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.

TDRA inks pact with PCFC’s Dubai Maritime Authority

DUBAI, UAE - The Telecommunications and Digital Government Regulatory Authority (TDRA) has signed a Memorandum of Understanding (MoU) with the...

Business

Saudi Arabia jumps to second rank in ICT index among G20 nations

Riyadh, Saudi Arabia -- Saudi Arabia jumped 10 ranks to second place among the G20 countries according to International Telecommunication...

Economy
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.
Business

NBF H1 net profit up 120 percent

Fujairah, UAE -- The National Bank of Fujairah (NBF) Wednesday posted 120.7 percent increase in first half net profit to...
  • The robust performance in Q2 2023 contributed to this growth, with NBF posting a net profit of AED 180.1 million, a 99.8 percent increase from the corresponding quarter of 2022.
  • The bank's operating profit for H1 2023 reached AED 785.3 million, a 28.9 percent increase from AED 609.1 million in H1 2022.
Economy

IMF Global Outlook: Saudi slowdown to weigh on MECA growth

A projected decline in the Middle East and Central Asia from 5.4 percent in 2022 to 2.5 percent in 2023...
  • The downgrade for Saudi Arabia for 2023 reflects production cuts announced in April and June in line with an agreement through OPEC+.
  • Global growth is projected to fall from an estimated 3.5 percent in 2022 to 3 percent in both 2023 and 2024.
Business

RAKBANK H1 profit $245m

This is the bank's highest-ever half-yearly profit.
  • Net profit for the second quarter was AED 450.5 million, up 46.6 percent compared to Q2 2022.
  • Net interest income and income from Islamic products net of distribution to depositors was AED 1.6 billion.

TDRA inks pact with PCFC’s Dubai Maritime Authority

DUBAI, UAE - The Telecommunications and Digital Government Regulatory Authority (TDRA) has signed a Memorandum of Understanding (MoU) with the...
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

Denmark, Netherlands top destinations for remote working: Report

Davos, Switzerland -- Denmark, the Netherlands, and Germany have emerged as the leading countries for remote working, offering the best...
Business

ACWA Power, SEC sign PPAs

The agreements signed with SPPC are valued at $3.9 billion.
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...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

GA-ASI partners with EDGE

The pact is aimed at integrating smart weapons into MQ-9B.
  • The partnership marks the first time that UAE-made smart weapons will be integrated into a US unmanned platform.
  • The EDGE smart weapons designated for integration include the DESERT STING family of GGWs and THUNDER family of cost-effective PGMs from HALCON.
Business

Dubai Taxi to sell 624 million shares in IPO, plans to list on DFM

Dubai, UAE -- Dubai Taxi Company Monday announced its intention to proceed with an Initial Public Offering (IPO) and to...
  • The offering, representing 24.99 percent of Dubai Taxi Company's total issued share capital.
  • The share capital of the company, as at the date of the listing, has been set at AED100 million divided into 2.5 billion shares paid-in-full,
Business

Request for qualification issued for 3700MW Saudi solar projects

Riyadh, Saudi Arabia -- The Saudi Power Procurement Company (SPPC) has released request for qualification (RFQ) for the fifth round...
  • The request for qualification has been released for the fifth round of solar projects under the National Renewable Energy Program.
  • The combined capacity of Round 5 projects is approximately 3700 MW. These include the 2000 MW Al Sadawi IPP to be located in the Eastern province.