August, 2024

• 9 August

  ADNOC Distribution reports net profit of $170 million in Q2 2024

  

  ABU DHABI/WAM ADNOC Distribution today announced its financial results for the second quarter of 2024. The Company reported a 15.0% YoY increase to $267 million in Q2 2024 EBITDA, and a 12.9% YoY rise in net profit to $170 million. Excluding the impact of the UAE corporate tax, net profit would have increased by 24.5% YoY to $187 million. Strong ...

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• 9 August

  Etihad Airways reports 48% increase in profits to AED851 million in H1-24

  

  ABU DHABI/WAM Etihad Airways today announced its H1 2024 results, recording a 48 percent increase in profit after tax achieving AED851 million (US$232 million), a significant increase from AED575 million (US$157 million) in H1 2023. Total revenue increased 21 percent to AED11.7 billion ($3.2 billion), from AED9.6 billion ($2.6 billion) in H1 2023, mainly due to passenger revenue, which saw ...

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• 9 August

  DEWA reports H1-24 revenue of AED13.7 billion

  

  DUBAI/WAM Dubai Electricity and Water Authority (DEWA) today reported its first half 2024 consolidated financial results, recording revenue of AED13.7 billion, EBITDA of AED6.6 billion, operating profit of AED3.3 billion and profit after tax of AED2.6 billion. Saeed Mohammed Al Tayer, MD and CEO of DEWA, said, “Our first-half financials reflect robust revenue growth of 7.3% and impressive EBITDA growth ...

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• 9 August

  Al Marar participates in Extraordinary Meeting of OIC Executive Committee

  

  JEDDAH/WAM Khalifa Shaheen Al Marar, Minister of State, led the UAE delegation to the open-ended extraordinary meeting of the Executive Committee of the Organisation of Islamic Cooperation, which was held at the foreign minister level. The meeting took place at the headquarters of the OIC’s secretariat in Jeddah at the request of Palestine and Iran, and discussed current developments and ...

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• 9 August

  Burjeel’s first-half revenues reach AED 2.4 billion, up 10.4%

  

  ABU DHABI/WAM Burjeel Holdings PLC, listed on the Abu Dhabi Securities Exchange (ADX), reported a 10.4 percent growth in revenue to AED 2.4 billion for the first half of the current year ending 30th June 2024. Outpatient and inpatient revenue increased by AED 137 million and AED 82 million, respectively, the group said in a statement today. Group earnings before ...

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• 9 August

  ADNOC Drilling expects AED1.3 billion of net profit in 2024

  

  ABU DHABI/WAM  Youssef Salem, Chief Financial Officer of ADNOC Drilling, projected the company to achieve net profits between US$1.15 billion and US$1.3 billion by the end of 2024. In a statement to the Emirates News Agency (WAM), he said that the company achieved net profits of about US$570 million during the first half of 2024, while it is expected to ...

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• 9 August

  UAE, Egypt strengthen Petroleum cooperation, explore joint investment opportunities

  

  NEW ALAMEIN CITY/WAM The emirate of Fujairah and the Egyptian government have signed a cooperation agreement in the form of a Memorandum of Understanding (MoU) in the petroleum field. The signing ceremony took place at the government headquarters in the new Alamein city, in the presence of Egypt’s Prime Minister, Dr Mostafa Madbouly, and Karim Badawi, Egyptian Minister of Petroleum ...

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• 9 August

  Sharjah Ruler announces inauguration of Al Dhaid University on Sept. 16

  

  SHARJAH/WAM  H.H. Sheikh Dr. Sultan bin Muhammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has announced the inauguration of Al Dhaid University on Monday, September 16, 2024. The new institution is being established with the goal of benefiting the central region of Sharjah and equipping job-seekers with the skills necessary to meet professional standards. The institution will consist ...

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• 7 August

  ADNOC L&S announces 31% increase in net profit in H1 2024

  

  ABU DHABI/WAM ADNOC Logistics and Services today announced its second quarter and first half 2024 financial results. During H1 2024, ADNOC L&S recorded a net profit of $401 million (AED1,473 million), equating to $0.05 (AED0.20) per share, an increase of 31% on H1 2023. The company reported revenues of $1,740 million (AED6,390 million), up 42% from H1 2023. EBITDA rose ...

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• 7 August

  DIFC, Ripple to accelerate adoption of Blockchain technology

  

  DUBAI/WAM Ripple, a specialised enterprise in blockchain and crypto solutions, has announced plans to partner with DIFC Innovation Hub, the thriving innovation ecosystem of the Dubai International Financial Centre (DIFC) to accelerate blockchain and digital asset innovation in the UAE. The new partnership will connect the next generation of developers with the DIFC Innovation Hub, the largest innovation community in ...

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