Category Archives: Business & Investments

Business & Investments

EWEC Issues Request for Proposals for the Development of Madinat Zayed Independent Power Producer(IPP) Project in Abu Dhabi

The project will provide transitional capacity to support the accelerated integration of renewable energy into the system

Natural gasserves as a transitional fuel to provide additional flexibility and ensure a stable and reliable supply of power

Abu Dhabi, UAE – 29July2024:EWEC (Emirates Water and Electricity Company), a leading company in the integrated planning, purchasing and supply of water and electricity across the UAE,today issued a Request for Proposals (RFP) for the development of the Madinat Zayed Independent Power Producer (IPP) project, a new Open-Cycle Gas Turbine (OCGT) plantlocated in the Madinat Zayed area, approximately 120 kilometres southwest of Abu Dhabi City.

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Business & Investments

CIPS Global State of Procurement and Supply 2024 Report: 

A Comprehensive Insight into the Future of Procurement

Sustainable procurement is a key focus, with 69% of organisations investing in sustainability measures and 77% possessing an ethical sourcing policy  

Dubai, UAE; July 29, 2024: The Chartered Institute of Procurement & Supply (CIPS) recently published the highly anticipated Global State of Procurement and Supply 2024 report, in partnership with GEP. The survey, which gathered insights from chief procurement officers (CPOs), procurement directors, and heads of procurement and supply across 122 organisations with a combined turnover of $73 billion, sheds light on the evolving landscape of the procurement and supply function.

Sam Achampong, Regional Managing Director, CIPS MENA.

The report highlights the increasing influence of the procurement and supply function within organisations. An impressive 68% of respondents noted that the influence of procurement and supply is on the rise. In over two-thirds of the surveyed organisations, procurement and supply manage or influence 60% of spend on direct goods. Despite small team sizes (51% of which have fewer than 20 members), CPOs are making significant impact and commonly report to CFOs.

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Business & Investments

ARAB BANK GROUP PROFITS GROW BY 25% TO $503 MILLION FOR THE FIRST HALF OF 2024

Arab Bank Group reported solid results for the first half of 2024, with 25% increase in net income after tax reaching $503 million as compared to $401 million for the same period last year. The Group maintained its strong capital base with a total equity of $11.5 billion.

Assets grew by 5% reaching $68.7 billion and at constant currency, the Group’s loans grew by 8% to reach $38.1billion, and deposits grew by 6% to reach $50.5 billion.

Mr. Sabih Masri, Chairman of the Board of Directors, stated that the solid financial performance during the first six months underscores the successful execution of the bank’sprudent risk practices, diversified business model andits focus on core banking activities.Mr. Masri emphasizedon the Group’s ability to continue achieving robust performance which reinforces its leading position in the market.

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Business & Investments

Hosted by The Executive Office of H.H. Sheikh Mohammed Bin Rashid Al Maktoum

Economist Impact announces fourth annual Global Trade and Supply Chain Summit taking place October 8th-9th

The conference in Dubai will tackle redefining resilience and relations

From October 8th to the 9th, Economist Impact will convene thought leaders, policymakers, industry experts, and innovators from around the world to discuss and shape the future of global trade.

With the support of The Executive Office in Dubai, this event will address current challenges such as geopolitics, supply chain disruptions, sustainability concerns and the rising cost of goods. Attendees will leave equipped to navigate the complexities of the current trade landscape and ensure that supply chains remain efficient, resilient and future-proof.

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Business & Investments

Ghitha Delivers Impressive 18% Revenue Growth, Surging to AED 2.45 billion in H1 2024

  • Revenue reachesAED 2.45 billion in H1 2024, an 18%growth compared to H1 2023
  • Gross Profit grows by 57% YoY with AED 176 million
  • EBITDAremains strong, representing ~ 10% of Revenue(Excl fair value changes in investment)
  • Total Assets increase to AED 9.4billion (+33% vs. Dec23)

Abu Dhabi, UAE -26July 2024:Ghitha Holding PJSC (ADX:Ghitha), the Abu Dhabi-headquartered conglomerate spanning Dairy, Poultry, Vegetable Oil, Seafood, Agriculture, Retail, and Distribution, and a subsidiary of International Holding Company (ADX: IHC), has reported a robust AED 2.45 billion in revenue for H1 2024, marking an impressive 18% year-over-year growth. This milestone underscores Ghitha’s unwavering commitment to strategic vision and operational excellence.

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