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.

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

Saudi Arabia to launch 35 renewable energy projects in 2024: Minister

Riyadh, Saudi Arabia -- Saudi Ministry of Industry and Mineral Resources is set to launch nearly 35 renewable energy projects...

Business
Business

NPCC receives award for MERAM project

The award has been received from ADCNOC Gas.
  • The project is valued at AED 13 billion and is being led by the National Petroleum Construction Company (NPCC) in partnership with Técnicas Reunidas.
  • MERAM project is expected to increase the recovery of methane from ADNOC Gas's facilities.
Business

ADNIC net profit $55.64m

The company's insurance revenue reached $582 million.
  • Its underwriting profitability was robust with a combined ratio of 87.60% and a net insurance service profit of AED178.1 million.
  • Charalampos Mylonas, CEO of ADNIC, said the company was the first amongst our peers to implement IFRS 17 Insurance Contracts (IFRS 17) as of 1 Jan, 2023.
Geostrategy

BRICS will benefit greatly with UAE, Saudi Arabia as members: Expert

Dubai, UAE --  Granting the United Arab Emirates the status of a member of BRICS group (Brazil, Russia, India, China,...
  • Mohamed Badine El Yattioui, an IR expert at the American University in UAE, said strong economies make UAE, Saudi Arabia ideal BRICS candidates.
  • He said their entry into the grouping will push the western countries towards accepting a new world order.
Geostrategy

Oman fostering international cooperation with Iran’s participation: Minister

Tehran, Iran -- Oman has said it has been making efforts to facilitate regional and international cooperation by with the...
  • Omani Foreign Minister Sayyid Badr Albusaidi referred to the recent talks between Iranian President Ebrahim Raisi and the Omani Sultan Haitham bin Tarik.
  • Iran had said that it had been engaged in indirect negotiations with the United States through Oman, with nuclear issues, US sanctions and detainees on the agenda.
Business

Saudi Arabia’s real estate deals decline by 16 percent in 2022

Riyadh, Saudi Arabia -- The value of Saudi Arabia's real estate transactions declined 16 percent year-on-year (YoY), or SAR 36.2...
  • The Ministry of Justice said that this is the firs decline in the value of real estate transactions in the past four years, according to Argaam.
  • Riyadh witnessed the largest number of real estate deals at SAR 73.81 billion. It was followed by Jeddah with SAR 26.91 billion worth of deals.
Business

Dubai Chamber attracts 69 emerging technology firms in H1

Dubai, UAE -- Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers,...
  • The chamber said that during the six-month period, the chamber successfully conducted a series of 12 roadshows across the Middle East, Africa, Asia, and Europe.
  • As part of these roadshows, meetings were coordinated with 279 companies including multinationals, SMEs, startups and scale-ups to showcase the growth potential in Dubai.
Business

Dubai’s realty transactions exceed AED2bn Tuesday

Dubai, UAE -- Dubai's real estate market recorded real estate deals worth more than AED 2 billion ($544 million) on...
  • The deals include 433 sales transactions worth AED1.7 billion, in addition to 90 mortgage deals totaling AED270.28 million, and 37 gift deals amounting to AED69.36 million.
  • The sales included 405 villas and apartments worth AED954.83 million, and 28 land plots worth AED744.62 million.
Business

Eshraq Q2 profit $9.79m

The company had posted a loss of AED7 million in Q2 2022.
  • The total operating income surged by 2,446.7 percent to AED44.31 million from a loss of AED1.89 million in Q2 2022.
  • To date, Eshraq has sold seven land plots, representing total 27 percent of its existing land bank by book value for a total sale consideration of AED208 million.
Economy

Dubai Q1 GDP grows 2.8% on surge in transport, storage sectors

The transportation and storage sector was the biggest contributor to overall growth at 48 percent. This was followed by the...
  • Dubai’s growth in Q1 2023 is significantly higher than that of some of the most developed countries in the world. OECD countries recorded seasonally adjusted growth of 1.6%.
  • The accommodation and food services sector reported a 5.6 percent growth rate in the first quarter of 2023.
Business

Yahsat H1 net income up 5%

The company reported a revenue of $205m in H1 2023.
  • Yahsat said it delivered revenue growth in infrastructure, the Group’s largest segment providing communications capacity to the UAE government.
  • Mobility Solutions, the Thuraya business providing mobile satellite services using L-band spectrum, recorded 12 percent growth in the second quarter.

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

Company News

EITC posts Q1 revenue at $936m

Amarenco acquires Spectrum International

Trina Solar revenue up 83%

Arab Bank Q1 profit $216m

Dubai Investments okays 12.5% dividends

Latest News

Climate action slowed in 2022, severe weather events increased

Paris, France -- National climate policy action across the countries that produce nearly two-thirds of total greenhouse gas emissions only...
Geostrategy

EPI to make assembly parts for Raytheon

EPI is part of the Platforms Systems cluster within EDGE.
Business

PIF seeks to increase stake in Egypt’s e-Finance by 2 percent

Riyadh, Saudi Arabia -- Ibrahim Sarhan, the Chairman and Managing Director of e-Finance for Digital & Financial Investments based in...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Emirates, Safran sign pacts worth $1.2bn

Latest generation Safran Seats for new Emirates Airbus fleet part of the deal.
  • The new seats will offer a host of enhancements that set a new standard for comfort, privacy and convenience.
  • Safran Landing Systems will be supplying high performance wheels and carbon brakes for the Emirates A350 fleet.
Economy

Saudi inflation in Oct slightly down amid economic challenges

Riyadh, Saudi Arabia -- Saudi Arabia's consumer price index experienced a slight decrease in October, dropping to 1.6 percent from...
  • The General Authority for Statistics reported that this decrease in inflation was primarily due to a 0.8 percent reduction in personal goods and services expenses.
  • The prices for furnishings and household equipment saw a monthly decline of 0.3 percent, alongside a similar decrease in clothing and footwear expenses.
Business

US$3.2bn worth deals signed on first two days of Dubai Airshow 2023

DUBAI, UAE – Tawazun Council announced the signing of 11 deals, worth US$1.8 billion (AED 6.9 billion), with local and...
  • The biggest contract- worth US$898 million was awarded to a company to procure an air defense system.
  • The second largest local contract, worth US$200 million was signed for aircraft maintenance services.