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

PureHealth offer price $0.89 per share

The IPO witnesses demand of over AED 265bn ($72.15bn).

Business

Over-confidence leaves UAE consumers prone to online frauds: Visa study

Dubai, United Arab Emirates – Over-confidence is leaving consumers in UAE open to becoming victims of fraud, according to Visa’s...

Business
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.
Business

Dubai Chambers adds 56,000 new members during 2022

Dubai, UAE--Dubai Chambers' membership increased by 20 percent in 2022 to 347,600, adding 56,000 new members during the year. In...
  • The Chambers said the exports and re-exports of its members grew by 20 percent in 2022, totaling AED272.7 billion.
  • Dubai International Chamber opened four new international offices in 2022, growing its international network to 15 offices.
Economy

Saudi non-oil exports down by 24 percent to $6 billion in Dec 2022

Riyadh, Saudi Arabia-- Saudi Arabia's non-oil exports (including re-exports) fell by 24.4 percent to SAR 22.7 billion ($6.05 billion) in...
  • Overall merchandise exports increased by 1.1 percent in December 2022, SAR 108.2 billion, compared to SAR 107.0 billion in December 2021.
  • This increase was mainly due to oil exports, which rose by SAR 8.5 billion or 11.1 percent in the same period,
Business

Amanat 2022 net profit up 24%

The net profit for the year was $31.96 million, the firm said.
  • The company's total income grew 16 percent to AED 178.2 million in 2022, against the AED 153.7 million in 2021.
  • In a statement, the company said it has proposed dividends of AED 100 million, which is 88 percent of profit attributable to equity holders.
Business

Dubai records over $517 million in realty transactions

Dubai, UAE -- Dubai real estate market recorded real estate transactions worth AED1.9 billion ($517 million) on Monday, Dubai Land...
  • These included 561 sales transactions worth AED1.7 billion, in addition to 100 mortgage deals of AED94.43 million.
  • The sales included 527 villas and apartments worth AED1.43 billion, and 34 land plots worth AED268.94 million.
Videos

On the edge: Saudi workplace wellness needs overhaul

WHO says that globally an estimated 12 billion working days are lost every year to depression and anxiety at a...
  • Preventing mental health conditions at work is about managing psychosocial risks in the workplace.
  • WHO recommends employers do this by implementing organizational interventions that directly target working conditions and environments.
Geostrategy

Saudi meet stresses carbon capture vital for net-zero goals

Riyadh, Saudi Arabia – Net-zero goal cannot be achieved without carbon capture and there is a need to scale up...
  • The King Abdullah Petroleum Studies and Research Center held a high-level roundtable on Carbon Management Technologies.
  • In 2022, investment in the carbon capture utilization and storage hit $6.4 billion.
Business

Qatar logistics sector to outperform GCC states during 2020-2026

Doha, Qatar—Logistics market in Qatar will outperform other Gulf Cooperation Council countries during the 2020-2026 period, a study says. The...
  • The study by the Investment Promotion Agency in Qatar showed Qatar ranked among the first 20 percent of countries in the world.
  • The logistics sector in the country grew by 7 percent during the last five years.

PureHealth offer price $0.89 per share

The IPO witnesses demand of over AED 265bn ($72.15bn).
Business

Company News

Latest News

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.