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17% GROWTH IN INTEREST INCOME
Mashreq’s H1 net profit rises 14pc to $1.09bn
Mashreq has posted a first-half (H1) net profit of AED4 billion ($1.09 billion, a significant 14% increase year-on-year (YoY), driven largely by a 17% YoY increase in net interest income.
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2.5GW ASSETS
Masdar, Endesa forge $1.84bn renewable energy deal in Spain
Abu Dhabi Future Energy Company (Masdar), the UAE’s clean energy leader, said it will soon become a partner for 2.5 gigawatts (GW) of renewable energy assets in Spain, under an agreement with Endesa, a Spanish multinational electric utility company.
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TOURISM, REAL ESTATE KEY DRIVER
UAE economy set for 6pc growth in 2025: Arab Monetary Fund
The UAE's economy is expected to grow by 3.9% in the current year, rising to 6.2% in 2025, mainly driven by continued improvements in tourism activity, real estate, and international trade, according to the Arab Monetary Fund (AMF).
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INTERVIEW
Statevolt Emirates: a giga leap for battery technology
The $3.2-billion Statevolt Emirates project will be the first gigafactory at large scale dedicated to battery production in the UAE, helping to accelerate the country’s positioning as a leader in green transition, says CEO Lars Carlstrom in an interview.
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ANALYSIS
Emerging trends revolutionising Mideast construction technology
The construction industry in the Middle East is witnessing a major transformation, thanks to the technological advancements which help enhance safety and efficiency on the building sites and pave the way for improved project execution, said an expert.
Top Trade News
 | Industry Sectors |
$294m deal awarded for Kuwait's South Sabah Al Ahmad City work
Kuwait's Public Authority for Housing Welfare (PAHW) has awarded a KD90.1 million ($294 million) contract for the construction of roads and infrastructure networks covering 6,568 homes across four residential suburbs within South Sabah Al Ahmad City.
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Pathfinder announces $325m Silver Rock investment
Pathfinder, a leader in pioneering retail technology solutions, has announced an investment of $325 million from Silver Rock Group.
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Ewec issues RFPs for 400MW battery energy storage system
Emirates Water and Electricity Company (Ewec) has issued request for proposals (RFPs) to all 27 qualified developer/developer consortiums for setting up an independent greenfield 400MW Battery Energy Storage System (BESS) power project in Abu Dhabi.
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Bahrain national origin non-oil exports dip 6pc to $2.37bn in Q2
Bahrain’s non-oil exports of national origin has fallen 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same quarter in 2023.
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Statevolt Emirates: a giga leap for battery technology
The $3.2-billion Statevolt Emirates project will be the first gigafactory at large scale dedicated to battery production in the UAE, helping to accelerate the country’s positioning as a leader in green transition, says CEO Lars Carlstrom in an interview.
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UAE, China sign deals, MoUs to boost energy, industry ties
Agreements and MoUs have been signed by UAE and China in vital areas and sectors of common interest, within the framework of the Comprehensive Strategic Partnership (CSP) during a UAE ministerial visit to China.
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Qatar Airways places order for 20 more Boeing 777-9 jets
Qatar Airways has signed a deal with Boeing for supply of 20 more 777-9 airplanes, set to be the world’s largest and most fuel-efficient twin-engine jets. With this order, the Qatari flagcarrier’s 777X order book has now risen to nearly 100 airplanes.
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Zain KSA revenue in H1 soars to $1.3bn; net profit up 60pc
Zain KSA, a major telecom company in the kingdom, has posted solid results for H1 with SAR5 billion ($1.3 billion) revenue and a 60% jump in net profit, thanks to its strategy focused on enhancing customer experience and expanding next-gen technologies.
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Sports goods trade grows threefold to hit $64bn: WTO
Sports goods trade has seen a massive boost in recent years, with increased spending by a variety of consumers, ranging from fitness fanatics to aspiring Olympic athletes. Since 1996, trade in sports goods has tripled, with annual imports reaching nearly
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RTA announces $299m purchase deal for new Euro6 buses
Dubai's Roads and Transport Authority has announced order worth AED1.1 billion ($299 million) for the purchase of 636 buses of various sizes that comply with European specifications for low carbon emissions (Euro 6). Of these, 40 will be electric buses.
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Masdar, Endesa forge $1.84bn renewable energy deal in Spain
Abu Dhabi Future Energy Company (Masdar), the UAE’s clean energy leader, said it will soon become a partner for 2.5 gigawatts (GW) of renewable energy assets in Spain, under an agreement with Endesa, a Spanish multinational electric utility company.
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Abrahamic Family House makes it to Time’s greatest destinations' list
The Abrahamic Family House - encompassing three separate houses of worship - a mosque, church and a synagogue – has been featured in TIME Magazine's annual list of the World’s Greatest Places, featuring 100 extraordinary destinations to visit and stay.
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Gulf Air signs Collective Labour Agreement with pilots union
Bahrain's national carrier Gulf Air said it has signed a Collective Labour Agreement with its pilots trade union, thus settling a longstanding dispute over pilot employment terms and allowances, marking an amicable resolution between the two parties.
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Presight’s AI workshop offers insights to top government officials
Presight, Middle East’s top big data analytics company powered by Generative AI, hosted a workshop on the potential of artificial intelligence (AI) for the public sector that took place in Addis Ababa, Ethiopia, in partnership with Open Innovation AI.
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