INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

SABIC announces 16% H2 cash dividend

The dividend of $1.27 billion is payable on Mar 4, 2024.

Business

NEOM launches ‘Topian’ to ensure climate-proof agriculture in Saudi

NEOM, Saudi Arabia: NEOM, a mega-city project in Saudi Arabia characterized by futuristic urban planning and advanced technologies, Sunday announced the...

Business
Business

Masdar to invest in Indonesia’s major geothermal player Pertamina

Abu Dhabi, United Arab Emirates: Abu Dhabi-based clean energy company Masdar has entered the geothermal energy sector by making an...
  • The investment marks Masdar’s entry into Indonesia, the world's second-largest geothermal market after the US.
  • Indonesia has a goal of increasing its installed geothermal capacity from 2.8 gigawatts (GW) in 2022 to 6.2 GW by 2030.
Business

Non-oil trade between UAE and Kuwait up 87 percent in 10 years

Abu Dhabi, UAE--- Non-oil foreign trade between the UAE and Kuwait has grown 87 percent over the past ten years...
  • The total trade between the two countries during 2013-2022 amounted to AED316.2 billion,
  • Non-oil trade between the UAE and Kuwait grew 13 percent, worth AED5 billion last year, to reach AED43.5 billion, compared to AED38.5 billion in 2021.
Business

1,400 MW more nuclear power added to UAE national grid

Abu Dhabi, UAE--The commercial operations of the Unit 3 of Barakah Nuclear Energy Plant in the Al Dhafra Region of...
  • Total production from Units 1, 2 and 3 of Barakah now produce 4,200MW of clean electricity for the UAE national grid.
  • Unit 3 of the Barakah Plant has completed the process from Fuel Load to Commercial Operations more than four months faster than Unit 2 and more than five months faster than Unit 1.

$735 million new deals signed on fourth day of IDEX in UAE

Abu Dhabi, UAE—A total of 10 deals worth AED2.7 billion ($735 million) were signed on the fourth day of the...
  • Today’s deals bring the cumulative value of the deals signed by Tawazun Council at the exhibition so far to AED 21.14 billion for 44 deals.
  • The biggest local contract, worth AED902 million, was awarded to Norinco, through International Golden Group, to procure AR3 multiple launcher rocket system.
Business

Renewables investments record high in 2022, but need massive increase

A report by the International Renewable Energy Agency (IRENA) and Climate Policy Initiative (CPI), said although global investment in renewable...
  • The report emphasizes how lending to developing countries looking to deploy renewables must be r highlights the need for public financing to play a much stronger role.
  • Achieving an energy transition in line with the 1.5°C Scenario also requires the redirection of $0.7 trillion per year from fossil fuels to energy-transition related technologies.
Business

Rolls-Royce sinks into net loss

Turnover however soared by more than a fifth to £13.5 bn.
  • Rolls posted a net loss of almost £1.3 billion ($1.5 billion), after a profit after tax of £120 million the previous year.
  • Rolls added that it would announce the outcome of a strategic review in the second half.
Business

UAE-Azerbaijan non-oil trade up 270% in five years: Thani Al Zeyoudi

Abu Dhabi, UAE-- The non-oil trade between the UAE and Azerbaijan has risen threefold during the past five years, said...
  • He added that the trade between the two countries in 2022 was distributed between AED32.6 million in imports, AED351.9 million in exports, and AED3.5 billion in re-exports.
  • The main import commodities were gold, jewellery and their manufactures, plants, tobacco products, copper wires, copper products, shell fruits and others.
Business

Americana net income up 27.1%

This was company's first financial result since dual listing.
  • Americana Restaurants Board announced H2 2022 dividends at $103.5 million or the equivalent of $0.0123 per share.
  • The company achieved a revenue of $2.38 billion, a 15.9 percent year-on-year increase.
Business

UAE to invest in Speeder AUV of US-based Mayman Aerospace

The SDF is the investment arm of UAE’s Tawazun Council.
  • Mayman Aerospace (JetPack Aviation Corp), the US-based manufacturer of the innovative dual-use Speeder Air Utility Vehicle (AUV).
  • Speeder is on display at the SDF stand at the Tawazun Council’s Chalet at the International Defense Exhibition and Conference, IDEX.
Business

Non-oil trade between Saudi Arabia and UAE up 9 percent in 2022

Abu Dhabi, UAE – The non-oil trade between the UAE and Saudi Arabia in 2022 increased by 9 percent, reaching...
  • Over the period of 2013-2022, non-oil trade between the two countries increased by 70 percent.
  • Raw gold topped the list of the top five commodities exported from the UAE to Saudi Arabia in 2022, valued at AED8.7 billion.

SABIC announces 16% H2 cash dividend

The dividend of $1.27 billion is payable on Mar 4, 2024.
Business

Company News

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South Korean firms eyeing expansion in UAE’s oil and gas sector

Abu Dhabi, UAE -- Top executives from South Korean companies have affirmed that numerous firms are actively looking to expand...
Business

Central Bank of Oman foreign assets up by 27% by July end

Muscat, Oman -- Foreign assets at the Central Bank of Oman (CBO) grew by 27.4 percent to RO 6.855 billion...
Business

Ducab bags 30 major contracts

The contracts were secured in the oil, gas and petrochemical sector.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Saudi Arabia’s consumer spending up 8% to reach $30bn in Aug

Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia grew 8 percent to SAR 115.4 billion ($30.76 billion) in August 2023, from...
  • Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada".
  • E-commerce sales through Mada cards increased 27 percent YoY to SAR 14.4 billion in August, marking the highest-ever sales value.
Business

Crypto industry grapples with FTX fallout as boss goes on trial

London, United Kingdom -- The collapse of cryptocurrency platform FTX, whose disgraced former boss goes on trial this week, sparked shock...
  • Sam Bankman-Fried, once the wunderkind of crypto, will appear in a federal New York court on Tuesday facing seven counts of fraud.
  • FTX, once the world's second-biggest crypto exchange, collapsed last November amid accusations that client money was being funneled to prop up its investment arm Alameda.
Business

Expo 2023 building in Guinness World Records for largest green roof

Doha, Qatar -- The main building of Expo 2023 in Doha has made it to the Guinness World Records for...
  • The roof of the building, implemented by Qatar's Public Works Authority (Ashghal), has an area of 4,031 square meters.
  • The new global achievement is the sixth world record achieved by Qatar's Public Works Authority in the previous years.