Deyaar launches seafront residential tower Mar Casa
Deyaar Development has launched its seafront project Mar Casa with a total value of AED1.1 billion. A residential destination at Dubai Maritime City where heritage meets modernity, Mar Casa is connected to the old city, the financial centre of Dubai and the Jumeirah area. Mar Casa presents an iconic architecture that seamlessly blends […]
UAE: Dnata Catering boosts its presence in Australia
dnata, a leading global air and travel services provider, has expanded its retail catering footprint in Australia, by winning a multi-year contract with the country’s newest airline Bonza to support its operations and services – including the delivery of the airline’s on-demand 100 percent Australian menu. dnata said its global experience and comprehensive, […]
Mashreq Bank provides $15.5bln of sustainable finance and adaptation-related investments
Joel Van Dusen, Group Head of Corporate & Investment Banking at Mashreq, said that since January 2021, Mashreq has facilitated $15.5 billion of sustainable finance and adaptation-related investments. In a statement to Emirates News Agency (WAM), Dusen said that ESG is related to cash flow in five important ways. It minimises regulatory […]
Asset growth in UAE’s banking sector likely to be sluggish in 2023
The UAE banking sector’s asset growth is expected to be sluggish in 2023 as the demand for credit may slow down due to further monetary tightening, professional services firm Alvarez & Marsal (A&M) said in a new report. Oil-sector may face production cuts as agreed upon by OPEC, but the non-oil sector is likely […]
Abu Dhabi’s ADNOC Gas shares up 18% over IPO price
Shares of ADNOC Gas jumped about 18% over its listing price in the Abu Dhabi market debut on Tuesday. ADNOC Gas’ shares traded at 2.8 dirhams ($0.7625) apiece, versus its initial public offering price of 2.37 dirhams. State-backed oil giant Abu Dhabi National Oil Co (ADNOC) had earlier this month, raised about $2.5 billion […]
Dubai’s Union Properties returned to profit in 2022 but faces dissolution vote
Dubai-based Union Properties (UPP) returned to a profit of AED 30 million ($8.2 million) in 2022. However, the developer will present a recovery plan to the UAE’s stock market regulator as accumulated losses reached 67.73% of capital ratio. The company revealed a full year profit after a loss of AED 966.7 million in 2021. Revenue […]
Dubai-based Shelf Drilling wins $118mln rig contract in Nigeria
Dubai-based Shelf Drilling has secured a two-year contract for its rig Shelf Drilling Scepter in Nigeria for offshore operations. The contract value, including mobilisation revenue, is about $118 million, the Oslo Stock Exchange-listed company said in a statement. The contract includes a one-year extension option, with the planned operational start-up in May 2023. The statement […]
EDGE to establish joint research and development centre
EDGE’s GradeOne, a defense trading specialist concentrating in manufacturing non-lethal pyrotechnics, ammunition, defense-related components and packing solutions, signed a Memorandum of Understanding (MoU) with UAVOS, a developer and manufacturer of advanced unmanned systems, to create a joint research and development, production and commercialisation centre for autonomous solutions and weapon systems. As per the MoU, […]
Abu Dhabi’s ADNOC Drilling board recommends $341.25mln dividend
The board of directors of ADNOC Drilling is recommending a final dividend payment of $341.25 million for 2022 after the company posted “exceptional” 2022 financial results and beat market expectations. ADNOC Drilling recorded a net profit of $802 million for 2022, up by 33% from the previous year. Its revenue rose 18% to $2.67 billion, […]
Egypt mulls cooperation with AD Ports to develop logistics areas, ports
Abu Dhabi Ports Group (AD Ports Group) is looking forward to boosting cooperation with Egypt, particularly in the development of logistics areas and ports, according to a statement by the Presidency’s Spokesman on March 5th. This came during a meeting between Egyptian President Abdel Fattah El-Sisi and CEO of AD Ports Group Mohamed Al Shamisi. […]