economy

Resilient MENA IPO market generates $2.64 billion in Q2 2024, set for strong remainder of year: Report

Q2 global IPO activity experienced 15 percent drop in offerings and 31 percent decline in proceeds

Starbucks bets on Chipotle’s turnaround guru to brew up a comeback – but who is Brian Niccol?

The coffee retailer has appointed Niccol as its new chairman and CEO effective September 9

Oil prices rise as U.S. stockpiles shrink, Fed rate cut bets grow

Brent crude oil futures for the October delivery rose 0.5 percent to $81.09 per barrel

UAE’s ADNOC Drilling to join MSCI flagship indexes, boosting global visibility and investor appeal

The company will become the 12th member of the MSCI UAE index after meeting the necessary criteria

UAE nationals receive $691.53 million in home construction tax refunds from FTA

This covers the period since the service was launched and until the end of the first half of 2024

Air Arabia reports $188.67 million net profit in H1 2024, continues network expansion and sustainability efforts

The airline achieved a turnover of $449.22 million, a 19 percent increase year-over-year

UAE’s diversified economy maintains robust growth in real estate, tourism, and manufacturing: OPEC

OPEC reported that the housing, utilities, and fuels sector rose to 6.7 percent YoY in June, up from 6.6 percent in May

Kuwait Warba Bank’s $500 million sukuk listing on Nasdaq Dubai attracts $1.8 billion in orders

This is the fourth listing under their $2 billion trust certificate program

Dubai’s Parkin reports $114.62 million in H1 2024 revenue, expands to 200,400 spaces

The company's Q2 2024 financial results saw a 12 percent increase in total revenues, reaching $55.94 million

Oil prices decline as OPEC lowers 2024 demand forecast amid China slowdown

Global benchmark Brent crude futures dipped 78 cents, or 0.95 percent, to $81.52 a barrel

Abu Dhabi’s Burjeel logs 10.4 percent revenue jump in H1 2024, reaching $653.4 million

The group saw increases of $37.3 million in outpatient revenue and $22.3 million in inpatient revenue

Türkiye enters ‘disinflation’ as CBRT hikes rates to 50 percent, 2024 inflation forecast at 38 percent

CBRT governor cited $26.5 billion increase in reserves, 50 percent target for lira deposits amid global volatility

UAE’s ADNOC Drilling aims for $1.3 billion net profits and 148 rigs by 2026, says CFO

The company has raised its medium-term revenue expectations to $3.85 billion for the fiscal year 2024

Egypt targets sub-10 percent inflation by 2025-2026 as CAPMAS data shows easing price pressures

The country’s annual urban consumer price inflation slid to 25.7 percent in July from 26.5 percent in June

UAE’s DEWA reports $3.72 billion in H1 2024 revenue, shareholders to get $1.68 billion in dividends annually for 5 years

EBITDA reached AED6.6 billion, operating profit of AED3.3 billion and profit after tax of AED2.6 billion

$7 billion in credit facilities to UAE’s business and industrial sectors in first 5 months of 2024

Credit balance for the sectors from banks in Abu Dhabi was around $104.76 billion in May 2024

UAE Banks Federation, ICAEW collaborate to guide businesses in digital currency adoption

The UAE is one of only 36 countries worldwide currently piloting the implementation of CBDCs

Dubai’s Emaar generates $3.9 billion in revenue for H1 2024 amid sustained investor confidence, robust demand

The company set a new group property sales record of $8.6 billion in H1 2024, a 56 percent increase over H1 2023