ADGM’s FSRA grants financial services permission to crypto exchange Rain
Cryptocurrency exchange platform Rain has been granted Financial Services Permission (FSP) by Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) in order to operate a regulated virtual assets brokerage and custody service in the ADGM. The FSP will cement Rain’s position as one of the leading regulated virtual assets trading platforms in the […]
DIFC to host first Future Sustainability Forum in Dubai
Dubai International Financial Centre (DIFC) has announced it will host the inaugural edition of the Future Sustainability Forum ahead of COP28. Set to galvanise key stakeholders, including the finance and insurance sectors, towards accelerating net-zero goals, the forum offers a platform to explore future sustainability and climate technologies critical for the world’s net-zero agenda and […]
Dubai’s Taaleem posts $54.5m profit since IPO
Dubai’s Taaleem Holdings said its net profit in the nine months to the end of May 2023 surged by 34.9 per cent to $54.5m (Dhs199.8m), driven by a surge in student enrollments and higher net finance income from the undeployed initial public offering (IPO) proceeds. Taaleem raised $204m from its IPO on the Dubai Financial Markets […]
MBZUAI, Etihad Airways join forces to harness power of AI in aviation
Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) and Etihad Airways have signed a Memorandum of Understanding (MoU) to jointly develop initiatives and conduct research into how AI could transform key aspects of the nation’s integral aviation sector. The move aligns with the university’s commitment to enhancing AI competitiveness across vital sectors, including aviation […]
Iberdrola, UAE’s Masdar to develop $1.5bln Baltic wind farm, Expansion reports
Spanish utility Iberdrola has signed an exclusive deal with Abu Dhabi’s Masdar to develop a 476 megawatt (MW) offshore wind farm in German waters in the Baltic Sea, Expansion newspaper reported on Wednesday, citing unidentified market sources. The Baltic Eagle wind farm being built off Germany’s northeastern coast will have 50 wind turbines and is […]
Abu Dhai’s Mubadala invests in CoolIT Systems alongside KKR
Mubadala Investment Company has announced that it invested alongside investment funds managed by KKR, a leading global investment firm, in the acquisition of CoolIT Systems (CoolIT), which was announced on 2nd May 2023. Headquartered in Calgary, Canada, with operations across North America, China and Taiwan, CoolIT specialises in scalable liquid cooling solutions for the world’s […]
Sharjah real estate transactions valued at $653.4mln in May 2023
The emirate of Sharjah’s real estate activity during May 2023 logged a total value of AED 2.4 billion, futher enhancing Sharjah’s position as an ideal destination for investors, businessmen, and families. The Real Estate and Mortgage Report issued by Sharjah Real Estate Registration Department (SRERD) revealed that 3,540 transactions were recorded in various regions and […]
UAE’s IHC eyes shareholding in Colombia-based Grupo Nutresa
IHC Capital Holding LLC, a subsidiary of International Holding Company (IHC), signed a share swap agreement with Grupo de lnversiones Suramericana (Grupo Sura), Grupo Nutresa, and Grupo Argos. According to a bourse disclosure, IHC Capital Holding will receive a 2.45% stake in Colombian packaged foods giant Grupo Nutresa in exchange for its 1.64% equity in […]
Aman’s accumulated losses reach $41.68mln in Q1-23
The accumulated losses of Dubai Islamic Insurance and Reinsurance Company (Aman) hit AED 153.08 million as of 31 March 2023, representing 68% of the capital. In a bourse disclosure, Aman highlighted that it is exiting the insurance sector and turning into an investment company instead. This followed the announced plans of Islamic Arab Insurance […]
Dar Al Takaful incurs nearly $14.71mln accumulated losses in Q1-23
Dar Al Takaful reported accumulated losses amounting to AED 53.70 million as of 31 March 2023. The incurred losses account for 20.60% of the paid-up capital, according to a bourse filing. In the first three months (3M) of 2023, the UAE group reported net losses worth AED 2.80 million. Meanwhile, the revenues hiked by […]