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

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
Business

PIF to invest $1.3 billion in four Saudi construction companies

Riyadh, Saudi Arabia--- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has announced an investment of $1.3 billion by...
  • The companies are Nesma & Partners Contracting Company, ElSeif Engineering Contracting Company, AlBawani Holding Company, and Almabani General Contractors Company.
  • The four companies have built a successful track record in executing and managing complex large-scale projects.
Infographics

Egypt ranks globally fifth in remittances

Although the remittances grew by an estimated 5 percent in 2022, they were lower than the 10.2 percent increase in...
  • Remittances to low- and middle-income countries withstood global headwinds in 2022, growing an estimated 5 percent to $626 billion.
  • The growth was, however, lower than the 10.2 percent increase in 2021, World Bank Migration and Development Brief said in a report in Nov 2022.
Business

Saudi ministry signs investment MoU with Spain’s Orbas

Riyadh, Saudi Arabia-- Saudi Arabia's Ministry of Municipal, Rural Affairs and Housing has signed an MoU with the Spanish company...
  • The MoU aims to raise the level of coordination in endeavors that support and promote the development, marketing and implementation of investments.
  • The Ministries of Municipal and Rural Affairs and Housing and Investment will work to support the investing company in exploring opportunities.
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.

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

Latest News

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...
Business

EDGE acquires 50% stake in SIATT

SIATT is Brazilian smart weapons and high-tech systems specialist.
Business

UAE markets top Arab stock exchanges in trading, says AMF

ABU DHABI, UAE - The financial markets of the United Arab Emirates topped the Arab stock exchanges during last week's...
Market Report
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Saudi EXIM Bank, Trafigura sign pact

The bank will extend three-year credit facility of $500 million.
  • The agreement is aimed at facilitating the purchase of domestically produced commodities from Saudi Arabia
  • It will also enable Trafigura to connect Saudi producers to more than 156 markets worldwide, the bank said.

EDGE, Brazil Marine Corps sign pact

A technical cooperation agreement will follow the signing.
  • EDGE recently announced a strategic partnership with the Brazilian Navy to co-develop a long-range anti-ship missile.
  • The signing ceremony took place in the city of Rio de Janeiro as part of an ongoing EDGE leadership visit to key local government offices.
Business

AMEA reaches financial closure on PV plant

The $86m project will be AMEA's first operational asset in Tunisia.
  • The solar plant is being implemented by Kairouan Solar Plant, a project company registered in Tunisia and wholly owned by AMEA Power.
  • The project is being financed by IFC, a member of the World Bank Group, and the African Development Bank (AfDB).