Browsing: Business

Russia’s Deputy Industry and Trade Minister, Mikhail Ivanov, confirmed UAE as Russia’s largest energy partner in MENA, highlighting extensive collaborations showcased at ADIPEC 2024.

Aldar has launched Mamsha Gardens on Saadiyat Island, featuring 493 homes across seven buildings with restaurants, retail, and community theatre. Sales open November 9 for all nationalities.

The Central Bank of the UAE reported a 0.6% increase in M1 money supply, reaching AED889.3 billion by July’s end, along with gains in M2 and M3, reflecting steady growth in the financial sector.

TECOM Group announced AED293 million net profit in Q1 2024, a 15% year-on-year increase, driven by record occupancy rates across its portfolio, as demand for Dubai’s commercial spaces surged.

Eurozone’s inflation at 2% raises caution around ECB rate cuts, ING’s Pesole notes EUR looks expensive as markets weigh wide rate gap between ECB and U.S. Fed.

UAE markets saw 764 major deals totaling AED58 billion this year, led by ADX with 95% of the value. The largest transaction involved TAQA, worth AED22.4 billion.

Japan imported 72.87 million barrels of oil in September, with UAE and Saudi Arabia accounting for 81.4%, emphasizing GCC nations’ dominance in Japan’s energy needs.

PureHealth achieved AED1.4 billion in net profit with a 56% revenue boost to AED19 billion for 2024, fueled by strategic acquisitions and increased demand in UAE hospital segments.

The Bank of Japan held its interest rate steady at 0.25% and updated its inflation forecast, predicting moderate stability in Japan’s economic growth through to fiscal 2025.

Dubai Aerospace Enterprise reported $310.8 million net profit for Jan–Sep 2024, a 55% increase year-over-year, supported by strategic aircraft acquisitions and rising revenue.