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Gulf News
22-04-2025
- Business
- Gulf News
Why Telugu superstar Mahesh Babu has been summoned by the ED in money laundering probe?
Telugu superstar Mahesh Babu has been summoned by the Enforcement Directorate (ED) on April 28 in connection with a money laundering probe involving Hyderabad-based firms Sai Surya Developers and the Surana Group, according to a report on NDTV. At the heart of the investigation is the Dh2.6 million the actor reportedly received for endorsing projects by Sai Surya Developers — around Dh1.5 million via cheque and Dh1.1 million. It's the cash component that's raised eyebrows, with officials suspecting it may be tied to funds collected through fraudulent means. What's the case about? According to Economic Times, the ED's investigation stems from multiple FIRs filed by Telangana Police against Narendra Surana, MD of Bhagyanagar Properties Ltd and K. Sathish Chandra Gupta, owner of Sai Surya Developers. They are accused of cheating land buyers by collecting hefty advances for plots in unauthorised layouts — some of which were sold multiple times. False promises of legal registration and no formal agreements sealed the scam. Recent raids uncovered millions in unaccounted cash and documents suggesting Rs 1 billion was funneled through illegal transactions. The money is believed to be proceeds of crime, redirected for personal use. Why Mahesh Babu? While the actor isn't accused of direct involvement in the fraud, his endorsement is seen as having boosted public trust in the now-tainted projects. Investigators want to determine if he knew about the irregularities or the dubious source of the payments.
Al Etihad
21-04-2025
- Business
- Al Etihad
ADNOC listed companies to distribute over $6.7 billion in total annual dividends
21 Apr 2025 19:07 ABU DHABI (ALETIHAD)ADNOC Group's publicly traded portfolio companies collectively endorsed over $6.7 billion (Dh24.6 billion) in annual dividend payments to shareholders for 2024, reflecting their strong financial health and commitment to shareholders the Annual General Meetings (AGM) of all six listed companies, shareholders voted overwhelmingly to approve the dividend proposals brought forth by each companies' Boards of Directors. Each of the six listed companies prioritise strong returns and value creation for shareholders, while advancing their strategies to deliver profitable DistributionAt its AGM on March 26, ADNOC Distribution shareholders approved a final cash dividend of $350 million (Dh1.3 billion) for the second half of 2024, bringing total annual dividends to $700 million (Dh2.6 billion), equal to 20.57 fils per share. Since its IPO in 2017, ADNOC Distribution has paid out $4.8 billion (Dh17.6 billion) in dividends and delivered a 92% total shareholder return as of the end of company is planning capital expenditures of $250-300 million (Dh917.5 million-1.1 billion) in 2025 while maintaining its dividend policy to distribute to shareholders at least $700 million (Dh2.6 billion) or 75% of net profit, whichever is GasADNOC Gas shareholders approved the companies' proposal to distribute $1.7 billion (Dh 6.2 billion) for the second half of the year, raising the 2024 annual dividend to $3.41 billion (Dh12.5 billion), the largest distribution by any issuer on the Abu Dhabi Securities Exchange (ADX).The dividend payout and the company's strong 2024 results, which include record adjusted net income of $5 billion (Dh18.35 billion), propelled it to deliver 19% total shareholder returns for the year. ADNOC Gas is also positioned for potential inclusion in the MSCI and FTSE indices later this year, following the company's landmark secondary share offering of 3.1 billion shares—the largest of its kind in ADX history and the UAE's largest secondary DrillingShareholders of ADNOC Drilling approved the proposed 2024 annual dividend distribution of $788 million (Dh2.9 billion) at its AGM, including a $394 million (Dh1.4 billion) dividend for the second half of the year. This represents a 10% increase compared to the previous year, driven by the company's solid financial 2025, the company aims to enhance operational capacity, targeting revenue between $4.6-$4.8 billion (Dh16.9-17.6 billion). The company plans to expand its fleet to over 148 rigs by 2026 and integrate AI-enabled technologies to boost efficiency. By 2028, the company expects to provide a dividend payment of at least $1.15 billion in line with its progressive dividend policy to increase dividends by 10% Logistics & ServicesADNOC L&S shareholders approved a final 2024 dividend payment of $136.5 million (Dh 501 million), bringing total dividend payments for the year to $273 million and reflecting a 5% year-on-year increase as aligned with its progressive dividend policy. Between its 2023 IPO and the end of 2024, ADNOC L&S delivered more than 178% in total shareholder returns (including share price appreciation and dividends paid), significantly outperforming the ADX and reinforcing investor trust in its long-term ahead, the company is continuing to expand its service offerings both locally and internationally, growing its energy-efficient fleet and accelerating organic and inorganic growth. In 2024, the company secured 21 environmentally efficient vessels, achieving an 11% reduction in carbon intensity compared to the previous year. With AI-driven solutions and next-generation vessels, ADNOC L&S aims to enhance operational efficiency, reduce emissions, and support the UAE's economic its in-person AGM on April 7, Borouge shareholders approved a final 2024 dividend of $650 million (Dh2.4 billion), bringing the total annual payout to $1.3 billion (Dh4.77 billion), equivalent to 15.88 fils per share. Additionally, shareholders authorised a share buyback program of up to 2.5% of outstanding shares, reflecting the company's strong confidence in its future prospects and the significant upside potential beyond the current share the AGM, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Managing Director and Group CEO of ADNOC, and Borouge Chairman, spoke about the proposed creation of Borouge Group International that will bring together Borouge and Borealis and acquire Nova Chemicals. The new company has been designed to deliver consistently strong dividends and significant near-term growth, with a production capacity of 13.6 million tonnes – nearly tripling Borouge's current also announced it will increase its 2025 dividend to at least 16.2 fils per share, and following completion of the Borouge Group International transaction, the new entity intends to distribute an estimated total annual dividend of $2.2 billion (Dh8.1 billion), equivalent to a minimum of 16.2 fils per share from 2026 to shareholders approved the proposed payout of a $125 million (Dh459 million) dividend for the second half of 2024, bringing total 2024 dividends to $275 million (Dh1.01 billion), equal to 12.2 fils per share. Since its 2021 IPO, the company has distributed $2.5 billion (Dh9.2 billion) to shareholders, delivering one of the highest total shareholder returns on the ADX over that time. During its AGM, shareholders also approved the repurchase of up to 2.5% of its issued shares via a share buyback, reflecting Fertiglobe's confidence in its long-term growth strategy and commitment to delivering sustainable value to shareholders. Fertiglobe has successfully realised its cost optimisation target of $50 million in run-rate savings and completed 75% of its Manufacturing Improvement Plan, which is projected to generate an additional $100 million in annual EBITDA by the end of 2025. The company will present an update on its strategy and value enhancement initiatives at its Capital Markets Day with Q1 2025 results on May 13, 2025 in Abu Dhabi.
Gulf News
12-03-2025
- Business
- Gulf News
Emirates Global Aluminium's 2024 profit at Dh2.6b - maintains dividend at Dh3.7b
2025 forecasts for aluminium will reflect 'global trade tensions' over US tariffs Last updated: March 12, 2025 | 10:15 2 MIN READ On the EBITDA growth part, EGA made gains from higher aluminium and bauxite prices in 2024. WAM Dubai: One of the world's biggest manufacturers in its category, Emirates Global Aluminium recorded net profits of Dh2.6 billion for 2024, from Dh3.4 billion a year ago. The company confirmed it will maintain dividends at Dh3.7 billion ($1 billion) for a second consecutive year. When it comes to the adjusted EBITDA, the UAE entity turned in a higher number for 2024, of Dh9.2 billion, up from Dh7.7 billion helper by higher realised all-in aluminium and bauxite prices and record production of alumina and aluminium. (This was to an extent offset by higher alumina prices and lower bauxite production.) The EGA 2024 results come just as the global aluminium industry is trying to come to terms with the US hiking tariffs on the commodity's imports into the country. Also Read: Trump extends trade fight as steel, aluminum tariffs kick in Early forecasts for 2025 The 'volatility' in aluminium prices is expected to continue due to 'tensions in global trade', while 'the global balance for aluminium is expected to be a 0.5 million tonnes deficit in 2025'. This will be 'supporting prices going forward'. The alumina markets are expected to normalise as more capacity is expected to come online in 2025, says EGA. The benchmark London Metal Exchange aluminium price was higher in 2024 - $2,392 vs $2,264 the year before. Geopolitical tensions exerted their influence on price movements, and so did energy price fluctuations, as well as speculation on interest rate cuts. EGA's US interests The UAE manufacturer has over the recent past expanded its direct interests in the US market through buying 80% in Spectro Alloys in Minnesota. "With acquisitions in Germany and the United States, and progress developing the UAE's largest recycling plant, by the end of 2024 we had 140,000 tonnes of secondary production capacity on an annualised basis, with a further 225,000 tonnes of secondary capacity under construction,' said Abdulnasser Bin Kalban, CEO of EGA. Spectro Alloys produced 25,400 tonnes of secondary aluminium from the EGA acquisition in September to year-end. It is adding 55,000 tonnes of annual secondary billet capacity in the first phase. New Taweelah facility EGA is building what will be 'the UAE's largest aluminium recycling facility', in Al Taweelah, with a production capacity of 170,000 tonnes of secondary billet per year. Construction completion is currently 37%, with the first hot metal expected during H1-2026. How did aluminium prices fare in 2024 That depends on the region. "Regional premiums were volatile in 2024, and on average were higher than 2023 in Japan and in Europe, and lower in the US," says EGA. "Alumina prices were also higher, on operational issues in Australia and India and supply constraints in the bauxite market including from EGA's Guinea Alumina Corporation." Sign up for the Daily Briefing Get the latest news and updates straight to your inbox
Khaleej Times
27-01-2025
- Health
- Khaleej Times
UAE: New stem cells research centre launched to boost market growth to Dh4.7 billion by 2030
The United Arab Emirates University (UAEU) has officially launched a pioneering Stem Cells Research Centre, marking a first in the country's academic landscape. The centre is aims to enhance local manufacturing capabilities and establish international partnerships to boost the stem cell market in the Middle East. The market is projected to grow from $711.8 million (Dh2.6 billion) in 2024 to $1.3 billion (Dh4.7 billion) by 2030. This growth is expected to be fueled by increased government investments and rising demand for innovative medical treatments. The lab aims to drive innovative stem cell research and therapies, marking a key milestone in the UAE's efforts to advance healthcare and establish itself as a global leader in regenerative medicine. It also aligns with the nation's broader ambitions to establish itself as a global leader in advanced medical sciences. The research facility is also fostering collaborations with key local and international partners, most notably the Abu Dhabi Stem Cells Centre, which has been working with UAEU since 2019. This partnership has helped fund innovative research projects, organise clinical trials, and facilitate knowledge exchange between researchers and experts. In her remarks during the inauguration, Prof Fatma Al Jasmi, acting dean of the College of Medicine and Health Sciences at UAEU, highlighted the importance of the new centre, saying, "The opening of the Stem Cell Research Centre is a significant achievement that reflects the university's vision to promote research innovation and build national capacities in medical sciences. "Through this centre, we aim to prepare a new generation of Emirati scientists capable of offering advanced medical solutions and solidifying the UAE's position as a global leader in regenerative medicine."
