Business & Money | Saturday 19 October, 2024 4:22 pm

FAB reports net profit of AED12.9 billion for 9M’24

First Abu Dhabi Bank (FAB) delivered robust results in the first nine months of 2024 as increased client activity across the Group’s franchise lifted revenue 16% higher year on year (YoY) to AED23.9 billion and propelled profit before tax to AED15.3 billion, up 15%. Net profit rose 4% YoY to ...

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Business & Money | Saturday 19 October, 2024 4:18 pm

Emirates wins 'World’s Best Airline'

Emirates has come out on top as the “World’s Best Airline” amongst 90 global carriers in a recent comprehensive and methodological study by Telegraph Travel. The detailed ranking and ratings were calculated from more than 30 criteria such as punctuality, baggage allowance, route network, ...

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Business & Money | Saturday 19 October, 2024 4:16 pm

UAE emerges as leading regional hub for start-ups

The UAE has solidified its regional standing as one of the foremost hubs for start-ups, thanks to its attractive and integrated investment environment, flexible business policies, and innovation-driven legislation. According to international institutions, the UAE leads global indicators...

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Business & Money | Saturday 19 October, 2024 4:15 pm

ADDED partners with 7X to boost digital transformation

The Abu Dhabi Department of Economic Development (ADDED) signed a memorandum of understanding (MoU) today with 7X to offer 7X’s “Wayn” service, the UAE’s Digital P.O. Box, to licenced businesses in Abu Dhabi. This initiative aims to support the local business sector and economy, drive...

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Business & Money | Saturday 19 October, 2024 4:13 pm

Korea aims to enhance cooperation with UAE in smart agriculture: Officials

Officials from the agricultural sector in the Republic of Korea have expressed their interest in collaborating with Middle Eastern countries in the field of smart agriculture and exporting agricultural products, starting with the UAE. In statements to the Emirates News Agency (WAM) on the...

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Business & Money | Saturday 19 October, 2024 3:46 pm

KAFD seeks $700M to fund development plans: Report

King Abdullah Financial District (KAFD) aims to raise approximately $700 million from equity investors to finance ongoing development projects within its Riyadh-based real estate complex, Bloomberg reported, citing sources. KAFD plans to achieve this by pooling some of its income-generating...

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Business & Money | Friday 18 October, 2024 5:35 pm

Pan Gulf secures SAR 57.1M credit facilities from Al Rajhi Bank

Pan Gulf Marketing Co. obtained, on Oct. 16, SAR 57.09 million worth of Shariah-compliant credit facilities from Al Rajhi Bank, according to a statement to Tadawul. The one-year credit facilities were provided with no guarantees in return. Pan Gulf will use the funds to finance working...

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Business & Money | Friday 18 October, 2024 5:32 pm

Bahri secures SAR 2.8B Murabaha facility from Alinma Bank

The National Shipping Company of Saudi Arabia (Bahri) signed a Murabaha financing agreement with Alinma Bank for $756 million (SAR 2.835 billion), according to a statement to Tadawul. The 10-year facility is guaranteed by mortgaging the purchased very large crude carriers (VLCCs). The...

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Business & Money | Friday 18 October, 2024 5:30 pm

Development Works Food to up capital via SAR 90M rights issue under new strategy

Development Works Food Co.'s board of directors unveiled the company’s new strategy today, Oct. 16, under which capital would be raised from SAR 30 million to SAR 120 million through a SAR 90 million rights issue, according to a Tadawul filing. Other strategy focus points include exiting...

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Business & Money | Friday 18 October, 2024 5:27 pm

Jadwa REIT Saudi inks lease for Boulevard Riyadh with new operator

Jadwa REIT Saudi Fund signed a new management, operation and leasing agreement with Sareed Development & Real Estate Investment Co. for the Boulevard Riyadh complex, under which the latter will become the property’s new operator. Accordingly, Sareed will carry out works related to...

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