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 […]

Presight AI announces start of subscription period for IPO

Presight AI Holding, a G42 company, today announced the opening of the subscription period for its Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX) First Market. The Company has received approval confirming that the Offering remains in line with Sharia-compliant parameters. The opening of the subscription period for the Offering commences on […]

Over 70% units of St Regis residential tower in Dubai sold out

UAE brokerage Driven Properties has announced that it has received an overwhelming response from investors for its 232-unit residential tower – St Regis Residences, Financial Center Road, Dubai – with 70% of all the units sold out within the first hour of its launch, netting over AED1 billion ($272.2 million) in sales. The event was […]

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, […]

Abu Dhabi’s Presight AI to raise over $495mln in IPO

Abu Dhabi-based G42 Group, an artificial intelligence (AI) and cloud computing technology company, is selling a 32% stake or 1.35 billion shares in its subsidiary, Presight AI, in an initial public offering (IPO) that is set to raise 1.82 billion dirhams ($495.6 million). The IPO price is set at AED1.34 per share, with the subscription […]

$54.49mln manufacturing facility announced at Dubai Industrial City

 Silver Line Gate Group (SLG) is constructing a new manufacturing, warehouse and corporate offices facility, spanning 1.37 million sq. ft., at Dubai Industrial City, a member of TECOM Group. The AED200 million manufacturing facility is set to open in Dubai Industrial City in 2025 to bolster the UAE’s commitment to building a self-reliant food security […]

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 property market may break more records in 2023

Many people were of the view that the rising interest rate is a threat to Dubai real estate. There were no major effects noticed in this regard in 2022. There comes a stagnant period after a continuous streak of highs, where the growth stops, and things start to go downwards. This is something the Dubai […]

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 […]

4-bedroom luxury penthouse at Dubai’s Palm Jumeirah leased in one of most expensive deals ever

  Luxury properties in Dubai are in high demand, a fact made evident with the latest leased deal for a residential property at Palm Jumeirah. A four-bedroom penthouse at the iconic man-made island secured a whopping Dh1.7 million rental deal for a year, as the tenant does not want to miss out on the Omniyat […]