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.

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

Regional players welcome ceasefire and political process in Yemen

Riyad, Saudi Arabia -- Key regional players have welcomed the agreement – involving a comprehensive set of measures aimed at...

Geostrategy
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.
Business

Binance US has been involved in wash trading activities, say reports

The Wall Street Journal (WSJ) reported that CZ confirmed that $70,000 worth of Bitcoin, traded on Binance US's launch day,...
  • Among the claims, the lawsuit alleges that Binance utilized Sigma Chain, a company under CZ's ownership, to manipulate trading volume.
  • Binance says it will list on Worldcoin, a digital currency linked to an identity project co-founded by AI programmer and entrepreneur Sam Altman.
Business

Burjeel to operate Al Dhannah Hospital

Al Dhannah Hospital in Al Dhafra region is owned by ADNOC.
  • The contract is aimed to enhance the quality and accessibility of healthcare services to ADNOC employees, their families, and the community in Al Dhafra region.
  • Al Dhannah has the capacity of 122 beds, accredited by the Joint Commission International (JCI) offering multi-specialty services.
Infographics

Strong growth key to GCC’s FDI appeal

Saudi Arabia has reentered into this year's Kearney FDI Confidence Index, which ranks the markets likely to attract the most...
  • The optimism stems from strong economic growth, which is expected by IMF to reach 3.6% in 2023, higher than the global average of 3.3%.
  • The GCC region is especially ripe for FDI, as the high demand for oil and gas is expected to continue to spur the growth of economies in the region.

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

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

Salik records $138m in Q3 revenue

This is the toll operator's highest Q3 revenue since 2007.
Business

GA-ASI partners with EDGE

The pact is aimed at integrating smart weapons into MQ-9B.
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...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Geostrategy

Wall Street, Hollywood billionaires plan $50m anti-Hamas campaign

Real-estate tycoon Barry Sternlicht has initiated this campaign and sought $1million donations from various affluent business figures, including David Geffen...
  • News website Semafor reported that Sternlicht expressed concern about the potential shift in public opinion against Israel due to the portrayal of Palestinian civilian suffering.
  • The funds will be used for a media blitz to define Hamas as an enemy not only of Israel but also of the United States, the report said.
Business

Burgan Bank Sells 52% stake

The stake in its Turkish subsidiary BBT was sold to Rawabi Holding.
  • While the sale represents a majority ownership transfer, Burgan Bank will retain operational control over BBT.
  • The move is strategically poised to fortify the bank's capital structure and shield against the impact of fluctuating Turkish lira exchange rate.
Geostrategy

ADNOC Drilling, Alpha Dhabi set up JV

The two companies will invest up to US$1.5 billion.
  • ADNOC Drilling will own 51 percent of the JV with Alpha Dhabi holding 49 percent, bringing together a market-leading drilling and OFS expert.
  • This will further develop and scale up ADNOC Drilling’s integrated drilling and oilfield services (OFS) offering and enhance operational efficiencies.