAE; 2 November 2023: Standard Chartered’s fifth cohort of the Women in Tech accelerator programme, launched in partnership with DIFC Innovation Hub, has awarded a total of USD 100,000 in equity-free seed capital to the top three female-led tech startups in the UAE.
The first-place winner, Nour Taher, Co-founder and CEO at Intella, whose company bridges the gap between global AI advancements and the Arabic speaking world by building and fine-tuning machine learning models for dialectal Arabic, received USD50,000; second-place winner, Lara Hussein, Co-founder and CEO at The Waste Lab, which specialises in nature-based composting, secured USD30,000; and the third-place winner, Dr. Anushka Patchava, ......read more
• This visit aimed to strengthen bilateral investments between the UAE and Egypt.
Abu Dhabi, UAE – 1 November 2023: The UAE Ministry of Investment, led by His Excellency Mohamed Hassan Alsuwaidi, headed a delegation to Egypt earlier this week to discuss investment opportunities in the country, to enhance bilateral relations and to identify avenues for economic growth.
The UAE delegation comprised of leaders from five notable organizations: ADQ, Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company, Abu Dhabi Investment Authority (ADIA), Abu Dhabi Fund for Development, AD Ports Group (AD Ports), and Al Dahra, all of which are investors in Egypt.
His Excellency Mohamed Hassan Alsuwaidi praised the depth of economic ties between both nations and emphasized that the visit aimed to ......read more
The Cooperative and Smile Train have signed similar agreements previously as well
Dubai, UAE: Union Coop has entered into a Memorandum of Understanding (MoU) with Smile Train International, reinforcing their partnership through the exchange of expertise and the utilization of available resources for mutual benefit. The collaboration also includes joint promotion and marketing of projects and initiatives, with a focus on delivering high-quality and effective services.
The agreement was formally signed by Eng. Abdulla Mohammad Rafie Al Dallal, Managing Director of Union Coop, and Ms. Afaf Meky, Executive Manager of Smile Train International, UAE. The signing ceremony took place at Union Coop's headquarters in Al Warqa City Mall and was attended by Dr. Suhail Al Bastaki, Director of Corporate Communication, Mr. Shuaib ......read more
Revenue increased by 16% to US$989 million
Dubai, U.A.E., 1 November 2023 – Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the nine months ended September 30, 2023. The consolidated financial statements can be found here.
Selected Financial Highlights:
Nine Months Ended
US$ millions Sep 30, 2023 Sep 30, 2022
Total Revenue 989.2 853.9
Profit for the period before tax and exceptional items (1) 207.5 200.6
Operating Cash Flow 928.9 956.6
Adjusted Pre-Tax Profit Margin (1) 21.0% 23.5%
Adjusted Pre-Tax Return on Equity (1) 9.4% 8.7%
US$ millions Sep 30, 2023 Dec 31, 2022
Total Assets 12,434.4 12,709.1
Net Loans and Borrowings 7,733.4 8,045.9
Available Liquidity 3,842.3 2,659.9
Robust rise in total income by 47% YoY to AED 14.5 billion.
Net profit of AED 4.8 billion, strong growth of 18% YoY.
Balance sheet crossing a new milestone reaching AED 313 billion, up 9% YTD.
Asset quality improves to 6.0% down 50 bps YTD, beating guidance.
Continued improvement in RoTE registering 18.4%, up 140 bps YTD.
Dubai, October 31, 2023
Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE, today announced its results for the period ending September 30, 2023.
9M 2023 Highlights:
• Group Net Profit came in at AED 4,823 million, up 17.6% YoY compared to AED 4,101 million. Growth was driven by rising core revenues, non-funded income and lower impairment charges.
• Net financing and sukuk investments at AED 265 ......read more
Developments expand KEZAD Al Ma’mourah’s footprint along E311 between Abu Dhabi and Dubai
Abu Dhabi, 30 October, 2023: Khalifa Economic Zones Abu Dhabi – KEZAD Group, the largest operator of integrated and purpose-built economic zones in the UAE, today announced that infrastructure work at a cost of approximately AED 330 million on the development of Abu Dhabi Food Hub, Global Auto Hub - Abu Dhabi and other projects has already started within its Area B1 in KEZAD Al Ma’mourah. These investments are part of AD Ports Group’s 5-year organic capex program of AED 15 billion planned between 2023 and 2027.
Continuing its philosophy of partnering with the world’s best, KEZAD Al Ma’mourah Area B1 has been master-planned by Parsons. AECOM, one of the world’s largest infrastructure ......read more
Dubai - October 30, 2023: Online Trading Academy (OTA) Middle East and North Africa, a leader in investing and trading education, has recently organized a gathering event bringing together members of its Mastermind Community at the Dubai Knowledge Park Conference Centre. The congregation, hosted by the academy's local team, helped the OTA to enhance the engagement of its community members and strengthen support and collaboration within the group, reinforcing its since inception.
Commenting on the success of the event, Mr. Tariq Abu Hantash, General Manager of OTA MENA, said, “We are glad to organize this event, which resulted in massive success fostering valuable connections among students, instructors, and the Dubai team of the academy. It served as an ideal platform for the members to exchange their insights, discuss ......read more
Dubai, UAE; 26th October 2023: Mashreq announces its financial results for 9M 2023 continuing its strong sustainable growth trajectory and enhancing shareholder value with an Earnings per Share of AED 28.75.
1. Operating Income & Net Profit
• The increase in operating income and net profit is primarily attributed to a significant 82% increase in net interest income. This growth is a result of several factors, including the expansion of our balance sheet, healthy client margins, and the prevailing high-interest rate environment. Additionally, our non-interest income has reached AED 2.3 billion, marking a notable 8.1% year-on-year growth in 9M 2023.
• The bank has demonstrated a positive jaws ratio of 34.8% in 9M 2023, and the Cost-Income ratio has improved by over 8% year-on-year. This indicates effective ......read more
Dubai, UAE, 29 October 2023: Arab Bank Group delivered strong financial performance in the first nine months of this year, reporting net income after tax of $630.3 million compared to $405.8 million for the same period last year with an increase of 55%.
The Group maintained its strong capital base with a total equity of $10.8 billion. Loans grew to $36.3 billion and deposits reached $49 billion. Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 4% & 5%, respectively.
Mr. Sabih Masri, Chairman of the Board of Directors, stated that the results underscore the bank’s success in pursuing its growth strategy, despite the challenging environment.
Ms. Randa Sadik, Chief Executive Officer, stated that the bank succeeded in delivering continued growth through its ......read more
• The Group reported strong revenue growth of 120% YoY for Q3 2023-YTD.
• EBITDA growth of AED 174 MN YoY (Excluding fair value changes in investments)
• Ghitha Holding's Q3 results, with revenue of AED 3.3 billion, have significantly increased the Group's overall value.
• Ghitha Holding’s total Assets are of AED 7.2 Bn (33% growth from LY).
Abu Dhabi, UAE; 26 October 2023: Ghitha Holding PJSC (ADX: Ghitha), the regional food and drink processing conglomerate corporation headquartered in Abu Dhabi, and a subsidiary of International Holding Company (ADX: IHC), has announced its third quarter YTD results for 2023, reporting a profit before tax of AED 124 million.
The company also gained from the robust performance in the regional food processing and ......read more
Abu Dhabi, 25 October 2023 – Abu Dhabi Commercial Bank PJSC (“ADCB” or the “Bank”) today reported its financial results for the third quarter of 2023 (“Q3’23”).
Record quarterly net profit driven by solid momentum in loan growth and increased net interest margin. The UAE economy remains resilient with strong long-term fundamentals and ADCB is well-positioned to benefit from robust consumer and business confidence.
Key highlights – Q3’23
• Net profit of AED 1.942 bn was steady QoQ and increased 22% YoY
• Net interest income of AED 3.179 bn increased 8% QoQ and 24% YoY
• Non-interest income of AED 1.054 bn declined 7% QoQ and rose 11% YoY
• Operating income of AED 4.233 bn increased 4% QoQ and 21% YoY
• Cost to income ratio improved 210 basis ......read more
NBF’s nine months net profit surges 122.5% to reach AED 513.2 million
25 October 2023: NBF is pleased to announce its results today for the nine month period ended 30 September 2023.
NBF recorded year-on-year growth of 122.5% to close the nine month period with a net profit of AED 513.2 million compared to AED 230.7 million in the corresponding period of 2022. On the back of a robust Q3 2023 performance, NBF posted a net profit of AED 181.0 million in the third quarter of 2023, a rise of 125.8% over the corresponding quarter of 2022, which reflects the bank’s high level of resilience in its core business, an improvement in the impairment provisions and the high interest rate environment.
Aided by higher net interest income and net income from ......read more
Dubai, UAE, 24 October 2023 — Memac Ogilvy has bolstered its strategic creative offering with the appointment of Steve de Lange as its new Executive Creative Director in the UAE. De Lange joins the global network with a mandate of evolving and accelerating its creative vision and output across the UAE.
“The Memac Ogilvy legacy in the region has been built upon bold ideas delivered through modern, integrated solutions. With two decades of outstanding work behind him, we know Steve will bring his people-first, big-idea approach to help us continue growing that legacy,” said Ghassan Maraqa, MENA CEO, Memac Ogilvy.
“Under Steve’s leadership, we will continue uniting our diverse businesses under one consolidated creative vision to maximize our effectiveness for clients—helping to ......read more
With this development, the UAE’s 7th largest auditing and tax advisory firm gets equipped to enable businesses and government entities to leverage the benefits of automation.
DUBAI – October 23, 2023: HLB HAMT, UAE-based leading audit and tax advisory firm, has signed an agreement with Automation Anywhere, a global leader in Intelligent Automation and Artificial Intelligence (AI), at the recently concluded GITEX Global 2023, to function as a Center of Excellence (CoE) in the UAE and beyond. The establishment of a Robotic Process Automation Center of Excellence (RPA CoE) within the organization underscores HLB HAMT's pivotal role in propelling digital transformation in the solutions it provides to businesses and government entities.
HLB HAMT’s CoE hub, in close collaboration with Automation Anywhere, will ......read more
ABU DHABI, 21 October 2023 – Multiply Group (ADX: MULTIPLY), a leading Abu Dhabi-based investment holding firm, today announced a net profit excluding fair value changes of AED 331 million for Q3 2023. This marks a significant 337% increase from AED 76 million reported in the same quarter of 2022. In Q3, 2023, the Group’s net profit, including fair value changes in investments , stands at AED 145.77 million.
The Group's Q3 2023 revenue of AED 351.8 million is a 23.82% YoY growth driven by the organic growth across its 4 core verticals (+9% YoY) and the consolidation of Media 247 and LVL effective 1 July 2023. The gross profit margin rose to 50.1%, reflecting an improvement of 128 basis points from Q3 2022.
This growth was bolstered by dividend income amounting to AED 194.37 million from the Group’s ......read more
According to Youth Talks, the largest global youth consultation ever conducted, a significant portion of the youth in the Middle East and North Africa, constituting more than one in five participants, are steadfast in upholding their personal values and virtues, indicating a strong moral compass and a deep-rooted commitment to their principles.
DUBAI, [20 October 2023] - The Higher Education for Good Foundation (HE4G) unveils the results of Youth Talks initiative, the largest global youth consultation ever conducted. It reveals the major aspirations and concerns of youth in the MENA region for their future, emphasizing their desire for a harmonious society based on shared values, a redefined education system that prioritizes values and virtues, and a strong connection to their identity. These insights deserve special ......read more
Dubai, UAE, October 20th 2023: Emirates Float Glass (EFG), a renowned global leader in the float glass industry and a wholly owned subsidiary of Dubai Investments, has achieved a significant milestone by becoming the only Float Glass Manufacturing Company in the UAE to receive the prestigious Golden Listing, in addition to being ICV (In-Country Value) certified under the Abu Dhabi Local Content Program.
The Golden Listing, a hallmark of excellence, is a part of the Industrial Development Bureau's initiative developed in collaboration with the Department of Government Support (ADGS) to enhance the local supply chain by increasing the demand for locally manufactured goods through government procurements. This initiative aims to support the UAE's economic diversification by recognizing manufacturers with a high ......read more