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

Saudi table egg production crosses 8 billion, achieves 100% self-sufficiency

Riyadh, Saudi Arabia -- Saudi Arabia's poultry sector has reached complete self-sufficiency in table egg production, with output surpassing 8...

Business

Europe backs Zelensky after White House showdown with Trump

German Foreign Minister Annalena Baerbock said the "unspeakable" row "underlined that a new age of infamy has begun". Friedrich Merz,...

Geostrategy
Business

Aramco looks to invest in Shangong Yulong Petrochemical

Dhahran, Saudi Arabia -- Aramco has signed an MoU that paves the way for Aramco's potential acquisition of a 10...
  • Aramco signed an MoU with Nanshan Group, Shandong Energy Group, and Shandong Yulong Petrochemical to pave way for the acquisition.
  • Shandong Yulong is presently in the final stages of constructing a significant refining and petrochemical complex with the capacity to process approximately 400,000 barrels per day
Business

MENA awards $101 billion construction projects in first half

Dubai, UAE -- Despite global economic uncertainties, the construction industry in the Middle East and North Africa (MENA) awarded a...
  • The lion's share of these projects, approximately 67 percent, hailed from Saudi Arabia, contributing $44 billion, and the United Arab Emirates (UAE), accounting for $23 billion.
  • The collective estimated value of the project pipeline in the MENA region surpassed $3 trillion, with Egypt, Saudi Arabia, and the UAE owning more than 60 percent of it.
Business

SIRC and Edama sign partnership

They will create a joint company to upgrade organic waste recycling.
  • The joint project will help in meeting the challenge of sustainable waste management and contribute to creating a national circular economy.
  • The project will provide a solution to the challenges faced by the Saudi Green Initiative (SGI) in its mission to plant 10 billion trees.
Business

Silal acquires stake in SAFCO

SAFCO Group is a food and beverage distributor in the UAE.
  • Last year, Silal, in collaboration with Hoogendoorn, one of the world’s innovators in horticulture, launched the Digital Agronomy Service.
  • The Service saw deployment of IoT sensors in 100 farms over the course of 2022.
Arts & Culture

Saudi Arabia to host inaugural Traditional Architecture Gathering

Diriyah, Saudi Arabia -- Diriyah Gate Development Authority (DGDA) Tuesday announced the inaugural edition of the 'Traditional Architecture Gathering' to...
  • The event is themed 'Traditional Najdi Architecture,' and will bring together expert designers, engineers, architects, and specialists in ancient architectural styles.
  • The gathering will feature a display of valuable documents and books that shed light on Najdi architecture, history, society, and culture.
Business

ADNOC Drilling to pay $358m dividend

The company's H1 revenue increased by 13% to $1.4 billion.
  • Since listing on Abu Dhabi Securities Exchange, and including this latest interim dividend payment, the Company will have distributed $1.36 billion to shareholders.
  • The interim dividend distribution will be on or around October 27, 2023, to all shareholders of record as of October 19, 2023.
Business

Borouge signs supply pact with NPCC

Borouge will also supply critical materials for UAE energy projects.
  • Borouge and NPCC have previously partnered to provide steel pipe coating solutions for over 15,000 kilometers of pipelines in various local infrastructure projects.
  • Borouge will supply materials for ADNOC Gas’ sales gas pipeline network enhancement (ESTIDAMA) program and Maximizing Ethane Recovery and Monetization (MERAM) project.
Economy

Oxford Economics predicts 4.4% GDP growth for UAE in 2024

Abu Dhabi, UAE -- Oxford Economics, an independent economic advisory firm, has predicted that the UAE economy will grow by...
  • Scott Livermore, Chief Economist, Oxford Economics Middle East, predicted a 4.2 percent growth in non-oil GDP this year, driven by diversification strategies.
  • He also expected continued growth in the realty market and a strong recovery in travel and tourism, with Dubai surpassing pre-pandemic visitor levels by the first half of 2023.
Geostrategy

Saudi Arabia unveils roadmap to achieve 10-billion tree target

Riyadh, Saudi Arabia -- Saudi Arabia has unveiled an ambitious roadmap to achieve its monumental goal of planting 10 billion...
  • The roadmap outlines a plan for Saudi Arabia's various habitat zones to achieve maximum vegetation coverage.
  • By 2030, the initiative aims to plant over 600 million trees, rehabilitating approximately 3.8 million hectares of land.
Business

Al Etihad Payments partners with NIPL to develop UAE Domestic Card Scheme

ABU DHABI, UAE – Al Etihad Payments (AEP), a wholly-owned subsidiary of the Central Bank of the UAE (CBUAE), and...
  • To be launched in early 2024, the card scheme will aim to facilitate the growth of e-commerce and digital transactions in the UAE.
  • It will bolster financial inclusion, support the nation’s digitization, increase alternative payment options and enhance the UAE’s competitiveness.

Saudi table egg production crosses 8 billion, achieves 100% self-sufficiency

Riyadh, Saudi Arabia -- Saudi Arabia's poultry sector has reached complete self-sufficiency in table egg production, with output surpassing 8...
Business

Company News

NPCC receives award for MERAM project

ADNIC net profit $55.64m

Eshraq Q2 profit $9.79m

Yahsat H1 net income up 5%

ADNOC Gas H1 revenue $10.6bn

Latest News

Gaza ‘integral part’ of Palestinian state: Abbas tells US official

The talks with US National Security Advisor Jake Sullivan came as Israel pressed its offensive in Gaza despite mounting international...
Geostrategy

Dubai records $3.51 billion in weeklong real estate deals

Dubai, UAE -- The real estate and properties transactions valued at 12.9 billion ($3.51 billion) in total during the week...
Business

GCC region’s non-hydrocarbon growth momentum strong: IMF

Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Economy

Saudi Arabia’s inflation rises to 1.7 percent in November: GASTAT

Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data...
  • The cost-of-living index for November rose to 110.06 points, according to the base year 2018, from 108.25 points in the same month a year earlier.
  • The higher consumer price index (CPI) in November was mainly impacted by a 7.8 percent rise in housing, water, electricity, gas, and other fuel prices.
Business

Qatar records real estate transactions worth $400 million in Nov

Doha, Qatar -- Qatar reported a total of 321 real estate transactions worth QR 1.46 billion ($400 million) in November...
  • Top-performing municipalities in financial value included Doha, Al Rayyan, and Al Dhaayen. Doha led with transactions worth QR 603 million.
  • Mortgage transactions totaled 88, amounting to QR 3.19 billion. Al Rayyan dominated with 38 transactions, followed by Doha with 25.
Business

Saudi investors witness 40% fall in US equities trading in Q3 2023

Riyadh, Saudi Arabia -- In the third quarter of 2023, Saudi investors engaged in sell and buy transactions on US...
  • This reflects a substantial year-on-year (YoY) fall of SAR 9.15 billion, equivalent to a 40 percent decrease.
  • According to a report from the Capital Market Authority (CMA), this decline in trading activity by Saudi investors represents the lowest point since Q4 2019.