The recent administration filing by Petrofac, a UK-based energy contractor, has raised concerns about the future of several significant oil and gas projects in the Gulf region. With a workforce of approximately 7,300 employees globally, the company’s financial struggles have intensified following the loss of a crucial contract, prompting questions about its ongoing operations in…
A significant partnership has emerged in the maritime sector, as Drydocks World, a subsidiary of DP World, collaborates with Cochin Shipyard Limited (CSL) to establish India’s first ship repair cluster in Cochin, Kerala. This initiative aims to enhance the country’s capabilities in offshore ship repair and maritime services. Agreement Details The agreement was officially signed…
BlackRock Saudi Arabia and the Public Investment Fund (PIF) have unveiled new mutual funds aimed at enhancing investment opportunities in Saudi Arabia and the broader MENA region. This initiative marks a significant step in their ongoing partnership to develop the Kingdom’s capital markets and improve access for both local and international investors. New Investment Strategies…
SOUEAST UAE has taken a significant step in its regional growth by opening a new showroom in Abu Dhabi. This expansion highlights the brand’s commitment to enhancing customer accessibility and reflects the increasing demand for its innovative automotive solutions in the UAE market. New Showroom Details The newly inaugurated showroom, which spans 520 square meters,…
Aldar Properties has demonstrated impressive financial performance in the first nine months of 2025, showcasing a robust increase in profits and development sales. The company’s results reflect a strong demand in the UAE real estate market, driven by both local and international buyers. Financial Highlights Aldar’s net profit after tax reached Dh6.0 billion, marking a…
Dubai Aerospace Enterprise (DAE) Ltd has announced impressive financial results for the first nine months of 2025, showcasing a remarkable turnaround in profitability. The company has successfully integrated Nordic Aviation Capital (NAC), which has significantly contributed to its revenue and profit growth. Financial Performance Highlights For the nine months ending September 30, 2025, DAE reported…
The UAE has embarked on an ambitious journey to enhance artificial intelligence (AI) skills among its citizens through a new initiative in collaboration with Google. Announced during UAE Coding Day, this program, titled “AI for All,” aims to provide free educational resources and workshops to individuals of all ages and professions, promoting a deeper understanding…
The Federal Tax Authority (FTA) in the UAE is preparing businesses for a significant change in how sweetened beverages are taxed. Starting in early 2026, a new excise tax system will be introduced, linking tax rates directly to the sugar content of drinks. Companies involved in the production, importation, or storage of these beverages need…
Emirates has received the prestigious title of “Best International Airline” from the Forbes Travel Guide Verified Air Travel Awards for 2025. This accolade adds to a remarkable year of recognition for the airline, which has also been honored for its exceptional First Class service and luxurious airport lounge facilities. Overview of Awards and Recognition The…
Binghatti Holding Ltd has announced impressive financial results for the first nine months of 2025, showcasing a significant increase in profitability and sales. The company’s performance reflects the ongoing strength of Dubai’s real estate market, marked by accelerated sales and timely project completions. Financial Highlights Binghatti reported a remarkable 145% increase in net profit, totaling…