IHC’s half-year net profit surges to $2.8bn

Abu Dhabi’s IHC posts $2.8bn in half-year profit

The conglomerate said its revenues surged by 30.8 per cent year-on-year to Dhs28.7bn as the company sustains its growth trajectory

Hamad International Airport

Hamad International Airport rolls out digital wayfinding solution

Distributed across the airport, wayfinding and directory devices with QR codes will allow passengers to get from one point to another

Dubai Office Market defies global slump Image courtesy Getty Images

Dubai office market defies global slump with influx of tenants

Average rents for prime commercial real estate in Dubai have risen as much as 17 per cent

Abu Dhabi International Airport performance highlights H1 2023 Image WAM

Abu Dhabi International Airport passenger traffic rises 67% in H1 2023

The airport welcomed 10,258,653 passengers during the first half of the year

Oman's OIA

Oman Investment Authority’s assets hit $46.6bn in 2022

The country’s sovereign wealth fund said its return on investment last year touched 8.8 per cent, which allowed it to contribute substantially to support the general budget

RTA picks banks for taxi and parking IPOs-image-RTA-twitter

Dubai’s RTA selects banks for taxi and parking IPOs

The government reportedly plans to sell shares in the taxi business as soon as this year, while the parking unit’s listing is slated to follow next year

India

India restricts import of laptops, tablets with immediate effect

The restriction comes on top of policies designed to discourage import of foreign electronics that have been in place for years, including lofty tariffs

Agthia Group posts 6.6% first-half profit rise to Dhs144m

Agthia Group posts 6.6% increase in first-half profit to Dhs144m

The group’s revenues in the six months to June 30 surged by 10.3 per cent year-on-year to Dhs2.2bn

Salesforce

Salesforce cuts more jobs after 10% reduction earlier this year

The company plans to reduce headcount by about 8,000 people by the end of fiscal 2024

Arsenal Emirates Jersey-sponsorship-

Arsenal renews front-of-jersey partnership with Emirates

The deal is the longest-running front-of-shirt sponsorship in Premier League history

Americana Restaurants on MSCI UAE Index

Americana Restaurants posts 19.4% net profit for H1 2023

Americana said its year-on-year revenue growth was underpinned by continued expansion of restaurant portfolios across its MENA operations

Meta Canada

Meta begins blocking news in Canada in response to new law

The move came after Prime Minister Justin Trudeau’s government passed the Online News Act, expected to come into effect before the end of this year

US credit rating downgraded

US credit rating downgraded from AAA by Fitch

The US is now rated AA+ by Fitch, one step below AAA, and the assessor has a stable outlook on the country

UAE’s Emirates Steel Arkan posts $76.4m in H1 profit

UAE’s Emirates Steel Arkan posts $76.4m in H1 profit

The robust profitability in the first half of the year was driven by continued high demand for the company’s steel products and stable margins

Oman and Etihad Rail Company and Jindal sign MoU

Oman and Etihad Rail Company, Jindal to set up sustainable logistics solution

An anticipated annual capacity of up to 4 million tonnes of Jindal’s materials and products will be transported via the Oman-UAE rail network

Mubadala invests in Aligned Data Centers Image Mubadala Aligned

Mubadala invests in US-based Aligned Data Centers

With this investment, Mubadala will become a minority partner alongside majority partners managed by Macquarie Asset Management

CBI CEO

CBI net profit increases by 44% in H1 2023

CBI reported a net profit increase from Dhs55m in H1 2022 to Dhs79m in H1 2023

Abu Dhabi's ADQ, IHC look to merge with Q Holding Image GettyImages-1366647006

ADQ, IHC Capital propose merger with Q Holding to create $12bn entity

The proposed transaction would create one of the largest real estate, hospitality, events and catering platforms in the region

UAE President Sheikh Mohamed - Jordan visit - 66ca77b8-2d18-48a4-a91b-0df49fcaa945

UAE President Sheikh Mohamed in Jordan following Bahrain visit

Sheikh Mohamed’s trip is intended to bolster long-standing ties between the UAE and Jordan

Trump

Donald Trump indicted over attempt to overturn 2020 US Presidential Election

Trump is accused of four felony counts in the grand jury indictment announced by Special Counsel Jack Smith

pedestrian crossing

Find the latest AI-powered smart pedestrian crossing in this Dubai community

The system’s AI algorithms are designed to detect and track vehicles and other road users approaching the pedestrian crosswalk

flynas

Flynas, Tabby to offer 4-month installment plan for travel tickets

The partnership comes just in time for travellers, especially with the increasing demand for air travel around the world

e-acquires majority-stake acqusiition-in-PPF Telecom -Image-e& Group

UAE’s e& eyes further expansion, acquires Czech PPF Group’s telecom assets

Once the transaction is closed, e& will fully consolidate the acquired assets under the e& international vertical

iPhone 15

Apple iPhone 15: Release date, specs, features leaked

The iPhone 15 Pro and Pro Max models are rumoured to cost $1,099 and $1,299, respectively

e& Group’s Q2 profit jumps 3.8% to $681m

e& Group’s Q2 profit jumps 3.8% to $681m on subscriber growth

The group has a record subscriber base of 165 million users as of June 30, the highest in the company’s history

Airalo secures $60m in Series B funding round led by e& Capital

Airalo raises $60m in Series B fundraising round led by e& Capital

The company is leveraging cutting-edge technology and a user-centric approach to empower travellers with seamless access to mobile networks

stocks

Saudi stocks are performing well helping EM fund managers beat peers

Saudi Arabia’s Vision 2030 programme to transform the kingdom is a key support to the Saudi stock market

Saudi Arabia acquires stake in critical metals mining company Vale SA

Manara Minerals to get stake in Vale as Saudi Arabia moves in on critical metals

The question of who controls the critical metals needed to both sustain and decarbonise the world’s economies has turned into a global flashpoint

Nesma Kent

Saudi’s Nesma & Partners to acquire Dubai-based energy services firm Kent

The completion is anticipated by the end of the calendar year, subject to regulatory approvals and satisfaction of customary closing conditions

ADNOC L&S reports net profit in H1 2023

UAE’s ADNOC partners with Occidental to explore CCU investments

The partnership will assess the joint development of direct air-capture plants in the UAE that can absorb carbon dioxide out of the sky