ADNOC Drilling 2022 FY performance

ADNOC Drilling reports $802m net profit in 2022, reflecting a 33% YoY rise

ADNOC Drilling reported that its full-year earnings before interest, taxes, depreciation and amortisation touched $1.23bn

Air Arabia reports 70% rise in 2022 net profit

Air Arabia reports 70% rise in 2022 net profit

The airline served more than 12.8 million passengers in 2022 from its seven hubs across the UAE, Morocco, Egypt, Armenia, and Pakistan

Arada raises$50m from second tap of existing $450m sukuk

Sharjah’s Arada raises $50m from second tap of existing $450m sukuk

The second tap was executed based on investor feedback and inquiries, following extensive roadshows across the UK and GCC

RAKBANK records net profit rise of 53.4% to Dhs1.16bn in 2022

RAKBANK records net profit rise of 53.4% to Dhs1.16bn in 2022

The bank’s total income for 2022 was Dhs3.451bn, reflecting a 6.9 per cent YoY increase

PIF acquires 30 % stake in Saudi tabreed-800x533-1

Public Investment Fund acquires 30% stake in Saudi Tabreed

Saudi Tabreed currently manages 779,000 tonnes of refrigeration (TR) via contracts with major companies in Saudi Arabia

Abu Dhabi to deploy laser-based technology to measure vehicle emissions

Abu Dhabi to begin clinical trials to develop new thalassemia treatment

The trials will be conducted at Burjeel Medical City, and will include clinical, radiologic, and laboratory assessments

Saudi to send its first female astronaut to space this year

Saudi to send its first female astronaut to space this year

Rayyanah Barnawi and Ali Al Qarni will travel to the International Space Station during the second quarter of 2023

aerial taxi vertiports prototype approved by Sheikh Mohammed. Sheikh Mohammed at the RTA stand at WGS

Sheikh Mohammed approves design for ‘flying taxi’ vertiports

The initial network of vertiports will connect four main areas of Dubai: Downtown Dubai (Burj Khalifa area), Dubai Marina, Dubai International Airport and Palm Jumeirah

Boursa Kuwait reports 13.3% rise in 2022 net profit

Its operating profit for the 2022 financial year came in at $73.8m, increasing 22 per cent

PIF second green bond issue _ pexels-pixabay-356036

Saudi Arabia’s PIF raises $5.5bn from sale of second green bond

The fund will allocate an amount equalling the net proceeds of the issuance to fund eligible green projects in line with its Green Finance Framework

World Government Summit 2023 photo twitter WGS 2023

World Government Summit 2023 kicks off in Dubai

This year’s edition is being graced by more than 250 ministers, with over 80 international, regional and governmental organisations adding value to sessions and forums

Central bank of UAE launches FIT Programme

Central Bank of UAE launches Financial Infrastructure Transformation Programme

The first stage of the programme will see the launch of the Card Domestic Scheme, an instant payments platform, and the issuance of Central Bank Digital Currency

Dubai Chambers inaugurates new office in Hong Kong

The office will promote trade from Hong Kong to Dubai and attract more businesses to the emirate

Emirates sets up humanitarian airbridge to transport aid to Syria, Türkiye

Dubai’s Emirates sets up humanitarian airbridge to transport aid to Syria, Türkiye

The emergency aid on Istanbul-bound flights will be delivered to earthquake-stricken sites in southern Türkiye and Syria

UAE weather update: Strong winds expected, temperatures may dip to 14°C

UAE weather update: Strong winds expected, temperatures may dip to 14°C

The country’s lowest temperature – 3.9°C – was recorded at 12.15am at Jais Mountain

UAE's Hope Probe to move to new orbit to study Mars' smaller moon, Deimos

UAE’s Hope Probe to move to new orbit to study Mars’ smaller moon, Deimos

Deimos is the smaller and outermost of Mars’ two natural satellites

Air Arabia Abu Dhabi to launch direct route to Kolkata

Air Arabia Abu Dhabi to launch direct route to Kolkata

The new service to Kolkata will mark the carrier’s seventh destination in India

UAE and Qatar link traffic systems

UAE and Qatar link traffic systems

The announcement was made at a meeting held in Abu Dhabi between delegates of the two countries

KPMG launces CoE for metaverse at LEAP 2023

KPMG launches Centre of Excellence for metaverse and digital twins at LEAP23

KPMG has allocated a dedicated co-investment fund for metaverse use-cases in Saudi Arabia to work together with public and private partners on expediting the technology for practical use

Arada opens first Manbat store

Sharjah’s Arada opens first permanent Manbat Shop at Aljada, aims to boost UAE’s agri sector

Located in the first residential phase of Aljada, the shop enables Manbat’s purpose to provide a link between local farmers and consumers in the UAE

UAE private sector companies must increase Emirati staff by 1% every six months

The new mechanism does not amend the annual targets, which require companies with 50 employees or more to achieve a 2 per cent increase in Emiratisation by end of the year

DEWA

Dubai’s DEWA reports 22% rise in consolidated net profit for 2022

DEWA’s annual consolidated revenue increased 15 per cent to Dhs27.35bn in 2022

MohRE's tawasul carries out over 20 million customer transactions

UAE’s MoHRE handles over 30 million customer interactions in 2022

MoHRE’s Tawasul system is the main access point for customers to inquire and file complaints related to labour market laws and regulations

Emirates Islamic issues dirham denominated sukuk

UAE’s Emirates Islamic issues dirham-denominated sukuk valued at Dhs1bn

The three-year issue witnessed robust demand and was oversubscribed by 2.5 times

Gulf

Gulf Islamic Investments announces an office opening in Bahrain

Gulf Ventures Capital is a part of GII’s strategy to expand its footprint in the MENA region and globally

McLaren Formula 1

UAE’s DP World becomes an official partner of McLaren Formula 1 team

The partnership will support the F1 team to drive enhanced efficiency, reimagining the team’s supply chain to make it faster and more sustainable

Nana

Alwaleed’s Kingdom Holding leads $133m funding for Saudi delivery app Nana

Started in 2016, Nana raised $18m from investors including venture capital fund STV and Middle East Venture Partners

COP28

COP28 chief’s Sultan Al Jaber begins global tour

Nations should aim to raise spending on technologies including carbon capture, nuclear power and hydrogen, according to Al Jaber

Dubai's VARA introduces regulations for 2023_Dubai-Media-Office-twitter

Dubai’s Virtual Asset Regulatory Authority issues regulations for 2023

As the authority providing VA oversight across Dubai with the exception of DIFC, VARA facilitates VA-associated economic stability, investor protection, and jurisdictional resilience

UAE President sends aid worth $100m to Syria, Türkiye

As many as 5,894 people have succumbed to the devastating earthquakes in Türkiye