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.

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

Russia won’t consider ratings while granting loans to countries

Previously, to be eligible for a loan from Moscow, a country could not be categorized in the sixth or lower...

Economy
Business

South Korean blockchain firm NEOPLY to set up global HQ in Abu Dhabi

Abu Dhabi, UAE -- NEOPLY, a South Korean blockchain technology company, will establish its global headquarters in Abu Dhabi, the...
  • NEOPLY provides a decentralized finance (DeFi) platform and a variety of services based on blockchain technology.
  • NEOPLY’s H-Lab will work with ADGM to support its development of a sound and progressive regulatory framework for DeFi.
Business

eXtra’s H1 2023 profit falls 35%

An increase in borrowing costs hurt the company in H1.
  • The company's revenue increased slightly by 2.1 percent YoY, backed by the consumer finance segment revenues growth and retail segment’s sales mix enhancement, Argaam said.
  • Gross profit increased by 7.3 percent YoY to SAR 655.9 million. Selling, general and administrative expenses (SG&A) slightly increased compared to H1 2022.
Business

East Pipes, Banque Saudi Fransi ink pact

Funds will be used to finance working capital for projects.
  • The agreement is worth US$293 million (SAR 1.1 billion).
  • A promissory note of $306 million was provided to guarantee the credit facility.
Business

QatarEnergy, ENOC sign supply pact

QE will supply up to 120m barrels of condensates to ENOC from Jul.
  • The terms of the agreement allow parties to further increase the condensate volumes under the contract.
  • The agreement was signed by Qatar Petroleum for the Sale of Petroleum Products Company Ltd. (QPSPP) and ENOC Supply and Trading, a subsidiary of ENOC.
Geostrategy

Saudi authorities foil bid to smuggle 209,000 meth pills in Jeddah

Jeddah, Saudi Arabia -- Saudi Arabia's General Directorate of Narcotics Control (GDNC) have arrested a citizen in Jeddah governorate for...
  • Security authorities have requested all citizens and residents in the Kingdom to promptly report any information related to drug smuggling and trafficking.
  • Saudi Arabia has seen an influx of the addictive amphetamine captagon flooding in from war-torn Syria and Lebanon.
Infographics

Engineering top course in Arab varsities

Arab universities are increasingly focusing on quality and research, and many of them are making efforts to internationalize their programs.
  • Saudi Arabia and the UAE have invested heavily in their higher education systems, and they are now home to some of the most prestigious universities in the Arab world.
  • Both Saudi Arabia and the UAE are also attracting top international talent to their universities, which has improved the quality of education.
Business

Dubai records $3.70 billion in weeklong real estate transactions

Dubai, UAE -- A total of 3,244 real estate transactions worth over AED 13.6 billion ($3.70 billion) were conducted during...
  • The DLD report showed that 323 plots were sold for AED 3.33 billion, while 2,237 apartments and villas were purchased for AED 5.37 billion.
  • A total of 196 properties were granted between first-degree relatives worth AED 2 billion.
Economy

Global food prices fall to lowest level in two years in June

Dubai, UAE -- The World Price Index of the Food and Agriculture Organization of the United Nations (FAO) fell last...
  • The World Price Index drop was driven by the lower cost of sugar, vegetable oils, cereals and dairy products.
  • The FAO Cereal Price Index fell 2.1 percent in June compared to the previous month, with prices of corn, barley, sorghum, wheat and rice declining.
Geostrategy

Kuwait has third largest millionaire population in world

Dubai, UAE -- Kuwait ranked third and Qatar 22nd on the list -- prepared by the World of Statistics --...
  • About 15 percent of Kuwaitis were millionaires, after Hong Kong's 15.3 percent and Switzerland, which had the highest number of millionaires (15.5 percent) in the world.
  • According to the World Wealth Report 2022, the average net worth of a millionaire in Kuwait is $2.9 million.
Business

Dubai logs over $871m in realty transactions on Thursday

DUBAI, UAE  - Dubai's real estate market recorded 669 sales transactions worth US$792 million (AED2.91 billion) on Thursday, data released...
  • DLD said 134 mortgage deals totaling US$73 million and 89 gift deals amounting to US$27 million.
  • The sales included 567 villas and apartments worth US501 million and land plots worth US$294 million.

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

Company News

Alpha Dhabi posts $2.88bn profit

SABIC 2022 profit down 28%

SABIC Agri profit $2.7 bn

Rolls-Royce sinks into net loss

Americana net income up 27.1%

Latest News

Rabigh 9M net loss $879m

The firm said unfavorable market conditions affected margins.
Business

Zain posts highest-ever quarterly revenue

Tower infrastructure sale among factors responsible for the performance.
Business

IHC 9M net profit $4.13bn

The Group's third-quarter revenues grew by 9.5 percent.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

SPCC signs two solar power purchase pacts with 1500MW capacity

Riyadh, Saudi Arabia - In a step towards bolstering Saudi Arabia's renewable energy initiatives, the Saudi Power Procurement Company (SPPC)...
  • These projects are part of Round 4 of the National Renewable Energy Program (NREP), which aligns with Vision 2030's goals of optimizing the energy mix.
  • The first agreement comprises Masdar as the Managing Member, EDF Renouvelables as the Technical Member, and Nesma Company Ltd as the Consortium member.
Business

Contracts worth $2.93bn signed at Taif Investment Forum

Taif, Saudi Arabia -- Several investment contracts for projects in Taif Governorate, worth over SAR11 billion ($2.93 billion), have been...
  • The contracts stipulate, among others, the establishment of the first phase of the space science fiction city Mars War, at a value of SAR 5 billion.
  • Also included is the establishment of an emergency information center, together with China Mobile company, at a value of SAR2 billion.
Business

AD Ports Group acquires 10 offshore vessels for $200 million

Abu Dhabi, UAE -- AD Ports Group (ADPORTS) has purchased 10 offshore vessels for $200 million that will bolster offshore...
  • The investment in the diversified fleet with an average age of around nine years is significantly less than the industry average.
  • All ten vessels are expected to be delivered in Q4 2023, with financial consolidation taking place from Q1 2024 onwards.