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

Rights group slams Meta for silencing pro-Palestinian voices

"Meta's censorship of content in support of Palestine adds insult to injury at a time of unspeakable atrocities and repression...

Geostrategy

Qatar expects 11.4% revenue dip in 2024 budget on lower oil prices

Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price...

Economy
Business

Dubai records realty deals worth $1.38 billion in two days

Dubai, UAE -- Dubai's real estate market recorded real estate deals worth AED 5.1 billion ($1.38 billion) on Tuesday and...
  • A total of 500 sales transactions worth AED1.21 billion were recorded on Wednesday, in addition to 103 mortgage deals totaling AED267.86 million.
  • On Tuesday, the market recorded 612 sales transactions worth AED2.51 billion, in addition to 126 mortgage deals of AED 613.53 million.
Geostrategy

UAE joins $275m global effort toward Romania’s clean energy goals

Abu Dhabi, UAE -- The UAE has joined global partners such as the US, Japan, and South Korea to commit...
  • This is the first major nuclear energy initiative to be supported under the Partnership for Accelerating Clean Energy (PACE).
  • PACE aims to catalyze $100 billion in financing, investment, and other support to deploy 100GW of clean energy capacity by 2035.
Business

AD Ports, Vale to build low-carbon mega hubs for steel industry

Abu Dhabi, UAE -- AD Ports Group and Brazil's Vale, the world's largest producer of iron ore and nickel, sign...
  • The agreement will see an allocation of land and related services from KEZAD for the Mega Hub, in addition to the development of a handling facility at Khalifa Port.
  • The agreement also includes a maritime collaboration to explore opportunities related to the management and operation of very large ore carriers.
Business

Tadawul-listed firms report 22% drop in first quarter net profit

Dubai, UAE -- A 22 percent drop in net profit was reported by Tadawul-listed companies in the first quarter of...
  • Argaam reported the decline in net profit was due to a drop in Saudi Aramco’s first quarter earnings by more than 17 percent, as well as lower earnings of petrochemical companies. 
  • The first-quarter results included SAR 5.87 billion one-off gains generated by Kingdom Holding Company (KHC) from selling half of its stake in Four Seasons Holding.
Business

Kingdom Holding Q1 net profit down 97%

The firm's net profit in Q1 2022 was $1.57bn versus $46m in Q1 23.
  • The company said the fall in net profit was mainly because of one-off gains accrued in the first quarter of 2022 due to the sale of its stake in Four Seasons Holding.
  • The drop was also attributed to decrease in share of results from equity-accounted investees, decrease in hotels and other operating revenues.
Business

NDMC to invest $60m in ADNOC (L&S) IPO

The decision came a day after ADNOC raised the size of the offering.
  • NDMC said doubling the investment in the IPO was part of its strategy to diversify its business and investments.
  • ADNOC will now offer 1.40 billion ordinary shares, equivalent to 19 percent of the Company’s total issued share capital.
Business

UAE Corporate Tax: Ministry streamlines accounting standards, social security funds, tax exemptions

The latest decisions aim to enhance UAE's Corporate Tax regime's flexibility and support all business sectors, minimizing the compliance burden,...
  • The decision on pension funds sets out further conditions for private regulated pension funds and social security funds in the UAE seeking exemption from corporate tax.
  • The decision on accounting standards provides small and medium businesses that have revenues not exceeding AED50 million with the option of applying IFRS for SMEs.
Economy

Saudi energy minister warns oil short-sellers ahead of OPEC+ meet

Speaking on the sidelines of the Qatar Economic Forum, Saudi Arabia's Minister of Energy Prince Salman said OPEC+ pursued three...
  • “I keep advising them that they will be ouching — they did ouch in April,” Prince Abdulaziz bin Salman said. “I would just tell them: Watch out!”
  • Prince Salman said that a future source of energy cannot be tackled amid foggy vision. He had called OPEC+ to stick to its Oct 2022 agreement.
Business

ADNOC increases size of logistics unit’s IPO by 4% on high demand

Abu Dhabi, UAE --Abu Dhabi National Oil Company (ADNOC) Monday said it has increased by the number of shares offered...
  • ADNOC will now offer 1.40 billion ordinary shares, equivalent to 19 percent of the Company’s total issued share capital.
  • Previously, the company announced that it would offer 1.10 billion shares, representing 15 percent of its total issued share capital.
Business

East Pipes, Aramco sign $480m contract

The firm will manufacture pipes for the global energy giant.
  • East Pipes said the financial impact of the 12-month contract will show in the second half of 2023 and the first quarter of 2024.
  • On 14 May, the company signed a contract with Abdullah Ibrahim Al Sayegh & Sons, valued at SAR81 million, for supplying steel pipes to the firm.

Rights group slams Meta for silencing pro-Palestinian voices

"Meta's censorship of content in support of Palestine adds insult to injury at a time of unspeakable atrocities and repression...
Geostrategy

Company News

Facebook may launch digital wallet

Latest News

Qatar records real estate sales contracts worth $84m in five days

Doha, Qatar -- Qatar recorded real estate trading volume in sales contracts worth QR 308 million ($84.59 million) for the...
Business

PIF to reveal complementary auto projects soon, says top official

Riyadh, Saudi Arabia -- The Public Investment Fund will soon announce complementary projects for the automobile industry, mainly batteries, said...
Business

ASPACE to set up Saudi’s first satellite manufacturing unit

Riyadh, Saudi Arabia -- Saudi Arabia announced Thursday the completion of SAR 1 billion investment procedures by ASPACE, a Hong...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Geostrategy

FII7 concludes, WAVE launched on Day 3 to boost ocean regeneration

Riyadh, Saudi Arabia -- The seventh Future Investment Initiative Institute forum, which concluded in Riyadh on Thursday, saw the attendance...
  • WAVE will serve as a platform, connecting diverse stakeholders across geographies, industries, and sectors, to amplify their collective efforts.
  • It will launch a set of programs to raise awareness, establish a digital information hub, accelerate innovations, support scientific efforts.
Geostrategy

Dubai among top 25 global cities for third consecutive year

Dubai, UAE -- Dubai has retained its leading position in the MENA region on Kearney's Global Cities Index, ranking 23rd...
  • Average GCI scores have remained steady following several years of decline, with cities in the Middle East and Africa improving markedly.
  • Riyadh, Muscat and Doha improving their overall rankings by nine, eight, and seven, respectively.
Business

UAE banks’ investments hit record high in Aug to reach $159bn

Abu Dhabi, UAE -- UAE banks' investments surpassed AED 580 billion, hitting a record high in August 2023, according to...
  • Banks investments also increased by AED 58 billion or 11 percent year-to-date compared to AED 527.4 billion at the end of 2022.
  • Bonds held until maturity accounted for the largest share of bank investments at 47 percent, reaching AED 276 billion at the end of August 2023.