August, 2022

• 4 August

  Arcal Consulting Engineers and Interior Design’ won 33 prestigious awards

  

  Abu Dhabi / Gulf Time Arkal Engineering Consultants and Interior Design, the leading company in the field of engineering design and decoration, has won more than 33 prestigious local awards during its career. For his part, Zayed Al-Khulaifi, General Manager of Arkal Engineering Consultants and Interior Design, said, “With the provision of high levels of quality, architectural and construction services ...

  Read More »
• 4 August

  Alibaba, Tencent face end of an era as sales start to shrink

  

    Bloomberg For almost a decade, Alibaba Group Holding Ltd and Tencent Holdings Ltd embodied China’s economic miracle, sustaining a dizzying pace of growth and approaching trillion-dollar valuations with splashy forays into every corner of the internet. That spectacular run could officially end on Thursday, when the e-commerce powerhouse that Jack Ma founded is expected to record its first-ever decline ...

  Read More »
• 4 August

  US futures rise as Pelosi completes Taiwan visit

  

    Bloomberg US stock futures climbed on Wednesday as some of the investor anxiety over tense US-China ties eased, while Treasuries extended a slide sparked by hawkish Federal Reserve comments. S&P 500 futures and contracts on the Nasdaq 100 both rise by about 0.4%. Europe’s Stoxx 600 was little changed as investors assessed signs of resilience in the latest company ...

  Read More »
• 3 August

  Fertiglobe revenues up 105% to AED5.40 billion in Q2 2022

  

    ABU DHABI / WAM Fertiglobe, the strategic partnership between Adnoc and OCI, on Tuesday reported that its Q2 2022 revenues increased 105% to AED 5.40 billion ($1,471 million), while adjusted Ebitda grew 155% to $770 million compared to Q2 2021. Free cash flow increased to $789 million in Q2 2022 from $328 million in Q2 2021, supporting a first-half ...

  Read More »
• 3 August

  Sheikh Mohamed makes phone call to Sri Lankan president

    Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan, has made a phone call to the President of Sri Lanka, Ranil Wickremesinghe, congratulating him on his election as the country’s new president. His Highness Sheikh Mohamed bin Zayed also wished him success in leading Sri Lanka towards stability and peace and overcoming the circumstances it ...

  Read More »
• 3 August

  Emirates Steel Arkan Q2 profit jumps 184%

  

    Abu Dhabi / WAM Emirates Steel Arkan on Tuesday announced its second-quarter results, reporting a net profit of AED207 million in the second quarter compared to a pre-merger loss of AED24 million in the same period of last year and a 184% gain from AED73 million in Q1, driven by higher sales volumes and prices, enhanced operational efficiencies, and ...

  Read More »
• 3 August

  Masdar reaches financial close on 230MW Azerbaijan solar plant

  

    ABU DHABI / WAM Masdar, one of the world’s leading renewable energy companies, announced on Tuesday that it has achieved financial close for its 230-megawatt (MW) Garadagh Solar Photovoltaic (PV) Plant in Azerbaijan – the nation’s first foreign investment-based independent solar power project, and Masdar’s first project in country. The project is co-financed by Abu Dhabi Fund for Development, ...

  Read More »
• 3 August

  Ministry, EDB to fund modern agri ventures

  

    Dubai / WAM The Ministry of Climate Change and Environment (MoCCAE) and Emirates Development Bank (EDB), the key financial engine of the UAE’s economic diversification and industrial transformation agenda, signed a memorandum of understanding (MoU) to set up a scheme to offer finance solutions to modern agricultural SMEs and start-ups in a bid to contribute to the UAE’s sustainable ...

  Read More »
• 3 August

  Ghitha profit soars 471% to AED80.65mn

    Abu Dhabi / WAM Ghitha Holding, a subsidiary of International Holding Company (IHC), announced its second quarter results for 2022 with a profit of AED80.65 million, surging by more than 471% for same period last year. Ghitha reported record-breaking numbers, led by its revenue reaching AED576 million, which shows immense growth of 276%, soaring up from AED153 million in ...

  Read More »
• 3 August

  UAE continues to lead as top tourism destination globally

  

    ABU DHABI / WAM The United Arab Emirates (UAE) is continuing to maintain its regional and international leadership as a distinguished travel destination and a preferred country for living and working. Due to the directives of its leadership, the country witnessed progress in terms of outcomes and indicators, which confirmed its recovery from the Covid-19 pandemic. The country has strengthened ...

  Read More »