Alpha Dhabi to invest $2.5bln in Alpha Wave Ventures II Fund
Alpha Dhabi Holding, an Abu Dhabi-based investment holding company, will invest 9.2 billion dirhams ($2.5 billion) in a venture fund launched at the beginning of the year, thus becoming its cornerstone investor. Alpha Wave Ventures II is a $10 billion fund co-managed by Chimera Capital, an Abu Dhabi investment fund, along with US alternative asset […]
Dubai: New project launches surpass pre-pandemic level in first quarter of 2022
The Dubai real estate market witnessed an uptick in new project launches during the first quarter of 2022 as the emirate emerged as a favourite destination for high net worth individuals, including millionaires and entrepreneurs, following a successful handling of the Covid-19 pandemic, pro-business environment and recent visa reforms, according to a latest report. The […]
Gulf Navigation Holding sees lower profits in Q1-22
The net profits attributable to the owners of Gulf Navigation Holding (GNH) plunged to AED 1.65 million in the first quarter (Q1) of 2022 from AED 80.13 million in the corresponding period in 2021, according to the company’s unaudited consolidated financials. The company’s operating revenues rose by 13% year-on-year (YoY) to AED 35.06 million in […]
Abu Dhabi-listed pharma Julphar more than doubles sales after turnaround plan
Gulf Pharmaceutical Industries (Julphar), one of the region’s biggest drug manufacturers, swung to a net profit in the first quarter of 2022 as sales more than doubled following a “strategic turnaround plan”. Net profit for the quarter reached 1.9 million dirhams ($517,000), compared to a loss of 29.2 million dirhams in the same period last […]
UAE has committed to invest $100bln in India: Goyal
The UAE has committed investments of $100 billion in India in manufacturing, infrastructure and services, Piyush Goyal, commerce and industry minister said, and predicted that bilateral trade can go up to $250 billion by 2030 under the UAE-India Comprehensive Economic Partnership Agreement. “The commitment from the UAE is to look at over $100 billion of […]
McDermott wins Feed contract for Adnoc’s LNG project in Fujairah
McDermott International, a leading engineering, procurement, construction and installation (EPCI) company, has been awarded a front-end engineering and design contract by Abu Dhabi National Oil Company (Adnoc) for its new, carbon-efficient liquefied natural gas (LNG) plant located in the northern emirate of Fujairah. The Fujairah LNG export terminal will include two trains, each with a […]
Emirates Steel Arkan posts profits in Q1-22
The net profits of Emirates Steel Arkan skyrocketed to AED 72.58 million in the first quarter (Q1) of 2022, compared to AED 1.22 million in the year-ago period, according to the company’s unaudited consolidated interim financials for the three-month period ended 31 March 2022. The company’s revenues amounted to AED 2.04 billion in the first […]
Abu Dhabi’s ADQ buys stakes worth $1.85bln in Egyptian firms
Abu Dhabi’s state holding company ADQ has bought shares worth $1.85 billion in five publicly traded Egyptian companies, two sources familiar with the transactions said on Tuesday, helping Egypt after the Ukraine crisis prompted foreign investors to flee. The stock exchange said purchases for five companies were executed on Tuesday but did not say who […]