Business & Money | Sunday 31 March, 2024 10:34 am

GULFNAV records net profits of AED 21 million in 2023

Gulf Navigation Holding PJSC (“GULFNAV”) the Dubai Financial Market listed maritime and shipping company, announced its annual audited financial results of 2023, reporting a net profit of 21 million dirhams compared to a net loss of 7.6 million dirhams in 2022. Major Highlights:Gross...

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Business & Money | Sunday 31 March, 2024 10:29 am

Insurers eye ways to alleviate impact of Red Sea disturbances: Official

Insurance companies operating in the marine insurance sector are closely monitoring the Red Sea developments, to adjust pricing strategies and risk management practices when needed, Al Eqtisadiah newspaper reported, citing Adel Al-Issa, spokesperson for insurance companies in Saudi...

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Business & Money | Sunday 31 March, 2024 10:15 am

ACWA Power inks SAR 985.1M PPA deal with National Electric Grid of Uzbekistan

ACWA Power Co. signed a Power Purchase Agreement (PPA) that falls under the Public-Private Partnership law in Uzbekistan with the National Electric Grid of Uzbekistan for Nukus2 200 MW wind power project along with Battery Energy Storage System (BESS) to be set up in the Republic of...

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Business & Money | Saturday 30 March, 2024 5:49 am

Abu Dhabi Gas Safety Committee concludes review of its final report related to LPG systems safety in emirate

The Abu Dhabi Gas Safety Committee concluded the review of its final report, which included the most important results achieved during its six-month operation. The committee's work significantly contributed to enhancing the safety and security of liquefied petroleum gas (LPG) systems in residential ...

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Business & Money | Saturday 30 March, 2024 5:43 am

MoHRE, ADGM to streamline transfer of work permits, licences of Al Reem Island-based companies

The Ministry of Human Resources and Emiratisation (MoHRE) and Abu Dhabi Global Market (ADGM) have unveiled new procedures to streamline the process of transferring permits of companies established on Al Reem Island to ADGM. The announcement follows a Memorandum of Understanding (MoU) between...

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Business & Money | Saturday 30 March, 2024 5:42 am

CBUAE Governor, UAE bank CEOs discuss consumer protection efforts, digitalisation initiatives

Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), hosted the CEOs of the UAE banks to discuss advancements in consumer protection, financial crime supervision and wide-ranging financial sector digitalisation initiatives. The forum discussed the role and mandate of the...

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Business & Money | Saturday 30 March, 2024 5:40 am

Borouge Shareholders approve $1.3 billion dividend for 2023

Borouge Plc, a leading petrochemicals company that provides innovative and differentiated polyolefins solutions, confirmed shareholder approval of a $650 million (7.94 fils/share) final 2023 cash dividend at its Annual General Meeting (AGM). The company also confirmed its intention to pay a...

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Business & Money | Saturday 30 March, 2024 5:32 am

Royal Commission for Makkah City and Holy Sites Reviews Developmental Transformations and Economic Opportunities

The Royal Commission for Makkah City and Holy Sites held a meeting today at Al-Balad Al-Amin Center in Dhahiat Sumou project, with the participation of officials of government agencies and the private sector in Makkah, investors and entrepreneurs.The meeting reviewed the developmental...

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Business & Money | Saturday 30 March, 2024 5:16 am

Lumi holds 10% market share in Saudi, eyes local expansion: CFO

Lumi Rental Co.’s market share in Saudi Arabia increased from 7% in 2021 to range currently between 9% to 10%, CFO Sulaiman Alrasheed told Al-Eqtisadiah newspaper. The company' generates 35% of its revenue from car leases, 33.5% from short-term rentals, while the sale of used cars represents ...

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Business & Money | Saturday 30 March, 2024 5:14 am

Riyadh Air to announce fleet expansion in coming period

Riyadh Air will announce a deal to expand its fleet size in the near future, Osamah Al-Nuwaiser, Vice President of Marketing and Corporate Communications at Riyadh Air, revealed   Expanding and diversifying Riyadh Air’s fleet and integrating it with aircraft from other companies is ...

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