Dubai’s Deyaar FY 2022 profit more than doubles to $39mln
Dubai property developer Deyaar on Wednesday reported a surge in full-year 2022 profit on the back of strong revenues. Profit for the year-ended December 31, 2022, reached 144.24 million UAE dirhams ($39.27 million), up by more than 183% from the same period in 2021. Total revenue for the full year rose 61% to 803.4 million […]
Abu Dhabi TAQA’s 2022 profit jumps 35% on high energy prices, lower depreciation
Abu Dhabi National Energy Company (TAQA) posted a 35% rise in its full-year (FY) net profit of AE8 billion ($2.2 billion), driven by high energy prices and lower depreciation expenses. Group revenue for the period was more than 10% higher at AED50 billion compared with a year ago, the energy company said in a statement […]
UAE’s ADCB sells NPL portfolio worth $1.1bln to investment funds
UAE’s Abu Dhabi Commercial Bank PJSC (ADCB) has sold a portfolio of non-performing loans (NPL) worth 4.2 billion dirhams ($1.1 billion) to investment funds advised by Davidson Kempner Capital Management LP. The transaction represents the first sale of a significant portfolio of NPLs by ADCB and is thought to be the largest such transaction effected […]
Mashreq’s 2022 net profit climbs to $1bln as customer deposits rise
Mashreq, a leading Dubai-based lender, on Monday reported a remarkable jump in 2022 net profit to Dh3.7 billion as operating profit surged 39. per cent to Dh4.4 billion year-on-year. The bank reported a 12.1 per cent increase in customer deposits to Dh 113.8 billion as its liquid assets ratio stood at 33.2 per cent […]
RTA to tow, impound vehicles found violating traffic rules
The Roads and Transport Authority (RTA) of Dubai on Monday said it signed an agreement with Emirates Parking which allows the Authority to impound vehicles that violate the laws. Under the newly-signed agreement, the RTA can impound both light and heavy vehicles and trailers for not adhering to the parking laws. The Authority completed the […]
Sharjah Shopping Promotions ends with over $54mln sales
The Sharjah Shopping Promotions, organized by the Sharjah Chamber of Commerce and Industry (SCCI), has ended on a high note, with sales soaring beyond AED200 ($54.4 million) million, a 30% increase from previous records. The city-wide event culminated on Sunday at Sahara Center with a celebratory ceremony where Mohammad Qasim Hassouni from Iraq became the […]
Dubai rents to rise further in 2023 due to strong demand, limited supply
Property investors in Dubai can expect higher rental yields this year due to supply constraints and strong demand, according to a new report from Better homes. The real estate market enjoyed a record year in 2022, with sales transactions exceeding pre-pandemic levels and rents jumping by as much as 60%. Total apartment and […]
Dubai Financial Services Authority unveils business plan for 2023-24
Dubai Financial Services Authority (DFSA) has unveiled its Business Plan for 2023-24, encapsulated within four strategic themes developed to foster an enabling environment for firms as Dubai and the UAE continue to grow. The new two-year plan outlines an ambitious roadmap to meet the DFSA’s statutory objectives for the Dubai International Financial Centre (DIFC) including […]
Saudi Alsaif Gallery inaugurates first branch in Abu Dhabi
Al Saif Stores for Development and Investment Company (Alsaif Gallery) has opened its first branch in Abu Dhabi, marking the first expansion outside Saudi Arabia. The scheme is established on an area of 2,526 square metres, according to a bourse disclosure. Alsaif Gallery indicated that the project will reflect on its income statements during […]
Mubadala and US-based Resilience link up on biopharma manufacturing in UAE
Mubadala Investment Company, Abu Dhabi’s sovereign investment arm, and US-based National Resilience, a technology-focused manufacturer, have signed a biopharma investment deal that will boost the UAE’s life sciences sector. Through a development agreement, Mubadala will establish a new manufacturing plant in the UAE, which will be operated by Resilience to make biopharmaceutical-related products, Mubadala said in a statement […]