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. […]

Consortium plans to develop $5bln UAE-Oman-India undersea pipeline

South Asia Gas Enterprise (SAGE), a consortium of companies in deepwater pipeline projects, is planning a $5 billion undersea liquefied natural gas (LNG) pipeline from the Gulf to India. The consortium has sought help from India’s Ministry of Petroleum to develop the pipeline, Financial Express reported, citing SAGE director Subodh Kumar Jain. The project’s technical […]

Admiral Mobility partners with Avis to lease electric trucks

Admiral Mobility, a subsidiary of US-based Admiral Corporation of America, has partnered with vehicle hire company Avis to bring electric commercial trucks to the leasing market in the UAE. The strategic partnership represents a commitment to deliver the GCC’s largest rollout of electric commercial trucks, which will be leased to fleets across the UAE, the […]

New agreement allows DHL to use Etihad Rail in country

Etihad Rail and DHL Global Forwarding have signed a 20-year strategic partnership that will enable the latter to use Etihad Rail’s network to conduct its main operations within the UAE. Under the terms of the agreement signed on Tuesday at the Middle East Rail 2023 in Abu Dhabi, DHL will adopt the UAE National Rail […]

UAE’s Aldar Investment Properties plans 10-year $500mln green sukuk – document A general view shows the headquarters of Aldar Properties at Al Raha Beach in Abu Dhabi. Ben Job, Reuters , Reuters Images A general view shows the headquarters of Aldar Properties at Al Raha Beach in Abu Dhabi. Ben Job, Reuters Reuters Images Initial price guidance for the sukuk, which will be issued under the company’s Green Framework, was given at 185 basis points (bps) over US Treasuries, the document said Rachna Uppal, Reuters News May 17, 2023 ISLAMIC FINANCESUSTAINABILITYMARKETSREAL ESTATEUAESUKUK DUBAI – Aldar Investment Properties plans to issue a $500 million 10-year debut green Islamic bond, or sukuk, on Wednesday, according to a bank document seen by Reuters. Initial price guidance for the sukuk, which will be issued under the company’s Green Framework, was given at 185 basis points (bps) over US Treasuries, the document said.

Aldar Investment Properties plans to issue a $500 million 10-year debut green Islamic bond, or sukuk, on Wednesday, according to a bank document seen by Reuters. Initial price guidance for the sukuk, which will be issued under the company’s Green Framework, was given at 185 basis points (bps) over US Treasuries, the document said.   […]

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 […]

Abu Dhabi: Designer Manish Malhotra to showcase special collection at IIFA Rocks 2023

The International Indian Film Academy and Awards (IIFA) is set to return with its 23rd edition to Yas Island, Abu Dhabi for the second year in a row. IIFA Rocks and IIFA Awards will be held on May 26 and 27, respectively. One of the highlights of IIFA Rocks this year is a special collection […]

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, […]

Dubai’s Emaar Development sees slight profit fall to $288mln

Dubai-based developer Emaar Development has announced a marginally reduced profit in the first quarter of 2023 as revenue fell. The company, which is the development arm of Emaar Properties, reported attributable profit for the period of AED 1.06 billion ($288 million) for the first quarter of 2023, down from AED 1.05 billion in the first […]

Typewriter artist creates Burj Khalifa, Dubai skyline with letters, numbers

A typewriter artist created intricate drawings using letters, numbers and symbols, becoming an instant hit at the Sharjah Children’s Reading Festival. Keira Rathbone used her manual typewriter for staging live art demonstrations at the festival that ended on Sunday. At the festival, Rathbone exhibited works that included depictions of the Burj Khalifa, Dubai skyline views, […]