SirajPower completes Al Tajir Glass solar rooftop project
SirajPower, a leading distributed solar energy provider in the region, has announced the completion of work on the solar rooftop project within the Al Tajir Glass Industries’ facility in Jebel Ali Industrial Area, Dubai. Announcing the successful commissioning of the plant, SirajPower said it was now fully operational and would be generating 4.6GWh […]
UAE’s Al Ansari Financial Services net profit up 7%, looks to add branches
The UAE-based Al Ansari Financial Services has seen its profit grow by 7.2% year-on-year (yoy) to 133 million UAE dirhams($36.2 million) in its first set of financial results post IPO and said it plans to add branches in its home market. Operating income grew by 9.1% to AED 287 million, while total assets grew to […]
ADNOC Drilling posts 25% jump in Q1 net profit
ADNOC Drilling Co., a subsidiary of Abu Dhabi’s state oil company ADNOC, reported a Q1 2023 net profit of $219 million, 25% higher year-on-year (yoy) on the driven by onshore and oilfield services segments. The net profit fell shy of analysts’ mean estimate of $229.50 million, according to data compiled by Refinitiv’s Eikon. Revenue for […]
UAE’s Khazna to enter Egyptian market with Benya through $250mln investment
Khazna Data Centers, headquartered in the UAE, unveiled its plan to enter the Egyptian market with Benya Group through an investment worth $250 million to build a state-of-the-art data centre which will be Egypt’s first hyper-scale data centre. The project will be built at the Maadi Technology Park, the first specialised investment zone in Egypt, […]
Emirates Steel Arkan Q1 net more than doubles to $41.45mln
UAE – Emirates Steel Arkan, the largest publicly traded steel and building materials company in the UAE, has seen its first-quarter (Q1) net profit shoot up 110% to AED152.2 million ($41.45 million). This is compared to a net profit of AED72.6 million in the first three months of 2022. The strong performance in Q1 2023 […]
SoftBank nears deal to sell Fortress to Mubadala for up to $3bln- FT
SoftBank Group Corp is in late-stage talks to sell asset manager Fortress Investment Group to Abu Dhabi-based sovereign wealth fund Mubadala for as much as $3 billion, the Financial Times reported on Wednesday. The talks have been going on since last year and a deal, which will help Softbank pay down its debt, could be […]
Dubai: Fintech helps DIFC grow faster than emirate’s overall economic growth
Financial technology (popularly known as Fintech) has become a major growth driver for the Dubai International Financial Centre (DIFC), helping it to grow faster than Dubai’s overall growth rate. Essa Kazim, governor of DIFC, said the financial centre has become a major engine of growth for the emirate’s economy and a significant contributor to […]
India seeks investments from Abu Dhabi’s ADIA, Mubadala
India is seeking investments from Abu Dhabi Investment Authority (ADIA) and Mubadala in several areas, including renewable and digital sectors, said Secretary in India’s Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh. The official was in the UAE and held meetings with the senior officials of the two Abu Dhabi entities, […]
Dubai DEWA’s consolidated profit rises 10% to $208mln in Q1 2023
Utility provider Dubai Electricity and Water Authority (DEWA) reported a consolidated net profit of 763 million UAE dirhams ($207.78 million), up 10.4% year-on-year (yoy), in the first quarter of 2023. The first-quarter consolidated revenue rose 7.3% year-on-year to AED 5.44 billion, fuelled by higher demand for electricity, water, and cooling services, the company said in […]
ADFD finances sustainable water project in Mauritanian city of Kiffa with $30mln
Abu Dhabi Fund for Development (ADFD) has signed an agreement with the government of Mauritania to finance a project aimed at providing potable water to the city of Kiffa, which will be sourced from the Senegal River. The contribution from the ADFD towards this strategic project amounts to AED110 million (US$30 million). The total value […]