INSEAD Day 4 - 728x90

2PointZero posts profit surge

Growth driven by merger consolidation.

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

Emirates Stallions Q1 revenue up 11%

The rise helped by strong demand in real estate

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

ACWA Power launches Phase I of green hydrogen project in Uzbekistan

Riyadh, Saudi Arabia -- Saudi renewables giant ACWA Power has said it launched the first phase of green hydrogen project...

Business

Saudi consumer spending up 4 percent in October: SAMA

Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia increased 4 percent to SAR 110 billion ($29.32 billion) in October,...

Business
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.
Geostrategy

Gas production starts at Karish field day before expected Israel-Lebanon deal

Jerusalem---Gas production has started at Karish, an offshore field at the centre of a maritime border deal between Israel and...
  • The announcement comes a day before Lebanon and Israel are expected to sign their maritime deal, following lengthy negotiations mediated by Washington.
  • Energy assets were fiercely contested in the talks, with Israel ultimately securing full rights over Karish as part of the accord.
Business

DP World gross container volume rises 2%

On a third-quarter basis, DP World handled 20.1 million TEU.
  • The third-quarter gross volume growth was mainly driven by Asia Pacific, Middle East & Africa, Americas, and Australia.
  • Jebel Ali (UAE) handled 3.5 million TEU in Q3, up 2 percent year-on-year.
Business

DEWA’s Jebel Ali plant enters Guinness World Records for second time

It was named as the Largest Single-Site Water Desalination Facility in the World by the Guinness World Records.
  • The plant has the production capacity of 490 million Imperial Gallons of water per Day, which is equivalent to 2,227,587 Cubic Metres per Day.
  • DEWA aims to increase its SWRO production capacity to 303 MIGD by 2030, reaching 42 percent instead of its current share of 13 percent.

ACWA Power launches Phase I of green hydrogen project in Uzbekistan

Riyadh, Saudi Arabia -- Saudi renewables giant ACWA Power has said it launched the first phase of green hydrogen project...
Business

Company News

Latest News

Saudi capital market institutions employ 5,524 by second quarter end: CMA

Dubai, UAE -- The number of employees at capital market institutions rose by 103 quarter-on-quarter (QoQ) to 5,524 by the...
Business

Investcorp sells stake in Safari

This was Investcorp's fourth exit in India in just a few years.
Business

Mubadala commits $1bn Blue Owl

The $1bn was committed to Blue Owl's credit platform.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Arts & Culture

Riyadh to host 45th session of UNESCO’s World Heritage Committee

Riyadh, Saudi Arabia -- Saudi Arabia is hosting the extended 45th session of UNESCO's World Heritage Committee from September 10...
  • This session anticipates the participation of 3,000 individuals representing 21 member states of the World Heritage Committee.
  • Minister of Culture and Chairman of the Saudi National Commission for Education, Culture, and Science, Prince Badr bin Abdullah bin Farhan will attend the meeting.
Business

$17.32bn projects launched on first day of Cityscape Riyadh

Riyadh, Saudi Arabia -- The Cityscape Global Exhibition, which kicked off Sunday in Riyadh, witnessed the launch of real estate...
  • ROSHN Group will have four strategic partnerships of over SAR 9 billion in the fields of construction and infrastructure, Argaam reported.
  • National Housing Co. (NHC) also unveiled three luxury projects in Al Forsan and Khuzam suburbs, which provide 86,000 housing units with a value exceeding SAR 42 billion.
Business

Care secures $93.3m Murabaha facility

The long-term facility was obtained from Gulf International Bank.
  • Care said the facility comprises SAR 100m revolving loan to be renewed periodically, and a SAR 250m long-term loan for a period of 10 years with a grace period of one year.
  • The facility will be used to finance the company’s working capital requirements and support its strategy via expansion and acquisitions.