Category: 1arabia updates

District cooling leader Tabreed announced a steady climb in revenue for the first quarter of 2024. The UAE-based company reported earnings of AED 468 million, marking a slight increase from AED 464 million during the same period in 2023. While the growth may seem modest, it signifies Tabreed's continued financial stability and its ability to navigate a dynamic market. This positive performance is underscored by Tabreed's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) which rose to AED 272 million

Bayanat, a leading provider of artificial intelligence (AI)-powered geospatial solutions listed on the Abu Dhabi Securities Exchange (ADX), kicked off 2024 on a high note. The company announced a strong financial performance for the first quarter (Q1), reporting AED 113 million in revenue. This marks a significant 12% year-over-year increase, solidifying Bayanat's position in the geospatial solutions market. This impressive growth is attributed to Bayanat's strategic expansion into new markets and its robust portfolio of services and products. The company

In a significant move to empower women in business, Etihad Airways and the Abu Dhabi Businesswomen Council (ADBWC) have joined forces to support a staggering 25, 000 women-owned small and medium-sized enterprises (SMEs) operating in the capital. This collaborative effort aims to provide these businesses with greater access to opportunities and resources, fostering their growth and contribution to the UAE's economy. Through a signed Memorandum of Understanding (MoU), Etihad Airways has pledged to prioritize women-led businesses when selecting suppliers. This

The Dubai Electricity and Water Authority (DEWA) has been announced as the Sustainability Strategic Partner for the 22nd edition of the Arab Media Forum (AMF), solidifying its commitment to promoting sustainable practices throughout the region. The forum, held under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is set to take place from May 27th to 29th at the Dubai World Trade Centre. This partnership aligns with

Kalba is igniting a spark of creativity in its youth with a new program focusing on wood plastic arts. This innovative initiative aims to introduce youngsters to the wonders of crafting and design, using a combination of accessible and versatile materials – wood and plastic. The brainchild of local art enthusiasts, the program caters to a specific age group, targeting the natural curiosity and energy of young minds. Through a series of hands-on workshops, participants will delve into the fundamentals

The Abu Dhabi Global Healthcare Week (ADGHW) concluded on a high note, marking a significant step forward in global healthcare collaboration. The week-long event, which brought together health leaders, policymakers, and experts from around the world, culminated in a closing ceremony attended by prominent figures including Sheikh Zayed bin Hamdan bin Zayed Al Nahyan. Sheikh Zayed bin Hamdan's presence underscored the UAE's commitment to advancing healthcare on a global scale. The closing ceremony served as a platform to summarize the

Good news for Gulf Cooperation Council (GCC) banks:credit rating agency S&P Global Ratings predicts their profitability will stay robust throughout 2024. This positive outlook comes despite a delay in interest rate cuts by the US Federal Reserve. The strong performance is largely attributed to the mirroring effect between GCC central banks and the Fed. Since most GCC currencies are pegged to the US dollar, their central banks typically adjust rates in line with the Fed's decisions. With the Fed postponing

Sharjah witnessed a significant development in its healthcare infrastructure on Wednesday with the inauguration of the new Kalba Hospital by His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah. This 100-bed facility, boasting an area of 15, 000 square meters, marks a major step forward in providing advanced medical services to the residents of Kalba and the surrounding areas. The inauguration ceremony was a momentous occasion, attended by dignitaries and members of the

The Abu Dhabi Investment Authority (ADIA), the sovereign wealth fund of the United Arab Emirates, has joined a consortium aiming to privatize Malaysia Airports Holdings Berhad (MAHB). The consortium, known as the Gateway Development Alliance, submitted a pre-conditional voluntary offer to acquire all remaining shares in MAHB for a total of $3.9 billion. This move comes as Malaysia seeks to raise capital and potentially improve the efficiency of its airport operations. MAHB, a publicly traded company, operates 39 airports across Malaysia,

Egypt's ambitious development plans for the Ras Al-Hikma peninsula received a significant shot in the arm with a second payment of $14 billion from the United Arab Emirates (UAE). This latest installment is part of a monumental $35 billion deal between Egypt and Abu Dhabi's sovereign wealth fund, ADQ, to transform the 200-kilometer stretch of coastline west of Alexandria. The agreement marks one of the largest property development deals in recent history and signifies a deepening strategic partnership between the two

On the occasion of Paraguay's Independence Day, leaders from the United Arab Emirates (UAE) sent messages of congratulations to their South American counterparts. President His Highness Sheikh Mohamed bin Zayed Al Nahyan conveyed his well wishes to Paraguayan President Santiago Peña. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, also sent greetings to President Peña.

In a move designed to accelerate the development of Saudi Arabia's entertainment sector, Qiddiya Investment Company (QIC) announced the incorporation of SEVEN, the Kingdom's leading entertainment development firm. This strategic merger strengthens Saudi Arabia's ambition to transform its entertainment landscape and position Qiddiya, a mega entertainment city under construction, as a key contributor to the nation's economic diversification goals. SEVEN, established in 2017 by the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, has been instrumental in

Energy company Mubadala Energy has scored another significant win offshore Indonesia, announcing a major gas discovery at the Tangkulo-1 exploration well. This find comes just months after the company's success at the Layaran-1 well in the same region, solidifying the South Andaman Block as a key player in Southeast Asia's energy scene. The Tangkulo-1 well, drilled to a depth of 3, 400 meters in 1, 200 meters of water, encountered an 80-meter column of natural gas within a high-quality Oligocene

Emirates NBD, a leading bank in the United Arab Emirates, is making a significant stride towards democratizing fixed-income investments. The bank announced it will offer fractional bond investments through its digital wealth platform, the ENBD X app. This move allows individual investors to participate in the bond market with a lower minimum investment compared to traditional whole bond purchases. Previously, the high minimum investment amounts associated with bonds – often reaching hundreds of thousands of dollars – acted as a

Sheikh Zayed bin Hamdan bin Zayed Al Nahyan, a member of the Abu Dhabi royal family, marked his presence at the closing ceremony of the inaugural Abu Dhabi Global Healthcare Week (ADGHW) on May 15, 2024. The three-day event, held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, served as a platform for global healthcare leaders, ministers, and specialists to convene and discuss advancements in the medical field. The

In a significant development for cancer treatment in the United Arab Emirates, Burjeel Medical City, one of the nation's leading healthcare institutions, and TII, a company at the forefront of biotechnology, have announced a strategic partnership. This collaboration aims to accelerate the adoption of advanced immunotherapy solutions for patients battling cancer. Immunotherapy harnesses the body's immune system to fight cancer cells. By stimulating the body's natural defenses, immunotherapy offers a promising approach to combating various cancers. Burjeel Medical City's oncology

A group of Dubai gold merchants are in talks with the emirate's authorities to simplify regulations that they believe hinder the competitiveness of the gold trade. The discussions, which have been ongoing for several months, center on streamlining "know your customer" (KYC) requirements and customs procedures, both seen as overly bureaucratic by some traders. Dubai has long been a global hub for the gold trade, attracting international businesses with its duty-free status and proximity to major gold producers in

Dubai Roads and Transport Authority (RTA) is paving the way for a more inclusive future in the transportation sector with the launch of its "Inspiring Women Leaders" program. This initiative aims to empower women within the organization by providing them with the tools and resources necessary to excel in leadership roles. The program recognizes the significant contributions women already make to the RTA and aims to bridge any existing gender gaps in leadership positions. It offers participants a comprehensive development

Dubai has cemented its position as the world's leading hub for foreign direct investments (FDI) focused on establishing new ventures. According to the latest data from the Financial Times' fDi Markets report, Dubai secured the top spot for attracting greenfield FDI projects in 2023, marking an impressive three-year winning streak. This achievement highlights Dubai's continuous efforts to foster a business-friendly environment and its strategic initiatives to solidify its place as a global center for commerce and innovation. The emirate significantly

The Ajman Medical Center (AMC) recently organized a comprehensive training program to equip its staff with the skills necessary to develop operational plans and performance indicators. This initiative underscores AMC's commitment to continuous improvement and optimizing its service delivery. The program, titled "Crafting Effective Operational Plans and Performance Indicators, " attracted a diverse group of participants from various departments within the medical center. The sessions were led by a team of experienced healthcare management professionals who provided participants with the

Al Dahra Holding, a major agribusiness player, is leveraging cutting-edge technologies and fresh ideas to steer its global investments in the high-quality food sector, according to Khedaim Abdullah Al Derei, the company's Co-Founder and Managing Director. This approach aligns with Al Dahra's vision of becoming a dependable international partner and a supplier of agricultural and food products that prioritizes sustainability. Al Derei emphasized the significant role technology can play in making the food industry more sustainable while enhancing the well-being

Dubai's global trade enabler, DP World, has solidified its commitment to fostering dialogue within the Arab media landscape by joining the 22nd edition of the Arab Media Forum (AMF) as a strategic partner. The forum, organized by the Dubai Press Club (DPC), is a prominent platform that convenes leading journalists, policymakers, and influencers from across the region and the world. This announcement reinforces the longstanding collaboration between DP World and the DPC, recognizing the critical role that media plays in

The recent Food Innovation Conference 2024, held in Dubai, has been hailed by the CEO of the Mohammed bin Rashid Global Centre for Innovation (MBRGI), Yousef Hussain Al Sahass, as a pivotal moment for the food sector in the Gulf region. Al Sahass, in a press statement released on Tuesday, praised the conference for bringing together key stakeholders from across the food industry, including policymakers, researchers, entrepreneurs, and established corporations. This cross-pollination of ideas, he argued, would be

The Anwar Gargash Diplomatic Academy (AGDA), a leading institution in the United Arab Emirates for diplomatic studies, is actively promoting its educational programs at the 11th edition of the Ajman International Education and Training Exhibition (AETEX). The event, which runs from May 14th to 16th at the Emirates Hospitality Centre, provides AGDA with a platform to connect with potential students interested in careers in diplomacy and international affairs. AGDA's presence at AETEX highlights the institution's commitment to fostering the next