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Lower net income was attributed to the group's higher precautionary provisions
04:40 PM Al Baraka Banking Group achieves 8% lower net income in 2020
Mubasher: The total net income of the Bahrain-based Al Baraka Banking Group (ABG) declined by 8% to $166 million in 2020, compared to $180 million in 2019. Lower net income was attributed to the group's higher precautionary provisions allocated to …
03:51 PM Airline industry to remain cash negative in 2021 - IATA
The airline industry is forecast to continue witnessing negative cash flow in 2021 due to COVID-19.
02:59 PM EU leaders meet to accelerate vaccine production, rollout
European Union leaders will meet to try to accelerate the production and rollout of COVID-19 vaccines in a race against the emergence of new variants.
The benchmark index of the DFM inched up by 0.78%
02:36 PM UAE stock markets close Thursday on varied note
UAE - Mubasher: The UAE stock markets have ended Thursday's trading session on a varied note. The benchmark index of the Dubai Financial Market (DFM) inched up by 0.78% or 19.68 points to close Thursday's session at 2,527.48 points. A total …
The international deals accounted for 43% of the total transactions
02:04 PM IDEX and NAVDEX 2021 deals exceed AED 904m on 5th day
UAE - Mubasher: The total value of deals signed during the fifth day of the IDEX and NAVDEX 2021, held on 21-25 February, reached AED 904.3 million, the Emirates News Agency (WAM) reported. The international deals accounted for 43% of the total …
The kingdom’s trade exchange with the four GCC states was SAR 98.1 billion ($26.15 billion) in 2020.
01:38 PM Saudi trade exchange with 4 Gulf countries falls 6.1% in 2020
Riyadh – Mubasher: Saudi Arabia’s trade exchange with the UAE, Bahrain, Kuwait, and Oman slid by 6.06% in 2020 when compared to a year earlier. The kingdom’s trade exchange with the four GCC states was SAR 98.1 billion ($26.15 billion) in 2020, …
The UAE registered 4,678 new recoveries
01:28 PM UAE reports 3,025 new COVID-19 cases
UAE - Mubasher: The UAE has recorded 3,025 coronavirus (COVID-19) cases to raise the total number of cases to 381,662, the UAE Ministry of Health announced on Thursday. The ministry conducted 195,866 COVID-19 tests to detect further cases. The UAE …
The GCC insurers could face key risks relating to volatility of earnings
12:51 PM S&P Global ratings on GCC insurance market expected to remain stable in 2021
Mubasher: S&P Global predicted its ratings on the GCC insurance market to remain stable in 2021, attributed to strong capital buffers, despite the coronavirus (COVID-19) economic repercussions and uncertainty. A relatively large number of the GCC …
The CBUAE has fined any non-authorised individual with AED 600,000
11:55 AM CBUAE imposes sanctions on non-authorised individual related to exchange house
UAE - Mubasher: The Central Bank of the UAE (CBUAE) has imposed financial and administrative sanctions on a non-authorised individual related to an exchange house operating in the UAE. This decision aims to combat money laundering and the …
Flydubai will start operating its flights to Cluj-Napoca from 20 March
11:23 AM Flydubai expands operations in Romania with new flights to Cluj-Napoca
UAE - Mubasher: Flydubai has expanded its operations in Romania by launching twice-weekly flights between Dubai International (DXB) and Avram Iancu International Airport Cluj (CLJ) in Cluj-Napoca. The Dubai-based airline will start operating its …
ADSB and Novamarine will identify opportunities for the RHIB in the GCC
10:40 AM ADSB inks reciprocal agreement with Novamarine
Abu Dhabi – Mubasher: Abu Dhabi Ship Building (ADSB) has entered into a reciprocal agreement with Novamarine, under which ADSB will design, manufacture, and market Rigid-Hulled Inflatable Boats (RHIBs) in the UAE. As per the agreement signed on …
The cash dividend distribution stands at 40 fils per share
09:33 AM Emirates NBD's OGM nods to 40% dividends for 2020
Dubai – Mubasher: The ordinary general meeting (OGM) of Emirates NBD has approved to distribute a cash dividend, equivalent to 40% of the capital, for 2020. The cash dividend distribution stands at 40 fils per share, aggregating at a total amount …
BFC Group’s products include BFC Forex and BFC Payments
24 February 03:52 PM New Finablr owners in merger talks with Bahrain's BFC Group Holdings
UAE - Mubasher: A consortium of Prism Group and Abu Dhabi’s Royal Strategic Partners is holding an advanced discussion over a potential merger with Bahrain's BFC Group Holdings to form a regional fintech with licences to operate in more than 30 …
The benchmark index of the DFM declined by 1.54%
24 February 03:05 PM UAE stock markets close Wednesday in red zone
UAE - Mubasher: The UAE stock markets have ended Wednesday's trading session in the red zone. The benchmark index of the Dubai Financial Market (DFM) decreased by 1.54% or 39.44 points to settle at 2,507.80 points by the end of Wednesday's …
The company has repaid part of the acquisition financing to Emirates NBD
24 February 02:37 PM Dar Al Takaful repays AED 100m of acquisition financing
Dubai – Mubasher: Dar Al Takaful has repaid AED 100 million of acquisition financing to Emirates NBD ahead of schedule, despite the uncertain business conditions due to the coronavirus (COVID-19) pandemic in 2020. In June 2020, the company has …
The ministry conducted 179,229 COVID-19 tests
24 February 01:49 PM UAE announces 3,102 new COVID-19 cases
UAE - Mubasher: The UAE Ministry of Health recorded 3,102 new coronavirus (COVID-19) cases to raise the total number of cases to 378,637. The ministry conducted 179,229 COVID-19 tests to detect further cases. The total number of recovered cases in …
The cash circulating outside the UAE banks represents around 5.3% of M3
24 February 01:25 PM Cash in circulation outside UAE banks rises AED 16.5bn in 2020
UAE - Mubasher: The volume of cash circulating outside the UAE banks increased by AED 16.5 billion in 2020, bringing the cumulative balance to AED 94.7 billion by the end of December 2020, the Emirates News Agency (WAM) reported. The cumulative …
The company’s assets declined by 6%
24 February 10:54 AM Majid Al Futtaim records 7% lower revenues in 2020
UAE - Mubasher: The total revenues of Majid Al Futtaim decreased by 7% year-on-year (YoY) to AED 32.6 billion in 2020, attributed to the coronavirus (COVID-19) impact. The company's audited operational and financial results for 2020 …
Abu Dhabi's trade with Kuwait includes AED 19.7bn exports
24 February 10:24 AM Abu Dhabi's non-oil trade with Kuwait hits AED 51.3bn over five years
UAE - Mubasher: The total value of Abu Dhabi's non-oil trade with Kuwait reached AED 51.3 billion over the past five years, the Abu Dhabi media office reported. Abu Dhabi's non-oil trade with Kuwait comprised AED 19.7 billion exports, AED 2.6 …
The dividend distribution aggregates at a total amount of AED 89.79m
24 February 09:56 AM Emirates Driving's board proposes 100% dividends for 2020
Abu Dhabi - Mubasher: The board of Emirates Driving Co (Drive) has recommended distributing cash dividends, equivalent to 100% of the paid capital, for 2020. The cash dividend distribution aggregates at a total amount of AED 89.79 million, …
ADNOC Distribution has launched its voyager lubricant range
24 February 09:37 AM ADNOC Distribution partners with Amazon to sell products online
Abu Dhabi – Mubasher: Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) has partnered with the e-commerce giant, Amazon, to enable its customers to buy products online. Under the partnership, ADNOC Distribution has launched its …
Both firms will review projects related to in-country capability-building
23 February 04:39 PM Edge partners with US Lockheed Martin to explore opportunities in UAE's aerospace, defence
UAE - Mubasher: Edge Group has entered into a Memorandum of Understanding (MoU) with the US-based Lockheed Martin, a global technology leader, to identify industrial partnership opportunities across the UAE's aerospace and defence sector. Under …
Halcon's SkyKnight was manufactured to counter modern threats
23 February 03:53 PM UAE to provide Germany's Rheinmetall with first designed C-RAM missile system
UAE - Mubasher: The UAE will supply Rheinmetall AG, a Germany-based security contractor, with SkyKnight, the UAE's first designed and manufactured counter-rocket, artillery, and mortar (C-RAM) missile system. Halcon, a unit of state-owned Edge …
The facility has been leased to Michelin North America
23 February 02:42 PM GFH acquires mission-critical distribution facility in Chicago for $135m
UAE - Mubasher: GFH Financial Group has acquired a mission-critical distribution facility in Chicago in Illinois in exchange for $135 million, according to a press release on Tuesday. Since November 2015, the facility has been leased to Michelin …
23 February 02:38 PM HSBC annual profit beats estimates
HSBC reported full-year earnings for 2020 that exceeded expectations and announced a dividend payout for the first time since the Covid-19 pandemic.