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

West Bank eviction film ‘No Other Land’ wins best documentary Oscar

Jerusalem -- No Other Land, a documentary about Israeli settlement in the occupied West Bank, has won the best documentary award...

Arts & Culture

81 percent of Saudi population attends cultural events, activities in 2024: GASTAT

Riyadh, Saudi Arabia -- Nearly 81.6 percent of Saudi individuals visited at least one cultural event or activity in 2024, according...

Arts & Culture
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.
Economy

Minimum pension for Saudi social security beneficiaries up 20%

Riyadh, Saudi Arabia -- Saudi Arabia's King Salman bin Abdulaziz Al Saud Sunday issued directives on raising the basic minimum...
  • The Citizen Account Program will remain in effect while adding certain factors to enhance support efficiency and ensure that benefits are received by the neediest groups.
  • Registration will remain open for Citizen Account Program beneficiaries to get additional financial support for three months until December 2023.
Business

Saudi Arabia Railways launches hydrogen train tests

Riyadh, Saudi Arabia -- Saudi Arabia Railways (SAR) has announced the launch of hydrogen train tests in the Kingdom, following...
  • The tests were launched following the signing of an agreement with the French company Alstom.
  • It will conduct operational tests and studies necessary to prepare this type of train to fit the Kingdom's environment.
Geostrategy

MOCCAE and Tadweer sign MoU to launch ‘Waste to Zero’ initiative

Abu Dhabi, UAE -- UAE's Ministry of Climate Change and Environment (MOCCAE) and Abu Dhabi Waste Management Company (Tadweer) have...
  • The initiative is part of the Year of Sustainability and UAE's preparations for hosting the Conference of the Parties COP28.
  • The initiative aims to strengthen the UAE's role in leading global action and contribute to international efforts to achieve the 43% emission reduction target by 2030.
Business

Saudi Arabia’s cement sales fall by 8.5 percent in September

Riyadh, Saudi Arabia -- The aggregate sales of 17 Saudi cement producers decreased by 8.5 percent to 4.1 million tons...
  • Locally, eight market players reported better sales, led by Al-Safwa Cement Co. with a 20 percent year-on-year (YoY) surge.
  • Six companies exported 183,000 tons of cement in September. Saudi Cement led the way with around 128,000 tons of exports.
Economy

Middle East economic growth to fall in 2023, says World Bank

WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall...
  • The region’s gross domestic product is expected to fall to 1.9 percent in 2023 from 6 percent in 2022, due to oil production cuts.
  • The decline in growth this year is expected to be more pronounced in the oil exporting countries of the Gulf Cooperation Council.
Arts & Culture

Norwegian playwright Jon Fosse wins Nobel literature prize

Sometimes compared to Samuel Beckett, another Nobel-winning playwright, Fosse's work is minimalistic, relying on simple language which delivers its message...
  • Fosse's writing is defined more by form than content, where what is not said is often more revealing than what is.
  • Fosse's oeuvre, written in Nynorsk -- a written form of Norwegian used by 10 percent of the population -- spans a variety of genres.
Business

EWEC, Masdar sign purchase pact

Power to be purchased generated from UAE's Wind Programme.
  • This strategic agreement will see EWEC procuring power from the UAE's utility-scale wind programme for the first time.
  • Located at Sila, Sir Bani Yas Island and Delma Island, the wind power farms have a generation capacity of up to 99 megawatts.

West Bank eviction film ‘No Other Land’ wins best documentary Oscar

Jerusalem -- No Other Land, a documentary about Israeli settlement in the occupied West Bank, has won the best documentary award...
Arts & Culture

Company News

ADNOC Drilling posts $446m net profit

ADNOC to acquire stake in Absheron field

Americana posts $144m H1 net profit

SABIC H1 net profit slumps 87%

DAE H1 profit up 13%

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.