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.

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

Hamriyah, Deira ports report $3.30bn in customs declaration

Dubai, UAE -- Hamriyah and Deira ports have reported 62,454 customs declarations, totaling AED 12.133 billion ($3.30 billion), with 19...

Business
Business

PIF establishes company for developing Ajwa dates products

Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, announced Sunday it has established Al Madinah...
  • MHC will focus on promoting and distributing Ajwa dates both locally and internationally in addition to other date varieties to meet growing global demand.
  • The company will also contribute to the wider development of sustainable agriculture in the Madinah region through the adoption of the latest agricultural technologies.
Business

ANB profit up 51 percent in H1

The growth was backed by net special commission income.
  • The bank reported an increase in the net provisions for expected credit losses and other provisions.
  • The second-quarter net profit jumped 39 percent to SAR 986 million from SAR 707.69 million in Q2 2022. 
Business

Saudi Fund for Development commits $10m to boost tourism in Bahamas

Riyadh, Saudi Arabia -- The Saudi Fund for Development (SFD) and Bahamas have signed a $10 million agreement to build...
  • Nassau Island set to accommodate 50 small businesses, Exuma Island to house 25 small businesses, and Grand Bahama Island to host an additional 25 small businesses.
  • This is SFD's inaugural foray into The Bahamas, making it the 89th country to receive funding for a development project from SFD.
Business

IHG to open Hotel Indigo in Oxagon

Oxagon is a coastal industrial city in Saudi Arabia's NEOM.
  • The 250-key Hotel Indigo property will be situated in the Oxagon’s first residential community and will open its doors in 2026.
  • IHG currently operates 37 hotels across five brands in Saudi Arabia, including InterContinental, Crowne Plaza and Holiday Inn.
Business

FAB second quarter net profit $1.14bn

The rise attributed to increase in net interest and non-interest income.
  • For the first six months of 2023, the net profit was $2.19 billion, up 7 percent from $2.08 billion.
  • The company said the operating income was $1.82 billion, up 37 percent from 2022.
Geostrategy

Security, trust: Tech titans promise watermarks on AI creations

Representatives from Amazon, Anthropic, Google, Inflection, Meta, Microsoft, and OpenAI were to join US President Joe Biden later Friday to...
  • Worry that imagery or audio created by AI will be used for fraud and misinformation has ramped up as the technology improves and the 2024 US presidential election gets closer.
  • Commitments by the companies include independent testing of AI systems for risks when it comes to biosecurity, cybersecurity, or "societal effects," according to the White House.
Business

AD Ports Group, CMEC ink MoU

The two companies will explore opportunities globally.
  • The two companies will cooperate in various fields including global industry and infrastructure development, financing, building.
  • The agreement will be valid for three years and will focus on achieving complementary advantages, sharing resources.
Business

Turkey, UAE sign agreements worth over $50bn

Earlier this year, the two countries signed a Comprehensive Economic Partnership Agreement with the aim of boosting trade to $40...
  • The non-oil intra-trade between the two nations amounts to over US$103 billion from 2013 to 2022.
  • This includes imports valued at US$56 billion, exports exceeding US$35 billion, and re-exports totaling over US$12 billion.
Business

Almarai trust certificates raise $750m

The dollar-denominated certificates have annual return of 5.23%.
  • Almarai told Tadawul in a statement that the certificates will be listed on the Irish Stock Exchange under Euronext Dublin.
  • The certificates were issued under the $200 million Trust Certificate Issuance Program updated by the company on July 14. 
Business

ADIA acquires hotel portfolio

The portfolio comprises 27 hotels across Japan.
  • The portfolio was acquired from Daiwa House Industry for $900 million and comprises a total of 7,124 hotel rooms.
  • The acquisition was made along with a consortium led by Singapore-based private equity real estate firm, SC Capital Partners and Goldman Sachs Asset Management.

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

Company News

Presight to list on 27 Mar

SATORP 2022 net profit $2.39bn

ADNIC to pay $62m dividend

Tabreed to pay record dividend

Emirates NBD arranges sukuk

Latest News

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...
Business

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...
Geostrategy

Burgan Bank Sells 52% stake

The stake in its Turkish subsidiary BBT was sold to Rawabi Holding.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Dubai’s weeklong real estate transactions exceed AED10.3bn

Dubai, UAE -- The total value of real estate transactions conducted in Dubai during the week ending 10 November 2023,...
  • The DLD report showed that 1,782 sales transactions worth AED7.4 billion were conducted, with 396 plots sold for AED3.99 billion.
  • The total value of mortgaged properties for the week reached AED1.86 billion. A total of142 properties were granted between first-degree relatives worth AED1 billion.
Business

Qatar records real estate contracts worth $60 million in five days

Doha, Qatar - The real estate market in Qatar witnessed a significant surge in trading activity as the Department of...
  • The total value of sales contracts specifically for residential units during the same period amounted to above QR 705 million
  • Sales were notably concentrated in key municipalities of Al Rayyan, Doha, Al Daayen, Umm Salal, Al Wakrah, Al Khor and Al Dakhira.
Business

ADNOC Distribution Q3 net profit $227m

The EBITDA increased by 28% YoY to $303 million in the third quarter.
  • ADNOC Distribution witnessed a healthy 21 percent Y-o-Y increase and a 5 percent quarter-on-quarter (Q-o-Q) growth in total fuel volumes.
  • It anticipates paying a minimum of $350 million (AED1.285 billion), or 10.285 fils per share, as the second six-month dividend of 2023 in April 2024.