ADNOC L&S reports 79% rise in Q1 net profit
ADNOC Logistics & Services (ADNOC L&S), which is expected to list its shares on the Abu Dhabi Securities Market on Thursday following an IPO, reported Q1 2023 net profit of $144.9 million, up 79% compared with $16.2 million in the year-ago period. Abu Dhabi National Oil Co. this month sold about 1.11 billion shares at […]
AD Ports Group signs deal with Abu Dhabi Residents Office to attract top talent, investors
AD Ports Group has announced the signing of a Memorandum of Understanding with Abu Dhabi Residents Office (ADRO), Abu Dhabi Department of Economic Development’s arm to support the emirate’s thriving international community, to promote the benefits and initiatives which aim to attract and retain top talent in Abu Dhabi. The partnership will develop a […]
ADIB to provide instant account opening for SMEs
Abu Dhabi Islamic Bank (ADIB) has become the first bank in the UAE to provide small and medium-sized enterprises (SMEs) with convenient remote account opening services through a mobile app by deploying Emirates Face Recognition (EFR) technology. This new feature will allow businesses to apply for a business account without the need to visit a […]
UAE-based diagnostics firm TGT to establish technology hub in Abu Dhabi
UAE-based TGT Diagnostics, which provides well diagnostics to the hydrocarbons industry, announced that it will build a new technology hub in Abu Dhabi. The company has signed an agreement with Khalifa Economic Zones Abu Dhabi (KEZAD Group) for the new facility, it said in a press statement. The facility, which is being set up at […]
Abu Dhabi Global Market continues epic journey as fastest-growing IFC in region
Abu Dhabi Global Market (ADGM) is continuing to reinforce its position as a global hub for businesses looking to expand their operations in the region. ADGM’s rapid progress and achievements in just 8 years of operations have made it the fastest-growing international financial centre (IFC) in the MENA region in terms of numbers as well […]
Abu Dhabi apartment rents fall marginally in year to Q1 2023
Abu Dhabi’s average apartment rents dropped by 0.7% in the year to March 2023 while villa prices grew by 1.1%. CBRE’s UAE Real Estate Market Review for Q1 2023 showed that sales prices for both apartments and villas increased during the year, by 1.4% for apartments and 1.6% for villas. The number of off plan […]
UAE: ADDED, ADIB to facilitate digital business banking account opening
Abu Dhabi Department of Economic Development (ADDED) has signed a Memorandum of Understanding (MoU) with Abu Dhabi Islamic Bank (ADIB) to jointly offer bank account opening procedures for investors and business licence owners issued by ADDED, facilitating business in Abu Dhabi. The collaboration between the two parties aim to simplify and expedite the process […]
GMPC sees lowers profits in Q1-23 initial financials
The net profits attributable to the owners of Gulf Medical Projects Company (GMPC) hit AED 13.21 million in the first quarter (Q1) of 2023, an annual drop from AED 15.15 million. The revenues jumped to AED 135.95 million in the January-March 2023 period from AED 124.72 million in Q1-22, according to the interim financial results. […]
ADIB Egypt reports 125.4% YoY climb in Q1 consolidated profits
Abu Dhabi Islamic Bank Egypt (ADIB) reported a 125.4% year-on-year (YoY) increase in consolidated profits after tax and non-controlling interests for the first quarter (Q1) of 2023, according to the bank’s financial statements filed to the Egyptian Exchange (EGX) on May 14th. The bank recorded a consolidated net profit after tax of EGP 1.005 billion […]
Prestige One launches two residential projects in Dubai
Dubai-based Prestige One Developments announced on Monday the launch of two luxury residential apartment projects in Dubai Sports City and Jumeirah Village Circle. The 14-storey Vista, designed by LACASA Architects, will comprise 140 apartments, the developer said in a statement. Amenities, such as an electric vehicle charging station, a landscaped jogging track, a multi-sport court, […]