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.

Saudi AZM gets independent director

Omar bin Fahd Al-Sunaidi's term will extend until Jun 2026.

Business

Cornerstone laid for $40 million logistics park at King Abdulaziz Port

Riyadh, Saudi Arabia -- The cornerstone was laid for an integrated SAR150 million ($39.99 million) Logistics Park at Dammam's King...

Business
Business

Bahrain Central Bank’s $185 million treasury bills oversubscribed

Manama, Bahrain – This week’s BD 70 million ($185 million) issue of Bahrain Government Treasury Bills has been oversubscribed by...
  • The bills, carrying a maturity of 91 days, are issued by the Central Bank of Bahrain, on behalf of the Bahrain government .
  • The approximate average price for the issue was 98.395 percent with the lowest accepted price being 98.261 percent.
Business

Generative AI likely to supplement than destroy jobs: ILO

Geneva, Switzerland -- Generative Artificial Intelligence (AI) is more likely to augment than destroy jobs by automating some tasks rather...
  • An International Labour Organization (ILO) study has found most jobs and industries are only partly exposed to automation and are more likely to be complemented by Generative AI.
  • It suggests this new wave of technological transformation could offer important benefits for developing countries.
Business

Iran not holding direct talks with US on sidelines of UN meet

"Reports that a meeting between Iranian and American officials will be held on the sidelines of the UN General Assembly...
  • Kanaani said the two countries have held only indirect talks to discuss a prisoner exchange and unblocking Iranian assets.
  • The New York Times reported on August 10 that the United States and Iran had reached an agreement on a prisoner swap.
Business

ACWA Power announces financial close on $2.4bn Saudi solar projects

Riyadh, Saudi Arabia -- A consortium of ACWA Power and subsidiaries of Saudi sovereign wealth fund, Public Investment Fund, and...
  • The projects will generate an aggregate capacity of over 2.6GW of clean electricity for Saudi Arabia.
  • The new projects will be jointly owned by PIF subsidiary Badeel (34.99 percent) and ACWA Power (35.01 percent) and SAPCO (30%).
Business

SAB sees $26m negotiated deal

The deal does not directly impact the last deal price.
  • A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price, Argaam reported.
  • Saudi Awwal Bank reported a net profit of SAR 3.314 billion ($883 million) for the first half of 2023.
Business

NDF helps in financing of US$2.2bn renewable energy project

RIYADH, SAUDI ARABIA -  The National Development Fund (NDF) on Sunday said it will contribute US$453 million (SAR1.7 billion) to...
  • This is one of the world’s largest renewable energy projects, developed through joint venture by Saudi Aramco, Badeel and ACWA Power.
  • NDF's US$453 million financing commitment has attracted local and global banking groups in the Kingdom’s high-growth infrastructure market.
Business

Iran-European Union trade reaches $2.5 billion in first half of 2023

Tehran, Iran -- Trade between Iran and the European Union member states reached 2.3 billion euros ($2.5 billion) in the...
  • Iran-EU trade exchanges declined by 10 percent compared to the last year’s corresponding period.
  • Germany, Italy and the Netherlands accounted for most of the export of products to Iran from January to June 2023.
Geostrategy

Japan prepares to hold foreign ministers meet with GCC nations in Sept

Tokyo, Japan -- Japan is preparing to hold a foreign ministers' meeting with the six member states of the Gulf...
  • Japan relies on the six countries that make up the GCC -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- for over 90 percent of its crude oil.
  • Foreign Minister Yoshimasa Hayashi is expected to attend the meeting, with visits to Egypt and Jordan also under consideration, Kyodo News said.
Arts & Culture

25 teams attending Afro-Arab Esports League 2023 in Saudi Arabia

Riyadh, Saudi Arabia -- The Afro-Arab Esports League, which opened Saturday in Saudi Arabia, will see participation from over 25...
  • These teams will compete for three days in a variety of tournaments tailored for both men and women, covering popular games such as eFootball and Valorant.
  • Prince Faisal bin Bandar bin Sultan said the arrangement of the Afro-Arab Esports League demonstrated of the sector's importance in both the Arab and African realms.
Business

Brazilian exports to Arab countries up 8% in seven months

Dubai, UAE -- The Arab Brazilian Chamber of Commerce (ABCC) recorded a surge of 8 percent in Brazilian exports to...
  • Brazilian exports to the the kingdom totaled to $1.873 billion in the first seven months of 2023, while exports to exports to the United Arab Emirates amounted to $1.646 billion.
  • Kuwait also witnessed an increase in the Brazilian exports, which amounted to $157.78 million during this period.

Saudi AZM gets independent director

Omar bin Fahd Al-Sunaidi's term will extend until Jun 2026.
Business

Company News

East Pipes net profit $26.63m

Kingdom Holding Q1 net profit down 97%

NDMC to invest $60m in ADNOC (L&S) IPO

East Pipes, Aramco sign $480m contract

Maaden Q1 net profit down 81%

Latest News

Jeddah Program named cultural destination of FIFA Club World Cup

Riyadh, Saudi Arabia -- The Historic Jeddah Program has secured sponsorship rights as the official cultural destination and main supporter...
Arts & Culture

$9.9bn transport investments boost Qatar’s logistics efficiency

Dubai, UAE -- Qatar Chamber has underscored Qatar's significant strides in the transport sector, positioning the nation as a formidable...
Business

Saudi oil and non-oil exports fall by above 17 percent in Sept

Dubai, UAE -- Saudi Arabia’s oil exports fell by 17.1 percent (SAR 17.2 billion or $4.58 billion) in September, mainly...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

UAE owns 40% of aircraft fleet in Arab region, says ACAO official

Dubai, UAE -- The United Arab Emirates (UAE) holds nearly 40 percent of the aircraft fleet in the Arab region,...
  • UAE's aviation sector enjoys global confidence regionally and internationally, competing with major airlines in Europe and North America, said Abdennabi Manar.
  • Manar anticipated that the UAE aviation sector would continue its upward growth trajectory, aligning with the substantial growth witnessed in the Arab aviation sector.
Business

Gaza health situation a ‘perfect storm for tragedy’: UN

Around 160 children are killed every day in Gaza and UNICEF has warned that the number could skyrocket. More than...
  • Key mediator Qatar, Israeli PM, US President Joe Biden and Hamas leader Ismail Haniyeh say a deal on the release of Palestinian prisoners and Israeli hostage likely to materialize.
  • Fifty-three journalists and media workers have been killed in the latest Gaza conflict, according to a tally by the Committee to Protect Journalists (CPJ).
Business

Sustainable aviation fuel production lags behind demand: IATA official

Dubai, UAE -- The current production of sustainable aviation fuel (SAF) represents less than 1 percent of the sector's demand,...
  • The current production of sustainable aviation fuel (SAF) represents less than 1 percent of the sector's demand.
  • Al-Eisawi also noted that global travel has recovered more than 97 percent of pre-pandemic levels, exceeding 100 percent in the Middle East region.