TAQA Group posts Dhs15bn in nine-month net income
TAQA, also known as Abu Dhabi National Energy Company, has posted Dhs15bn in nine-month net income, an increase of Dhs8.5bn, driven by a one-off gain of Dhs10.8bn recognised on the acquisition of a 5 per cent shareholding in ADNOC Gas. Net income was offset, in part, by a one-off Dhs1.2bn deferred tax liability associated with […]
Dubai Taxi Company intends to float its shares on DFM
Dubai Taxi Company (DTC), a leading provider of comprehensive mobility solutions in Dubai, has announced its intention to proceed with an initial public offering (IPO) and to list its ordinary shares for trading on the DFM. The selling shareholder expects to sell 24.99 percent of the total issued share capital of DTC (equivalent to a […]
UAE’s Agthia Group posts Dhs3.27bn in nine-month revenue
UAE food and beverages group Agthia said its net revenue in the first nine months of 2023 rose by 10.9 per cent to Dhs3.27bn year-on-year (YoY), driven by a robust performance from the snacking and agribusiness segments as well as a more competitive and price-sensitive backdrop in some markets. The group’s snacking segment, product and […]
EDGE acquires majority stake in autonomous air systems developer ANAVIA
The UAE’s EDGE Group has announced the acquisition of a 52 per cent majority shareholding in ANAVIA, a Switzerland-based company that specialises in the design, development, and manufacturing of versatile vertical take-off and landing (VTOL) systems of up to 750 kilogrammes. The acquisition will see EDGE become a market leader in this highly-specialised yet growing sector. ANAVIA produces […]
IHC consolidates ‘green businesses’ assets under Sirius International
Abu Dhabi conglomerate International Holding Company (IHC) is consolidating key ‘green businesses’ assets under its subsidiary, Sirius International Holding, leveraging disruptive technologies to engineer ‘sustainability solutions’ that combat climate change. The transfer of the four entities is aimed at driving digital transformation through investments. “The ownership transfer will include Green Energy Investment Holding, Green Enterprise […]
UAE, Bosnia and Herzegovina announce visa-free travel for multiple categories
In an effort to fortify cultural ties, encourage economic development, and promote tourism, the UAE and Bosnia and Herzegovina have formally agreed to facilitate visa-free travel between the two nations. The declaration was made during the signing of a Memorandum of Understanding (MoU) on visa exemption. UAE-Bosnia and Herzegovina visa-free travel The signed MoU, established […]
Economic licenses in Ajman grow by 11% in Q3-23: Ajman DED
The business movement report for the third quarter (Q3) of 2023, which is issued by the Department of Economic Development in Ajman (Ajman DED) revealed a growth in the total number of economic licenses by 11%. Considering the distribution of economic licenses by category, professional licenses came in first place with 51% of the total […]
Dubai approves general budget of $67bn for 2024-26 fiscal cycle
In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has approved the Government of Dubai’s general budget for the fiscal cycle of 2024-2026, with total expenditures of AED246.6 billion. His Highness the Ruler of Dubai also approved Law No. (20) of […]
UAE President receives phone call from US Vice President
President His Highness Sheikh Mohamed bin Zayed Al Nahyan today received a phone call from Kamala Harris, Vice President of the United States, to discuss concerted efforts to enhance the urgent humanitarian response in the Gaza Strip and bolster the provision of humanitarian assistance to civilians impacted by escalating military activity. His Highness and the […]
UAE Government annual meetings to strengthen identity, unity, culture: Sheikh Mohammed
The UAE Government’s annual meetings on November 7-8 will see 500 ministers and top officials discuss the economy and digital transformation, artificial intelligence, housing, national identity, Emiratisation, health and food security. The meetings will also hear the latest updates on climate change conference COP28 that the UAE is hosting from November 30 to December 12. […]