INSEAD Day 4 - 728x90

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.

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

Abu Dhabi real estate transactions reach $4.69bn in Jan, Feb 2025

Abu Dhabi, UAE -- Real estate transactions in Abu Dhabi reached AED17.24 billion ($4.69 billion) in the first two months...

Business

Clip of Gaza as seaside resort posted on Trump social media accounts

The video, which racked up more than 15 million views on Instagram and was shared thousands of times on Trump's...

Business
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.
Economy

UAE approves $52 billion federal budget for 2024-26

UAE Vice President Sheikh Mohammed bin Rashid Al Maktoum, who chaired a meeting of the cabinet where the budget was...
  • The UAE cabinet also announced the formation of the Financial Stability Board, led by Sheikh Mansour bin Zayed Al Nahyan, to fortify financial stability.
  • This government also announced establishment of the Emirates Pharmaceutical Corporation to serve as the official regulatory body for medical and pharmaceutical products.
Business

eXtra net profit down 17%

The company reported a net profit of $70m for 9M period of 2023.
  • The nine-month earnings were negatively impacted by higher interest rates, which led to finance cost rising by SAR 39.6 million year-on-year (YoY), Argaam reported.
  • The company recognized non-recurring losses of SAR 38 million as it discontinued its expansion plans in Egypt.
Business

EV infrastructure company launched

PIF will own 75% in the Electric Vehicle Infrastructure Company.
  • It plans to establish presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia.
  • PIF said the new company aims to enhance Saudi Arabia’s automotive ecosystem, through collaboration with EV companies.

Abu Dhabi real estate transactions reach $4.69bn in Jan, Feb 2025

Abu Dhabi, UAE -- Real estate transactions in Abu Dhabi reached AED17.24 billion ($4.69 billion) in the first two months...
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

UAB concludes $200m term loan

Proceeds of the facility will be used for general corporate purposes.
Business

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...
Economy

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...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

stc’s Tawal secures $999m financing

Tawal signed Murabaha pacts with SNB and SA
  • The 18-month financing is covered by a promissory note by TAWAL for the full amount, stc said in a statement to Tadawul, according to Argaam.
  • The credit is intended to go towards refinancing the shareholders loan extended by stc to TAWAL.
Business

Aramco to acquire 40% stake in GO

Gas & Oil is one of the largest retail and storage firms in Pakistan.
  • This is Aramco's first entry into the Pakistani fuels retail market, advancing the company’s strategy to strengthen its downstream value chain internationally, the company said.
  • This transaction would enable Aramco to secure additional outlets for its refined products and further provide new market opportunities for Valvoline-branded lubricants
Business

SABIC announces 16% H2 cash dividend

The dividend of $1.27 billion is payable on Mar 4, 2024.
  • SABIC has announced full-year dividend of SAR 10.2 billion or 34 percent (SAR 3.4 a share) of its current capital of SAR 30 billion.
  • The company had posted a net loss of SAR 1.04 billion ($277 million) in the first nine months of 2023, against a net profit of SAR 16.24 billion a year earlier.