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.

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

New UAE law allows employees merge work years for free

Abu, Dhabi, UAE -- A new UAE law contributes to enhancing insured Emiratis chance in obtaining a retirement pension by...

Business
Business

DP World H1 EBITDA $2.6bn

The company's revenue grew 13.9 percent to $9.03 billion.
  • CEO Sultan Ahmed bin Sulayem said the company's balance sheet remains robust, and it continues to generate high levels of cash flow.
  • DP World's focus on high-margin cargo, end-to-end bespoke supply chain solutions and cost optimization has been crucial in securing these results.
Business

Struggling Lucid weighs down PIF’s robust US equities show

Dubai, UAE -- Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), reported 9.6 percent growth in its US equity holdings to...
  • Lucid continued to drag down the fund’s US public holdings with q-o-q growth of 6.2 percent to US$9.47 billion – a level that was still 45.6 percent down on end-June 2022.
  • The EV manufacturer has struggled with mounting losses and tightening cash reserves due to recession risks and a price war with its bigger rival Tesla.
Business

AD Ports Group Q2 net profit $84m

The Group posted 66% year-on-year revenue growth.
  • Maritime, Digital, and Ports Clusters were the key growth drivers with 208 per cent, 26 per cent, and 22 per cent year-on-year, respectively.
  • AD Ports Group Q2 2023 EBITDA rose by 29 per cent year-on-year to AED686 million, mainly driven by maritime, digital, and ports clusters as well as acquisitions.
Economy

Saudis, Emiratis gain wealth, but disparity remains

In 2022, 45 percent of adults in Saudi Arabia had a net worth of less than $10,000, against 43 percent...
  • The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
  • The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.
Business

Riyad Capital okays 2.5% cash dividend

The SAR 0.25 per unit dividend will be paid to Riyad REIT Fund's unitholders.
  • The distribution represents 2.19 percent of net asset value (NAV) as of June 30, 2023.
  • Riyad REIT is a closed-ended Shariah-compliant real estate investment traded fund.
Videos

Five skills workers require in real estate

Saudi Arabia’s real estate sector is evolving with new regulations, creating fresh job opportunities. The latest initiatives seek to enhance...
  • Saudi Real Estate General Authority introduces 12 new roles, including positions like real estate broker, advertiser, and property manager
  • The initiatives are aimed at boosting the real estate sector's contribution to the Kingdom's GDP, enhancing the role of non-oil sectors
Business

Bahrain Central Bank’s Sukuk Al Salam oversubscribed 319%

Manama, Bahrain - The Central Bank of Bahrain (CBB) has said its monthly issue of the Sukuk Al-Salam Islamic securities...
  • Subscriptions worth BD 137.151 million ($364m) were received for the BD 43 million ($114m) issue, which carries a maturity of 91 days.
  • Expected return on the issue, which begins on August 16 and matures on November 15, is 6.25 percent, compared to 6.10 percent of the previous issue.
Business

Yalla Group H1 revenue $152m

The Group posted revenues of $79 million in the second quarter.
  • The revenue grew by 2.9% compared to the first half of last year, while the net income in H1 2023 was recorded at AED176.9 million ($48.2m)
  • Yalla displayed strong performance in the second quarter of the year where it posted revenues of AED291 million (around $79.2 million)
Business

APIC H1 net profit down 39%

Total revenues grew by 7.2% YoY to $590 million.
  • Net profits attributed to APIC shareholders in the first half of 2023 reached $11.08 million.
  • Total assets increased by 8.74 percent compared to 2022's closing and reached $756 million.
Business

Mawani adds 20 cargo services to Saudi Arabia’s ports in H1

Riyadh, Saudi Arabia -- The Saudi Ports Authority (Mawani) has added 20 cargo services to the ports of Jeddah, Dammam,...
  • Transshipments gained 12.19 percent over the prior year’s volume of 1,391,221 TEUs to reach 1,560,790 TEUs in H1 2023.
  • A total of 5,918 vessels called at Mawani’s ports during this year’s first half, up 10.68 percent year-on-year from 5,347 ships.

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

Company News

Salik Q1 net profit $74.89m

Tabreed Q1 net profit $64.37m

Arabian Cement Q1 net profit $13.11m

stc Q1 revenue $4.84 billion

Savola Group net profit up 45%

Latest News

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,...
Business

MBC Group IPO plea okayed

The conglomerate intends to sell 33.25 million shares.
Business

UAE defense conglomerate EDGE signed nearly $2bn in deals

Dubai, UAE -- UAE defense conglomerate EDGE Group has inked deals worth at least $1.8 billion during the Dubai Airshow,...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

48% of people in UAE expect cross-border payments surge in 2024

Dubai, UAE -- Nearly 48 percent of individuals in the UAE anticipate an uptick in cross-border payments over the next...
  • The report reveals that 53 percent of respondents in the UAE prioritize lower fees, 52 percent prefer speedy transactions, and 41 percent seek a straightforward remittance process.
  • A remarkable finding is the surge in the use of apps for cross-border payments among UAE SMEs, with 82 percent leveraging this technology.
Business

Gulftainer extends concession pacts

The agreements with Sharjah Ports extended for another 35 years.
  • The extended agreements allow Gulftainer to manage, operate and further develop Sharjah Container Terminal (SCT) and Khorfakkan Container Terminal (KCT) throughout this century.
  • Gulftainer signed the original concession agreements for operating and managing the container terminal at Port Khalid in 1976 and the container terminal at Port Khorfakkan in 1986.
Business

First internationally recognized renewable ammonia shipment made

Dubai, UAE -- Abu Dhabi-based Fertiglobe, a strategic partnership between ADNOC and OCI Global, has completed the maiden shipment of...
  • The renewable ammonia was generated at Fertiglobe's facilities in Egypt utilizing renewable hydrogen from its Egypt Green Hydrogen electrolyzer pilot.
  • This eco-friendly ammonia will play a crucial role in producing near-zero emissions synthetic soda ash, a vital component in laundry powder, for consumer goods giant Unilever.