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.

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

DIFC Innovation Hub 2023 graduates raise $600 million in funding

Dubai, UAE -- More than 200 start-ups graduating from the programs of DIFC Innovation Hub in 2023 have collectively raised...

Business
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.
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.

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

Company News

Facebook may launch digital wallet

Latest News

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

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
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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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.
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.