Over 70% units of St Regis residential tower in Dubai sold out
UAE brokerage Driven Properties has announced that it has received an overwhelming response from investors for its 232-unit residential tower – St Regis Residences, Financial Center Road, Dubai – with 70% of all the units sold out within the first hour of its launch, netting over AED1 billion ($272.2 million) in sales. The event was […]
Jafza records 30% growth in new customer registrations in 2022
DP World’s Jebel Ali Free Zone (Jafza) witnessed the highest customer registrations in a decade, marking a 30 percent year-on-year growth, and taking the total number of companies to over 9,500 in 2022. The Free Zone zone has created unparalleled opportunities in a variety of sectors through end-to-end logistics solutions, digital trade platforms and […]
UAE astronaut Sultan AlNeyadi posts first selfie from space
Emirati astronaut Sultan AlNeyadi is soaring. Literally. Nearly a week after docking on the International Space Station (ISS), he posted his first selfies with Earth on Wednesday. Wearing a blue T-shirt with the Mohammed Bin Rashid Space Centre logo, AlNeyadi can be seen smiling as planet Earth glows blue and white below him. “Salute from […]
EDGE to establish joint research and development centre
EDGE’s GradeOne, a defense trading specialist concentrating in manufacturing non-lethal pyrotechnics, ammunition, defense-related components and packing solutions, signed a Memorandum of Understanding (MoU) with UAVOS, a developer and manufacturer of advanced unmanned systems, to create a joint research and development, production and commercialisation centre for autonomous solutions and weapon systems. As per the MoU, […]
Dubai Salik board proposes $133.7mln dividend
Dubai road toll operator Salik, which listed its shares on the Dubai Financial Market (DFM) last year, posted a net profit of UAE Dirhams 529 million ($144 million) for the second half of 2022 (H2 2022), as road traffic in Dubai rose to pre-pandemic levels. The company’s board of directors has proposed to distribute […]
UAE’s Jaber urges Big Oil to join fight against climate change
A top oil executive from the United Arab Emirates on Monday urged the energy industry to join the fight against climate change, borrowing a famous line from a U.S. astronaut aboard a damaged spacecraft during the Apollo 13 mission in 1970. “Houston, we have a problem,” Sultan al-Jaber, chief executive of Abu Dhabi National […]
Abu Dhabi’s ADNOC Drilling board recommends $341.25mln dividend
The board of directors of ADNOC Drilling is recommending a final dividend payment of $341.25 million for 2022 after the company posted “exceptional” 2022 financial results and beat market expectations. ADNOC Drilling recorded a net profit of $802 million for 2022, up by 33% from the previous year. Its revenue rose 18% to $2.67 billion, […]
Egypt mulls cooperation with AD Ports to develop logistics areas, ports
Abu Dhabi Ports Group (AD Ports Group) is looking forward to boosting cooperation with Egypt, particularly in the development of logistics areas and ports, according to a statement by the Presidency’s Spokesman on March 5th. This came during a meeting between Egyptian President Abdel Fattah El-Sisi and CEO of AD Ports Group Mohamed Al Shamisi. […]
Abu Dhabi’s Presight AI to raise over $495mln in IPO
Abu Dhabi-based G42 Group, an artificial intelligence (AI) and cloud computing technology company, is selling a 32% stake or 1.35 billion shares in its subsidiary, Presight AI, in an initial public offering (IPO) that is set to raise 1.82 billion dirhams ($495.6 million). The IPO price is set at AED1.34 per share, with the subscription […]
$54.49mln manufacturing facility announced at Dubai Industrial City
Silver Line Gate Group (SLG) is constructing a new manufacturing, warehouse and corporate offices facility, spanning 1.37 million sq. ft., at Dubai Industrial City, a member of TECOM Group. The AED200 million manufacturing facility is set to open in Dubai Industrial City in 2025 to bolster the UAE’s commitment to building a self-reliant food security […]