Daily Archives: July 30, 2024

Business & Investments

Industrial AI UPTAKE IS JUST getting Started but MAJORITY OF SECTOR IS UNCOVERING NEW use CASES, FINDS HONEYWELL RESEARCH

  • AI research covers 12 global markets, including Saudi Arabia and the UAE
  • Workforce productivity, flexibility, and safety are cited as key gains from AI applications along with its potential to address the industrial skills shortage
  • Majority of respondents in the UAE highlighted uses cases for AI that were not in their initial plans

Dubai – United Arab Emirates, JULY 24, 2024—Honeywell (Nasdaq: HON) today released the findings of its IndustrialAI Insights globalresearch study, which captures the state of Artificial Intelligence (AI) in the sector. While only 17% of AI decision makers around the world have fully implemented their initial AI plans, more than 9 in 10 say they are uncovering unexpected new use cases whether they are in the prototyping, launch, or scaling stages of AI implementation.

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Business & Investments

Sheraa launches Access Sharjah Challenge allocating AED 500,000 for AgriTech and Livestock Health innovations

Eligible startups can submit their applications until September 5

Sara Al Nuaimi: ASC 2024 reflects Sheraa’s commitment to bolstering the emirate’s role in AgriTech, food and water security.

Khalifa Al Tunaiji: Sharjah has been at the forefront in adopting sustainable and smart technologies to overcome challenges in the sector.

Sharjah, July 29, 2024

Fuelling Sharjah’s and the UAE’s goals to become the world’s best in the Global Food Security Index by 2051, the Sharjah Entrepreneurship Center (Sheraa) has announced the sixth edition of Access Sharjah Challenge (ASC) with AgriTech and Live Health as its two competition tracks. The AED 500,000 challenge is an unmissable opportunity for startups worldwide who have viable prototypes to receive world-class mentoring and expand globally.

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Featured

RAKBANK’s H1 2024 Financial Results Unveiled

Income, Profit & Balance sheet growth continues into 2024 as the Bank’s strategy embeds further. Record Net Profit before tax of AED 1.2B up 33% YoY

Ras Al Khaimah, United Arab Emirates, July 29, 2024 – The National Bank of Ras Al Khaimah (RAKBANK) today reported its financial results for the first Halfof 2024.

HighlightsTotal Income AED 2.3B +8.7% YoYTotal Assets AED 80.4B +11.9% YoYDeposits AED 58.5B
+19.4% YoY		Return on Equity
20.4% YTD		Return on Assets 2.9%  YTD

Key Financial Highlights – H1 2024

RAKBANK delivers record net profit after tax of AED 1.1B, growth of 21% YoY, driven by diversified growth in balance sheet, continued sales momentum and strong credit quality.

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Featured

Multiply Group registered AED 439 million in EBITDA excluding fair value changes in Q2 2024

Multiply Group registered AED 439 million in EBITDA excluding fair value changes in Q2 2024, a 33% increase YoY, with 60% Revenue Growth across its operating portfolio

ABU DHABI, 29 July 2024 – Multiply Group (ADX: MULTIPLY), the Abu Dhabi-based holding company that invests in and operates businesses globally, today reports its Q2 2024 results with a net profit excluding fair value changes of AED 319 million, representing 49% growth compared to the same period last year (AED 214 million Q2 2023). Robust underlying profit growth was largely led by the consolidation of new acquisitions as we deliver on our vertical building strategy. Reported net profit of AED 992 million includes AED 673 million unrealized fair value gains from the public investment portfolio.

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Business & Investments

Americana Restaurants announces H1 2024 results, reports $1.05 billion in Revenue

  • Reported Revenue of $1.05 billionand Adjusted EBITDA of $232.7million, resulting in 22.1% EBITDA margin
  • Net profit attributable to the Shareholders of the Parent Companystood at $80.0 million
  • 81 gross new store openings during first half of 2024, increasing the total Restaurant count to 2,477. 36new restaurants under construction

Abu Dhabi and Riyadh, 30 July 2024:Americana Restaurants International PLC (“AmericanaRestaurants” or the “Company”) (ADX symbol: AMR/ ISIN: AEE01135A222) (Saudi Stock Exchange symbol:6015), the largest out-of-home dining and quick service restaurant operator in the Middle East & North Africa (“MENA”) and Kazakhstan, today announced its financial results for the six months ended 30 June 2024.

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