Dubai, UAE, 3 October 2024: An investigation by the Dubai Financial Services Authority (DFSA) has revealed that OCS International Finance Limited (OCS) had breached multiple DFSA Rules, including mismanaging USD 46 million (AED 168,820,000) of client funds, and misleading a bank and the DFSA. As a result, the DFSA has imposed a fine, after a 30% settlement discount, of USD 720,905 (AED 2,645,721) on OCS, and USD 186,003 (AED 682,631) on its CEO, Mr Christian Franz Thurner. Alongside the financial penalties, Mr Thurner has been prohibited from holding any executive or employee position in an Authorised Person, Designated Non-Financial Business or Profession, Reporting Entity, or Domestic Fund. He is also restricted from performing any financial service-related functions in or from the Dubai International Financial Centre (DIFC). A ......read more

October 1st, 2024: Bridgestone, a global leader in tyres and sustainable mobility solutions, partnered with Al Jawaden Group, a prominent player in Iraq’s automotive sector, to transform mobility solutions in the Middle East. The partnership was formalized at a signing event at SO/Uptown Dubai, marking a significant step forward in Bridgestone's expansion plans in the Middle East. Through this partnership, Al Jawaden Group's substantial market share in Iraq will be combined with Bridgestone's state-of-the-art tyre technology and mobility services to maximise benefits. Both entities reiterated their commitment to transforming the automotive landscape through innovative and sustainable offerings that improve efficiency and reliability. More importantly, the partnership is perfectly aligned with Bridgestone's E8 ......read more

24 September 2024 – Abu Dhabi, United Arab Emirates: Global Aerospace Summit, a premier forum spearheaded by CEO’s bringing together the world's aerospace supply chain, is set to drive greater sustainability, youth engagement, and innovation across the industry. The Summit, taking place from 25 to 26 September in the UAE capital, has grown in stature and significance to become the premier platform for high-level dialogue and strategic insights for the industry. This long-standing event, currently in its seventh edition, continues to bring together the brightest minds and cutting-edge solutions in the aerospace, space and defence sectors consistently attracting government officials, industry CEOs, and leading academics dedicated to advancing the sectors around the world. Sponsors and participants at ......read more

Dubai, UAE – Avyanco, a leading business set-up and tax consultancy firm in the UAE, continues to solidify its presence as a trusted partner for entrepreneurs and businesses navigating the region’s competitive market. Under the leadership of Mr. Jashvantkumar Prajapati, who brings over 20 years of industry expertise, Avyanco has successfully assisted over 10,000 clients with tailored business and financial solutions. Known for its client-centric approach, Avyanco stands out in the UAE’s dynamic landscape by delivering customized strategic guidance that helps businesses overcome the complexities of regulations, taxation, and compliance. Mr. Jashvantkumar Prajapati emphasizes the importance of education in fostering success in today’s fast-paced business environment. “Our primary focus is on educating ......read more

Based in the UAE, the Toastmasters District 127 runs 155 clubs across Dubai, the Northern Emirates, and Lebanon. Dubai-based entrepreneur, academician and veteran Toastmaster Sujit Sukumaran has been elected to global board of the Toastmasters International. DUBAI – September 18, 2024: Toastmasters International, the world’s largest non-for-profit organization for public speaking and leadership development, has recently announced that its UAE-based District 127, which represents Dubai, the Northern Emirates, and Lebanon, as the No. 1 district globally. The announcement has been made during Toastmasters International’s 100th-anniversary convention, recently held in California.  Adding to the district's accolades, Dubai-based entrepreneur and academician Toastmaster DTM Sujit Sukumaran has been ......read more

Dubai, UAE (September 17, 2024): Grandiose Supermarkets, a leading retailer of premium food and groceries, has long been a one-stop shop for all pet essentials. In celebration of International Dog Day, they launched a major on-ground campaign to showcase their extensive pet product range. From gourmet food and delectable treats to innovative toys and accessories, Grandiose offers everything to pamper your furry companions. As part of this exciting campaign, Grandiose proudly presents "ONLY A DOGGIE NOSE." A series of out-of-home posters with an unusual creative twist. The posters were coated with the aroma of most-loved doggie delights. It made the posters unmissable for doggies, leading dog owners to discover an embedded QR code on the posters that lead them to our Grandiose App for special discounts on doggie ......read more

Abu Dhabi, U.A.E. - September 16, 2024: Hitachi Energy presents its solutions for a sustainable, flexible and secure energy system at the World Utilities Congress (WUC) 2024 to be held at the Abu Dhabi National Exhibition Centre (ADNEC) from September 16-18. The event gathers energy leaders, policymakers, innovators, and professionals from the power and water utilities value chain to discuss and address the trends and challenges shaping the industry. At the event, Hitachi Energy showcases its industry-leading technologies and innovations on enhancing power system flexibility, advancing digitalization, and accelerating the global energy transition. Power system flexibility is critical for integrating renewable energy sources like solar and wind, ensuring grid stability, and reducing carbon emissions. As the energy landscape evolves, ......read more

Monday, September 16, 2024 – Dubai, UAE: Al Fujairah National Insurance Co. (AFNIC) announces the launch of “FloodGuard,” the region’s first insurance product exclusively covering accidental loss or damage from Flood, Inundation, Storm, and Tempest for third-party insured motorists. FloodGuard offers crucial coverage for personal or company-owned vehicles used exclusively for personal or leisure purposes, especially those over 7 years old that often do not qualify for comprehensive insurance. “In response to the recent heavy rains in the UAE, AFNIC’s innovative solution provides much-needed relief to private car owners. We are proud to spearhead this groundbreaking insurance product in the UAE,” says AFNIC CEO Antoine Maalouli. “Our commitment is to address our clients’ ......read more

H.E. Bin Touq: Under the guidance of its wise leadership, the UAE consistently takes proactive measures to strengthen corporate social responsibility practices The initiative highlights the key role of the National CSR Fund in channelling private sector contributions toward national development initiatives The meeting highlighted the accomplishments and future initiatives, which are aimed at fostering strategic partnerships and promoting sustainable practices in the UAE Dubai, 12 September 2024: National CSR Fund – Majra held its fourth meeting of the Board of Trustees for 2024-2026 term. The Board of Trustees play a key role in establishing the regulatory framework for corporate social responsibility and sustainable impact in the UAE. The meeting was chaired by H.E. Abdulla Bin Touq Al Marri, Minister of Economy and ......read more

Ongoing support from Kia has enabled the removal of over one million pounds of plastic from the Great Pacific Garbage Patch (GPGP) Partnership with The Ocean Cleanup aligns with Kia’s strategic transformation into a sustainable mobility solutions provider Dubai, United Arab Emirates, September 11, 2024 — Kia Corporation and global partner The Ocean Cleanup are today celebrating a significant milestone in their joint strategy to tackle plastic pollution in the world’s oceans. Symbolically returning to the port of San Francisco from which the first-generation System 001 vessel embarked on its maiden voyage six years ago, The Ocean Cleanup's current System 03 has completed a significant haul. Since the establishment of the partnership in 2022, Kia’s support has helped The Ocean Cleanup remove over ......read more

10 September 2024: Following a visit by Al-Futtaim Group to Hangzhou No. 2 Middle School in April this year, Al Futtaim Education Foundation (AFEF) welcomed a delegation from Zhejiang Provincial Government in China and signed a Memorandum of Understanding (MoU) to promote international academic cooperation. The meeting was aimed at fostering robust ties between AFEF and the Zhejiang Provincial Department of Education, while exploring possible avenues of collaboration in the educational sector. Dignitaries welcoming the delegation included Mr Omar Abdullah Al Futtaim, Vice Chairman and CEO of Al Futtaim Group, and Chairman of Al Futtaim Education Foundation; Mrs Mira Omar Al Futtaim, Chief Future of Education Officer and Board Member of Al Futtaim Education Foundation;; Fadi Hammadeh, AFEF Board Member, Chairman DIS and UAS Board; Dr. ......read more

09 September 2024: World Travel Market London has today announced that this year's event will be the largest to date, with an expected 7% growth and expansion into new halls at ExCeL London, reflecting the thriving international tourism sector. Taking place from 5 – 7 November, World Travel Market expects to showcase around 4,000 exhibitors including tourism boards, hoteliers, transport brands, technology services and world-class experiences. So far, it's reported that there will be over 80 new exhibitors lined up at the global gathering. There has been significant growth amongst the destination market, with a 9% increase in destination participation. Over 135 National Tourism Organisations will be in attendance, with a huge volume of regions and cities joining them. Africa is the fastest growing region of the event, ......read more

Dubai, UAE – 05 September 2024: Ducab Metals Business (DMB), a subsidiary of Ducab Group, announced today the doubling of its annual production capacity for aluminium from 55,000tpa to 110,000tpa and increased its bare copper product capacity in response to surging global demand for these UAE-manufactured products. This expansion strengthens DMB’s position in the international metals market and advances the UAE's Operation 300bn industrial strategy, promoting economic diversification and solidifying the country’s leadership in high-quality, innovative industrial manufacturing. The announcement was made at the 'Ducab Metals Business Expansion Forum: Advancing Capacity, Driving Innovation,' held in partnership with Middle East Economic Digest (MEED). The event gathered leading figures from industry, ......read more

Dubai, UAE, [4.9.2024.] — Zuari Infraworld SJM Properties, LLC today led the topping off ceremony for The St. Regis Residences, Financial Center Road, Dubai, marking a significant milestone in the development of this prestigious luxury project. The event, held at the construction site, celebrated the completion of the building's structural framework, bringing the project one step closer to its highly anticipated completion in 2025. This milestone follows a remarkable sales achievement, with 70 percent of the ultra-luxury units at The St. Regis Residences being sold out within the first hour of their launch, resulting in sales valued at over AED 1 billion. This overwhelming demand underscores the project’s appeal to modern, affluent customers seeking unmatched luxury and exclusivity in the heart of Downtown ......read more

Acquisition expands TAQA’s portfolio, further strengthening its capabilities to deliver high-quality water treatment solutions Integration of SWS Holding adds significant asset value and further enhances TAQA’s predictable cashflow profile and earnings 04 September 2024, Abu Dhabi, UAE: Abu Dhabi National Energy Company PJSC (“TAQA”), one of the largest listed integrated utilities in Europe, Middle East and Africa, today announced the completion of its agreement to acquire Sustainable Water Solutions Holding Company (“SWS Holding”). TAQA has finalised the acquisition of all outstanding shares of SWS Holding for AED 1.7 billion. SWS Holding owns Abu Dhabi Sustainable Water Solutions Company (“ADSWS”), which was established in 2005, and is the sole entity responsible for wastewater ......read more

Abdullah Al Zarooni: We are committed to providing full support to developers by offering the necessary guidance to ensure adherence to best practices in the sector. Dubai, United Arab Emirates, 03 September 2024: As part of its ongoing efforts to enhance transparency and fairness in the real estate market, the Legal Support Section at Dubai Land Department has organised a focused workshop for real estate developers. The workshop aimed to strengthen collaboration and partnerships, exchange knowledge on best practices in the real estate sector, and provide a safe and transparent investment environment for both developers and buyers. The session highlighted the provision of comprehensive information regarding the rights and obligations of the parties involved in real estate sales contracts, with a clear explanation of the legal ......read more

  Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium: "EGA continues to deliver competitive financial performance throughout the economic cycle, through our focus on operational excellence, controlling our costs, and our long-term commercial relationships with our global customers. "The first half of 2024 saw our acquisition of Leichtmetall and progress in the development of our recycling plant in the UAE, important first steps in our strategy to grow EGA to meet expanding global demand for low carbon primary and recycled aluminium over the decades ahead. I look forward to further steps before the end of the year." Financial highlights of H1 2024 Adjusted EBITDA of AED 4.20 billion ($1.14 billion), compared to AED 4.15 billion ($1.13 billion) in H1 2023. Net profit of AED ......read more

Nimai, a leading corporate finance and transaction advisory firm, has successfully facilitated a complex transaction between the International Finance Corporation (IFC) and Kadat Food and Beverages (SL) Limited. This deal secures a loan for the Sierra Leonean soft drinks and fruit juices producer, enabling the company to boost productive capacity, create employment opportunities, and strengthen local agriculture value chains by sourcing more from local farmers. The loan is financed by IFC along with the Private Sector Window of GAFSP, the Global Agriculture Food and Security Program. Kadat Food and Beverages, which operates Sierra Leone's largest automated beverage plant, will use the financing to increase fruit sourcing from local farmers. The expansion is expected to create numerous jobs throughout the agriculture value chain, ......read more

Key Highlights for H1 2024 Total property income posted year-on-year growth of 12% to USD 40m in H1 2024, driven by: - Higher occupancy (90.5%) - Higher lease rates (+10%) Property operating expenses declined 3% year-on-year Operating profit increased by 19% year-on-year to reach USD 25m, up from USD 21m in H1 2023 Rising Sukuk costs continued to negatively impact the REIT’s performance Funds From Operations (“FFO”) improved whilst remaining negative at USD 1.5m for H1 2024 (H1 2023: negative USD 3.6m) NAV per share grew by 34% year-on-year to USD 1.76, which is an all-time high Finance To Value decreased year-on-year 6 p.p. to 40%, its lowest level since 2016 Value of Investment Properties increased by 18% year-on-year, with total assets reaching USD 1.1bn Thierry Delvaux - ......read more

Key Highlights: Achieved net profit of AED 1.6 billion while assets grew by 2% year-on-year. Reported 6% decline in revenue to AED 16.7 billion and 2% decline in EBITDA to AED 2.1 billion in H1 2024, affected by ongoing regional geopolitical conflicts and FX devaluations. At constant currency rates, Group revenue declined by 3%, EBITDA increased by 1% and net profit increased by 1%. Majid Al Futtaim – Properties recorded 9% year-on-year increase in revenue to AED 3.7 billion and 11% growth in EBITDA. Launched its second residential project in Dubai, Ghaf Woods, which sold out its first phase within one week. Majid Al Futtaim – Retail registered an 11% drop in year-on-year revenue to AED 11.6 billion while its Retail Digital business delivered strong growth with revenue increasing by 16% and EBITDA growing 109% ......read more

KSA’s rapidly transforming logistics landscape is projected to achieve a valuation of USD 15.31 billion and have 59 new logistics zones by 2030. Savoye as a One-Stop-Shop producer and integrator for automation and software, will address key market bottlenecks to enhance the efficiency and productivity of warehousing operations 27 August 2024: Savoye, a leading global warehouse automation integrator and software publisher, will showcase its comprehensive suite of advanced solutions at the first edition of the Saudi Warehousing & Logistics Expo, Riyadh from September 2 to 4, 2024. The event is poised to drive the adoption of advanced technologies within the Kingdom of Saudi Arabia’s (KSA) supply chain and logistics sector. Prominent industry leaders and innovators will convene at the event, spearheading crucial ......read more

Partnership signifies powerful collaboration driving digital transformation and empowering societies, delivering industry-leading telecom solutions to enhance lives and advance societies in the UAE. Dubai, UAE 21 August 2024: du, from Emirates Integrated Telecommunications Company (EITC), and etisalat by e&, today announced a strategic collaboration with Nakheel, a member of Dubai Holding, to provide fixed telecom services and enhance the ICT infrastructure in new developments. As part of the Taawun infrastructure deployment initiative, the agreement will cover the provision of essential telecommunications infrastructure in Nakheel’s major projects. Fahad Al Hassawi, CEO of du said: “We look forward to delivering state-of-the-art telecom services for Nakheel's projects. This agreement solidifies our commitment ......read more

Dubai, UAE, 20 August 2024: The Dubai Financial Services Authority (DFSA) has imposed a fine of USD 980,020 (AED 3,599,613), after settlement discount, on Mr Peter Georgiou, for misleading and deceptive conduct and for being knowingly involved in breaches of DFSA rules by his former employer Mirabaud (Middle East) Limited (MMEL). Mr Georgiou was employed by MMEL as a private banker. In addition to the financial penalty, the DFSA has prohibited Mr Georgiou from holding office or being an employee of a DFSA Authorised Firm. He is also restricted from performing any function in connection with the provision of financial services in or from the Dubai International Financial Centre (DIFC). The DFSA determined that Mr Georgiou lacked integrity and is not fit and proper to be involved in the provision of financial services in or from the ......read more

Record quarterly GAAP and Non-GAAP operating margins Raises 2024 revenue and Non-GAAP operating margin guidance Continuing to invest in the fast-growing Unified SASE and Security Operations markets Second Quarter 2024 Highlights Total revenue of $1.43 billion, up 11% year over year Service revenue of $982 million, up 20% year over year Record GAAP operating margin of 30.5% Record Non-GAAP operating margin of 35.1%1 Cash flow from operations of $342 million Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, has announced financial results for the second quarter ended June 30, 2024. "In the second quarter, we successfully balanced growth and profitability as our non-GAAP operating margin increased 820 basis points year-over-year to a company ......read more

The growing Free Zone for the future of business is home to 2,735 tenants, up from 2,259 in H1 2023 DWTCA's half year 2024 figures reach 2,818 registered companies, up from 2,366 in H1 2023 Direct jobs in the Free Zone stand at 8,223, up 5% on the same period last year. Dubai, UAE, 19 August 2024: Dubai World Trade Centre Authority (DWTCA) Free Zone, Dubai's pioneering business ecosystem, today published results from the first half of the year, revealing a sharp uptick in the number of companies choosing DWTCA as the destination for their Dubai business, and marking an increase in the number of direct jobs created within the Free Zone. The number of tenants in DWTCA Free Zone recorded significant year-on-year growth, up 21% to 2,735 tenants at the end of the first half of 2024, from 2,259 in H1 2023. The number of ......read more

Customers of TCS in the middle east will have access to a combination of TÜV SÜD’s expertise and TCS’ digital solutions for achieving decarbonization goals DUBAI, 16 August, 2024: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a global leader in IT services, consulting, and business solutions, announced a strategic collaboration with TÜV SÜD Middle East, a leading provider of testing, inspection, certification and training services. Through this collaboration TCS will accelerate the carbon management and sustainability journeys of its customers in the Middle East with tailored solutions for ESG (Environmental, Social, and Governance). These tailored solutions will be available to enterprises on the TCS Zero Carbon Platform, a proprietary digital solution that helps organizations manage and ......read more

Net income of AED 4.4 billion for H1 2024, a 12.3% increase on prior year, excluding one-off items Revenue up 2% on same period last year to AED 27.2 billion. Adjusted EBITDA 4% up on same period last year to AED 10.9 billion Abu Dhabi, UAE – 14 August 2024: Abu Dhabi National Energy Company PJSC (“TAQA” or “the Group”), one of the largest listed integrated utilities companies in Europe, the Middle East and Africa, reported its earnings for the period ending 30 June 2024. TAQA delivered solid financial results, supported by stable returns from its Transmission & Distribution business and further strengthened by the contribution from Sustainable Water Solutions Holding Company PJSC (SWS Holding). Financial highlights Group revenues were AED 27.2 billion, 2.0% ......read more

Group reports net profit of AED 27.17 million; Assets surge 17% to AED 351 million Abu Dhabi, United Arab Emirates, August 13, 2024: Response Plus Holding PJSC (ADX: RPM), the largest pre-hospital care and emergency medical services provider in the UAE and KSA, has released its interim half-year results for the period ending on June 30th, 2024. The group’s revenue surged to AED 209.88 million in the first half of 2024, compared to AED 168.77 million in H1 2023, registering a 24% year-on-year growth. Over the first six months of 2024, RPM’s net profit was AED 27.17 million after tax. The Earning Per Share (EPS) in the first half of 2024 increased to 0.14, compared to 0.13 in the first six months of 2023. Total assets of RPM rose to AED 351 million from AED 298.18 million as on December 31st, 2023. Total equity as ......read more

 Rising year-on-year consumption volumes driving increased profits and improved EBITDA Company strengthens financial position through prudent capital allocation, including repurchasing of Sukuk and increasing cash dividends  Appointment of Dr. Bakheet Al Katheeri as Chairman, along with new Board member Mansoor Mohamed Al Hamed Abu Dhabi, United Arab Emirates – 9 August 2024: Tabreed, the UAE’s leading international district cooling company, has released its consolidated financial results for the first six months of 2024 and announced changes to its Board of Directors. The results demonstrate exceptional financial health driven by business growth, sustained profitability margins and a commitment to sound financial discipline. Tabreed experienced an 8% year-on-year surge ......read more

Dubai, UAE: Union Coop has announced its financial results for the first half of 2024, demonstrating a 5% increase in semi-annual revenues compared to the previous year. The cooperative achieved a 32.3% growth in net profits and expanded profit margins across its various sectors. The cooperative’s Board of Directors has released the semi-annual results following strong performance in both business operations and sales. For the first half of 2024, Union Coop reported profits of AED 200 million, reflecting a 32.3% increase compared to the same period last year. This growth is attributed to strategic initiatives that enhanced profitability and revenue. Operationally, Union Coop saw a significant increase in its customer base, with 612,000 downloads of its mobile app by mid-year. The loyalty program now has 990,079 ......read more

Emaar Development's sales backlog has increased to AED 74.2 billion (US$ 20.2 billion), to be recognised as revenue in the coming years. Emaar Development announced the launch of two major developments: The Heights Country Club & Wellness and Grand Polo Club & Resort, spanning over a total 141 million square feet of land, with a combined development value of AED 96 billion (US$ 26 billion). In Q2 2024, Emaar Development launched the second phase of "The Valley" masterplan. Dubai, United Arab Emirates – August 8, 2024: Emaar Development PJSC (DFM: EMAARDEV), the UAE build- to-sell property development business that is majority-owned by Emaar Properties PJSC (DFM: EMAAR), achieved 56% increase in property sales reaching to AED 29.7 billion (US$ 8.1 billion) for the first half of 2024 (January to ......read more

Emaar's property sales backlog reaches AED 90.1 billion (US$ 24.5 billion), set to further boost future revenue Net profit before tax grew by 33% to AED 7.8 billion (US$ 2.1 billion) in H1 2024 compared to H1 2023 Emaar announced AED 1.5 billion (US$ 408 million) investment to expand Dubai Mall, introducing 240 new luxury retail options Dubai, United Arab Emirates – 8 August 2024:  Emaar Properties PJSC (DFM: EMAAR) has released its financial results for the first half of 2024, showcasing consistent resilient performance and operational efficiency across its various businesses.  Key Accomplishment Highlights Emaar recorded total revenue of AED 14.4 billion (US$ 3.9 billion) and a net profit before tax of AED 7.8 billion (US$ 2.1 billion), achieving growth of 17% and 33% respectively over the same ......read more

Photo caption: Malabar Gold & Diamonds has launched its brand-new showroom in the Gajuwaka province of Andhra Pradesh. The 17th showroom of the brand in the state was opened to the public by Member of Legislative Assembly from Gajuwaka, Mr. P Srinivasa Rao, following the showroom’s virtual inauguration by Malabar Group Chairman Mr. M.P Ahammed. Mr. Siraj P.K, Head of Retail Operations at Malabar Gold & Diamonds, other management team members, customers and well-wishers were present at the inaugural ceremony.  

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Abu Dhabi, 31st July 2024: e& today announced its consolidated financial results for the first half of 2024, reporting consolidated revenues of AED 28.3 billion, a year-over-year (YoY) growth of 6 per cent, demonstrating strong performance across all business verticals. Reflecting the effectiveness of its strategic focus on growth in local and international markets, the group's consolidated net profit grew by 17 per cent to AED 5.5 billion. Furthermore, consolidated EBITDA reached AED 12.9 billion, resulting in a healthy EBITDA margin of 46 per cent. e&'s robust financial results are driven by its relentless focus on maintaining its growth momentum with a strong commitment to drive innovation while enabling a digital future for customers across its markets. This is further evidenced by the group's ......read more

Dubai, U.A.E., 31 July 2024 – Dubai Aerospace Enterprise (DAE) Ltd (“DAE”) today reported its financial results for the six months ended June 30, 2024. The consolidated financial statements can be found here. Selected Financial Highlights:   Six months ended US$ millions Jun 30, 2024 Jun 30, 2023 Total Revenue 679.2 670.1 Profit before Tax 154.3 150.4 Operating Cash Flow 612.4 643.4       Pre-Tax Profit Margin 22.7% 22.4% Pre-Tax Return on ......read more

Dubai, UAE – 30th of July 2024: Tim Hortons, the iconic Canadian coffee chain, is excited to announce a strategic partnership with Union Coop, the leading consumer cooperative in the UAE. This innovative collaboration promises to blend the best of both worlds, enhancing community connections and delivering unparalleled value to customers. In a landmark moment that signifies the dawn of a new era, Mr. Hesham Almekkawi, CEO of Tim Hortons Middle East, and Mr. Mohamed Al Hashemi, CEO of Union Coop, celebrated this partnership with a symbolic handshake, setting the stage for exciting ventures ahead. The UAE is a vital market for Tim Hortons, serving as a hub for cultural exchange and growth opportunities in the Middle East. This partnership with Union Coop strengthens Tim Hortons' commitment to delivering exceptional ......read more

Ras Al Khaimah, United Arab Emirates, July 29, 2024 – The National Bank of Ras Al Khaimah (RAKBANK) today reported its financial results for the first Half of 2024. Highlights Total Income AED 2.3B +8.7% YoY Total Assets AED 80.4B +11.9% YoY Deposits AED 58.5B +19.4%  YoY Return on Equity 20.4% YTD Return on Assets 2.9%  YTD   Key Financial Highlights – H1 2024 RAKBANK delivers record net profit after tax of AED 1.1B, growth of 21% YoY, driven by diversified growth in balance sheet, continued sales momentum and strong credit quality. Income up 8.7% YoY, supported by a net interest margin of 4.6%, on the back of well ......read more

Reported Revenue of $1.05 billion and Adjusted EBITDA of $232.7 million, resulting in 22.1% EBITDA margin Net profit attributable to the Shareholders of the Parent Company stood at $80.0 million 81 gross new store openings during first half of 2024, increasing the total Restaurant count to 2,477. 36 new restaurants under construction Abu Dhabi and Riyadh, 30 July 2024: Americana Restaurants International PLC (“Americana Restaurants” or the “Company”) (ADX symbol: AMR/ ISIN: AEE01135A222) (Saudi Stock Exchange symbol: 6015), the largest out-of-home dining and quick service restaurant operator in the Middle East & North Africa (“MENA”) and Kazakhstan, today announced its financial results for the six months ended 30 June 2024. The Company reported revenues of $1.05 billion, a decrease ......read more

Dubai, July 29, 2024 – According to the Global Insurance Market Index released by Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan (NYSE: MMC), global commercial insurance rates were flat in the second quarter of 2024 (down from a 1% increase in Q1 2024). The findings mark the first time in nearly seven years – since the third quarter of 2017 – that the global composite rate has not increased. The continued moderation of rates was largely driven by increasing competition among insurers in the global property market. On average, rates decreased in Canada and the Pacific by 5%, and in the UK and in Asia regions by 3%. Rates increased in the US and Europe by 1%, and in the Latin America and the Caribbean and India, Middle East, and Africa (IMEA) regions by ......read more

The retail pioneer managed 161,599 online purchase requests for food and non-food products during the first six months of the year 2024 Dubai, UAE: Dr. Suhail Al Bastaki, Chief Community Relations Office at Union Coop, confirmed that the cooperative’s Smart App and Online Store managed 161,599 purchase requests for food and non-food products during the first six months of 2024. He noted that products on both digital platforms are updated daily. Dr. Al Bastaki highlighted that the cooperative has recently added numerous features to its app to enhance the online shopping experience for customers. This effort is part of their commitment to providing accessible products and keeping up with advances in e-commerce within the retail sector. As of the end of June 2024, the number of registered users on the Union Coop smart app ......read more

Arab Bank Group reported solid results for the first half of 2024, with 25% increase in net income after tax reaching $503 million as compared to $401 million for the same period last year. The Group maintained its strong capital base with a total equity of $11.5 billion. Assets grew by 5% reaching $68.7 billion and at constant currency, the Group’s loans grew by 8% to reach $38.1 billion, and deposits grew by 6% to reach $50.5 billion. Mr. Sabih Masri, Chairman of the Board of Directors, stated that the solid financial performance during the first six months underscores the successful execution of the bank’s prudent risk practices, diversified business model and its focus on core banking activities. Mr. Masri emphasized on the Group’s ability to continue achieving robust performance which reinforces its leading ......read more

Company Sets New Records for Second Quarter Revenue and Operating Profit Through Balanced Qualitative Growth in Core and Future Businesses Dubai, July 26, 2024 — LG Electronics Inc. (LG) today announced second-quarter 2024 consolidated revenue of KRW 21.69 trillion and operating profit of KRW 1.20 trillion, reflecting an 8.5 percent year-over-year increase in revenue and a 61.2 percent surge in operating profit. These figures mark new records for the highest second-quarter revenue and operating profit in the company’s history. Key drivers of this performance include the home appliance and vehicle component sectors, both achieving their highest quarterly revenues to date. Sales from LG’s Home Appliance & Air Solution Company and Vehicle component Solutions Company combined reached KRW 11.53 trillion, up 8.2 ......read more

Key financial highlights: Net profit before corporate tax for H1 2024 amounted to AED 202.6 million, a significant growth from AED 118.5 million in H1 2023. Total Assets increased by 6%, reaching AED 6,598 million as of 30 June 2024 from AED 6,226 million as of 30 June 2023. Revenue for the six-month period ending 30 June 2024 reached AED 664.4 million compared to AED 628.9 million in June 2023, reflecting a YOY increase. Earnings per share increased by 59%, from 2.71 fils in H1 2023 to 4.31 fils in H1 2024. Dubai, UAE – 26 July 2024: Deyaar Development PJSC ("Deyaar"), an integrated real estate leader in Dubai, has announced positive financial results for the first half of 2024 (H1 2024) compared to the corresponding period of 2023. This announcement was made today in its filing to the Dubai Financial ......read more

25 July 2024: NBF is pleased to announce its results today for the six-month period ended 30 June 2024. Highlights: NBF recorded year-on-year growth of 46% to close the six-month period at a net profit before tax of AED 484.9 million compared to AED 332.1 million in the corresponding period of 2023. Further, NBF posted a net profit after tax of AED 441.2 million for the half year with a corporate tax charge of AED 43.8 million. On the back of a strong Q2 2024 performance, NBF posted a net profit before tax of AED 210.1 million in the second quarter of 2024, a rise of 16.7% over the corresponding quarter of 2023. These results exhibit the bank’s continued focus on good quality business opportunities and the effective management of margins and liquidity. The on-going high interest rate environment, ......read more

Summary Natural Ventures, a venture capital fund with offices in the UAE and the Netherlands, completed the first close to focus on global food and water security. The fund is backed by investors, including HELM AG, a strategic UAE investor, and Chemovateq, a Swiss-based family office. The fund launches with an existing portfolio of four companies and a strong pipeline of opportunities globally. July 23,2024 - Abu Dhabi, United Arab Emirates - Natural Ventures, an impact-focused venture capital fund that addresses global food and water security, is pleased to announce the first close of its inaugural fund. Natural Ventures takes an impact-driven approach to investing in and supporting the drive towards a more sustainable future and stable climate by focusing on high-technology solutions. Addressing the interconnected ......read more

Total Revenue: AED 2.3 billion for the first half of 2024, projecting full-year revenue of AED 4.5 billion Strategic agreements: Partnerships with Deucalion, Asiana Airlines, AerCap and CFM Materials bolster Sanad’s market position as a trusted partner of global aviation organizations LEAP MRO Center Investment Fuels Growth: The substantial investment of over AED 100 million in the new LEAP MRO Center and significant growth in global air travel demand has fortified Sanad’s operational capabilities and elevated its performance to new heights in H1 2024 Abu Dhabi, United Arab Emirates - 18 July 2024: Sanad, the global aerospace engineering and leasing solutions leader wholly owned by Abu Dhabi’s sovereign investor Mubadala Investment Company PJSC (Mubadala), today announced its ......read more

Abu Dhabi, 15th July 2024 – e& UAE announced the winners of its third edition of ‘SMB Awards 2024’ celebrating the outstanding talent and innovation within the Small and Medium Businesses (SMBs) in the UAE. Held at the prestigious Jumeirah Emirates Towers in Dubai, the gala ceremony highlighted the exemplary accomplishments of SMBs across 14 distinct categories. Esam Mahmoud, Senior Vice President, SMB of e& UAE, said: "The SMB Awards celebrate the energy and success within our industry. Every organisation we recognised exemplifies the spirit of innovation and resilience that drives the UAE’s economic growth. As we navigate an increasingly competitive landscape, SMBs will continue to play a vital role in shaping the nation’s dynamic and forward-thinking future. e& UAE is committed to ......read more

Increase of 10% in the total number of cases filed with the Court of First Instance (CFI) Total value of cases filed with the Small Claims Tribunal increases by 37% International connectivity expanded with Hong Kong cooperation agreement Dubai, United Arab Emirates; 15 July 2024: The Dubai International Financial Centre (DIFC) Courts today released its figures for the first six months of 2024, reflecting continued growth in case numbers for the region’s pre-eminent forum for English language dispute resolution. In addition, there has been an uptake of additional ancillary services, such as the tejouri digital vault service, as Dubai Government’s paperless mandate drives demand for secure digital storage of life admin documentation. The value of cases across all Divisions in the first half of 2024 was AED 1.05 ......read more

$37m fundraise will enable technology development, commercialisation and international expansion Investors include climate investment leaders, geological carbon storage experts and technology developers 44.01’s technology already piloted in Oman and the UAE Potential for CO2 mineralisation on every continent making 44.01’s technology a safe, permanent, and scalable carbon sequestration solution 15 July 2024: 44.01 announces the completion of a $37m Series A funding round. The round is led by Equinor Ventures with Shorooq Partners in the UAE, as well as (in alphabetical order) Air Liquide Venture Capital (ALIAD), Alumni Ventures, Amazon’s Climate Pledge Fund, Climate Investment, Innovation Development Oman, Planet A Ventures, Salica Oryx Fund, Siemens Financial Services, Sumitomo Corporation and several ......read more

Dubai, 10 July 2024 - Despite an air of uncertainty stemming from the US Presidential Elections and recent U.S. economic indicators demonstrating a decline in leading economic activity metrics, the UAE economy has been holding up with the latest CPI year-over-year figure decreasing from a six-month high of 3.91% to 3.81% at the second half of the year. Meanwhile, the U.S. CPI year-over-year has fallen from 3.4% to 3.3%. Expecting a sluggish growth of commodity prices, wages, rents, as well as the increase of the UAE Dirham due to a strong US Dollar that could consequently moderate levels of inflation further, the CBUAE's June 2024 outlook revised the 2024 inflation forecast down from 2.5% to 2.3%. Razan Hilal, Market Analyst at FOREX.com comments: “With this and a slew of global economic uncertainties, the UAE economy ......read more