INSEAD Day 4 - 728x90

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

Emirates Stallions Q1 revenue up 11%

The rise helped by strong demand in real estate

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

Oman’s revenues drop by 17 percent in nine months of 2023

Muscat, Oman -- Oman's revenues for the nine-month period of 2023 declined 17 percent to 9.8 billion riyals ($25.45 billion),...

Economy

North-South Corridor, Palestine key agenda of Raisi-Putin talks in Moscow

Dubai, UAE – Iranian President Ebrahim Raisi, ahead of his visit to Moscow, has emphasized the importance of the North-South...

Geostrategy

$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.
Business

Abu Dhabi Fund allocates $45m for Nigeria road project

Abu Dhabi, UAE-- Abu Dhabi Fund for Development (ADFD) has allocated AED165 million ($45 million) to the Nigerian government to...
  • The Fund said the 82-kilometer road linking Minna, the capital of the state of Niger, with the city of Bida, will reduce travel time by 50 percent.
  • The road is expected to stimulate commercial activities and improve transport links between the main cities in the country.
Business

Data risk: China asks state firms to phase out Big Four auditors

Citing people familiar with the matter, Bloomberg said China’s Ministry of Finance is among government entities that gave the so-called...
  • While offshore subsidiaries can still use US auditors, the parent firms were urged to hire local Chinese or Hong Kong accountants when contracts come up, the report said.
  • The decision comes even after Beijing reached a landmark deal to allow US audit inspections on hundreds of Chinese firms listed in New York.
Business

Lockheed Martin, 4 GCC firms partner for sustainment support

Abu Dhabi, UAE – Lockheed Martin has partnered with four companies operating in Gulf Cooperation Council (GCC) countries to provide...
  • The four companies are AL TAIF (part of EDGE Group), Mohamed Abdulrahman Al Bahar (Al Bahar), ArabCal, and TLD MEAI (part of Alvest Group), WAM reported.
  • These partnerships aim to improve sustainment operations in the region by reducing turnaround times and costs for the US military and its allies operating in the Gulf.

Oman’s revenues drop by 17 percent in nine months of 2023

Muscat, Oman -- Oman's revenues for the nine-month period of 2023 declined 17 percent to 9.8 billion riyals ($25.45 billion),...
Economy

Company News

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Abu Dhabi’s non-oil economy up by 12.3 percent in second quarter

Statistical estimates published by the Statistical Centre Abu Dhabi said the construction sector grew by 19.1 percent in the second...
Economy

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...
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...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Geostrategy

Yemen carrier suspends international flights from rebel-held Sanaa

Yemenia operates near-daily commercial flights to the Jordanian capital Amman -- its only direct international destination from Sanaa's Houthi-controlled airport...
  • In a statement, the airline blamed the rebels for the move, accusing them of restricting access to company accounts in Sanaa banks since March -- a charge the Houthis have denied.
  • Yemenia said it was barred from accessing more than $80 million in deposits, causing "severe damage to the company's activity".
Geostrategy

Qatar calls for subjecting Israel’s nuclear facilities to IAEA safeguards

Vienna, Austria -- Qatar Friday called for intensifying international efforts to subject all Israeli nuclear facilities to International Atomic Energy...
  • Qatar said this demand was confirmed by international legitimacy resolutions half a century ago, including the resolutions of the United Nations General Assembly since 1974.
  • Qatar said AEA's subjecting Israel to comprehensive safeguards regime is a prerequisite for establishing a nuclear-weapon-free zone in the Middle East.
Business

Saudi Central Bank’s assets drop $6.39 billion in August

Riyadh, Saudi Arabia -- Assets held by the Saudi Central Bank (SAMA) declined by SAR 24 billion ($6.39 billion) month-on-month...
  • When compared to August 2022, SAMA’s assets fell by around SAR 229.2 billion, according to data released by SAMA, Argaam reported.
  • SAMA’s investments in foreign securities, which represent nearly 56 percent of its total assets, shrank by 12 percent year-on-year (YoY) to around SAR 986.2 billion last month.