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

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

Dubai ruler issues decree establishing toll operator Salik as company

Dubai road toll operator Salik has been established as a Public Joint Stock Company according to a law issued by...
  • According to a law issued by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum the Dubai Government owns all the shares of Salik Company.
  • The Executive Council of Dubai is authorized to determine the percentage of shares that can be offered for subscription either through an IPO or private placement.
Business

FAB completes Bank Audi Egypt merger

FAB's Egypt assets will operate under the new brand "FABMISR".
  • The system integration under the new identity is expected to be completed in the fourth quarter of this year.
  • Through the legal merger, FABMISR will become one of the largest foreign banks operating in the Egyptian market.
Geostrategy

G7 nations to stop financing fossil fuel projects abroad by end 2022

Japan Friday for the first time joined fellow members of the Group of Seven industrialised nations in pledging to end...
  • Ending subsidies for the international fossil fuel energy sector was already part of a series of commitments agreed to by around 20 countries at COP26 climate summit in Glasgow.
  • Six of the G7 club of rich nations were among the signatories at the time -- Britain, Canada, Germany, France, Italy and the United States -- but Japan had resisted until now.
Geostrategy

World’s tallest building engulfed as Mideast sandstorms hit UAE

The world's tallest building disappeared behind a grey layer of dust on Wednesday as sandstorms that have swept the Middle...
  • The 828-metre Burj Khalifa, which is usually visible across the busy financial hub, retreated behind a curtain of airborne dirt that shrouded much of the country.
  • The Middle East's sandstorms are becoming more frequent and intense, a trend associated with overgrazing and deforestation, overuse of river water and more dams.
Geostrategy

Six dead, 48 rescued after migrant ship capsizes off Lebanon

At least six people died, including a little girl, and almost 50 others were rescued after a migrant boat capsized...
  • The boat capsized on Saturday night near the northern port city of Tripoli, the departure point for a growing number of people attempting a potentially lethal sea escape.
  • The deadly accident, weeks ahead of parliamentary elections scheduled for May 15, is not the first of its kind for the crisis-hit country.
Business

ADNOC to build two LNG vessels

The two 175,000 cubic meter LNG vessels will join the company's fleet in 2025.
  • The new-build LNG vessels are significantly larger than the current ADNOC L&S fleet of LNG vessels, which have a capacity of 137,000 cubic meters.
  • Over the past 24 months, ADNOC L&S acquired 16 deep-sea vessels, including eight Very Large Crude Carriers in 2021.
Business

Kuwait’s CGC signs deal

The $125m deal includes engineering works for PAHW.
  • The contract was signed ALARGAN National General Trading and Contracting Company to execute a project in Jaber Al-Ahmad City.
  • CGC was established in 1965 in Kuwait and was listed on the Kuwait stock exchange in 2006.
Business

ADNEC’s hall 40 percent complete

It would be the biggest exhibition hall in the MENA region.
  • The hall is scheduled to open in October 2022 and is part of the expansion plans for the Centre to bolster ADNEC’s competitiveness.
  • The first-of-its-kind hall is being built on a space of 1,000 square meters in the Marina area opposite the Abu Dhabi National Exhibition Centre.
Business

Tabreed to pay highest ever dividend

The payout will be in the form of cash and bonus shares.
  • The firm said the shareholders will get a cash dividend of six fils per share and a bonus of one share for every 40 shares held, which is equivalent to 12 fils per share.
  • Last year, group revenue increased by 12 percent to 1.95 billion dirhams ($530 million), while net income grew 6.3 percent to 585 million dirhams.
Arts & Culture

Marilyn Monroe portrait may fetch $200m at auction

Christie's said it expects Andy Warhol's 1964 "Shot Sage Blue Marilyn" to become the most expensive 20th century artwork when...
  • Christie's described the 40 inch (100 centimeter) by 40 inch portrait as "one of the rarest and most transcendent images in existence."
  • Warhol began creating silkscreens of Monroe following the actress's death from a drug overdose aged just 36 in August 1962.

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

Care secures $93.3m Murabaha facility

The long-term facility was obtained from Gulf International Bank.
Business

ADES prices IPO $3.33-$3.60 per share

The book-building process starts Sunday and run through Sept. 14.
Business

Gaza exports to Israel resume as crossing reopens: Palestinian official

The Kerem Shalom crossing, the only point of entry for goods between Gaza and Israel, was closed last week after...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Qatar realty market trading volume $277 million in August

Doha, Qatar -- Qatar real estate market recorded deals worth QR1.011 billion ($277 million) in the month of August 2023,...
  • The real estate market index for the month of August revealed that the financial value of Doha municipality's transactions amounted to QR 290 million.
  • Of the 10 most expensive properties sold in the month, Doha accounted for seven and Al Rayyan, Al Wakrah and Umm Salal one each.
Business

Russia’s Sberbank launches new tourism-oriented services in Iran

Tehran, Iran -- Russia’s largest lender, SBERBANK, is presenting a new service that allows its clients to transfer money to...
  • According to Sber, ruble transfers will be sent to the Iranian Pasargad Bank with the standard commission for international transactions of 1 percent.   
  • Last December, Russia’s second-largest bank VTB launched a similar service in Iran and later in May it opened a branch in the country.
Economy

Global rice prices hit 15-year high after India curbs: FAO

Rice is a major world food staple and prices on international markets have soared in the wake of the Covid...
  • The consumer affairs and food ministry said at the time that the move would "ensure adequate availability" and "allay the rise in prices in the domestic market".
  • The ban was expected to hit African nations, Turkey, Syria and Pakistan, all of which were already struggling with high inflation, data analytics firm Gro Intelligence said.