UAE GDP grows by 7.9% in 2022

Abdullah bin Touq Al Marri, Minister of Economy, said that the preliminary estimates of the UAE’s gross domestic product (GDP) for 2022, issued by the Federal Competitiveness and Statistics Centre, reaffirm the robustness of the country’s economic performance and its achievement of positive growth rates that exceeded estimates. The UAE’s GDP in 2022 at constant […]

Strata and SABCA expand collaboration on A350-1000 flap fairings

Strata Manufacturing PJSC (Strata) and SABCA have signed a new contract for the manufacturing and assembly of the A350-1000 Flap Support Fairings. This achievement broadens the already-existing A350-900 Flap Support Fairing long-term relationship between Strata and SABCA and confirms the strength of the partnership between the two companies and the commitment to delivering high-quality components […]

UAE’s IHC eyes shareholding in Colombia-based Grupo Nutresa

IHC Capital Holding LLC, a subsidiary of International Holding Company (IHC), signed a share swap agreement with Grupo de lnversiones Suramericana (Grupo Sura), Grupo Nutresa, and Grupo Argos. According to a bourse disclosure, IHC Capital Holding will receive a 2.45% stake in Colombian packaged foods giant Grupo Nutresa in exchange for its 1.64% equity in […]

Dubai Centre for Family Businesses launches Governance Series

  The Dubai Centre for Family Businesses has commenced its activities – under the umbrella of Dubai Chambers – with the launch of the Governance Series, a series of educational sessions focusing on key issues influencing the success of family businesses. The sessions will explore topics such as UAE laws and the effective implementation of […]

Etihad Airways set to welcome over 4mln passengers over summer season

Etihad Airways announced its preparation to welcome more than 4 million passengers at Abu Dhabi International Airport during the summer season between 20th June and 30th September 2023. A high volume of travellers will be joining locally in Abu Dhabi, with the remainder connecting from across Etihad’s extensive network of 66 destinations, including new summer […]

EDB sets $27.23mln for food security; launches AgriTech loans

Emirates Development Bank (EDB) is set to allocate a substantial AED100 million ($27.23 million) for UAE’s food security sector besides launching the country’s first-of-its-kind AgriTech Loans Programme. The programme offers green- and brownfield project financing, CAPEX and working capital financing, and medium-term loans or working capital amounts of up to AED5 million with competitive rates […]

Etisalat by e& celebrates outstanding entrepreneurs & startups in the UAE

etisalat by e& announced the winners of the third edition of the ‘Hello Business Pitch’ competition at a live awards ceremony dedicated to celebrating entrepreneurship and innovation in the United Arab Emirates. The event took place amidst a grand gathering of prominent figures, including H.E Abdulaziz Al Nuaimi, Assistant Undersecretary of the Commercial and Regulatory […]

Al Fattan Holding Investment signs $20mln investment with LTechUVC

 Al Fattan Holding Investment recently announced that it will invest $20 million in Abu Dhabi for green hydrogen and ammonia manufacturing business with LTechUVC, a Korean energy company. The ‘Green Hydrogen and Ammonia Production Project’ is a 200 MW green hydrogen and ammonia manufacturing project in Abu Dhabi with a total project cost of $400 […]

Aman’s accumulated losses reach $41.68mln in Q1-23

  The accumulated losses of Dubai Islamic Insurance and Reinsurance Company (Aman) hit AED 153.08 million as of 31 March 2023, representing 68% of the capital. In a bourse disclosure, Aman highlighted that it is exiting the insurance sector and turning into an investment company instead. This followed the announced plans of Islamic Arab Insurance […]

Dar Al Takaful incurs nearly $14.71mln accumulated losses in Q1-23

  Dar Al Takaful reported accumulated losses amounting to AED 53.70 million as of 31 March 2023. The incurred losses account for 20.60% of the paid-up capital, according to a bourse filing. In the first three months (3M) of 2023, the UAE group reported net losses worth AED 2.80 million. Meanwhile, the revenues hiked by […]