Category Archives: Business & Investments

Sustained exceptional performance with quarterly revenues growing by 7.3%, first half EBITDA Margin expanding to 44.0% and first half Net Profits rising by 54.2% year-over-year

On the basis of these results, the Board of Directors approved the distribution of an interim cash dividend of AED 0.20 per share, a 53.8 % increase year-over-year

Q2 2024 Key takeaways

Strong financial performance with top-line and bottom-line growth, continuation of the robust performance witnessed in Q1’24
- Major milestone achieved in our ICT business with a strategic partnership with Oracle Alloy

Dubai, UAE. 22July 2024 – Emirates Integrated Telecommunications Company PJSC announced its financial results for Q2 2024. Revenues increased by 7.3% to AED 3.6 billion demonstrating our strong product offerings. EBITDA increased by 3.2% to AED 1.6 billion reflecting the top line growth. Net Profit reached AED 581 million, a 46.3% increase year over year primarily reflecting the strong EBITDA growth. Capex was at AED 442 million, while Operating Free Cash Flow (EBITDA – Capex) was AED at 1.1 billion, a 10.9% increase year over year.

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Business & Investments

Sovereign investors turn to emerging markets as geopolitical tensions rise

July 22, 2024 uaenews247

Geopolitical tension becomes sovereign investors’ primary concern, followed by inflation
Appeal of private credit in the Middle East rises, while interest in fixed income, equities, and private equity softens
Region’s sovereign wealth funds and central banks embrace AI in their investment process
Investors align portfolios with global climate goals
Middle East’s central banks turn to gold to diversify reserves

Dubai, UAE,22July 2024–Geopolitical tension has surpassed inflation as the primary concern of sovereign investors and is prompting greater interest in allocating to emerging markets, according to the twelfth annual Invesco Global Sovereign Asset Management Study (link here).

Geopolitical tensions were cited by 83% of sovereign investors, including 95% of those in the Middle East, as the most serious risk to economic growth over the next 12 months. This trend reflects concerns over competition between the major powers and the potential for trade disruption.

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Business & Investments

Alshaya Group and Mastercard partner to drive growth of GCC’s retail sector through Aura loyalty programme co-brand launches

July 22, 2024 uaenews247

Alshaya Group and Mastercard partner to drive growth of GCC’s retail sector through Aura loyalty programme co-brand launches

Multimarket partnership will see the launch of Alshaya Group’s loyalty programme Aura and Mastercard co-branded credit cards to offer customers benefits across more than 70 brands

Dubai, United Arab Emirates, – 22^ndJuly2024:Alshaya Group,one of theleading international retail franchiseoperators,has partnered with Mastercard to expand its award-winning loyalty programme, Aura. The partnership, which willsee the launch of an Aura co-branded credit cardin multiple markets over the next two years includingKuwait, Saudi Arabia, the UAE and Qatar, aims to drive growth of the retail sector across the GCC region and bring additional benefits to Aura members.

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Business & Investments

BlackRock Investment Institute establishes presence in the Middle East with appointment of Chief Strategist

July 22, 2024 uaenews247

Dedicated BlackRock Investment Institute presence in the United Arab Emirates reflects BlackRock’s commitment to clients in the Middle East
APAC Investment Strategist Ben Powell expands role to lead BII Middle East

22 July, Dubai:BlackRock today announced the appointment of Ben Powell as Chief Middle East & APAC Investment Strategist for BlackRock Investment Institute (BII), establishing a dedicated presence in the UAE to work with clients across the whole region.

BII generates proprietary research to provide insights on markets, macroeconomics, sustainability, geopolitics and portfolio construction to help BlackRock’s portfolio managers and clients navigate financial markets. A tailored BII presence in the UAE that supports the entire Middle East will enhance BlackRock’s offering to clients by providing deeper, region-specific insights and facilitate the curation of region-specific content for BlackRock professionals globally.

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