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

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

People-positive approach needed in clean power transition: WEF paper

Dubai, UAE -- Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...

Business
Business

Saudi Arabia, Italy sign MoU to set up reinsurance framework

Rome, Italy-- The Saudi Export-Import Bank has signed a memorandum of understanding with the Italian Export Credit Agency (SACE) which...
  • The MoU was signed by EXIM Bank CEO Eng. Saad bin Abdul Aziz Alkhalb and Italian Credit Export Agency CEO Alessandra Ricci at her agency’s headquarters in Rome.
  • The MoU is expected to boost cooperation in the areas of professional development, transfer of knowledge of best practices in export credit,
Business

Emirates NBD’s 2022 net profit $3.53 bn

The rise was driven by strong regional economic growth.
  • The bank's Q4 profit was particularly strong, at AED 3.9 billion, up 94 percent year-on-year.
  • The bank also proposed a 20 percent increase in the cash dividend to 60 fils per share.
Business

Emirates Islamic 2022 net profit $337m

The profit was driven by funded and non-funded income.
  • The bank also reported a 36 percent increase in operating profit and a 15 percent increase in total assets to AED 75 billion.
  • The bank's total income went up 33 percent year-on-year driven by higher funded income and non-funded income.
Business

FAB 2022 net profit $3.64 bn

The total income was up 10 percent year on year.
  • The fourth quarter 2022 net profit was AED2.5 billion, compared to AED2.9 billion in the previous quarter.
  • The total income reached AED23.9 billion, up 10 percent yoy, driven by 23 percent growth in net interest income.
Economy

New UAE commercial agency law will help in improving business environment

ABU DHABI, UAE - The UAE is determined to foster the attractiveness and competitiveness of the business environment in order...
  • The UAE aims to offer a legislative framework to enable companies to promote the new economic model, particularly the commercial agencies sector.
  • With innovative projects and crucial commercial activities, this sector significantly contributed to the country's development during the past several years.
Business

Over 4,200 new companies set up base at RAKEZ in 2022

Ras Al Khaimah, UAE-- Ras Al Khaimah Economic Zone (RAKEZ) welcomed over 4,200 new companies to its business community in...
  • The economic zone recorded a 206 percent growth in new general trading companies, with 413 licenses issued.
  • Companies operating from RAKEZ also witnessed exponential growth in 2022, with 160 companies expanding their operations in various sectors.
Geostrategy

Sheikh Mohamed, Pakistan PM call for boosting bilateral ties

Rahim Yar Khan, Pakistan---UAE President Sheikh Mohamed bin Zayed Al Nahyan and Pakistan Prime Minister Shehbaz Sharif reviewed the ties...
  • Mohamed bin Zayed arrived in the Pakistani city of Rahim Yar Khan during his visit to country that is battling major foreign exchange crisis.
  • The UAE on Jan 12 agreed to roll over $2 billion owed by Pakistan and provide the country with an extra loan of $1 billion.
Business

Saudi National Housing signs 22 MoUs to boost local real estate sector

Riyadh, Saudi Arabia---Saudi Arabia's National Housing Company signed 22 MoUs worth nearly 4 billion riyals ($1.06 billion) on the sidelines...
  • The MoUs worth nearly 4 billion riyals ($1.06 billion) were signed on the sidelines of the launch of the materials platform, Mawadat, at the Future of Real Estate Forum.
  • The electronic platform facilitates the process of direct linking between real estate developers and contractors with factories and suppliers of building materials.
Business

UAE’s largest bank issues $600 million bond, second in 2023

Abu Dhabi, UAE---The First Abu Dhabi Bank, UAE’s largest bank, has issued a 5.25-year $600 million bond at US Treasury,...
  • This marks FAB’s second dollar issuance in a space of 10 days following the $500 million RegS five-year Sukuk issued on 9 January 2023.
  • The bond received orders of $1.75 billion, meaning it was oversubscribed three times with 76 percent of the issue placed with high-quality investors outside the MENA region.
Business

AD Ports, Tosyali sign MoU

They will collaborate in shipping, logistics and ports services.
  • Potential joint investment in new port facilities to support Tosyali's export operations is part of the MoU.
  • Tosyalı is one of Türkiye’s largest private steel producers, which has operations in three continents.

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

Company News

Latest News

UAE most competitive MENA economy

The 2023 IMD World Competitiveness Ranking placed the UAE among the world's 10 most competitive economies.
Infographics

Future100 secures 25 new partnerships to support emerging firms

Dubai, UAE -- Future100, a collaborative initiative between the Ministry of Economy and the Government Development and the Future Office,...
Business

UAE foreign minister participates in high-level meetings of UNGA 78

New York, United States -- Sheikh Abdullah bin Zayed Al Nahyan, UAE's Minister of Foreign Affairs, hosted a reception at...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Geostrategy

Iraqi PM planning to visit Moscow in coming weeks: Foreign Minister

Baghdad, Iraq -- Iraq is working to complete the necessary preparations for the visit of Prime Minister Muhammad Shiaa Al-Sudani...
  • Foreign Minister Fuad Hussein met with his Russian counterpart Sergey Lavrov on the sidelines of UN General Assembly.
  • "The two sides discussed prospects for joint cooperation and developing bilateral relations between the two countries," Iraqi foreign ministry said.
Business

Qatar records real estate sales contracts worth $60 million

Doha, Qatar -- The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
  • Total sales contracts for residential units in the Real Estate Bulletin for the period from 10 Sept. to 14 Sept. 2023, is QR 88.73 million.
  • The volume of real estate trading in sales contracts between Sept. 3 and Sept. 7 reached more than QR 308 million.
Business

Qatar Central Bank issues treasury bills worth $137 million for a week

Doha, Qatar -- Qatar Central Bank (QCB) issued treasury bills worth QR 500 million ($137 million) for a one-week term,...
  • Earlier this month, QCB issued treasury bills for one week that amounted to QR 1 billion.
  • Treasury bills are a short-term debt instrument issued by the government for the purpose of borrowing and providing cash liquidity in short terms.