Bloomberg reports Mizuho Bank will be the sole mandated lead arranger and bookrunner of the five-year deal
Author Archives: Joy Chakravarty
All Articles
Airbus
Kuwait Airways faces challenges as it waits for Airbus delivery
Airline’s 2024 plans were based on having 33 aircraft, but it was forced to operate with just 23
Abu Dhabi
ADNOC L&S defy market expectations with record-breaking Q2 and H1 numbers
Q2 revenue up 40% $1,258mn; EBITDA grows 31% to $400mn; Net profit increases 14% to $236mn; Company raises Full-Year EBITDA Guidance
delivery services
talabat revises GMV and revenue guidance by double-digit points after strong Q2
GMV grows 33% on constant currency basis for Q2 2025, while revenue is up 36%; Adjusted EBITDA rises 31% and Adjusted Net Income 25%
ACWA Power
ACWA Power-led consortium wins $4bn power project in Kuwait
It will be the largest integrated power and water plant in the country and produce over 2,700MW of energy and at least 120 MIGDs of desalinated water
pension funds
Rolls-Royce sells its UK Pension Fund in a $5.8bn deal with PIC
Said to be “another step on our journey towards simplifying Rolls-Royce”, it is the largest UK risk-transfer deal so far this year
AMD
Nvidia, AMD to pay US government 15% of advanced chips sale to China
Nvidia’s H20 and AMD’s MI308 – required for AI-related use – can now be sold; The companies had a combined sale of $23.2bn in China in FY2024
Ruler of Sharjah
Sharjah Ruler issues decree to establish the Sharjah Hospitality Group
Sheikha Jawaher bint Mohammed Al Qasimi to preside over the new institution, which will develop public policies for hospitality services in Sharjah
Dana Gas
Dana Gas net profit up to $73.5mn despite lower revenue in H1 2025
Revenue lower at $170.7mn, compared to $189.5mn in H1 2024; Reports progress on KM250 expansion in KRI and first well success in Egypt
Dubai
Variable parking fee and 11,000 new spots lift Parkin revenue to a new high
Q2 2025 revenue rises 56% to $87.13mn, leading to a 41% increase in EBITDA of $51.44mn; Net profit also rises 56% to $40.4mn
district cooling business
Tabreed proposes first-ever dividend in its history as H1 revenue rises to $300mn
Record capacity growth of 41.6k RT in first six months; Proposed interim dividend of 6.5 fils per share
acquisition
Union Properties subsidiary acquires House Keeping for $27.23mn
Acquired company had revenues of $60.2mn and an EBITDA of $5.83mn for the fiscal year 2024
Abu Dhabi
Burjeel bounces back with strong Q2 numbers after March lows
Net profit jumps 128.9% to $40.3mn in Q2 and 10.6% to $50.9mn for H1; Inpatient footfall up 17.7%, outpatient by 12%
Abu Dhabi
Largest-ever fuel volumes spur ADNOC Distribution’s H1 net profit by 12%
The company records its highest H1 EBITDA of $566mn, up 10.0% YoY, on fuel sales of 7.62 billion liters, up 5.6% YoY; Guidance revised for new stations
retail industry
Six new stores boost Spinneys H1 2025 revenue growth by 13.7% to $490mn
Company experiences increase in online sales and higher penetration of fresh and private label sales as adjusted EBITDA grows 20.0%
Dubai
Emaar’s H1 2025 property sales increase by 46% to reach $12.5bn
Revenue up by 38% to $5.4bn; EBITDA grows 30% to $2.8bn; Net profit before tax up 34% to $2.8bn; Backlog increases by 62% to $39.8bn
Brookfield Asset Management
Brookfield appoints Saad Alfadly as Chairman of its KSA Board
Saad brings over 25 years of experience and will oversee Brookfield’s strategic direction and objectives in the Kingdom
Masdar
Masdar among short-listed bidders for 49% stake in another Iberdrola project
Bloomberg reports, quoting sources, that Abu Dhabi’s Masdar, Norway’s Norges Bank and Australia’s Fortescue bidding for Proyecto Julieta
Emirates
Dubai’s Emirates signs major partnership with Germany’s biggest football club
Seven-year sponsorship with Bayern Munich to provide prominent brand visibility, a dedicated Emirates Skybox and other opportunities
Artificial intelligence
Groq and Saudi’s HUMAIN announce day zero launch of OpenAI’s latest models
gpt-oss-120B and gpt-oss-20B, with full 128K context, real-time responses, and integrated server-side tools, available worldwide at low cost
Abu Dhabi
AD Ports Group expands its presence in Pakistan with new Islamabad office
Will serve as a critical platform for deepening engagement with government stakeholders and advancing priority trade initiatives
Central Bank of the UAE
Tarabut’s open finance platform secures in-principle approval from CBUAE
Becomes the first regional fintech to be licensed under Open Finance frameworks in three major Gulf economies – Saudi, Bahrain and now UAE
Boeing
More woes for Boeing as workers in fighter jets plant go on strike
Union, with 3,200 workers, rejects contract offer; demands a “contract that keeps their families secure and recognises their unmatched expertise”
bureaucracy
UAE health ministry completes second phase of adopting ‘Zero Government Bureaucracy’
The Ministry has reduced time and cost by restructuring several key services, reducing the procedures by almost 50%
DEWA
EV charging point numbers across Dubai increase to 1,270
DEWA reveals that the number of EVs in Dubai reached over 40,600 by the end of the first half of 2025
Dubai
Over a million Dubai residents to benefit from RTA’s new Umm Suqeim tunnel
It reduces travel time between Sheikh Mohammed bin Zayed Road and Al Khail Road by 61% – from 9.7 minutes to 3.8 minutes
Dubai
Sheikh Mohammed travels from Dubai to Fujairah on Etihad Rail
Dubai Ruler calls Etihad Rail “a vital economic artery that supports the UAE’s journey to the future” and appreciates the work done by the project team
Abu Dhabi
Abu Dhabi’s Mubadala invests in AI open-source company Anaconda
Abu Dhabi company participates alongside Insight Partners in $150mn Series C Funding that values Anaconda at $1.5bn
Abu Dhabi
Abu Dhabi’s IHC to invest $500mn in reinsurance premiums with RIQ
Launched earlier this year, RIQ will deliver AI-native risk transfer solutions for IHC and its group companies over 10 years
Aviation
Dubai Duty Free smashes all-time July sales record by nearly 6%
Despite DXB passenger numbers growing by 2.3% in the first 6 months, DDF’s year-to-date sales are up 5.86% to $1.29bn
Artificial intelligence
Malaysia joins the UAE and Rwanda-founded C4IR AI Fellowship Program
Agreement to expand the scope of the Fellowship Program and help bridge the gap between AI leaders around the world
branded residence
Branded real estate: Giorgio Armani to bring his magical design to branded beach villas in Ras Al Khaimah
In partnership with RAK Properties and SIE Group, the Armani Beach Residences Ras Al Khaimah will become the first Armani-branded villas in the world
Ras Al Khaimah
Ras Al Khaimah sets new H1 tourism record with 654,000 visitors
Tourism revenue up by 9%; Visitor numbers increase significantly across key source markets, and from markets with direct flight connectivity
Airport
London Heathrow submits $65bn proposal to UK government for a third runway
The new runway, which has divided opinion for many years, will add 276,000 flights a year and increase passenger capacity to 150 million
Abu Dhabi
Borouge exceeds Q2 market expectations despite massive plant turnaround
Company records net profit of $193mn for Q2 2025 against revenue of $1.31bn; Borouge 3 turnaround executed 8 days ahead of schedule
Deyaar
Deyaar’s H1 net profit before tax jumps 31.6% to $72.6mn
Total revenue up 39.2% to $252mn; Revenue from other businesses increases by 6.3% to $46.3mn
EMSTEEL
UAE’s EMSTEEL weathers global steel concerns to report solid H1 numbers
The company reports 9% increase in revenue to $1.17bn, and a 6% increase in EBITDA to $147mn; Profit after tax rises to $51.2mn
Abu Dhabi
Alef Education revenue remains steady as EBITDA margin rises
Abu Dhabi education provider revenue rises 1% to $91.76mn as EBITDA rises to $72.95mn, a market-leading 75% margin
Dubai
Parkin to provide organised smart parking around Dubai mosques
Designated as Zone M and Zone MP (premium), these will provide free parking to worshippers for one hour during prayer times
customer engagement
Vancouver’s TELUS Digital opens first Middle East office in Dubai
The new UAE office will support the rising demand for AI-powered digital transformation and customer experience innovation in the region
Emaar the Economic City
Emaar The Economic City, Al Tahaluf to develop projects in KAEC’s Al Murooj
Project will offer 340 residential lots on the stunning Red Sea coast, ranging from 600sqm to 1,000sqm, with built-up areas of 400sqm to 600sqm
Central Bank of the UAE
UAE central bank follows Fed lead and maintains base rate at 4.4%
Also decides to maintain the interest rate applicable to borrowing short-term liquidity at 50 basis points above the Base Rate
advertisement
New UAE media law – individuals need permit for promotional content
The UAE Media Council says visiting content creators are also required to apply for a three-month Visitor Advertiser Permit
construction industry
Knight Frank bullish on Egypt as project pipeline valued at $565.5bn
$120bn of projects currently under construction; outlook strong, with major opportunities in chemical, power and transport sectors
Aviation
GWC and Qatar Airways extend logistics agreement by five years
Services to include import/export handling, customs clearance, warehousing and distribution, inventory management and document storage
Artificial intelligence
Aramco collaborates in study on leveraging AI for carbon market integrity
White paper by the FII Institute offers guidance to meet carbon emissions reduction targets and addresses evolving challenges
Abu Dhabi
ADNOC Drilling upgrades 2025 and mid-term guidance following record H1 results
First-half revenue grows over 30% to $2.37bn; net profit up over 21% YoY; Board approves $217mn Q2 dividend distribution
Apple
Apple closes a store in China for the first time in its history
The store in Parkland Mall, located in Dalian City, because of changes in the shopping complex’s landscape and loss in footfall
ADNOC
European Commission to investigate ADNOC’s acquisition of Covestro
EC raises concern that foreign subsidies granted by the UAE to the state-owned ADNOC “could distort the EU internal market”
Airbus
Dubai Islamic Bank executes the first Islamic finance deal with Turkish Airlines
In a significant step for Shariah-compliant structures, DIB helps Turkish Airlines induct a new Airbus A350-941 on a 12-year Islamic finance lease
Abu Dhabi
Investcorp Capital appoints Sana Khater as Chief Executive Officer
Khater brings over 35 years of financial and strategic leadership experience with top management positions across both listed and private companies
Donald Trump
US and EU reach a 15% tariff deal that averts trade war
Deal includes $600bn EU investments in the US, energy and defence purchases; US steel and aluminium tariffs stay at 50 %, but could fall later
Dubai
Union Properties resolves legacy debt with new Motor City sale
This was achieved after signing a conditional sale agreement valued at $190.6 million for a real estate project in Motor City
Abu Dhabi National Insurance Company
ADNIC to provide life insurance to Emiratis up to the age of 95
The scheme is part of the company’s strategic partnership with the Sheikh Zayed Housing Program