Kanoo Group prepares for foreign listing
Yusuf Bin Ahmed Kanoo Group board chairman Khalid Mohammed Kanoo said efforts are underway to carry out internal organisation in preparation for listing about 40pc of the company’s shares for public subscription on international stock exchanges such as England, Dubai and Abu Dhabi, in addition to the Bahrain Stock Exchange. The move follows a […]
Dubai’s ASNIC says major shareholder considering sale
Dubai-based Al Sagr National Insurance Company (ASNIC) has announced that a major shareholder is considering selling its stake in the company. In a statement to the Dubai Financial Market (DFM), the company said it had received a letter from a major shareholder about the potential sale of its 47.078 percent stake. The company said it […]
Air Works to provide line maintenance services at DXB
Air Works, a leading MRO and aviation services provider in India, has entered into a long-term agreement with UAE-based Mach Technik Aircraft Maintenance to provide line maintenance services at the Dubai International Airport (DXB). The development marks the maiden expansion of Air Works’ International Line Maintenance business to foreign shores. With a pan-India presence across […]
Emirates NBD REIT’s 2021 net income drops 18% to $9.5mln
The net rental income of ENBD REIT, the Shariah-compliant real estate investment trust managed by Emirates NBD Asset Management Ltd., fell by nearly 18 percent to $9.5 million for the full year of 2021. The company attributed the drop in net income to a 15 percent drop in gross income due mainly to the renegotiation of […]
Abu Dhabi-listed telecom firm e& forays into NFTs
UAE telecommunications firm e&, formerly known as Etisalat Group, announced on Wednesday the launch of its first set of non-fungible tokens (NFTs), marking its foray into the digital assets space. A first by a technology and investment conglomerate in the Middle East, the NFTs will be distributed selectively, the company said, citing that it will […]
UAE: Gold prices fall from two-week high
In the UAE, the 24K gold price fell to Dh225.5 per gram on Wednesday morning as compared to Dh226.25 per gram at the close of the market on Tuesday. Among the other variants of the precious metal, 22K opened at Dh211.75 per gram, 21K at Dh202.25 and 18K at Dh173.25. Naeem Aslam, chief market […]
Abu Dhabi Fund for Development’s financing in Jordan reaches $1.76bln
The Abu Dhabi Fund for Development (ADFD) has supported hundreds of development projects in Jordan since 1974, with aggregated financing reaching 6.5 billion dirhams ($1.76 billion). The funds have helped deliver projects that collectively boost Jordan’s living standards and supported the government in its efforts to meet sustainable-development goals, ADFD said. “The benefits of the […]
Al Zorah to develop 21 beachfront luxury villas in Ajman
The Al Zorah Development Company, a joint venture between the Ajman government and Solidere International, has unveiled plans for the development of 21 exclusive villas on Al Zorah’s beachfront in the emirate of Ajman. Designed with families in mind, the development comprises 21 private, ultra- luxurious villas with uninterrupted sea views, nestled within a secure, […]
Danube launches new project, offers to process Golden Visa to investors
Danube Properties on Tuesday launched Dh350 million pyramid-shaped architecture Gemz in Al Furjan which comes with 30 amenities. The company’s 16th project, which houses 270 apartments, comes with unique convertible layouts that allow one bed-room unit to be made into a 2BHK and 2BHK into a 3BHK and most of its apartments come up with […]
MoHAP announces first case of monkeypox in UAE
The Ministry of Health and Prevention (MoHAP) has announced the first case of monkeypox in the UAE, in line with the UAE health authorities’ policy on the early detection and monitoring of the disease. The ministry explained that the first case was detected in a 29-year-old woman who arrived from West Africa, noting that […]