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

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
Business

QGIRC net profit down

The first half 2023 profit of $9.64m was 25% less than that of H1 2022.
  • Earnings per share (EPS) amounted to QR 0.040 as of 30th June 2023 versus Earnings per share (EPS) QR 0.054 for the same period in 2022.
  • QGIRC has a network of branches located across Qatar and an overseas branch in the United Arab Emirates.
Business

Dubai Customs clears TIR carnet transactions worth US$38.7m

DUBAI, UAE - Dubai Customs has, to date, processed 214 customs transactions worth US$38.7 million (AED142.2 million) under cover of...
  • Goods shipped under cover of the internationally accepted customs transit document do not require inspection at border crossings while in transit.
  • It provides a financial guarantee to pay the suspended duties and taxes. The guarantee system is managed by the International Road Transport Union.
Business

ESG H1 net profit $162m

The net profit increased by 831 percent year on year.
  • The revenue for H1 2023 experienced an 81 percent growth, amounting to AED 266 million, as opposed to AED 147 million in H1 2022.
  • ESG's total assets surged by 93 percent in comparison to December 2022, culminating in a value of AED 2.2 billion by June end.
Business

Dubai records $2.88 billion in weeklong real estate transactions

Dubai, UAE -- A total of 3,252 real estate transactions worth over AED 10.6 billion ($2.88 billion) were conducted during...
  • The DLD report showed that 319 plots were sold for AED 1.92 billion, while 2,137 apartments and villas were purchased for AED 5.75 billion.
  • The total value of mortgaged properties for the week reached AED 2.53 billion. Meanwhile, 283 properties were granted between first-degree relatives worth AED 495 million.
Business

SAB H1 profit up 59%

The bank's profit in Q2 increased by 43% compared to Q2 2022.
  • SAB’s net profit dropped by 12.2 percent from SAR 1.76 billion in Q1 2023. 
  • H1 profit rise was mainly due to an increase in net special commission income, income from FVSI financial instruments.
Business

Borouge Q2 net profit $231m

The company posted first-half revenues of $2.8 billion.
  • Second-quarter revenue increased by 2.5 percent quarter-on-quarter, to reach $1.4 billion, and declined on a year-on-year basis.
  • The company's board has endorsed a dividend of $650 million to be approved by the shareholders during the second half of the year.
Business

ADIB posts 61% net profit growth in H1

The bank's revenue grew by 50 percent to AED 4.3 billion.
  • The bank's cost to income ratio was managed down with an improvement of seven percentage points to 33.9 percent.
  • Total assets increased 28 percent to AED 182 billion, driven by 18 percent growth in gross financing and 22 percent growth in investments.
Videos

Upskilling key to offset AI banking job losses

Increasing adoption of Artificial Intelligence in banking operations could lead to automation of nearly 52 percent of jobs by 2025....
  • AI can be used to automate many of the routine tasks that are currently performed by bank employees, such as processing transactions, responding to customer queries.
  • While AI could lead to job losses in some areas, it could also free up employees to focus on more complex and challenging tasks.
Geostrategy

Saeed bin Zayed passes away, three days of mourning announced

Abu Dhabi, UAE -- Sheikh Saeed bin Zayed Al Nahyan, brother of UAE President Sheikh Mohamed bin Zayed Al Nahyan...
  • Born in 1965 in Al Ain, Sheikh Saeed was appointed as the Representative of the Ruler of Abu Dhabi in June 2010.
  • He was appointed as the Undersecretary of the Department of Planning in Abu Dhabi. He was also a representative of Sheikh Zayed bin Sultan Al Nahyan.
Business

Realty projects worth $1.10 billion completed in H1 in Dubai

Dubai, UAE -- Dubai witnessed the completion of nine real estate projects worth AED 4.06 billion ($1.10 billion) in H1...
  • According to data issued by the Dubai Land Department (DLD), 392 real estate projects are currently being developed in the emirate.
  • In the first half of 2023, the Dubai Land Department issued 4,416 real estate licenses, reflecting increasing demand for licenses for real estate various activities.

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

Saudi Amiantit Q1 profit $0.5m

SISCO to pay $8.6m dividend

SEC to raise $2bn from sukuk

Hotpack to build plant in KSA

GKSD to invest in Middle East

Latest News

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...
Business

COP28 priorities: From climate action progress to energy transition

Dubai, UAE -- As world leaders and climate experts gear up for the COP28 climate summit scheduled to take place...
Business

Emirates to build advanced $950m engineering facility at DWC

Dubai, UAE -- Emirates has unveiled a plans to build a $950 million cutting-edge engineering facility at Dubai World Central...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

ACWA Power, SEC sign PPAs

The agreements signed with SPPC are valued at $3.9 billion.
  • The agreement, signed on November 13, pertains to the development, financing, construction, ownership, and operation of two expansive combined cycle gas turbines power plants.
  • Named Taiba 1 and Qassim 1, these mega-projects are strategically situated in Madinah and Qassim, with a production capacity of 1,800 megawatts (MW) each.
Business

PIF to invest in Alkhorayef Petroleum, secure 25% shareholding

Riyadh, Saudi Arabia — The Public Investment Fund (PIF) has formally announced the signing of a share subscription agreement to...
  • PIF secures a 25 percent shareholding in the oil and gas production optimization solutions provider, with Alkhorayef Group retaining the majority stake of 75 percent.
  • Alkhorayef Petroleum specializes in artificial lift, wireline services and equipment, as well as early production facilities.
Business

Salik records $138m in Q3 revenue

This is the toll operator's highest Q3 revenue since 2007.
  • The 14.6 percent year-on-year revenue growth was supported by a strong growth in tourism and residency.
  • Salik reported a net profit of AED255 million during the third quarter of 2023, up 5.3 percent against the prior year.