INSEAD Day 4 - 728x90

AD Ports Group acquires CLI

CLI is Brazilian agri-bulk terminal operator.

$1.59bn Makkah project awarded

A consortium will develop two districts in the Holy City.

2PointZero posts profit surge

Growth driven by merger consolidation.

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

Asia-Pacific markets gain ahead of US inflation data

Asia-Pacific markets traded higher on Thursday, following gains on Wall Street that saw the S&P 500 and Dow Jones Industrial...

Economy

Equinox and NEOM announce Equinox Resort Treyam in Magna

New York, US -- Luxury hospitality group Equinox Hotels has announced plans for the opening of Equinox Resort Treyam, one...

Business
Business

DEWA 2023 net profit $2.15bn

The system demand for power surged to 56.5 TWh in 2023.
  • The fourth quarter revenue was AED 7.1 billion and net profit AED 1.8 billion. The full-year audited results are expected to be released in the first week of March 2024.
  • DEWA’s annual consolidated revenue increased by 7 percent, mainly driven by an increase in demand for electricity, water and cooling services.
Arts & Culture

Stolen Van Gogh returned in IKEA bag displayed again

Rotterdam, Netherlands -- A precious Vincent van Gogh painting stolen and then handed to a Dutch art sleuth in an IKEA...
  • The 1884 "Parsonage Garden at Nuenen in Spring", worth up to six million euros ($6.8 million), was unveiled to media at a Rotterdam museum, with damage from the theft still visible
  • Wednesday's showing was just for media, but the public will be able to view the painting from March 29 in Groningen Museum, in the north of the Netherlands.
Business

TECOM Group net profit up 49%

The company recorded its highest-ever revenue of AED 2.2 billion.
  • The lease of industrial lands witnessed a strong demand in 2023, as the occupancy rate rose to 94 percent, compared to 81 percent in 2022.
  • The company has recommended a dividend payout of AED400 million to the company's shareholders for the second half of 2023.
Business

DAE, Turkish Airlines ink pact

Turkish Airlines will take on lease 10 Boeing 737-8 aircraft.
  • The aircraft are scheduled to be delivered in 2025.
  • DAE owns and manages 96 737 MAX family aircraft.
Business

NEOM announces its new luxury ecotourism destination Zardun

NEOM, SAUDI ARABIA - NEOM's Board of Directors has announced the launch of Zardun - an exclusive resort and natural...
  • This move will help in supporting NEOM's efforts to develop luxury ecotourism in the Kingdom.
  • Zardun Nature Resort will feature four ultra-luxurious buildings that will blend with the landscape.
Economy

Qatar’s IPI declines by 1.5 percent in November 2023

DOHA, QATAR – The Industrial Production index (IPI) of Qatar in November 2023 reached 91.7 points which is a fall...
  • The IPI, which is released by the Planning and Statistics Authority, is a short-term quantitative index that measures the growth of various industrial sectors in the economy.
  • The relative weight of main economic sectors under this indicator include mining (82.46 percent), manufacturing (15.85 percent), electricity (1.16 percent), water (0.53 percent).
Business

Retail investors on Tadawul rise to 6.05 million in third quarter 2023

Riyadh, Saudi Arabia -- The number of individual investors on the Saudi Exchange (Tadawul) reached 6.05 million by the end...
  • Argaam reported that the number of male investors reached 4.48 million in Q3 2023, while the number of female investors grew to 1.58 million.
  • The number of portfolios, which is almost twice the number of investors, indicates that some investors have more than one investment portfolio.
Business

QNB net profits up 8% in 2023

The QNB Group posted a net profit of $4.25 billion.
  • The bank said that earnings per share (EPS) amounted to QR 1.55 as of 31st December 2023 compared to QR 1.44 for the same period in 2022.
  • The bank's board has announced the distribution of a cash dividend of 65 percent of the nominal share value (QR 0.65 per share).
Business

Saudi Arabia picks bidders for mining exploration sites

Riyadh, Saudi Arabia -- Saudi Arabia Wednesday announced preferred bidders in the fourth series of the licensing rounds conducted as...
  • The Ministry of Industry and Mineral Resources stated that the exploration licenses will be issued in accordance with the Mining Investment Law.
  • The um Hadid site is located in the Afif region, in the center of the Kingdom. Covering an area of some 246 km2, it includes mineral deposits of silver, lead, copper and zinc.
Business

Saudi Arabia raises mineral resources estimates to $2.5 trillion

The Kingdom raised its mineral resources estimates from $1.3 trillion in 2016 on the exploration of nearly 30 percent of...
  • The estimates were revised for phosphate, gold and rare earths. Moreover, the Kingdom’s reserves potential grew by 90 percent, the minister said.
  • Despite being one of the wealthiest countries in terms of mineral wealth, the Kingdom is the world's fourth-largest importer of minerals.

Asia-Pacific markets gain ahead of US inflation data

Asia-Pacific markets traded higher on Thursday, following gains on Wall Street that saw the S&P 500 and Dow Jones Industrial...
Economy

Company News

DEWA 2023 net profit $2.15bn

TECOM Group net profit up 49%

DAE, Turkish Airlines ink pact

QNB net profits up 8% in 2023

Batelco net profit up 9 percent

Latest News

Waha to pay cash dividend of 10 fils

The firm also okays 1.5 fils per share special dividend.
Business

EU imports US$120.5bn worth of energy products in Q4 2023

BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
Business

Qatar’s Industrial Production Index surges 5.5 percent in Jan

Doha, Qatar -- Qatar's Industrial Production index (IPI) in January 2024 reached 108.7 points, an increase of 4 percent compared...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

UAE unveils National Policy on Biofuels aimed at emissions cut

The policy aims carbon emissions reduction through increased consumption of biodiesel by 20 percent by 2050. “It will lower the...
  • The policy has been developed by the Ministry of Energy and Infrastructure in coordination with its strategic partners from the public and private sectors.
  • Al Mazrouei said the policy supports the objectives of the National Energy and Water Demand-side Management Programme and the UAE Net Zero by 2050 Strategic Initiative.
Business

Bayanat, Yahsat shareholders to vote on merger and creation of SPACE42 on April 25

ABU DHABI, UAE – Bayanat AI PLC and Al Yah Satellite Communications Company each issued a circular on Thursday calling...
  • The respective shareholders of each entity will vote on the proposed merger of the two Abu Dhabi-headquartered and ADX-listed entities.
  • The proposed would create one of the most valuable publicly listed space companies in the world with potential for significant global growth.
Business

Al Ansari to pay $81m dividend

This brings the total amount of dividend for 2023 to $162m.
  • The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus.
  • The company had reported a net profit of AED495 million for 2023, a decrease of 15.7 per cent year-over-year, from AED595 millon.