Abu Dhabi’s Yahsat proposes 2% increase in dividend as revenues hit $433mln
The board of Al Yah Satellite Communications Company (Yahsat), partly owned by Abu Dhabi state investor Mubadala, has proposed a 2% increase in dividend, as revenues rose to more than $430 million. Total revenue for the full year of 2022 stood at 1.6 billion UAE dirhams ($433 million), up by 6% from the previous year and […]
Dubai-listed Empower to invest $122.5mln in DMC cooling services
Dubai-listed district cooling company Empower will invest AED 450 million ($122.5 million) to supply services to Dubai Maritime City (DMC). The company revealed in a statement to Dubai Financial Market (DFM) that it had signed a contract for a project with cooling capacity of 63,000 refrigeration tons (RT), the first since Empower’s listing on Dubai […]
Du posts 10.8% rise in 2022 net profit on higher broadband, 5G demand
Emirates Integrated Telecommunications Company, also known as Du, saw its full-year 2022 net profit rise to AED 1.22 billion ($332 million), as revenues rose by more than 9% on the back of a sustained demand for broadband services and 5G handsets. Net profit for the year ended 31 December 2022 was 10.8% higher than the […]
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 […]
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 […]
Dubai’s TECOM expands property portfolio with new $120mln investment
Dubai-listed business park operator TECOM Group is expanding its commercial real estate portfolio with an investment of AED 442 million ($120 million). The company said on Monday it has just broken ground on the second phase of Innovation Hub, which features specialiised tech offices at Dubai Internet City, amid high demand for commercial space in […]
Abu Dhabi’s ADNOC invites banks to pitch for gas business IPO -sources
Abu Dhabi National Oil Company (ADNOC) has invited investment banks to pitch for roles in the initial public offering (IPO) of its gas business next year, two sources familiar with the matter told Reuters. Bankers familiar with the matter said a request was sent to a select number of banks last week for […]
UAE’s Alpha Dhabi Holding acquires stake in Mykonos-based Nammos Group
UAE-based investment firm Alpha Dhabi Holding has acquired a stake in Greek lifestyle and F&B brand Nammos, as it looks to cash in on the growing food and beverage and lifestyle markets. The deal of undisclosed value is a result of the company’s joint venture with Monterock International, an international investment company with a focus […]
Dubai’s Majid Al Futtaim closes $1.25bln loan to back ESG ambitions
Shopping malls operator Majid Al Futtaim (MAF) has secured a $1.25 billion sustainability-linked loan (SLL) to support its environmental, social and governance (ESG) ambitions. The second SLL in many years has already been successfully closed with First Abu Dhabi Bank (FAB) leading the transaction as coordinator and agent, the company said in a statement on […]