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.

ADIB, Aldar close $272m financing deal

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

Business

ENEC announces completion of Unit 4 of Barakah Nuclear Energy Plant

The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4...

Business
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.
Business

Brazil’s exports to Arab countries $5.16bn in four months, up 10%

Dubai, UAE -- Brazilian exports to Arab countries during the first four months of this year have increased by 10.33...
  • The main exported products from Brazil to the Arab World were sugar, poultry, beef, maize, and soybeans.
  • Beef exports from Brazil to Arab countries amounted to $356.06 million, with Egypt leading the list with $115.59 million worth of exports.
Business

Maaden Q1 net profit down 81%

The company posted a net profit of $111 million.
  • The company said in a statement that the net profit was impacted by lower EBITDA of SAR 2.18 billion (Q1 2022 SAR 4.40 billion).
  • Argaam reported that the decline in profit was driven by lower average selling prices of all products except gold and higher cost of sales.
Business

Emaar EC Q1 losses $45m

The losses, however, narrowed from $141m in Q4 2022.
  • Argaam reported that the company's gross operating loss increased by SAR 3.3 million from SAR32.2 million in Q1 2022 to SAR 35.5 million the first quarter of this year.
  • Total shareholders’ equity, excluding minority interest, fell to SAR 6.48 billion as of March 31, 2023, from SAR 7.61 billion a year earlier.

ADIB, Aldar close $272m financing deal

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

Company News

Facebook may launch digital wallet

Latest News

How Saudi PIF is trying to build a post-oil economy

Riyadh, Saudi Arabia -- As global banking elites attend the Future Investment Initiative forum in Riyadh, a focal point of Saudi...
Business

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...
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...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Thuraya, nybl sign MoU

They will deploy AI in Thuraya and Yahsat satellites
  • nybl provides various AI and ML sector-specific modules, including Oil and Gas, Security and Surveillance, with robust support for ESG.
  • Under the MoU, both parties will focus on testing, certifying, and enabling the nybl platform over Thuraya and Yahsat satellites.
Business

Geopolitical conflicts pose biggest risk to global economy: Ajay Banga

The World Bank President expressed deep concern over the widening wealth gap, while calling for more action on gender equality...
  • Countries around the world need to do more in terms of gender equality and women's rights, he said.
  • Saudi Arabia has done very well when it comes to creating jobs for women and working toward women's rights.
Business

DEWA okays H1 dividend of $843m

The company had reported a net profit of $540 million for Q2.
  • The Board of Directors of DEWA authorized the payment of H1 2023 dividend on 10th August 2023.
  • On 26th October 2023, the dividend will be paid to all shareholders via Dubai CSD.