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

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

Palestinian Monetary Authority condemns Israeli raids on exchange firms

Ramallah, Palestinian Territories -- The Palestinian Monetary Authority (PMA) said Thursday that the Israeli occupation army’s storming of six exchange...

Geostrategy
Business

Iran exports non-oil products worth $2.9bn to Iraq in four months

Tehran, Iran -- Iran exported $2.9 billion worth of non-oil products to Iraq in the first four months of the...
  • Director General of the TPOI for West Asian Affairs Farzad Piltan said Iran exported $541 million worth of products to Iraq in 2022.
  • It is predicted that Iran’s export of non-oil products to Iraq will reach $10.5 billion by the end of the current year (March 20, 2024).
Business

DGCX waives fees for Shari’ah compliant Spot Gold Contract

Dubai, UAE -- The Dubai Gold & Commodities Exchange (DGCX) Tuesday said it is waiving trading, clearing and delivery fees...
  • DGCX will waive the fee until 31 December 2023. This fee waiver excludes the SCA fee of $0.03.
  • The Exchange is also seeking approval from SCA to waive fees for its Gold Futures contract.
Business

Saudi Arabia accedes to United Nations’ CISG convention

Riyadh, Saudi Arabia -- Saudi Arabia has officially acceded to the United Nations Convention on Contracts for the International Sale...
  • Saudi Arabia became the 96th State Party to the Convention. The Convention will enter into force for Saudi Arabia, except for its part III, on 1 September 2024.
  • The CISG establishes a comprehensive code of legal rules governing the formation of contracts for the international sale of goods and the obligations of the buyer and seller.
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.

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

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

International migration flows to OECD countries at record highs in 2022

Paris, UAE -- Permanent migration to OECD countries reached 6.1 million in 2022, a 26 percent increase compared with 2021,...
Geostrategy

ADB plans to invest US$100bn to maximize climate impact

MANILA, PHILIPPINES - Setting the scene for a low-carbon and climate-resilient Asia and the Pacific, the Asian Development Bank (ADB)...
Economy

Dubai records weeklong real estate deals worth $2.45 billion

Dubai, UAE -- A total of1,852 real estate transactions valued at more than AED 9 billion ($2.45 billion) were conducted...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

$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...
  • With over 2 billion people residing within 3000 kilometers range of Qatar, the country boasts easy access to Hamad International Airport and the globally acclaimed Hamad Port
  • Hamad Port, with over 15 direct shipping lines connecting to 40 ports across three continents, has an annual capacity of 7 million tons.
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...
  • The share of oil exports in total exports increased from 80 percent in September 2022 to 80.1 percent in September 2023.
  • Imports also decreased compared to August 2023 by SAR 9.6 billion or 13.7 percent, according to data by GASTAT.
Business

43% people in Saudi likely to make more cross-border payments in 2023

Riyadh, Saudi Arabia -- Nearly 43 percent of people in Saudi Arabia expect to send cross-border payments more frequently in...
  • The report also details that 40 percent of people in Saudi Arabia expect to receive more cross-border payments in the next year.
  • Notably, 88 percent of SMEs say they use an app to make cross-border payments — the second highest percentage across the markets surveyed.