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

WhatsApp update allows posting status updates via Instagram

Washington, United States -- The instant messaging platform WhatsApp launched a new update that includes an optional feature that allows...

Business

Tech-empowered shoppers drive Saudi consumer behavior: PwC

Riyadh, Saudi Arabia -- Saudi Arabian consumers are navigating the market with heightened awareness, becoming better-informed buyers, according to the...

Business
Business

Europe’s biggest oil field hikes production, to provide 7% of continent’s demand

Located in the Norwegian waters of the North Sea, the Johan Sverdrup field which until now pumped some 535,000 barrels...
  • The field, which is believed to hold 2.7 billion barrels of recoverable oil equivalent, will represent about a third of Norway's total oil production.
  • Equinor owns 42.6 percent of the Johan Sverdrup field, alongside Norway's Aker BP (31.6 percent) and Petoro (17.4 percent), while France's TotalEnergies owns 8.4 percent.
Business

AMEA Power wins bid

The company will build a 120MW solar project in South Africa.
  • The Doornhoek PV Project will sell electricity to the state utility, Eskom, under a 20-year Power Purchase Agreement.
  • AMEA Power is the majority shareholder in the $120 million project and has partnered with a consortium wholly owned by African women.
Business

King Khalid airport best performer in Nov in high passenger rush category

.Riyadh, Saudi Arabia---Saudi Arabia’s General Authority of Civil Aviation issued its monthly report on the performance of the kingdom’s international...
  • Saudi Arabia’s General Authority of Civil Aviation issued its monthly report on the performance of the kingdom’s international and domestic airports for the month of November 2022.
  • The performance is based on 14 basic criteria such as waiting time at customs, baggage and passport control.
Business

ECI inks MoU with RAKEZ to help Ras Al Khaimah’s non-oil trade

         DUBAI, UAE -  Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed an MoU with Ras Al Khaimah...
  • ECI to provide RAKEZ members access to flexible state-backed trade finance support.
  • As of November 2022, ECI has facilitated US$71 million worth of secured non-oil trade for businesses operating in Ras Al Khaimah.
Economy

Gulf central banks raise interest in line with Federal Reserve hike

Dubai, UAE--– The central banks of Saudi Arabia, Bahrain, and Qatar increased their interest rates following the US Federal Reserve...
  • Since the costs in the GCC are pegged to the dollar, the central banks in the region follow the Fed rate changes.
  • The Saudi Central Bank, known as Sama, the Central Bank of Bahrain and Qatar Central Bank upped their interest rates by 50 basis points.
Business

BEEAH inks three-way pact

The three firms will produce fuel cell grade hydrogen from waste.
  • The three firms will form a consortium that will advance progress on the Middle East’s first waste to hydrogen plant, located in Sharjah.
  • The plans for the plant include an on-site green hydrogen dispensing station capable of fuelling several vehicles.

Egypt dusts off pyramids for fashion and art shows

French fashion house Dior debuted its latest collection Saturday at the Giza pyramids, after Italian designer Stefano Ricci held a...
  • Dior CEO Pietro Beccari said the fashion house chose the pyramids as far more than "just a useless background", drawing on Egyptian astrology for the collection named "Celestial'.
  • Showcasing Egypt's heritage in a new context "will encourage other brands and international cultural figures to come to Egypt," said art historian Bahia Shehab.
Business

ECI, African TIA sign pact

They will strengthen trade ties and boost exports between the two markets.
  • The deal follows the MoU each entity signed in March last year to enhance the global competitiveness of exporters by improving their awareness of export credit.
  • Trade between the UAE and Africa has registered steady growth in recent years, with the Emirates becoming the fourth-biggest investor in Africa last year.
Geostrategy

Bahrain forum: Pope calls for global unity, al-Tayeb for Sunni-Shia amity

The pope said that "a few potentates are caught up in a resolute struggle for partisan interests, reviving obsolete rhetoric,...
  • Al-Azhar mosque's grand Imam Sheikh Ahmed Al-Tayeb called for dialogue between Islam's two main branches to settle sectarian differences.
  • He said the senior scholars at Al-Azhar and the Muslim Council of Elders are ready to host a meeting "so we can sit down together on one roundtable to put aside our differences".
Business

Arab Bank Group net income up 49 percent in first nine months of 2022

Compared to $271.7m in 2021, the net income at Sept end was $405.8m.
  • At the end of September 2022, loans were up by 4 percent from September 2021 level to reach $35.6 billion.
  • The deposits reached $47.8 billion, up by 3 percent from the 2021 level.

WhatsApp update allows posting status updates via Instagram

Washington, United States -- The instant messaging platform WhatsApp launched a new update that includes an optional feature that allows...
Business

Company News

Latest News

Saudi capital market assets under management rise by $14bn in Q2

Riyadh, Saudi Arabia -- The total assets under management (AUM) held by capital market institutions licensed by Saudi Arabia’s Capital...
Business

UAE banks to perform strongly in 2023: Standard & Poor’s report

Abu Dhabi, UAE -- Standard & Poor's Global Ratings expects that the banks of the United Arab Emirates (UAE) will...
Business

Cruise Saudi partners with leading firms to outfit premium AROYA

Jeddah, Saudi Arabia -- Cruise Saudi, a wholly owned subsidiary of the Public Investment Fund that specializes in developing the...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Investcorp sells stake in Safari

This was Investcorp's fourth exit in India in just a few years.
  • In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business.
  • In the private equity space, Investcorp targets opportunities across the consumer tech, healthcare, financial services, and retail.
Business

Mubadala commits $1bn Blue Owl

The $1bn was committed to Blue Owl's credit platform.
  • The partnership will initially focus on its Technology Lending strategy, which provides financing solutions for a broad range of technology and software companies.
  • Since 2009, Mubadala’s Credit Investments unit has been investing in private debt opportunities, with a focus on direct lending to middle market and large cap companies.
Economy

Saudi Industrial Production Index falls third month in a row

Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) fell for the third month in a row, declining by...
  • Saudi IPI retreated to 122.03 points in July, according to the base year 2010, compared to 135.23 points in the year-ago period.
  • The decline in IPI is the largest since April 2021, when it recorded a drop of 24 percent.