ABU DHABI / WAM Emirates Global Aluminium (EGA) on Tuesday reported its strongest-ever financial results, announcing net profit of AED7.4 billion ($2.0 billion), up 34 percent from AED5.5 billion ($1.5 billion) in 2021. EGA’s adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (adjusted Ebitda) for 2022 was up 37 percent to a record AED12.4 billion ($3.4 billion), compared to AED9.0 ...

ABU DHABI / WAM Mubadala Investment Company announced that it has partnered with primary investor Stone Point Capital, a private equity firm focussed on the global financial services industry, alongside other co-investors, to purchase a 20% stake for $1.95 billion in Truist Insurance Holdings, Inc, a subsidiary of Truist Financial Corporation. Based in Charlotte, North Carolina, Truist Insurance Holdings is ...

ABU DHABI / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan, on Tuesday at Qasr Al Shati Palace, received Andrzej Duda, President of the Republic of Poland. President His Highness Sheikh Mohamed bin Zayed welcomed President Duda and his accompanying delegation, expressing his hopes that his visit would constitute an impetus to the two countries’ relations. The two ...

BLOOMBERG The powerful sister of North Korean leader Kim Jong Un issued a fresh warning to the US and South Korea, threatening them with severe consequences if they went ahead with joint military drills set to start next week. Kim Yo Jong said North Korea is monitoring the “restless military moves by the US forces” and its South Korean “puppet ...

BLOOMBERG Russian Defense Minister Sergei Shoigu said taking the besieged eastern city of Bakhmut would let Kremlin forces push further into Ukraine’s defenses, vowing to continue a months-long siege that’s shown limited results so far. Bakhmut “is an important link in the defenses of Ukraine’s forces in Donbas,” Shoigu told commanders in televised comments. The founder of Russian mercenary group ...

BLOOMBERG China’s new foreign minister warned that soaring US-China tensions risk blowing past any guardrails in the relationship, showing that divisions between the world’s biggest economies are becoming more entrenched. “The US claims that it seeks to outcompete China but does not seek conflict,” Foreign Minister Qin Gang said on Tuesday at his first news briefing since taking office late ...

BLOOMBERG Prime Minister Justin Trudeau yielded to pressure over allegations China interfered in Canada’s elections, appointing a special investigator to study the matter. “Upholding confidence in our democratic process in our elections, in our institutions, is of utmost importance,” the prime minister told reporters in Ottawa. The “independent special rapporteur” will have a wide mandate and make recommendations on fighting ...

ABU DHABI / WAM Khalifa Economic Zones Abu Dhabi – Kezad group and Emtelle, a global manufacturer of passive fibre-optic network solutions, on Tuesday signed an agreement to build one of the world’s largest facilities for the manufacture of fibre optic ducting and pre-connectorised solutions. Emtelle will invest approximately $50 million in three phases of manufacturing. The building, located on ...

DUBAI / WAM Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI), through its 1 Billion Meals initiative, on Tuesday announced its support for the United Nations UNITLIFE Trust Fund, which aims to address chronic malnutrition across the globe. As the region’s largest food donation drive, 1 Billion Meals aims to provide food aid to the underprivileged in 50 countries, especially ...

ABU DHABI / WAM Abu Dhabi Islamic Bank (Adib has announced that its general assembly has approved a cash dividend of AED1.7 billion, 49 fils per share for the fiscal year ending December 31, 2022. This represents an increase from 31 fils per share in 2021 and constitutes 49.2% of the bank’s net profit for the year. In addition, Adib ...