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

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

Institutional investors purchase $1.9bn in UAE stocks during 2023

Abu Dhabi, UAE -- Institutional investors boosted their acquisition of domestic stocks in 2023, purchasing nearly AED 7 billion ($1.9...

Business
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.
Business

ADCP partners with AP Moller

ADCP is a JV between Mubadala and Alpha Wave Global.
  • AP Moller Capital focuses on, among other areas, opportunities in upper middle market infrastructure investments in sectors such as transportation and renewable energy.
  • This venture reinforces ADCP’s commitment to the development of the institutional financial ecosystem from its headquarters at the ADGM, the firms said in a statement.
Business

Aldar to redevelop two malls

The plan is part of AED 1bn revitalization project.
  • The first phase of the project will focus on enhancing the customer experience and solidifying Al Jimi Mall's position as the go-to shopping hub for both residents and visitors.
  • The redevelopment plan seeks to increase the Gross Leasable Area (GLA) by a significant 20 percent, expanding it to 91,000 square meters.
Economy

Saudi Arabia’s oil exports fell by nearly 38 percent in May

The share of oil exports in total exports decreased from 80.8 percent in May 2022 to 74.1 percent in May 2023, according to...
  • Non-oil exports (including re-exports) decreased by 8.7 percent, compared to May 2022, decreasing to SAR 25.1 billion from SAR 27.5 billion in May 2022.
  • The value of imports amounted to SAR 67.7 billion in May 2023 compared to SAR 56.0 billion in May 2022.
Business

Sharjah posts $149 million in first half realty transactions

Sharjah, UAE -- Sharjah real estate sector recorded deals worth AED549.4 million ($149.5 million) for the first half of 2023,...
  • The transactions were facilitated through the department's branches located in the Central region and the cities of Khorfakkan, Dibba Al-Hisn, and Kalba.
  • The cash trading volume in the central region accounted for AED231 million, with Khorfakkan reaching AED185.4 million.
Business

DIFC Courts posts staggering 692% rise in value of first-half claims

Dubai, UAE -- Dubai's position as the leading hub for international dispute resolution has been further strengthened as the Dubai...
  • The total value of 455 cases filed reached AED 15 billion. The Court of First Instance (CFI) witnessed 52 cases with a total value of AED 14.9 billion.
  • The cases spanned various sectors, including banking and finance, real estate, construction, manufacturing, retail, hospitality, and maritime.
Business

Al Rajhi Bank’s profit dips marginally

The decline was attributed to decrease in total operating income.
  • There was a decrease in impairment charge for financing from SAR 1.15 billion to SAR 719 million by 38 percent.
  • The second-quarter net profit declined 3 percent to SAR 4.15 billion from SAR 4.25 billion in Q2 2022.
Business

Bank Albilad H1 profit up 14%

The H1 profit reached SAR 1.14bn ($303m) and Q2 profit SAR 585.9m.
  • Albilad said net income has increased in the first half due to the increase in total operating income by 4 percent.
  • The Q2 2023 net profit rose by 15 percent to SAR 585.9 million from SAR 510.98 million in Q2 2022.

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

Company News

Aramco JV HAPCO breaks ground

ADNOC makes logistics push

Savola to pay $93m in dividends

Al Rajhi to issue sukuk

ADNOC signs ammonia pact

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.