Business & Investments

AD Ports Group Delivers an Impressive 56% YoY Increase in EBITDA and 42% Growth in Total Net Profit in Q2 2024

Abu Dhabi, UAE – 13 August 2024:

Condensed Consolidated Profit & Loss

  1. EBITDA is calculated by taking net profit and adding depreciation and amortization, finance costs, income tax expense, impairment of investment properties and subtracting government grants, fair value gain on pre-existing interest in a joint venture and finance income
  2. Based on the weighted average number of shares for the period
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Real Estate

ENBD REIT Announces Sale of Remraam Residential Towers

  • Sale price represents slight premium to 31 March 2024 market value
  • Divestment in line with turnaround strategy for growth and portfolio optimisation
  • Proceeds deployed to reduce debt with LTV down to 49.4%

Dubai, United Arab Emirates, 13 August2024:ENBD REIT(CEIC) PLC (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced the successful sale of the Remraam residential assets at a slight premium to market value at 31 March 2024.

The decision to divest this asset is in line with ENBD REIT’s turnaround strategy to optimize its portfolio with a focus on dividend growth viaproactive asset management. The proceeds from this sale will be utilized to reduce debt, resulting in the LTV ratio dropping to 49.4% from 51%.

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Business & Investments

WakeCap confirms key role in improving construction safety throughout Saudi Arabia

WakeCap’s smart solution for construction site management presented to the Kingdom’s Ministry of Industry and Mineral Resources, prompting a directive to establish regulations for its adoption

Photo caption: His Excellency Bandar I. Alkhorayef, the Minister of Industry and Mineral Resources and His Excellency Mr. Khalil Ibn Salamah, the Deputy Minister for Industrial Affairs with Dr. Hassan Albalawi, CEO and Founder of WakeCap

Riyadh, Saudi Arabia; 13August 2024:WakeCap, a workforce safety and productivity solution,  showcased its smart construction site management technologies to the Kingdom’s Ministry of Industry and Mineral Resources, which will see the company at the forefront of safety improvement in mining and manufacturing projects across the Kingdom.

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Business & Investments

STADA acquires FITO™ from LEO Pharma and expands Consumer Healthcare in the MENA Region

  • STADA acquires LEO Pharma existing FITO trademark in the GCC, North Africa, the Middle East and selected Asian Countries.
  • STADA EVP Emerging Markets Stephane Jacqmin: “We look forward to leveraging our local marketing and sales platform to develop the full potential of this strong brand in the many markets of the MENA region. This will strengthen STADA’s role as the partner of choice in consumer healthcare and support our growth in this region”

Dubai12August2024 – The pharmaceutical company STADA is expanding its consumer healthcare business in the MENA region with the acquisition of FITO™ from LEO Pharma. The medical device is based on the wheat extract Rigenase (DamorFarmaceutici, Italy) and is indicated for the dermatological treatment of first- and second-degree burns, ulcers, wounds and abrasions. The herbal origin has a high safety profileand forms a protective barrier against the external environment.

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Business & Investments

INDEX Holding Leads Industry Transformation Through Advanced AI and Technology Integration

  • INDEX Holding Receives the Legend Award category during The World CIO 200 Summit UAE Edition 2024
  • INDEX Conference and Exhibition: Tech Integration Drives USD 49 Billion in Trade Deals and Record Participation
  • UAE’s Commitment to AI Leadership: A National Responsibility

Dubai, United Arab Emirates – 12 August 2024:INDEX Holding is leading a transformative move in its operations through the advanced integration of artificial intelligence (AI) technology across all its subsidiaries, both locally and globally. This strategic effort is in alignment with the visionary directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, emphasizing AI’s pivotal role in both business and everyday life.

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