News

  Bloomberg A record share of Londoners are shunning property portals and opting to sell their homes on their own terms — which are increasingly negotiated over WhatsApp. Almost a quarter of London homes were sold off-market in the final three months of last year, according to broker Hamptons International. That’s more than double compared to the same period of ...

  Bloomberg The UK’s battery manufacturing industry is doomed unless the government ramps up support for the sector, according to the founder of failed battery startup Britshvolt Ltd. Formerly the UK’s main hope for a homegrown supplier to the electric-vehicle industry, Britishvolt went into bankruptcy this month. The company could have been saved had the government given it only a ...

Abu Dhabi / WAM First Abu Dhabi Bank (FAB) has reported a group net profit of AED13.4 billion during 2022, up 7% year-on-year (yoy) compared to the same period in 2021, with earnings per share at AED1.18. HH Sheikh Tahnoun bin Zayed Al Nahyan, National Security Adviser and Chairman of FAB, said, “2022 was a year of continued strategic diversification ...

  Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to President Droupadi Murmu of India on the occasion of the Republic Day, which is observed on January 26. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, also ...

  Dubai / WAM Dubai Gold and Commodities Exchange (DGCX), the largest and most diversified derivatives exchange in the Middle East, on Thursday announced its full-year market statistics for 2022, reporting a total of 8.239 million contracts with a total value of $162.01 billion during the year, representing growth of 16 percent and 8.24 percent, respectively. With inflation rising steadily ...

Dubai / WAM Dubai Investments PJSC (DIC) has acquired a 9% equity stake in Monument Bank Limited, a UK-based digital bank regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority (UK). Monument Bank is focused on the ‘mass affluent’ segment in the UK and aims to provide core banking and other related services to help clients prosper ...

Ras Al Khaimah / WAM Ras Al Khaimah Economic Zone (Rakez) welcomed over 4,200 new companies to its business community in 2022, recording 18% growth compared to 2021. Commenting on this economic growth, Rakez group CEO Ramy Jallad said, “The latest numbers indicate how far we have come with our commitment to position the emirate of Ras Al Khaimah as ...

  Dubai / WAM The Dubai Land Department (DLD) has issued a total of 9,047 real estate permits and 6,479 real estate licences in 2022, showing a growth of 46.6 percent and 53 percent respectively from the previous year. The high demand from real estate investors is attributed to Dubai’s strong growth outlook and potential for high returns in the ...

Dubai / WAM The Mohammed Bin Rashid Space Centre (MBRSC) has announced the details of the second mission of the UAE Astronaut Programme. The SpaceX Dragon spacecraft, named Endeavour, atop a Falcon 9 rocket, will carry the UAE astronaut and Mission Specialist Sultan Al Neyadi, along with two Nasa astronauts, Mission Commander Stephen Bowen, and Pilot Warren Hoburg, and Roscosmos ...

  Dubai / WAM Emirates Islamic reported a net profit of AED 1.24 billion in 2022, a 51% increase from the previous year. The bank’s strong performance was driven by higher funded and non-funded income, coupled with a reduction in cost of risk. The bank also reported a 36% increase in operating profit and a 15% increase in total assets ...