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 […]
UAE’s ADNOC to pilot carbon mineralising project in Fujairah
Abu Dhabi National Oil Company (ADNOC) has partnered with Fujairah Natural Resources Corporation (FNRC), Abu Dhabi Future Energy Company (Masdar) and Omani environmental organization 44.01 to pilot technology that permanently mineralises carbon dioxide (CO2) within rock formations found in Fujairah. The project, set to begin this month, will use 44.01’s Earthshot prize-winning Carbon Capture […]
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 […]
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 […]
Alpha Dhabi and Mubadala form joint venture to invest up to $2.5bn in global credit market
Alpha Dhabi Holding, a unit of Abu Dhabi’s International Holding Company, and the emirate’s sovereign wealth fund Mubadala Investment Company are forming a joint venture to co-invest in private credit opportunities amid a tightening monetary environment globally. As part of the partnership, the two companies will collectively invest up to Dh9 billion ($2.5 billion) over the next […]
Adnoc’s $15bn investment in low carbon strategy is another step on a long road to net zero
From Europe, it appears as dilemma, a paradox, a contradiction. From the Gulf, it seems much simpler. What road must oil companies travel as an energy-hungry world seeks a climate-friendly destination? Adnoc announced Dh55 billion ($15 billion) of investments to 2030 in its low-carbon activities. This follows three other important transactions: in December, it bought Mubadala’s 24.9 […]
Adnoc’s new gas subsidiary begins operations
Adnoc’s new gas processing and marketing company, Adnoc Gas, began operations on January 1. Adnoc intends to proceed with an initial public offering (IPO) of a minority stake in Adnoc Gas on the Abu Dhabi Securities Exchange (ADX) during the course of this year, the state-run energy company said in a statement on Tuesday. A […]
Borouge secures two contracts worth $15m from UAE manufacturers
Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, has secured two contracts worth Dh55 million ($15 million) to supply polyolefins to UAE cable maker Ducab and Union Pipes Industry, its partner-customers. The companies will use the polyolefins to produce energy and infrastructure applications needed to construct the Borouge 4 project in Ruwais, Borouge said on Tuesday. Ducab will […]