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

NDMC secures syndicated international loan worth $11bn

Riyadh, Saudi Arabia -- The National Debt Management Center (NDMC) completed the arrangement of a syndicated international loan worth $11...

Business

ROSHN, Retal sign $99m deal

363 single-family villas will be constructed in Riyadh.

Business
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.
Business

ADNOC Distribution 2022 net profit $748m

The EBITDA grew by 15 percent to reach AED3.52 billion.
  • Total fuel volumes continued to increase during the year, recording an 8 percent year-on-year growth through 2022 – with commercial fuel volumes up by 19 percent.
  • The Company’s Board of Directors has recommended distributing a cash dividend of AED1.285 billion (10.285 fils per share), for the second half of 2022.
Economy

Saudi Industrial Production Index rises by 7.3 percent in Dec 2022

Riyadh, Saudi Arabia-- Saudi Arabia's industrial production index (IPI) for December 2022 witnessed a 7.3 percent increase compared to the...
  • A surge in mining, quarrying, and manufacturing activity helped the growth in IPI.
  • Manufacturing activity also increased by 18.5 percent in December 2022 compared to the same period last year.
Business

$580m investment, 2 tech skills academies pledged at LEAP 23

Riyadh, Saudi Arabia--Investment and funding programs worth $580 million were announced on the third day of LEAP 23 Tech Conference,...
  • WIRPO which specializes in technology services and consulting subsequently announced $110 million investment to expand the service of their cloud studios.
  • Damac Company announced the expansion of its investments in the Kingdom's big data centers with a total capacity of more than 55 Mega Watts.
Business

Dana Gas 2022 net profit $182m

The rise in adjusted net profit driven by high energy prices.
  • Excluding other income and impairments, the company reported an adjusted net profit of $196 million as compared to $128 million in 2021, an increase of 53 percent.
  • The increase in revenues is due to higher realized prices and production output in the Kurdistan Region of Iraq.
Business

Saudi Arabia center, Yokogawa to advance 4IR in kingdom’s industry

Riyadh, Saudi Arabia--The Center for the Fourth Industrial Revolution in Saudi Arabia (C4IR KSA), affiliated with the World Economic Forum...
  • Signed on the sidelines of LEAP 23, the MoU aims to develop frameworks and policies for the governance of the fourth industrial revolution technologies in the industrial sector.
  • The two sides undertake to supervise the pilot studies of the projects and assess the participation of other entities in the kingdom.
Business

Etihad Cargo, Astral sign MoU

They will share up to 50 percent of all available capacity on flights.
  • Via Etihad Cargo’s Abu Dhabi hub, the carrier’s global network will offer connectivity to destinations around the world.
  • Etihad Cargo will utilize its road feeder service network to transport cargo arriving in Abu Dhabi from Nairobi to destinations throughout the UAE.
Business

Merak launches credit fund

The $53-million direct lending fund is Shariah compliant.
  • The fund is Merak's first credit fund under the Capital Market Authority new regulation for direct financing investment funds.
  • The fund aims to underwrite loans between 5 to 20 million SAR, targeting a portfolio of 20 borrowers, Merak said.

NDMC secures syndicated international loan worth $11bn

Riyadh, Saudi Arabia -- The National Debt Management Center (NDMC) completed the arrangement of a syndicated international loan worth $11...
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

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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.