March, 2023

• 17 March

  Malabar Gold. & Diamonds celebrates Arab Mother’s Day, launches exclusive jewellery collection

  

  DUBAI / GULF TIME With an impressive retail network of over 305 outlets across 10 countries, Malabar Gold & Diamonds, currently ranked as the 6th largest jewellery retailer in the world, is all set to celebrate Arab Mother’s Day, which falls on the March 21. To commemorate the occasion, the brand has unveiled a special collection of jewellery in 18K ...

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• 16 March

  UAE President orders $3mn grant to support reconstruction of Huwara

  

  ABU DHABI / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has directed the provision of $3 million to support the reconstruction of the Palestinian town of Huwara and assist those affected by recent events. The initiative will be implemented by the Abu Dhabi Department of Municipalities and Transport (DMT), in cooperation with the Emirati-Palestinian Friendship Club, as ...

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• 16 March

  UAE’s Al Ansari announces IPO range starting at AED1

  

  DUBAI / WAM Al Ansari Financial Services on Thursday announced the offer price range per share and the start of the subscription period for its Initial Public Offering (IPO) on the Dubai Financial Market (DFM). The price range for the global offering has been set at between AED1.00 and AED1.03 per share, implying a market capitalisation at a listing of ...

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• 16 March

  Abu Dhabi’s Taqa approves new dividend of AED5.7bn for 2022

  

  ABU DHABI / WAM Abu Dhabi National Energy Company (Taqa) announced that its shareholders approved a new dividend policy for 2023–2025 based on a combination of fixed and variable dividends. Under the new policy, the company expects to pay a fixed dividend per share, derived from its utilities earnings, of 3.25 fils in 2023, 3.50 fils in 2024 and 3.75 ...

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• 16 March

  Adnoc Distribution affirms its commitment to growth

  

  ABU DHABI / WAM Adnoc Distribution, the UAE’s largest fuel and convenience retailer, announced on Thursday that its shareholders have approved all agenda items, including an amendment to its 2023 dividend policy at its Annual General Assembly Meeting. The company’s strong 2022 results, with robust and continued growth, have enabled the setting of an attractive dividend policy with a minimum ...

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• 16 March

  DP World revenue soars 59% to reach AED62.89bn in 2022

  

  DUBAI / WAM DP World Limited has announced strong financial results for the year ended on December 31 2022. On a reported basis, revenue grew 58.9% to AED62,89 billion ($17,127 million). The Earnings Before Interest, Taxes, Depreciation, and Amortisation (Ebitda) grew 31% to AED18,41 billion ($5,014 million) with adjusted Ebitda margin of 29.3%. In a statement to Emirates News Agency ...

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• 16 March

  Cathay CEO outlines rebuild with profit in sight this year

  

  BLOOMBERG After being hit during the pandemic harder than pretty much any airline still flying, Cathay Pacific Airways Ltd has a very good chance of posting a net profit this year and returning to full capacity in 2024, according to Chief Executive Officer Ronald Lam. Covid-related disruption had such an impact on Hong Kong air travel that on one day ...

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• 16 March

  Inditex’s Massimo Dutti chain stumbles

  

  BLOOMBERG Zara owner Inditex SA is struggling to reverse an earnings decline at its formal-wear chain Massimo Dutti as mid-range officewear is hit particularly hard by the cost-of-living crisis. Earnings from the brand dropped 9.6% in the past fiscal year, Inditex reported. Revenue stood at €1.6 billion ($1.7 billion), 16% below the level of 2019, making Massimo Dutti the only ...

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• 16 March

  Kenyan bank with worst bad loan level falls after dividend cut

  

  BLOOMBERG KCB Group Plc shares plunged on Thursday, heading for the lowest level since August 2020 after Kenya’s second-largest bank announced it was cutting its proposed dividend. The Nairobi-based lender posted 19% growth in net income to 40.6 billion shillings ($312.6 million) for last year, but the decision to lower the payout to 2 shillings per unit from 3 shillings ...

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• 16 March

  ECB delivers half-point hike but offers little on next move

  

  BLOOMBERG The European Central Bank (ECB) went ahead with a planned half-point increase in interest rates but offered few clues on what may follow amid market turmoil that roiled Credit Suisse Group AG. The deposit rate was lifted to 3% on Thursday — as officials have been flagging since their last meeting six weeks ago and as the majority of ...

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