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24 July 04:11 PM ADIB logs 30% higher consolidated profit in H1-24
Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank’s (ADIB) posted a 30% year-on-year (YoY) surge in consolidated net profit after tax and zakat of AED 3.02 billion during the first half (H1) of 2024 from AED 2.32 billion. Total operating income soared …
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24 July 03:49 PM FAB expands Visa B2B in region via new partnership
Abu Dhabi – Mubasher: Visa teamed up with First Abu Dhabi Bank (FAB) to expand the Visa B2B Connect network in the region, according to a press release. The collaboration aims to boost corporate cross-border payments, allowing businesses in the …
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24 July 03:24 PM CBD’s net profits hike 18.5% in H1-24
Dubai – Mubasher: The Commercial Bank of Dubai (CBD) witnessed an 18.50% surge in net profit after tax to AED 1.45 billion during the first half (H1) of 2024, compared to AED 1.22 billion in H1-23. Total operating income climbed by 10.10% …
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24 July 03:09 PM Emirati-Turkish-Azeri alliance form $600m real estate venture
UAE – Mubasher: Istanbul-based RMS Capital Investment has brought together UAE’s Reportage, Turkey’s MESA Holding, and Azerbaijan’s Sabah Investment Group. Under the new structure, Reportage holds 34%, MESA 33%, and Sabah 33% of the real estate …
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24 July 02:22 PM Egypt reportedly launches tender to purchase 5 liquefied gas shipments
Cairo – Mubasher: Egypt has launched a new tender to import five shipments of liquefied gas next August and September, as part of its efforts to end the electricity outage crisis in the Arab Republic. A government official, who spoke to Asharq …
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24 July 01:57 PM Dragon Oil launches AI project to develop oil fields in Egypt
UAE – Mubasher: Dragon Oil Company has inaugurated the AI Retreat to study the development of the Morgan and Badri fields using AI technology in Egypt, according to Emirates News Agency (WAM). The project aims to boost productivity and extend the …
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24 July 12:16 PM ADCB bolsters presence in Central Asia via new hub in Kazakhstan
Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) established a hub in Kazakhstan for its Shari’ah-compliant corporate banking services, according to a press release. The hub aligns with the DFM-listed lender’s objectives to expand its …
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24 July 12:10 PM Dubai’s GDP achieves 3.2% growth in Q1-24
UAE – Mubasher: Dubai’s GDP grew by 3.20% in the first quarter (Q1) of 2024, said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence of the UAE. The emirate’s GDP growth has been …
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24 July 11:13 AM Zyp Technologies secures $1.5m funding round led by Shorooq Partners
UAE – Mubasher: UAE-based VC fund Shorooq Partners has led a $1.50 million pre-Series A round in Pakistan’s mobility startup Zyp Technologies, according to a press release. The fundraising transaction also included Indus Valley Capital and several …
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24 July 10:51 AM Aldar Properties to launch office tower in Dubai; new asset acquired
Abu Dhabi – Mubasher: Aldar Properties has revealed plans to develop a landmark Grade A office tower on Sheikh Zayed Road, near the Dubai International Financial Centre (DIFC). The project, featuring an 88,000 sqm net leasable area (NLA), will …
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24 July 10:37 AM DIB sees higher profits in H1-24; total income hits AED 11.2bn
Dubai – Mubasher: Dubai Islamic Bank (DIB) registered net profits valued at AED 3.37 billion in the first half (H1) of 2024, up 8.60% from AED 3.11 billion in H1-23. The lender posted 21.30% year-on-year (YoY) higher total income at AED 11.29 …
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24 July 09:36 AM PowerDMARC launches business in UAE via new office
UAE – Mubasher: PowerDMARC, a leading email authentication and domain security SaaS service provider, launches its new office in Dubai Silicon Oasis, according to a press release. The new office is included in its existing offices in Plano Texas, …
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24 July 08:50 AM Saudi Arabia to host Middle East LPG Expo 2024
Riyadh – Mubasher: Middle East LPG Expo - Saudi Arabia 2024 is set to take place during 10-11 September 2024, according to a press release. LPG Expo, a leading exhibition and conference organiser in the liquefied petroleum gas (LPG) industry, …
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23 July 04:16 PM JD Holding teams up with Emirati investors to expand in Egypt
Cairo – Mubasher: JD Holding, a joint-venture (JV) between Jebal Real Estate Development and Abu Dhabi National Investment Company, has signed a strategic partnership agreement with several Emirati businessmen, in collaboration with FAB Group and …
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23 July 03:42 PM Borouge, ADNOC join consortium to develop polyolefins complex in China.
Abu Duabi – Mubasher: A consortium of Borouge, Abu Dhabi National Oil Company (ADNOC), and Borealis has signed a collaboration agreement with China’s Wanhua Chemical and its subsidiary Wanrong New Materials (Fujian) a speciality polyolefins …
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23 July 02:50 PM Dubai-based Ogram fuels Saudi expansion plans via funding round
UAE – Mubasher: HRtech Ogram has secured a funding round led by Oraseya Capital, the venture capital arm of Dubai Integrated Economic Zones Authority (DIEZ), according to a press release. The platform will use the proceeds of the funding round to …
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23 July 12:49 PM ADNOC L&S’ JV awards $1.9bn shipbuilding contracts to China’s Jiangnan Shipyard
Abu Dhabi – Mubasher: ADNOC Logistics & Services (ADNOC L&S), a global energy maritime logistics company, has announced that its joint venture (JV) with Wanhua Chemical Group, AW Shipping, has awarded shipbuilding contracts to Jiangnan Shipyard in …
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23 July 12:23 PM du’s profits exceed AED 1bn in H1-24; interim dividends approved
Dubai – Mubasher: Emirates Integrated Telecommunications Company (du) posted net profits valued at AED 1.18 billion in the first half (H1) of 2024, higher by 54.20% year-on-year (YoY) than AED 768 million. Revenues increased by 5.70% to AED 7.17 …
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23 July 12:02 PM Air Arabia includes Maldives in its global network
Dubai – Mubasher: Air Arabia has launched its non-stop flights between Sharjah and the idyllic island of Maldives, according to a press release. The new flights between Sharjah International Airport and Velana International Airport in Mali will …
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23 July 10:59 AM Dubai Chambers, SGS Gulf pen MoU to bolster exports
UAE – Mubasher: Dubai Chambers has signed a memorandum of understanding (MoU) with SGS Gulf Limited to support and facilitate the export of products and services from local companies to international markets. This agreement allows companies in …
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23 July 09:58 AM GFH raises stake in GFH Equities to over 76.5%
Mubasher: GFH Financial Group has increased its equity ownership in GFH Equities, previously known as GBCorp, by 12.50% during July 2024. Following the transaction, the cross-listed group holds a majority stake of 76.63%, according to a press …
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23 July 09:19 AM Saudi Flynas announces new destinations to Bahrain, Doha
Riyadh – Mubasher: Flynas has launched direct flights from its main base in Madinah to Bahrain and Doha as of September 10, according to a press release. Bahrain and Doha join the network of global destinations operated by flynas from Medina, …
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22 July 02:30 PM Saudi Arabia launches Kingdom's most extensive mineralised belts to date
Riyadh – Mubasher: The Saudi Ministry of Industry and Mineral Resources has initiated its most extensive mineralised belts to date that cover an expansive 4,788 square kilometres over five exploration licences, according to a press release. The …
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22 July 03:18 PM MENA-focused OTO closes SAR 30m funding round led by PIF’s Sanabil
Riyadh – Mubasher: OTO, MENA’s leading shipping gateway and logistics platform, secures SAR 30 million ($8 million) in a Series A funding round led by Sanabil Investments, a wholly-owned company by the Saudi Public Investment Fund (PIF). The …
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22 July 12:51 PM DIB leads $3.2bn financing for GEMS Education
Dubai – Mubasher: Dubai Islamic Bank (DIB) led a $3.25 billion financing facility for GEMS Education, the largest private K-12 education provider in the world, according to a press release. The transaction anchors DIB's leadership in the financial …