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.

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

Ambitious agreements mark Saudi Crown Prince’s Qatar visit

Doha, Qatar – Following a landmark visit by Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud to Qatar,...

Geostrategy
Business

NBQ 2022 net profit $99m

Umm al Qaiwain, UAE-- National Bank of Umm Al Qaiwain (NBQ) has reported a net profit of AED364.52 million ($99...
  • Total assets were at AED 13.605 billion, up 3.5 percent compared to December 2021, with a deposits-to-advances ratio of 126 percent.
  • The bank has maintained high liquidity with a stable resources-to-advances ratio of 159.21 percent as of 31 Dec 2022.
Business

DIB raises $1bn from sukuk

It had raised $750m through the sale of its debut sukuk in Nov 2022.
  • The sukuk was oversubscribed three times, largest issuance by a Middle East financial institution in the international capital markets since June 2021.
  • It is also the largest-ever sustainable issuance by a Middle East Financial Institution.
Business

UAE-France-India trilateral cooperation discussed at Paris meet

Paris, UAE--The second technical UAE-France-India trilateral initiative has taken place in Paris during the visit of a UAE delegation from...
  • UAE delegation was led by Assistant Foreign Minister for Economic and Trade Affaiirs Saeed Mubarak Al Hajeri.
  • The meeting discussed the adoption of the UFI trilateral cooperation roadmap.
Business

ADNOC Drilling 2022 net profit $802m

Full year earnings before EBITDA were $1.23 billion.
  • ADNOC Drilling’s revenue for the year increased to US$2.67 billion, up 18 percent compared to 2021.
  • The company said it achieved record revenue ($733 million), EBITDA and net profit ($234 million) during the fourth quarter of 2022.
Videos

MENA startups raise $103 million in Jan

Startups in the Middle East and North Africa raised $3.94 billion in 2022, a 24 percent increase in investment value...
  • In the first half of 2022, startups in the Middle East raised around $1.8 billion, according to a MAGNiTT report.
  • The fintech sector remained the most capital attracting sector last year, raising nearly $1.7 billion.
Business

Major firms to attend ‘Invest in Saudi Arabia’ forum in Kuwait

Riyadh, Saudi Arabia--The Invest in Saudi Arabia forum, which will be held on Monday in Kuwait, will see the participation...
  • Saudi Arabia's Minister of Investment Khalid bin Abdulaziz Al-Falih will be visiting Kuwait to attend the forum.
  • The forum includes dialogue sessions on promising investment sectors between the two countries, review the most prominent developments in the business environment in the kingdom.
Business

Amid record turnout, deals worth $9 billion made at LEAP23

Riyadh, Saudi Arabia–- Investments, launches and announcements valued at more than $9 billion were made at the 2nd edition of...
  • A record 300,000 people from more than 100 countries visited the event, making it the largest global gathering for technology and digitization developments in terms of turnout.
  • LEAP’s organizers announced that next year’s edition will be held from March 4-7. About 1000 international investors were hosted this year.
Business

Multiply Group 2022 net profit

Growth in profits driven by investments and rise in operating portfolio.
  • The Group said that most of its subsidiaries showed growth in operating profits in 2022.
  • It deployed more than AED12 billion in 2022, making investments in high-growth industries such as energy.
Business

ADEO signs $121m green finance agreements with Angola

Abu Dhabi, UAE--- The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), signed...
  • The financing is provided in cooperation with Standard Chartered Bank.
  • One relates to the acquisition of an analytical platform, main data center, backup data center and national cloud platform to strengthen the Angolan IT sector.
Business

SIRC, Tadweer sign MoU on waste management and recycling

Riyadh, Saudi Arabia--The Saudi Investment Recycling Company (SIRC) has signed a joint memorandum of understanding with the Abu Dhabi Waste...
  • They will explore joint options for adopting technology and ideal recycling solutions, activating operational activities in the waste sector.
  • Through this and other MoU, SIRC Group seeks to activate the circular economy initiative to achieve the goals and programs of the Kingdom's Vision 2030.

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

Company News

Latest News

Aramco likely to acquire equity in China’s Shenghong Petrochemical

Dahran, Saudi Arabia -- Aramco and Jiangsu Eastern Shenghong Company (Eastern Shenghong) Wednesday signed a cooperation framework agreement to facilitate...
Business

Saudi EXIM Bank, Trafigura sign pact

The bank will extend three-year credit facility of $500 million.
Business

EDGE, Brazil Marine Corps sign pact

A technical cooperation agreement will follow the signing.
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Economy

Non-oil sector to drive UAE economic growth to 3% in 2023: S&P

S&P analysts anticipate continued growth within the UAE's robust tourism sector. The country's ability to host major international events is...
  • Analysts expect the UAE banking sector to remain robust, with profitability improving beyond pre-pandemic levels due to rising interest rates.
  • Banking sector's profitability is expected to improve and exceed pre-pandemic levels due to rising interest rates and technological advancements.
Business

Iraq’s oil revenues hit nearly $9bn in Aug: Ministry of Oil

Baghdad, Iraq -- Iraq's oil revenues in August hit nearly $9 billion, according to the data issued by the Iraqi...
  • The $8.99 billion revenue came from crude oil exports of more than 106 million barrels, the country's Ministry of Oil said in a statement, according to the Iraqi News Agency.
  • The total quantities of crude oil exported for August from the oil fields in central and southern Iraq amounted to 105.236 million barrels.
Business

Masdar, PLN NP sign expansion pact

They will develop Phase II of Indonesia's Cirata project by up to 500MW
  • The initial 145MW phase of the innovative floating PV project, located in the picturesque Cirata reservoir in West Java, Indonesia, is expected to come online later this year.
  • Masdar opened an office in Jakarta, Indonesia, in 2021, to further strengthen links with key players within the region.