QATAR: Qatar International Islamic Bank (QIIB) has announced that Moody’s has confirmed the credit rating at A2 / Prime-1 with a stable outlook. Moody’s credit rating agency reconfirmed QIIB’s long-term credit rating at (A2) with a stable outlook, which affirms the bank’s strong financial position. This high rating reflects the strength and robustness of the…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Union Properties posts profits
DUBAI: Union Properties, the iconic property developer with a portfolio of diversified subsidiaries, announced 5.6 million Dirhams in net profit for the first quarter of 2021 compared to a net loss of 121.9 million dirhams for the same period in 2020. The company has attributed this profit to a number of key factors including the…
Dubai Islamic Insurance & Reinsurance Company posts 100% earnings growth
DUBAI: Dubai Islamic Insurance & Reinsurance Company (Aman), the pioneering UAE Takaful Insurance provider, announced its financial results for the first quarter of 2021. Aman reported a net profit attributable to shareholders of AED 6.4 million in the first quarter of 2021, registering a significant increase of 100.8% compared to AED 3.18 million in the…
Ithmaar Holding posts a net profit of $8.86 million in Q1
BAHRAIN: Ithmaar Holding announced its financial results for the three-month period ended 31 March 2021 reporting a net profit attributable to equity holders of $8.86 million, compared to the net loss of $22.58 million for the same period in 2020, mainly due improvement in assets performance, lower impairment provisions compared to previous period. Earnings Per…
Amanat Holdings reports record high profits
DUBAI: Amanat Holdings, the GCC’s largest healthcare and education investment company, reports record-high profitability for the first quarter ended 31 March 2021. Amanat records AED 41.0 million in Total Income, up 110.7% y-o-y and Income from Investments of AED 39.2 million, up 153.7% y-o-y. Total expenses declined 30.7% resulting in a Net Profit of AED…
Gulf Navigation reports net profit of AED 79 million in Q1 2021
DUBAI: Gulf Navigation Holding announced its financial results for the period ended 31 March 2021, reporting a net profit of AED 79 million compared to a loss of AED 18 million for the same period in 2020. Despite the tremendous challenges that the company faced and the difficult economic conditions, Gulf Navigation was able to…
Amlak Finance posts net profit of AED 6 million in Q1
DUBAI: Amlak Finance announced its financial results reporting a net profit of AED 6 million for Q1 2021, compared to AED 139 million net loss in 2020. Amlak’s Q1 2021 revenues decreased by 13% to AED 62 million as compared to AED 71 million in Q1 2020 excluding fair value losses on investment properties and…
Abu Dhabi based Multiply Marketing acquires stake in U.S. digital media platform Firefly
ABU DHABI: International Holding Company (IHC)’s subsidiary Multiply Marketing Consultancy (MMC) has acquired a stake in Firefly, a street-level digital media platform that connects audiences with dynamic media on taxis and rideshare vehicles. Investment accompanied by joint-venture plans to bring Firefly’s proprietary media technology to the Middle East. Firefly is backed by premier investors such…
Etisalat raises Euro 1.0 billion through 7-year and 12-year bonds
ABU DHABI: Emirates Telecommunications Group Company has successfully issued 7 and 12 years bonds under its established USD 10 billion “Euro Medium Term Note” (EMTN) Programme. Etisalat is rated Aa3 stable (Moody’s) and AA-Stable (S&PGlobal). The bonds issuance was completed after conducting roadshows with international investors on 4th and 5th of May 2021. The issued…
Senaat intends to merge Emirates Steel with Arkan Building Materials
ABU DHABI: General Holding Corporation (Senaat) has expressed intention to combine its wholly-owned subsidiary Emirates Steel Industries with Arkan Building Materials Company (ADX: ARKAN). “The Board of Directors of Arkan Building Materials Company (ADX: ARKAN), a leading construction and building materials company in the UAE, has received an offer from General Holding Corporation (Senaat) to…
Al Meera Consumer Goods to launch two Lifestyle Community Malls in Lusail
DOHA: Al Meera Consumer Goods Company has announced its acquisition of two properties from Qatari Diar where the retailer has set sights to launch Al Meera lifestyle community malls, a news release said. The properties, located in Lusail’s Fox Hills District and North Residential Villas District, will serve the surrounding neighbourhood and visitors to Lusail…
Nabd launches financial markets data and news section in Arabic
DUBAI: Nabd, the largest personalized Arabic news app and platform, has launched a new section giving business users access to local, regional, and international financial markets data and up-to-the-minute economic news and information, in Arabic language, a news release said. The new content offering, on Nabd Arabic news app, provides business leaders and financially-savvy users…