Category Archives: Business & Investments

Business & Investments

Presight Announces Profitable and Consistent FY2023 Growth

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Presight Announces Profitable and Consistent FY2023 Growth, as it Closes out its First Year Post Listing
  • FY2023 revenue up 14.7% to AED1,780.6M compared to AED 1,552.0M in FY2022
  • FY2023 net profit increased 5.1% to AED570.6M compared to FY2022 at AED 543.0M
  • Q4’23 revenue (AED713.5M) increased by 23.3% over Q4’22 as major domestic projects went live

Abu Dhabi, UAE 7thFebruary 2024 – Presight AI Holding PLC (“Presight”, ADX: PRESIGHT) today announced its FY2023 results,which showedstrong, consistent revenue growth with revenues up 14.7% (+AED228.6M) to AED1,780.6M compared with FY2022. Net Profit increased by 5.1% (+AED27.6M) over the same period, with FY2023 Net Profit of AED570.6M compared to AED543.0M for FY2022. FY2023 Net Profit margin was 32.0%.

The FY2023 results were underpinned by major domestic project deployments throughout the year and more so in the last quarter of the year which lifted Q4’23 revenues by AED713.5M – an increase of 23.3% over Q4’22. In the same period Q4’23 Net Profit (AED300.6M) marginally increased by 0.4% over Q4’22. The Q4’23 Net Profit margin was 42.1%.

The Company’s balance sheet remains highly liquid and debt free, providing Presight with significant financial flexibility to fund its operations and fuel future growth. In FY2023 AED336.6M of cash was generated from operations.

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Business & Investments

UAE’s first integrated battery recycling plant unveiled as Dubatt invests AED 216 million at Dubai Industrial City

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UAE’s first integrated battery recycling plant unveiled as Dubatt invests AED 216 million at Dubai Industrial City

  • His Excellency Abdulla bin Touq Al Marri, Her Excellency Dr Amna Al Dahak, Her Excellency Mariam bint Mohammed Saeed Hareb Almheiri, and His Excellency Omar Al Suwaidi preside over inauguration ceremony
  • Musataha agreement signed to accelerate recycling plant’s 50,000 sq.ft. expansion at Dubai Industrial City
  • Fully integrated battery recycling plant will contribute to the goals of the UAE Circular Economy Policy 2031 and Dubai Integrated Waste Management Strategy 2041

Dubai, UAE, 7 February 2024: Dubatt Battery Recycling’s fully integrated battery recycling plant – the first of its kind in the UAE – has been formally inaugurated at Dubai Industrial City, part of TECOM Group PJSC, in the presence of His Excellency Abdulla bin Touq Al Marri, Cabinet Member and Minister of Economy; Her Excellency Dr Amna Al Dahak, Cabinet Member and Minister of Climate Change and Environment; Her Excellency Mariam bint Mohammed Saeed Hareb Almheiri, Head of the International Affairs Office at the Presidential Court; and His Excellency Omar Al Suwaidi, Undersecretary of the Ministry Industry and Advanced Technology.

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Business & Investments

iAccel GBI and NIN Forge Strategic Partnership for UAE’s Startup Ecosystem Acceleration

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iAccel GBI and NIN Forge Strategic Partnership for UAE’s Startup Ecosystem Acceleration

Dubai, UAE – 07 February, 2024 : In a significant move to boost the UAE’s startup ecosystem, iAccel Gulf Business Incubator (iAccel GBI) has officially entered into a partnership with the National Incubator Network (NIN), established by Sandooq Al Watan. The Memorandum of Understanding (MOU) was signed at the NIN Employment Open Day in Abu Dhabi, underscoring the shared commitment to empowering young Emirati entrepreneurs and driving national economic diversification.

The event, graced by His Excellency Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, and Chairman of the Board of Directors of the Al Watan Fund, highlighted the imperative role of fostering innovation and entrepreneurship among the youth. In his opening speech, Sheikh Nahyan emphasized the importance of enabling the youth to initiate businesses and take leadership roles in various sectors.

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Business & Investments

National Bonds Revamps  2024 Rewards Program of AED 35.5 million to its savers

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National Bonds Revamps  2024 Rewards Program of AED 35.5 million to its savers

  • The Rewards Program offers more winning chances for active, regular, new, and digital savers, in addition to Prestige members.
  • The 2024 program features a wider selection of Luxury  cars, AED 8 million for 8 winners, 365 iPhones, and additional cash prizes.

Dubai United Arab Emirates, 07 February, 2024

National Bonds, the specialist UAE savings and investment company, has unveiled an upgraded annual rewards program for its savers, providing an unprecedented opportunity for customers to partake in a rewards program worth AED 35.5 million.

Under the new program, participants can win exclusive prizes, including a variety of 16 luxury cars with 4 dedicated to the Emirati savers, and the latest iPhone model a day in addition to a range of other monthly rewards. Also, quarterly draws present the opportunity to win AED 2 million.

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Business & Investments

Breakbulk Middle East unites industry leaders to identify opportunities for growth and expansion

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Breakbulk Middle East unites industry leaders to identify opportunities for growth and expansion

Breakbulk Middle East unites industry leaders to identify opportunities for growth and expansion

The official presser demonstrated the event’s significance in connecting government authorities, as well as global logistics and shipping companies, to enhance the industry’s presence in the Middle East and beyond

Dubai, United Arab Emirates – 7th of February 2024: Held under the patronage of the UAE Ministry of Energy and Infrastructure (MOEI UAE), Breakbulk Middle East, held its official press conference today in anticipation of the upcoming 2024 edition of its conference and exhibition. Notable industry leaders from the Ministry, DP World, Abu Dhabi Ports Group, , and other esteemed organisations in the UAE gathered to reaffirm BBME’s commitment to facilitate the expansion of the industry in new markets, and catalyse the progress of the sector across the globe.

Scheduled to take place on 12-13 February 2024 at the Dubai World Trade Centre, the event promises to offer its attendees a wealth of networking opportunities with potential business partners, service providers, and project owners, both locally and internationally.

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