INSEAD Day 4 - 728x90

Samsung biggest chip investor

The tech giant invested nearly $59.2bn in 2025.

flynas to set up new hub

Five destinations in first phase of operations.

AD Ports Group acquires CLI

CLI is Brazilian agri-bulk terminal operator.

$1.59bn Makkah project awarded

A consortium will develop two districts in the Holy City.

2PointZero posts profit surge

Growth driven by merger consolidation.

UAE central bank raises 2024 economic growth forecast to 5.7%

The bank stated in a report released today that the overall GDP for the country is expected to grow by...

Economy

ADIB, Aldar close $272m financing deal

Aldar's total ESG financing facilities reach $1.30 billion.

Business
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.
Business

PIF to acquire stake in Tamimi Market

The Saudi wealth fund will acquire a 30% stake in the gorcery chain.
  • PIF owns several strategic investments in the consumer goods and retail sector, such as Noon.com, an online Middle East shopping platform.
  • Tamimi Market Company has a track record over a period of more than 40 years in Saudi Arabia, with over 100 stores and five distribution centers.
Business

First Abu Dhabi Bank prices $600 million five-year green bond

Dubai, UAE -- First Abu Dhabi Bank (FAB) has raised $600 million from an offering of a five-year bond, which...
  • The green bond was upsized to $600 million from the initial $500 million after the orderbook was oversubscribed 2.8 times.
  • A substantial 85 percent of the allocation went to international investors, the highest achieved by a MENA issuer in 2023.

UAE central bank raises 2024 economic growth forecast to 5.7%

The bank stated in a report released today that the overall GDP for the country is expected to grow by...
Economy

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

Bupa Arabia’s 9M 2023 up 27%

The third quarter net profit fell 23% compared to the Q3 2022.
Business

Saudi Arabia’s Q3 real GDP falls by 4.5% on decreased oil activities

Riyadh, Saudi Arabia -- Saudi Arabia's real Gross Domestic Product (GDP) decreased by 4.5 percent in the third quarter of...
Economy

Chinese BYD posts record Q3 profit

The third-quarter profit of $1.42bn is its highest-ever single-quarter earnings.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

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. 
Business

Borouge Q3 net profit up 22%

The rise in net profit was driven by 16% increase in sales.
  • The company has committed a dividend of $1.3 billion (15.9 fils per share) for the 2023 financial year, which equates to a 6.3 percent current dividend yield.
  • Third-quarter revenue increased 6 percent quarter-on-quarter, reaching $1.5 billion, and declined 11 percent year-on-year. On a year-on-year basis, net profit declined by 9 percent
Business

Elm net profit up 43%

The profit growth was driven by 27% revenue increase.
  • The rise in revenue resulted from a surge in digital business revenue by 42.70 percent.
  • The third-quarter net profit grew 22.2 percent to SAR 334 million, from SAR 273.36 million in Q3 2022.