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07 March 08:04 AM

UAE news

Agreement was signed during a virtual event
4 March 05:03 PM ADNOC, GS Energy to cooperate in growing Abu Dhabi’s hydrogen economy
UAE – Mubasher: Abu Dhabi National Oil Company (ADNOC) on Wednesday signed an agreement with South Koreas’ GS Energy to explore opportunities to grow Abu Dhabi’s hydrogen economy and enhance the emirate’s fuel export position, Emirates News Agency …
Macroeconomics
The decision is pending the approval of the bank’s shareholders
4 March 02:30 PM ADIB's board proposes cash dividends for 2020
Abu Dhabi – Mubasher: The board of directors of Abu Dhabi Islamic Bank (ADIB) recommended a cash dividend of 20.58 fils per share, representing 46.6% of net profits for 2020. The decision is pending the approval of the bank’s shareholders on 4 …
Cash Dividends
Abu Dhabi Securities Exchange (ADX)
4 March 02:21 PM UAE stocks close Thursday in red
Mubasher: Stock markets in the UAE closed Thursday’s trading session in decline, due to losses by blue-chip stocks. The main index of the Dubai Financial Market (DFM) finished lower by 0.79% at 2,569.32 points. Traded volumes amounted to 152.82 …
Trading Activities
The merger deal is expected to close in the second quarter of 2021
4 March 11:14 AM Anghami to be first Arab tech startup to list on Nasdaq
Mubasher: Anghami is set to become the first Arab technology company to list on Nasdaq New York by merging with Vistas Media Acquisition, a special purpose acquisition company (SPAC). The merger deal, which is expected to close in the second …
Mergers and Acquisitions
Photo Credit: Emirates News Agency (WAM)
3 March 05:39 PM ADNOC to erase destination restrictions for all crude oil grades
Mubasher: Abu Dhabi National Oil Company (ADNOC) is set to remove all destination restrictions for all its crude oil grades ahead of launching its Murban futures contract, Reuters reported on Wednesday. ADNOC has signed initial agreements with …
Macroeconomics
The rate of output growth slowed on a monthly basis
3 March 04:48 PM UAE’s PMI declines in February signaling modest growth: IHS Markit
Mubasher: The headline seasonally adjusted UAE Purchasing Managers' Index (PMI) declined last month, indicating a slower and marginal improvement in business conditions, according to a report by IHS Markit published on Wednesday. The index, which …
Macroeconomics
Selina Bieber, Senior Regional Director for MENA Region, GoDaddy
3 March 04:40 PM GoDaddy to participate in SHE CAN 2021
Cairo – Mubasher: GoDaddy Inc. announced that it will be participating in SHE CAN 2021, an event that will be held on March 5, in honour of International Women’s Day. The participation is derived from the alignment of both entities’ visions, which …
Event
Photo Archive
3 March 01:49 PM S&P launches ratings for Saudi local currency debt
Riyadh – Mubasher: S&P Global Ratings said it is providing GCC National Scale Ratings for entities in Saudi Arabia issuing local currency debt, Reuters reported on Wednesday. Over the past few years, Saudi Arabia, the GCC region’s largest economy, …
Bonds
3 March 12:43 PM Samsung considers four sites in US for $17bn chip plant
Samsung Electronics Co is considering two sites in Arizona and two others in New York and Texas’ Austin for a new $17 billion chip plant.
Global Reports
The platform will mainly focus on India followed by the wider South East Asia region
3 March 12:23 PM Tabreed plans $400m energy investment platform in Singapore
UAE - Mubasher: National Central Cooling Company (Tabreed) and the International Finance Corporation (IFC) are planning to establish a district energy-investment platform in Singapore. The platform will target $400 million in capital deployment, …
Companies Investments
Burj Khalifa - (Photo Archive)
3 March 12:09 PM Emaar Properties, Emaar Malls planning merger
Dubai – Mubasher: Emaar Properties and Emaar Malls jointly announced that each of their boards of directors has voted to recommend an all-share merger to their respective shareholders. The proposed merger will reinforce Emaar Properties’ position …
Management Decisions
Dubai Financial Market (DFM)
3 March 11:34 AM DFM executes DXB Entertainments’s capital hike
Mubasher: Dubai Central Securities Depository (Dubai CSD), a subsidiary of Dubai Financial Market (DFM), on Wednesday announced executing the capital increase of DXB Entertainments (DXBE) in the electronic Dubai CSD system. The company’s issued …
Corporate Actions
Dubai Financial Market (DFM)
3 March 11:14 AM DFM lists Chimera S&P UAE UCITS ETF
Dubai – Mubasher: The Dubai Financial Market (DFM) on Wednesday announced the listing of Chimera S&P UAE UCITS ETF - Share Class (A) - Accumulating. The exchange-traded fund (ETF) is designed to track the performance of the S&P UAE BMI Liquid …
Trading Activities
The Magdi Yacoub Global Heart Centre will have a patient capacity of over 120,000 each year.
3 March 11:07 AM Orascom Construction to build Magdi Yacoub Global Heart Centre
Cairo – Mubasher: Orascom Construction has been chosen by the Magdi Yacoub Heart Foundation to construct the Magdi Yacoub Global Heart Centre in Egypt’s 6th of October City. The 300-bed centre will be the largest regional facility for cardiac …
Photo Archive
3 March 10:28 AM Sharjah appoints banks for dual-tranche bonds
Dubai – Mubasher: The UAE’s Sharjah has appointed banks to arrange an issue of dollar-denominated dual-tranche bonds, Reuters said on Tuesday citing a document. BBank ABC, Citi, Emirates NBD Capital, HSBC, Mashreq, and Standard Chartered have …
Macroeconomics
Photo Archive
3 March 10:19 AM Mubadala hires banks to manage EUR bonds issuance
Mubasher: Mubadala Investment Company, a sovereign wealth fund owned by the Government of Abu Dhabi, has reportedly hired a number of banks that will manage its issuance of EUR-denominated bonds, Reuters reported. Citi and JPMorgan will be the …
Banking and Finance
2 March 03:05 PM Target earnings exceed estimates as sales grow 21%
Earnings of Target surpassed Wall Street’s estimates, as its sales were boosted by a strong holiday season and stimulus checks.
Global Reports
The Abu Dhabi Securities Exchange (ADX) closed up by 0.84% on Tuesday.
2 March 02:17 PM UAE bourses end Tuesday’s session higher
Abu Dhabi – Mubasher: The UAE stock markets closed Tuesday’s trading session on a positive note, backed by leading stocks. The Dubai Financial Market (DFM) settled higher by 0.68% to reach the level of 2,569.32 points by the end of the session. A …
Trading Activities
Industrial sector saw AED 4 billion investments, while 51 facilities started production
2 March 12:47 PM Abu Dhabi’s industrial sector accounts for 10.7% of non-oil GDP
Mubasher: The industrial sector in Abu Dhabi contributed 10.7% to the emirate’s non-oil gross domestic product (GDP) last year, according to the Industrial Activity Index Report 2020, cited by the official Twitter account of Abu Dhabi Government …
Macroeconomics
Abu Dhabi National Oil Company (ADNOC) - (Photo Archive)
2 March 12:34 PM ADNOC to ease output cuts in April
Mubasher: Abu Dhabi National Oil Company (ADNOC) is expected to increase crude shipments next month, Reuters reported, citing Asian refiners. ADNOC reportedly plans to ease output cuts by 5% in April, compared with curbs of 10-15% in March. On …
Commodities
Indian tourists topped lists of Dubai's visitors during January 2021
2 March 12:21 PM Dubai receives more than 451,000 visitors in January
Mubasher: Official data showed a decline in the number of tourists visiting Dubai during January 2021 by 75%, as the global travel and tourism industry is still coping with the impact of the Coronavirus pandemic. Dubai remains one of the …
Macroeconomics
This sets the rocket and spaceship builder’s valuation at about $74 billion
2 March 12:01 PM IHC-backed SpaceX completes $850m funding round
Abu Dhabi – Mubasher: International Holdings Company (IHC) announced that SpaceX has completed an equity funding round of $850 million. This sets the rocket and spaceship builder’s valuation at about $74 billion, a 60% leap from a valuation of $46 …
Companies Investments
IPO numbers globally continued to pick up with 1,363 IPOs taking place in 2020.
1 March 02:32 PM KSA continues to lead IPO market in MENA with $1.45bn raised on Tadawul in 2020
Riyadh - Mubasher: The MENA region saw nine initial public offerings (IPOs) raise proceeds of $1.86 billion, a fall of 40% in total issuances and 94% in total proceeds when compared with 2019, according to the EY MENA IPO Eye Q4 2020 report. Out …
Initial Public Offerings
Photo Archive
1 March 12:41 PM FAB approves cash dividends of AED 8.08bn for 2020
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has approved the distribution of 74% cash dividends for 2020, equivalent to AED 8.08 billion or AED 0.74 per share, Emirates News Agency (WAM) reported.   In this respect, FAB’s Chairman, Sheikh …
Cash Dividends
Cambridge is a provider of post-acute care and rehabilitation in the UAE and Saudi Arabia
1 March 12:03 PM Amanat acquires Cambridge Medical and Rehabilitation Centre for $232m
Dubai – Mubasher: Amanat Holdings has acquired Cambridge Medical and Rehabilitation Center (CMRC) for an enterprise value of $232 million (AED 851 million) from emerging market focused private equity company TVM Capital Healthcare. The …
Mergers and Acquisitions