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

China’s new tariffs policy to hasten industrial transformation

Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import...

Economy

Qatar’s foreign merchandise trade surplus $4.58 billion in Nov 2023

Doha, Qatar -- Qatar's foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus...

Business
Business

Emirates NBD invests in Komgo

The equity investment was made by Emirates NBD's Innovation Fund.
  • Emirates NBD's corporate venture capital arm will enable the Group to invest in tech start-ups and companies supporting its digital strategy.
  • Komgo has diverse customer base that includes more than 200 multinational corporations and global trade banks.
Geostrategy

Iran targets $30bn in annual trade with Turkey: Amirabdollahian

Tehran, Iran -- Iran and Turkey target $30 billion in annual trade in their endeavor to broaden political and economic...
  • Amirabdollahian said they have held extensive negotiations and weighed plans to carry out the agreements reached in the recent meeting between the presidents of the two nations.
  • "The transit routes in the region are not a factor of competition, but an element that strengthens relations between Iran and Turkey," he said.
Business

Iran’s oil output capacity up 40 percent in two years: Oil Minister

Tehran, UAE -- Iran’s oil production capacity has increased 40 percent in two years with the rise in investment in...
  • Javad Owji said the daily crude oil output volume reached from the previous 2.2 million barrels of oil per day (bpd) to over 3.1 million bpd.
  • The gas production has increased by 40 million cubic meters in the first five months of the current Iranian calendar year (March to August 2023).
Science

AlNeyadi conducts over 200 research experiments on board ISS

ABU DHABI, UAE - Over the course of a six-month space mission on board the International Space Station (ISS), UAE...
  • These research experiments were held in collaboration with 10 international space agencies and 25 esteemed UAE and global universities.
  • The experiments covered a range of topics including the cardiovascular system, back pain, protein crystallisation growth, epigenetics, immune system,
Business

UAE and Brazil launch partnership to exchange expertise in economy

Dubai, UAE -- The governments of the UAE and Brazil have launched a partnership to exchange knowledge and expertise in...
  • The Programme focuses on partnerships and enhancing cooperation with governments in sharing knowledge and expertise in the fields of modernization, development and government.
  • The launch of the partnership came as part of a visit by a Brazilian official delegation led by Alexandre Cordeiro Macedo, President Administrative Council for Economic Defense.
Geostrategy

Fahd al-Jarallah appointed new Kuwait FM amid economic challenges

Kuwait City, Kuwait -- Kuwait Sunday announced the appointment of Fahd Abdulaziz al-Jarallah as the new Finance Minister. This decision...
  • This decision comes on the heels of the resignation of Manaf Abdulaziz al-Hajri, who held the position since April this year.
  • Kuwait, known for its vast oil reserves and robust fiscal stance, has been grappling with political disputes and bureaucratic hurdles.
Business

Alahmadi joins SHUAA Board

He is set to be part of the Board's Investment Committee.
  • Alahmadi's career includes stints at global giants like Mubadala and Rothschild & Co. More recently, he was associated with the CEO Office of ADQ
  • His current portfolio also includes a position as an independent member of the Audit and Risk Committee for ADX-listed firm, Presight AI Holdings.
Business

Tech’s carbon footprint: can AI revolutionize responsibly?

The planet's 8,000 or so data centers are the foundation of our online existence, and will grow ever further with...
  • In 2019, researchers trained several large language models, and found that training a single AI model can emit the CO2 emission equivalent of five cars over their lifetimes.
  • Between 2010 and 2018, global data center energy use rose by only 6 percent, despite a 550 percent increase in workloads and computing instances, according to the IEA.
Business

Estithmar opens new subsidiary in Jordan

The subsidiary was set up in partnership with a Jordanian company.
  • In August, Estithmar Holding subsidiary Elegancia Healthcare established a branch in Iraq.
  • Estithmar Holding had signed agreements with the Iraqi investment authority worth $7 billion.
Business

Saudi first quarter travel balance of payments surplus $6 billion

Riyadh, Saudi Arabia -- Saudi Arabia achieved a surplus of SAR 22.8 billion ($6.07 billion) in the balance of payments...
  • The Kingdom had recorded a deficit of SAR 1.6 billion in Q1 2022, the Kingdom's Ministry of Tourism said.
  • Incoming tourism revenues increased by about 225 percent compared to the first quarter of 2022, to reach about SAR 37 billion.

China’s new tariffs policy to hasten industrial transformation

Beijing, China -- China's import and export tariff adjustments on some goods took effect on Monday, including implementing provisional import...
Economy

Company News

DP World, Pelindo and INA sign deal

SAMI, Safran sign helicopter pact

Sipchem to pay 12.5% H1 dividend

Sanad expands MRO services

ADIB, ADIO to fund businesses

Latest News

Abu Dhabi positioned in world’s fastest-growing economic corridor: Official

Abu Dhabi, UAE -- Dr. Karim El Solh, Co-Founder and Chief Executive Officer at Gulf Capital, said Thursday Abu Dhabi...
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

FAB becomes first MENA bank to publish TCFD climate report

Abu Dhabi, UAE -- First Abu Dhabi Bank (FAB) became the first MENA bank to publish a Task Force for...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Egypt jumps to third place in Offshore BPO Confidence Index

Cairo, Egypt -- Egypt's global prominence received a boost as it jumped from 11th to third place in the 2023...
  • Egypt's BPO industry demonstrated steady growth, with digital exports increasing from $4.5 billion in 2022 to $4.9 billion in 2023.
  • The country targets doubling export revenue to $9 billion by 2026, creating over 200,000 direct job opportunities.
Business

Saudi PIF secures $5 billion financing in collaboration with K-SURE

Riyadh, Saudi Arabia -- The Public Investment Fund (PIF) and Korea Trade Insurance Corporation (K-SURE) have announced the signing of...
  • The collaboration stems from a memorandum of understanding signed in March 2022 between PIF and K-SURE.
  • The transaction will mark PIF’s first financing covered by an export credit agency, as it continues to diversify its sources of funding.
Business

Abu Dhabi’s financial sector surges 30% in Q2, non-oil growth 12%

Abu Dhabi, UAE -- The financial sector in the UAE has experienced a surge of 30 percent in the second...
  • Non-oil sectors now constitute nearly 54 percent of the total GDP, according to Ahmed Jasim Al Zaabi, chairman ADDED.
  • Non-oil foreign merchandise trade expanded by 13 percent by the end of the third quarter.