The company’s mining revenue surged to $107 million in 2024, up from $32 million in 2023 and $5.4 million in 2022
Banking & Finance
indian expats
Massive spike in remittances by Gulf-based NRIs as rupee nosedives to record levels
The rupee’s sharp decline is likely to drive a further increase in non-resident Indian (NRI) remittances, particularly from the Gulf region
Abu Dhabi
Alpha Dhabi FY2024 revenue soars 40% to a record $17.26bn
Group’s net profit at $3.68 billion; Net operating profit at $2.72 billion; Industrial ($7.16 billion) and Real Estate ($4.93 billion) key contributors
Dubai
Dubai Islamic Bank total income grows 15.9% to $6.36bn in 2024
Pre-tax profit up 27% to $2.45 billion; Customer deposits up almost 12% to $67.8 billion; NPF ratio improves 140bps to $2.48 billion
Artificial intelligence
AI regulation: Governments play catch-up as $225bn stablecoin opportunity reshapes global markets
The surge in the use of AI tools and digital currencies, such as stablecoins, comes at a time when powerful economic blocs are relaxing regulations for the sectors, which could trigger a new technological race
BNPL
Tabby hits $3.3 billion valuation as it eyes IPO within 18 months after $160M raise
Buy now, pay later provider prepares for listing as transaction volumes hit $10 billion annually
Dar Global
Dar Global secures financing for ambitious AIDA project in Oman
National Bank of Oman to finance the 3.5 million sqm project that includes a championship-size Trump course, resorts and luxury residences
Abu Dhabi
Abu Dhabi-based IHC’s revenue surges 54.4% to $25.8 billion in 2024
Preliminary report shows total assets up 52% to $109.4 billion; Net profit after tax at $6.94 billion; EPS at $1.93
investment advisory services
Capital Haus expands UAE presence with strategic wealth management acquisition
The move strengthens Capital Haus’s position in the private wealth sector, bringing an additional $150 million in funds under management
Abu Dhabi
Abu Dhabi sees 16% increase in business licences, freelancer numbers doubled in 2024
Abu Dhabi licensing authority reports notable increase in business registrations
M&A
Middle East M&A activity surged 52% to $29bn last year, global uplift expected in 2025
Global M&A activity is expected to increase in 2025 after several quiet years
business incubator
UAE sports startups invited to join Ethara incubator to seek funding boost
Dedicated sports and entertainment innovation hub Ethara 1TW to support UAE startups
Ministry of Finance
UAE announces new tax
The UAE Ministry of Finance has explained further details on the Domestic Minimum Top-up Tax
India
India’s RBI slashes interest rates by 25 bps to 6.25%
This is the first rate cut in 5 years by the RBI
Public Investment Fund (PIF)
Saudi PIF in talks for $3.1bn loan guarantee deal with Italian SACE: Report
The talks with SACE follow Italian Prime Minister Giorgia Meloni’s visit to Saudi Arabia, where agreements worth $10 billion were signed
Remittance
Saudi Arabia’s expat remittances hit $38.4bn in 2024, highest since 2022
The increase was reportedly mainly due to the growth in employment rates and the improvement of wages in some sectors
Al Salam Bank-Bahrain
Al Salam Bank net profit rises 48.7% for Q4 and 39.8% for the year
Net profit attributable to shareholders for Q4 2024 is $44.3 million, while that for the full year 2024 is $156.5 million
