Category Archives: Business & Investments

Business & Investments

IHC reports impressive 46% revenue growth to AED41.7 billion and 18% net profit jump to AED12.3 billion in H1 2024

Syed Basar Shueb:“Our half-year results underscore our relentless execution of strategic objectives and our ability to outperform market growth across key segments locally and internationally. This exceptional performance reflects our team’s commitment to innovation and operational excellence, positioning us for sustained growth and agility through 2024 and beyond.”

  • IHC deliverssignificant growth in first half of 2024 with revenue surging to AED 41.7 billion, a 46% increase vs. H1 2023.
  • Net profit jumped18% to AED 12.3 billionyear-on-year.
  • Operational excellence across all sectors highlighted H1 2024, with the Real Estate & Construction, Marine & Dredging, Hospitality & Leisure and Technology segments emerging as part of the key growth drivers.
  • IHC shareholders approved ashare buyback program totaling up to AED 5 billion.

Abu Dhabi, UAE – 6August 2024: International Holding Company (ADX:IHC), the global diversified Abu Dhabi-based conglomerate, announced outstanding results for the first half of 2024 with a net profit of AED 12.3 billion, marking an impressive 18% jump compared to the same period last year.

Continue reading IHC reports impressive 46% revenue growth to AED41.7 billion and 18% net profit jump to AED12.3 billion in H1 2024 →
Business & Investments

Retail People Magazine Issue 40: “Horizons Awaken: Charting Retail’s Tomorrow”

Dubai, UAE – 7 August 2024– RPM is thrilled to unveil its milestone 40th issue, themed “Horizons Awaken: Charting Retail’s Tomorrow.” This edition features an exclusive cover story with Ayman Al Burti, CEO of Azad Properties. Al Burti articulates his pioneering vision, stating, “I was motivated by a vision to redefine the retail real estate paradigm. Our objective was to craft spaces that harmonized tradition and modernity, sustainability, and innovation, as well as physical and digital experiences.”

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Business & Investments

LSEG Middle East & Africa Investment Banking review for first half 2024

LSEG Middle East & Africa Investment Banking review for first half 2024

INVESTMENT BANKING FEES

  • An estimated US$724.5 million worth of investment banking fees were generated in the Middle East & North Africa during the first six months of 2024, 23% more than the value recorded a year ago and the third highest first half total in the region since our records began in 2000. 
  • Debt capital markets underwriting fees increased 81% to US$230.9 million, the highest first half debt capital markets fee total in the region since our records began in 2000.
  • Equity capital markets underwriting fees increased 62% year-on-year to US$206.7 million.
  • Advisory fees earned from completed M&A transactions totalled US$130.7 million, a 14% increase from previous year levels.
  • Syndicated lending fees declined 28% to a four-year low of US$156.4 million.
  • Forty-seven percent of all MENA fees were generated in Saudi Arabia in the first half of 2024, followed by the United Arab Emirates (36%).
  • HSBC earned the most investment banking fees in the region during the first half of 2024, a total of US$60.3 million or an 8.3% share of the total fee pool.
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Business & Investments

stc Group signs strategic partnership with Nexthink

The partnership supports stc Group’s overarching digital transformation strategy, and its aim to be the employer of choice for top digital talent.

KSA – August 6 2024: stc Group, has signed a strategic partnership with Nexthink, a global leader in Digital Employee Experience management. This partnership will support  in implementing digital employee experience (DEX) management solutions to enhance stc Group service delivery and retain its position as a world-class digital leader.

stc Group is a global digital enabler, comprising 13 subsidiaries across the Middle East, North Africa and Europe. The Group has diversified its offer over the years and is now a provider of innovative digital products and solutions, encompassing digital infrastructure, cloud computing, cybersecurity, Internet of Things (IoT), digital payments, digital media, and digital entertainment.

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Business & Investments

MALABAR GOLD & DIAMONDS: new showroom in Andhra Pradesh. 

Malabar Gold & Diamonds has launched its brand-new showroom in the Gajuwaka province of Andhra Pradesh.

The 17th showroom of the brand in the state was opened to the public by Member of Legislative Assembly from Gajuwaka, Mr. P Srinivasa Rao, following the showroom’s virtual inauguration by Malabar Group Chairman Mr. M.P Ahammed. Mr. Siraj P.K, Head of Retail Operations at Malabar Gold & Diamonds, other management team members, customers and well-wishers were present at the inaugural ceremony.