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

Angola departure a blow for OPEC+ as cartel tensions rise

Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...

Geostrategy

UAE central bank cash deposits up by 10.2% in Oct to $187 billion

Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...

Business
Business

30 tech startups attracted to Dubai in Q1: Chamber of Digital Economy

Dubai, UAE -- A total of 30 startups were attracted to Dubai by the Dubai Chamber of Digital Economy in...
  • The chamber has also launched a series of 10 interactive workshops for the private sector focusing on specific areas of the digital economy.
  • The chamber aims to attract 300 new digital startups in the coming years. As part of these efforts, the chamber will host the Expand North Star Summit in October.
Business

DMCC-Bybit partnership to boost adoption of crypto, Web3 in Dubai

Dubai, UAE -- Dubai Multi Commodities Centre (DMCC) Monday announced a partnership with Dubai-headquartered cryptocurrency exchange Bybit, in which the...
  • Bybit will provide financial support totaling AED 500,000 for new crypto businesses looking to set up at the region’s community of Web3 and blockchain businesses – the DMCC Crypto.
  • The partnership will bring Bybit Services to Crypto Centre members. Bybit is the world’s third most visited crypto exchange with over 15 million users.
Business

TRENDS poll: Technology most booming GCC sector

Tourism and Finance were the next flourishing sectors named in the poll in which the majority of the respondents were...
  • While 33 percent were between 30 and 39 years, 14.5 were between 40 and 49 years, and only 13.7 percent were above 50 years old.
  • Developing the region's digital job market has the potential to generate 1.3 million additional digital jobs in the GCC by 2025.
Business

SABIC Agri to pay $378m H1 dividends

The SAR 3 per share dividend will be paid on 31 July.
  • The company had reported a net profit of 10 billion Saudi riyals ($2.7 billion) for the full-year 2022, which is nearly 92 percent more than the 5.36 billion riyals in 2021.
  • The sales (revenue) nearly doubled to 18.98 billion riyals in 2022 from 9.59 billion riyals the previous year.
Business

TAQA Arabia’s shares listed on EGX

More than 1.35 billion shares of the energy distribution firm were listed.
  • The shares, at a nominal value of Egyptian Pound 0.50 apiece, will be listed in Egypt Listed Securities.
  • From Sunday, TAQA Arabia’s shares shall be added to EGX database under the ticker symbol TAQA.CA, and it will be allocated in the utilities sector.
Business

Workshops on suspicious transactions in gold, precious stone sector in UAE

ABU DHABI, UAE -  UAE Ministry of Economy organized two workshops, in Arabic and English, to promote the awareness of...
  • The workshops made the traders and business owners aware of the necessity of reporting suspicious transactions to the Financial Intelligence Unit.
  • This will contribute to enhance the competitiveness of the gold sector and its development in line with international best practices.
Geostrategy

Saudi Arabia rises three ranks in education impact on UN SDGs

Riyadh, Saudi Arabia -- Saudi Arabia has advanced three ranks in the Times Higher Education Impact Rankings in 2023, with...
  • The number of Saudi universities was 22 in 2022 within the international ranking, which sorts universities that impact achieving the United Nations Sustainable Development Goals.
  • The 17 goals adopted by all United Nations member states in 2015 aim to end poverty, protect the planet, and ensure prosperity for all by 2030.
Economy

UAE economy to grow 4.2% in 2023, says Arab Monetary Fund

Abu Dhabi, UAE -- The UAE's economic growth is expected to remain robust, averaging 4.6 percent from 2022 to 2024,...
  • The AMF's "Arab Economic Outlook Report" forecasts a 4.2 growth rate in 2023, accompanied by a decline in the consumer price index to 2.9 percent in 2023 and 2.57 percent in 2024.
  • With stable oil and gas prices and lower prices for basic goods, such as agricultural products, the report projected a 3.4 percent growth for Arab economies.
Economy

Saudi-Russian discord clouds OPEC+ output policy meeting

Analysts are now divided over whether Saudi Arabia and Russia will keep the group on course with its current output...
  • Oil producers are grappling with falling prices and high market volatility amid the Russian invasion of Ukraine, which has upended economies worldwide.
  • In April, countries were caught off guard when several OPEC+ members agreed to voluntarily cut production by more than one million barrels per day.
Business

Thales launches initiative to promote UAE-made products, expertise

Dubai, UAE -- French multinational aerospace and defense technologies company Thales has launched 'Go to UAE' initiative with the support...
  • Launched on day two of the Make it in the Emirates Forum, the initiative is being carried out in collaboration with Tawazun Council.
  • The initiative will help UAE suppliers benefit from this program by integrating with opportunities across Thales Global Supply Chain.

Angola departure a blow for OPEC+ as cartel tensions rise

Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...
Geostrategy

Company News

KEZAD Group signs lease

Tadweer added to ADQ’s portfolio

AMEA Power wins bid

BEEAH inks three-way pact

ECI, African TIA sign pact

Latest News

Dubai records realty deals worth $116 billion in nine months

Dubai, UAE -- Dubai recorded 116,116 real estate transactions worth AED 429.67 billion ($116.98 billion) during the first nine months...
Business

Firms listed on Qatar Stock Exchange post 9M profit of $10.27bn

Doha, Qatar -- Companies listed on the Qatar Stock Exchange have reported a net profit of QR 37.42 billion ($10.27...
Business

Bupa Arabia’s 9M 2023 up 27%

The third quarter net profit fell 23% compared to the Q3 2022.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Chinese BYD posts record Q3 profit

The third-quarter profit of $1.42bn is its highest-ever single-quarter earnings.
  • The figure was in line with BYD's previous forecast of between 9.55 billion yuan and 11.55 billion yuan in quarterly earnings.
  • Electric vehicle demand has soared in recent years in China, which is the world's biggest producer of greenhouse gases in absolute terms.
Business

AlUla signs pact with Six Senses

Six Senses AlUla will open in Saudi Arabia in 2027.
  • Luxury hotel Six Senses AlUla will span across 1,200,000 square meters and will be built within a natural oasis adorned with lush palm groves.
  • It will feature 100 guest villas and 25 residences, which will be designed to seamlessly integrate with AlUla's breathtaking natural landscape.
Business

Mulk, Ajman Holding form JV

Collaboration in the T10 Cricket League key element of the JV.
  • The joint venture will also promote the Alubond range of products, Mulk International’s premier brand and the world’s largest metal composite panel manufacturer.
  • Mulk International, has production facilities of Alubond and operations in Asia, Europe, Africa and the Middle East with a sales network of more than 100 countries.