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.

SAMA seeks public feedback on financial governance amendments

Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has invited interested parties and specialists concerned with “Key Principles of...

Business

Aramco, Intel to set up Saudi Arabia’s first open RAN center

Riyadh, Saudi Arabia -- Aramco Digital Co. and Intel have unveiled plans to establish Saudi Arabia’s first open radio access...

Business
Geostrategy

Lebanon urges calm after Gulf states issue travel advisory

"The situation in Ain al-Helweh camp has now calmed down," Interior Minister Bassam Mawlawi said referring to south Lebanon's restive...
  • Thirteen people were killed in several days of violence that erupted on July 29, pitting two groups of Palestinians against each other.
  • Last week, Arab Gulf countries -- some of which have already banned their citizens from travelling to Lebanon -- issued warnings urging their nationals to exercise caution.
Business

PIF sets up women’s fitness and wellbeing firm Kayanee

Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, Monday announced the establishment of the Kayanee...
  • Kayanee will focus on women’s health and lifestyle of future generations through six offerings, including fitness, apparel, personal care and treatments.
  • PIF has set up 25 companies and created 181,000 jobs during 2022, latest official data has pointed out.
Business

Saudi Arabia, Argentina sign geological cooperation and investment deal

Jeddah, Saudi Arabia -- The Saudi Geological Survey (SGS) and the Argentine Mining Geological Service (SEGEMAR) have signed a Memorandum...
  • The MoU aims to enhance cooperation in geological exploration, evaluation of mineral resources, and geophysical exploration of mineral resources and groundwater.
  • The agreements were reached during the Saudi delegation's visit to Latin American countries, as part of efforts to strengthen international cooperation and investment.
Business

Qatar non-energy private sector firms record strong growth in July

Doha, Qatar -- Non-energy private sector companies recorded the second highest growth in 2023 so far, according to the latest...
  • Growth rates for output, new orders, employment and purchasing increased, and the 12-month outlook remained firmly positive, the data from Qatar Financial Center said.
  • Data for July 2023 indicated another increase in employment in non-energy private sector economy in Qatar, at the fastest rate since July 2022.
Economy

UAE launches finance strategy to boost government performance

Dubai, UAE -- The United Arab Emirates Sunday launched Ministry of Finance's Strategic Plan 2023-26 aimed at accelerating government performance...
  • Sheikh Maktoum bin Mohammed said the UAE will develop and implement sustainable financial policies to promote economic growth.
  • The plan comprises three strategic goals, six main projects, four main goals and seven additional directives.
Business

Office rents in Saudi Arabia’s capital grow 12-14 percent in Q2: Report

Riyadh, Saudi Arabia -- Most of Saudi Arabia's real estate market sectors recorded growth in the second quarter of 2023,...
  • Grade A office rents in the capital Riyadh growing by 12.2 percent and Grade B rents rising by 14.4 percent year-on-year.
  • The residential sector saw a decline in transaction volumes by 38.1 percent in the year to June 2023.
Economy

UAE 2023 growth prospects face least risk in Middle East, Africa

Lower oil production, high inflation, tighter monetary policies, increased borrowing costs, and the rising cost of servicing debt continue to...
  • The GCRI risk score in the MEA region has increased continuously for six quarters until Q1 2023, signaling a deteriorating situation.
  • UAE, Saudi Arabia, Kuwait and Qatar are among the top five low-risk countries in the region, while Syria, Libya and Yemen are among the 10 high-risk countries.
Business

ADNOC Gas H1 revenue $10.6bn

The decline in revenue is due to lower gas prices.
  • The second quarter revenue stood at AED 19.8 billion, compared to Pro Forma Adjusted Revenue of AED 26.1 billion in Q2 2022.
  • ADNOC Gas said it shifted towards higher-margin export liquids and focused on increased efficiency.
Business

Saudi capital market institutions post record 2022 net income

Riyadh, Saudi Arabia -- Capital market institutions authorized by Saudi Arabia's Capital Market Authority posted a record 29.8 percent increase...
  • The retained profits in capital market institutions reached a record high of SAR 60.34 billion, an increase of 39.17 percent.
  • The profits of capital market institutions surged to highest ever SAR 12 billion due to a 26 percent increase in revenues in 2022.
Business

ADNOC Drilling posts $446m net profit

The increase was attributed to expansion in fleet and services.
  • ADNOC Drilling’s first half revenue increased to $1.4 billion, up 13 percent year-on-year.
  • Second quarter revenue grew by 8 percent year-on-year to $724 million and by percent sequentially.

SAMA seeks public feedback on financial governance amendments

Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has invited interested parties and specialists concerned with “Key Principles of...
Business

Company News

Borouge Q1 net profit $199m

Emirates Islamic Q1 profit up 76%

Emirates NBD posts record Q1 profit

Gulf bank Q1 net profit $56.50m

NBF Q1 net profit up 151 percent

Latest News

EDGE bags $1.1bn UAE defense ministry munitions contract

Dubai, UAE -- EDGE, one of the world's leading advanced technology and defense groups, announced that it bagged an AED...
Business

Emirates, Safran sign pacts worth $1.2bn

Latest generation Safran Seats for new Emirates Airbus fleet part of the deal.
Business

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...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

ADNOC Gas net income $3.37bn

The company's third-quarter revenue grew by 8% to $5.80 billion.
  • Net income for the quarter increased by 13 percent quarter-on-quarter (Q-o-Q) to $1.116 billion.
  • ADNOC Gas expects to pay its inaugural interim cash dividend of $1.625 billion with payments commencing on 14 December 2023.
Geostrategy

Qatar, UAE condemn Israeli attack on Gaza committee building

Doha, Qatar -- Qatar has strongly condemned the Israeli shelling of the Qatar Committee for the Reconstruction of Gaza's headquarters,...
  • The incident, viewed as an extension of the occupation's pattern of targeting civilians and civilian infrastructure, has sparked international outrage, Qatar said.
  • The United Arab Emirates (UAE) joined Qatar in denouncing the attack and emphasized the immediate need for a ceasefire.
Business

Global Media Congress opportunity for showcasing AI advances: Expert

Abu Dhabi, UAE -- Rapid advances in AI technologies have created a major challenge for the media sector: the difficulty...
  • Professor Charlie Beckett of LSE says it is important to keep pace with AI advances like ChatGPT and Metaverse.
  • He said despite warnings about AI, it remained a useful tool for creating huge content and handling services using algorithms.