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

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

MODON to build and operate 14 warehouses in Jeddah

Riyadh, Saudi Arabia--The Saudi Authority for Industrial Property and Technology Zones (MODON) signed yesterday a partnership agreement to establish, develop...
  • The warehouses will be built in the First Industrial City in Jeddah.
  • The warehouses are expected to provide fast and temporary logistical solutions to support industrialists and entrepreneurs.
Business

Diriyah signs JV agreement

It was signed with Integrated Telecom Company and TAWAL.
  • The 15-year design, build and operate contract covers open-access services for visitors, tenants, and residents of Diriyah.
  • In addition, more than 80 telecommunication towers are expected to be erected over the next three years.
Business

Dubai energy demand grew by 5.5 percent in 2022: DEWA CEO

Dubai, UAE– Dubai witnessed a 5.5 percent increase in energy demand in 2002, from 50,402 GWh to 53,180 GWh, said...
  • DEWA provides electricity and water services to 3.514 million people living in Dubai and the Emirate’s active daytime population of over 4.7 million.
  • These numbers are expected to grow to 5.8 million and 7.8 million, respectively by 2040.
Geostrategy

Channel opened for UAE residents who stayed outside for 6 months

Abu Dhabi, UAE-- The Federal Authority for Identity, Citizenship, Customs and Ports Security (ICP) announced that it has added to...
  • This service does not apply to residents who hold golden residence permits.
  • The eligible people need to submit a copy of their Emirates ID and a copy of the passport.
Business

Dubai records over $571 million in real estate transactions

Dubai, UAE -- Dubai real estate market recorded deals worth AED2.1 billion on Tuesday, Dubai Land Department said. The deals...
  • The deals included 471 sales transactions worth AED1.87 billion, in addition 70 mortgage deals of AED122.36 million.
  • The sales included 451 villas and apartments worth AED1.56 billion, and 20 land plots worth AED316.57 million.

ADCB 2022 net profit $1.75 bn

The bank’s net profit for Q4 2022 was up 23%.
  • The bank's net interest income was to the tune of AED 10.194 billion, an increase of 15 percent compared to 2021.
  • The Board has recommended a dividend of AED 0.55 per share, equivalent to 60 percent of net profit.
Business

World’s largest wealth fund lost record $164 billion in 2022

"2022 was a truly dramatic year in the world. It affected financial markets and hence it also affects our global...
  • The fund has shares in more than 9,000 companies in nearly 70 countries, including Apple, Microsoft and Alphabet, the parent company of Google.
  • At the end of 2022, the value of the fund, which is financed by taxes paid by the nation's oil and gas industry, still amounted to a whopping 12.43 trillion kroner.
Business

Strong demand seen for first 2023 auction of UAE treasury bonds

Abu Dhabi, UAE-- The first auction of the UAE treasury bond program in 2023 has been oversubscribed by 6.2 times,...
  • In 2022, the Ministry of Finance, the issuer, had issued bonds totaling AED 9 billion across tenors of two years, three years and five years.
  • The auction has been oversubscribed by 6.2 times, receiving bids worth $1.76 billion.
Business

Adani firm gains 5.26% after UAE’s IHC announces $400m investment

IHC announced it would be investing $400m into Adani Enterprise's $2.5 billion Further Public Offering. IHC said in a statement...
  • This is the second investment deal International Holding Company has completed with India's Adani Group after last year's Dh7.3 billion ($2 billion) investment.
  • Media reports said the FPO so far received 3 percent subscription amid the rout Adani Group has been facing since a report by US investment group Hindenburg Research.
Business

Aramco signs 100 pacts at iktva forum, launches digital company

Riyadh, Saudi Arabia--Aramco has signed more than 100 agreements and Memorandums of Understanding valued at around $7.2 billion to help...
  • The agreements were signed with Zoom, Taulia Inc, DHL, Ministry of Investment of Saudi Arabia, Accenture, Hassana Investment Company and Achilles among others.
  • The iktva program has achieved 63 percent local content in 2022, up from 35 percent in 2015, when iktva was launched.

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

Masdar, PLN NP sign expansion pact

They will develop Phase II of Indonesia's Cirata project by up to 500MW
Business

NEOM inks deal with Marriott International

Under the deal, two luxury hotels will be built in Trojena.
Business

Broadway musical ‘The Phantom of the Opera’ to Debut in Riyadh

Riyadh, Saudi Arabia -- The iconic Broadway musical 'The Phantom of the Opera' will be performed in Riyadh from Oct...
Arts & Culture
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Investcorp portfolio firm listed

The firm, PT Multitrend Indo, was listed on the Indonesian stock exchange.
  • This is Investcorp's first IPO on the Indonesian stock exchange and the 26th IPO in the Firm's 40-year history.
  • Investcorp currently has five offices spread across Asia with over US$1.2 billion invested in 40 portfolio companies.
Business

Alpha Dhabi acquires stake in Metito

With this deal, Alpha Dhabi marks entry into water and wastewater domain.
  • The acquisition sees Alpha Dhabi purchasing the majority stake from selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital.
  • The Ghandour family, Metito's founding shareholders, will retain their leadership roles.
Infographics

UAE most competitive MENA economy

The 2023 IMD World Competitiveness Ranking placed the UAE among the world's 10 most competitive economies.
  • Gulf Cooperation Council economies are the most competitive in the Middle East region, according to the latest IMD World Competitiveness Ranking.
  • In the 2023 IMD World Competitiveness Ranking, the top three economies are Denmark, Ireland and Switzerland, while the US ranks seventh.