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 central bank cash deposits up by 10.2% in Oct to $187 billion

Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...

Business

Saudi fund assets dip slightly in Q3 but subscribers surge

Riyadh, Saudi Arabia -- The total value of assets held by public and private investment funds in Saudi Arabia decreased...

Business
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.
Science

Saudi astronauts to conduct 11 experiments at Space Station

Riyadh, Saudi Arabia -– Two Saudi astronauts will conduct 14 scientific and research experiments during their ongoing space mission. The...
  • Besides 11 experiments in the microgravity environment, Ali Al-Qarni and Rayyanah Barnawi will participate in three interactive educational experiences with students in the kingdom
  • The focus will be on conducting human research, cell sciences, and cloud seeding experiments in the microgravity environment.
Business

Empower to run DXB’s cooling system

The airport's cooling systems have a total capacity of 110,000 RTs.
  • The cooling capacity is equivalent to 11 times the consumption of Burj Khalifa, the world's tallest tower, valued at AED 1.1 billion.
  • Emirates Central Cooling Systems Corporation (Empower) is the world's largest district cooling services provider.
Economy

Qatar’s real GDP to grow at 2-2.5 percent in 2023-24: IMF

Dubai, UAE -- The International Monetary Fund expects Qatar's real GDP to grow by 2-2.5 percent in 2023-24 on robust...
  • Medium-term growth is likely to rise to around 4–4.5 percent after the North Field expansion starts boosting LNG production.
  • It said that after very strong growth in 2022 boosted by the World Cup, the economy is expected to normalize in the near term while the outlook remains relatively favorable.
Business

$36m plot of land among $2.47bn Dubai weekly realty deals

Dubai, UAE -- A total of 3,105 real estate transactions worth AED9.1 billion ($2.47 billion) were conducted in Dubai during...
  • The DLD report showed that 191 plots were sold for AED1.14 billion, and 2,284 apartments and villas were sold for AED6.03 billion.
  • Al Hebiah Fifth recorded the top transactions for this week with 54 sales worth AED185.13 million, followed by MADINAT HIND 4 with 34 sales worth AED50.26 million.
Business

Masdar to develop 2GW of clean energy projects in Uzbekistan

Abu Dhabi, UAE -- Abu Dhabi Future Energy Company (Masdar) has signed an agreement with Uzbekistan’s Ministry of Energy (MoE)...
  • Besides 2 gigawatts of solar and wind projects, 500 megawatt-hours of battery energy storage at multiple sites across the Central Asian country would also be developed.
  • Uzbekistan plans to achieve 7GW of solar and 5GW of wind capacity by the end of the decade. Masdar’s portfolio in Uzbekistan includes the largest wind farm in Central Asia.
Business

Foreign, joint investments in Saudi industrial sector reach $144bn

The investments this year account for 37 percent of the sector's total, and 17 percent of the total existing factories,...
  • A spokesman of the ministry said in a statement that foreign investors had 930 factories in the kingdom, or 9 percent of the total with over SAR 71 billion investments.
  • The number of factories totaled 10,910 with over SAR 1.46 trillion in investments in the five-month period this year.
Business

Dubai records over $462 million in real estate deals

Dubai, UAE -- Dubai real estate market recorded deals worth more than AED 1.7 billion (on Thursday, Dubai Land Department...
  • The deals include 451 sales transactions worth AED1.48 billion, in addition to 110 mortgage deals of AED245.8 million.
  • April 2023 was the best month in a decade for Dubai's real estate market, both in terms of the number of transactions and the value of these deals.

UAE central bank cash deposits up by 10.2% in Oct to $187 billion

Abu Dhabi, UAE -- The Central Bank of the UAE (CBUAE) said Thursday cash deposits surged to AED 687.2 billion...
Business

Company News

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.