ADNOC L&S IPO

ADNOC L&S sets IPO price range, seeks to raise $607m

The company expects the final offer price to be announced on May 26, after the book-building process

Etihad is offering discounted fares to Rome, among other destinations. (Image: Supplied by Etihad Airways)

Etihad Airways sale: Summer discounts announced on flights from Abu Dhabi

The airline is offering special fares to select destinations across its Asian, European, Middle Eastern and North American routes

Saudia

Saudia and Kuwait Airways sign codeshare agreement

Guests may expect to gain all the benefits of codeshare flights including connectivity, baggage transfer and the convenience of having their entire journey managed by one airline

UAE issues decree to regulate use of HFCs-e1622023668811

UAE issues decree regulating use of hydrofluorocarbons

The decree is a significant step in the UAE’s endeavour to uphold its obligations towards climate change mitigation and curbing harmful emissions

AD Ports Group Khalifa Port

AD Ports Group’s first-quarter revenue jumps by 73%

The shipping and logistics group’s revenue in the first three months of the year reached Dhs1.81bn from Dhs1.04 a year earlier

Arabian Drilling operations

Arabian Drilling’s Q1 revenue surges by 4% to SAR779m

The drilling company’s earnings before interest, taxes, depreciation and amortisation in Q1 2023 reached SAR323m, with a margin of 41.5 per cent

Saudi Real Estate Refinance Company

Saudi Real Estate Refinance Company announces credit rating and outlook upgrades

Moody’s Investor Services affirmed Saudi Real Estate Refinance Company’s ‘A2’ long-term issuer ratings and upgraded its outlooks to ‘positive’

visa

Saudi Arabia restricts entry to Makkah without permit

The move comes as part of the kingdom’s efforts to organise Hajj effectively

Morabaha Financing will list on Saudi Exchange

Saudi Arabia’s Morabaha Financing set to raise $83.4m in IPO

The company plans to use the net proceeds from the share sale to strengthen its capital base to support future growth

Agility logistics park

Kuwait’s Agility reports 20% rise in net profit to KD15.3m for Q1 2023

The company’s EBITDA increased 30 per cent to KD44m, and revenue grew 17 per cent

UAE-corporate-tax-illustrative-purposes_GettyImages-184931895.jpg

UAE corporate tax: FTA opens registration for public stock and private companies

The authority explained that early corporate tax registration will allow enough time for companies and businesses to comply with their legal obligations

Mumbai

DMCC opens representative office in Mumbai to bolster UAE-India relations

The new office will provide a one-stop solution for Indian businesses looking to expand through Dubai and help them establish a presence in DMCC

TAQA’s nine-month net income reaches Dhs15bn

UAE’s TAQA Group posts $3.2bn in Q1 net income

The Abu Dhabi-listed firm said its revenues jumped 6 per cent in Q1 2023 to Dhs13.14bn, bolstered by higher bulk supply tariffs and transmission charges

lights

Abu Dhabi introduces traffic warning lights to alert drivers

The system, which aims to enhance road safety across the emirate, uses coloured lights to alert drivers of upcoming traffic incidents and adverse weather conditions

electric abra

Dubai’s RTA trials driverless electric abra

The inaugural voyage of this autonomous electric abra commenced from Al Jaddaf Station and concluded at the Festival City Station on Dubai Creek

ADIB Meydan Free Zone Signing ceremony

Abu Dhabi Islamic Bank, Meydan Free Zone collaborate to support SMEs

The partnership will enable both organisations to pool their resources and capabilities to offer SMEs a more comprehensive suite of solutions and service

Independence day celebrations_H.E Liron Zaslansky, Consul General of Israel to Dubai

Israeli consulate general hosts first independence day celebrations in Dubai

The gathering provided an opportunity for the Israeli and Emirati communities to come together and celebrate the shared values of peace, cooperation and prosperity

Air Arabia aircraft (Image: Supplied by Air Arabia)

Air Arabia set to commence Sharjah-Bangkok flights

The daily service between the two destinations will begin from June 30

Le Méridien Al Marjan Island Resort and Spa (Image: Supplied by Marjan)

Le Méridien to open in Ras Al Khaimah by 2026

The beachfront Le Méridien Al Marjan Island Resort and Spa in the UAE will feature 350 keys

Cityscape Global Saudi Arabia Edition

Cityscape Global to debut in Saudi Arabia this year

Over 180,000 domestic and international attendees will attend the debut edition of Cityscape Global

Dubai retains FDI ranking

Dubai retains global top spot for attracting greenfield FDI projects

The emirate ranked first in attracting FDI projects into sectors such as tourism, business services, financial services, transport and warehousing, consumer products, and software and IT services

IsDB annual meet concludes in Jeddah

Financing agreements worth $5.4bn signed at annual IsDB meet

The four-day event attracted 4,452 participants from 90 countries as well as 89 organisations working in the field of sustainable development

Zain HQ Building 2021

Zain Group creates global wholesale services JV with Omantel

The venture will manage all international wholesale requirements of Zain and Omantel operations in eight countries

ADNOC Distribution

ADNOC Distribution’s Q1 net profit jumps 5.5% to Dhs551m

The energy provider said its net profit soared 19.4 per cent quarter-on-quarter and free cash flow stood at Dhs1.04bn

ISDB LLF 2.0 launched photo Twitter IsDB

Development bank IsDB, partners launch Lives and Livelihoods Fund 2.0

The committed resources for the fund are aimed at supporting 32 member countries of the bank to achieve 10 of the 17 Sustainable Development Goals

salik photo WAM

Toll operator Salik reports net profit of Dhs275m for Q1 2023

The toll operator reported that revenue-generating trips reached 113.6 million, exceeding the pre-pandemic peak level thanks to the recovery of economic and tourist activity, as well as mobility

Khalifa University

Khalifa University launches world’s first solar-powered atmospheric water generator

The technology produces drinking water straight from the air and can supply up to 1,000 litres per day per unit

Tabreed

UAE’s Tabreed reports Dhs236.4m in net profit during Q1 2023

The company’s revenue increased by 10 per cent year-on-year to Dhs464m

Ministry of Economy signs MoU with Presight to enhance UAE's attractiveness to FDI & support private sector partnership

UAE Ministry of Economy signs MoU with Presight to drive FDI

Presight will work with the ministry to attract foreign direct investments to new sectors in the UAE, by deploying big data, analytics and AI in education, healthcare, infrastructure and financial services

Rua Al Madinah (Image: Supplied by Accor)

Accor signs deal for three properties in Madinah

A Fairmont, Swissôtel and Novotel will cumulatively add over 1,000 keys to Accor’s portfolio in Saudi Arabia