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

UAE consumer spending expected to rise by 5% in 2024: Mastercard report

Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...

Economy

Saudi Arabia’s holdings of US Treasuries up $399 million in Oct 2023

Riyadh, Saudi Arabia -- Saudi Arabia’s holdings of US Treasuries reached $117.5 billion in October 2023, up $399 million month-on-month...

Business
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.
Business

Dubai’s main investment arm ICD posts record $9.8bn in net profit for Q1

Dubai, UAE -- The Investment Corporation of Dubai (ICD) has posted a net profit of AED 36.1 billion ($9.8 billion)...
  • Revenues increased by 58 percent to AED 267.4 billion due to a significant surge in travel and tourism activities reflected in the transportation and Other segment.
  • Banking and financial services, the largest contributor this year, generated AED 15.3 billion of net profit.
Business

UAE Economy Ministry fines 137 companies for AML/CFT violations

Dubai, UAE -- A total of 137 companies operating from the UAE were fined AED65.9 million for failing to comply...
  • The Ministry fined these companies, which are operating in the UAE's non-financial business or professions (DNFBP) sector, after carrying out inspection of 840 companies.
  • The Ministry of Economy revealed that a total of 831 violations committed by violators were found, including failure to adopt necessary measures.
Business

PwC opens regional headquarters

The Middle East headquarters has been set up in Riyadh.
  • PwC Middle East said in a statement that the headquarters in Riyadh comes as part of its broader commitment to the region to create 6,000 new jobs.
  • Saudi Arabia's regional headquarters program requires companies to establish headquarters in the kingdom by 1 Jan 2024.
Business

ADNOC L&S Q1 net profit $144m

The net profit increased by 79 percent over Q1 2022.
  • ADNOC L&S is the sixth ADNOC unit that will be listed on the Abu Dhabi Securities Market on Thursday following an Initial Public Offering that raised $796 million recently.
  • The company reported a revenue of $592.2 million for the first quarter, compared to $312.95 million for the same period in 2022.
Business

UAE Central Bank issues new guidelines for virtual assets

Dubai, UAE -- The Central Bank of the UAE (CBUAE) Wednesday issued guidelines on the risks related to, and combating...
  • It will assist LFIs' understanding of risks and effective implementation of their statutory anti-money laundering and combatting the financing of terrorism (AML/CFT) obligations.
  • The guidance discusses the risks of dealing with VAs and VASPs and sets out clear descriptions of VAs, VASPs and VASP business models.
Business

Saudi SMEs grow by 4.8 percent in first quarter to reach 1.2 million

Riyadh, Saudi Arabia -- The number of small and medium enterprises (SMEs) in Saudi Arabia hit 1.2 million by the...
  • A total of 89,000 new small and medium enterprises were launched during the first quarter of 2023, according to a report by General Authority for Small and Medium Enterprises.
  • The report also reviewed the achievements of Biban 23 forum, which was attended by 145,000 visitors from around the world.
Business

TAQA, ENGIE complete financial closing for UAE’s mega desalination plant

Dubai, UAE -- Abu Dhabi National Energy Company (TAQA) ENGIE, a global leader in low-carbon energy solutions, and Emirates Water...
  • The AED2.3 billion ($620 million) low-carbon Mirfa 2 Reverse Osmosis (M2 RO) desalination project will be the UAE's third largest.
  • Expected to be operational in Q4 2025, the plant will be owned by TAQA, holding a 60 percent share and ENGIE taking a 40 percent.
Business

PIF-owned SRC completes $933m sukuk

The issue is part of the SAR 20 billion local sukuk program.
  • The PIF established the Saudi Real Estate Refinance Company in 2017 for the growth and sustainability of residential real estate financing in the kingdom.
  • This was the sixth tranche within the program denominated in Saudi riyals and supported by government guarantees.

UAE consumer spending expected to rise by 5% in 2024: Mastercard report

Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
Economy

Company News

Arab Bank Group net income up 49 percent in first nine months of 2022

DP World gross container volume rises 2%

Salik ups number of IPO shares

Etihad orders 7 A350F freighters

EDB, Valiant Healthcare sign pact

Latest News

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

AlUla signs pact with Six Senses

Six Senses AlUla will open in Saudi Arabia in 2027.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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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.
Business

Sulaiman Al Habib 9M profit $405m

The Group reported a nearly 16% year-on-year rise in revenues.
  • The higher revenues were driven the hospital and pharmacy segments, due to the increase in the number of patients and inpatients occupancy.
  • In Q3 2023, the net profit climbed 30 percent to SAR 544.8 million from SAR 420.6 million in Q3 2022.