Business & Money | Tuesday 11 March, 2025 10:49 am

ALEC Achieves 29% YoY Growth Driven by Ongoing Saudi Expansion and Subsidiaries’ Strong Performance

With a healthy pipeline of projects in progress, ALEC Engineering and Contracting LLC (ALEC) has continued its strong business momentum. During 2024, the company — one of the largest construction firms in the region — recorded an impressive 29% revenue growth, scaled its workforce by 46%,...

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Business & Money | Tuesday 11 March, 2025 10:46 am

Irthi: Empowering women in creative industries

Irthi Contemporary Crafts Council presents an Emirati model with regional and global perspectives on empowering women in the heritage and advanced crafts sector as vital industries for achieving empowerment, equality, and social and economic leadership for women. Since its establishment in...

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Business & Money | Tuesday 11 March, 2025 10:43 am

National Bank of Fujairah leads in arranging $100 million syndicated financing deal

The National Bank of Fujairah (NBF) has successfully closed a single currency term and letter of credit syndicated transaction totalling US$100 million to support Pure Cement LLC in the construction of a clinker production unit with a capacity of 6,500 tonnes per day (TPD), and an 8.5 MW Waste Heat ...

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Business & Money | Tuesday 11 March, 2025 10:41 am

DEWA explores strengthening cooperation with US Electric Power Research Institute

Dubai Electricity and Water Authority (DEWA) and the Electric Power Research Institute (EPRI), the leading US organisation for electric power research and development, have discussed ways to enhance collaboration in areas such as renewable energy training, network modernisation, energy storage...

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Business & Money | Tuesday 11 March, 2025 10:39 am

FTA launches ‘Family Foundations as an Unincorporated Partnership’ application via ‘EmaraTax’

The Federal Tax Authority (FTA) has introduced a new application via the "EmaraTax" digital tax services platform, enabling eligible Family Foundations to apply for status as an Unincorporated Partnership. Such a status is subject to the provision that the Family Foundation meets specific...

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Business & Money | Tuesday 11 March, 2025 10:37 am

ADIB shareholders approve AED3.030 billion cash dividend

Abu Dhabi Islamic Bank (ADIB) shareholders, during the Annual General Assembly (AGM), discussed and approved all agenda items, including the election of Board of Directors for a new term and the distribution of a cash dividend of 83 fils per share or 83 percent of capital, representing a total...

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Business & Money | Tuesday 11 March, 2025 10:36 am

Alpha Dhabi, Mubadala’s Credit joint venture reaches US$1 billion portfolio milestone

Mubadala Investment Company and Alpha Dhabi Holding PJSC today announced that their joint venture, which was launched in 2023, has reached a significant milestone, building an approximate US$1 billion portfolio in global credit opportunities. This achievement marks a key step toward the...

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Business & Money | Tuesday 11 March, 2025 10:31 am

AIQ announces $340 million contract for large-scale deployment of agentic AI across ADNOC operations

Building on the successful completion of a transformative proof-of-concept phase, AIQ – a Presight company – announced a landmark US$340 million contract with ADNOC to deploy ENERGYai and associated AI solutions across ADNOC’s upstream value chain. The three-year contract will see...

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Business & Money | Tuesday 11 March, 2025 10:28 am

Al-Modawat names Al Rajhi Capital as market maker

Al-Modawat Specialized Medical Co.’s board of directors approved, on March 10, appointing Al Rajhi Capital as a market maker for its shares. In a Tadawul statement, the company said the appointment will be for renewable 12 months from the agreement’s effective date, noting that the move...

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Business & Money | Tuesday 11 March, 2025 10:26 am

PIF launches Al Waha duty-free retailer

The Public Investment Fund (PIF) announced the establishment of Al Waha Duty-Free Company (Al Waha), a travel retailer and the first Saudi-owned duty-free operator. Al Waha, a wholly owned PIF company, will become a leader in travel retail and secure a greater share of passenger spending for the...

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