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.

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

UAE issues federal decree on regulating electronic, digital media

ABU DHABI, UAE - The UAE Government has issued a federal decree which aims to regulate and organize media in...

Geostrategy
Business

Aramco appoints two Presidents

The new appointments meant for upstream and downstream business.
  • Nasir K. Al-Naimi, who has been apponted as President of its Upstream business, has held the position of Upstream Executive Vice President since April 1, 2021.
  • Mohammed Y. Al Qahtani, President of its Downstream business, has served as Aramco’s Downstream Executive Vice President since September 13, 2020.
Business

Saudi NCP, Chinese bank sign pact to boost kingdom’s PPP sector

Riyadh, Saudi Arabia -- Saudi Arabia's National Center for Privatization (NCP) has signed a cooperation agreement with the Industrial and...
  • The Industrial and Commercial Bank of China (ICBC) is the world's largest bank with total assets of approximately $5 trillion.
  • NCP CEO believes the pact will have a positive impact in attracting the bank's extensive client base looking to explore public-private partnership opportunities in the kingdom.
Business

73.1m tourists to Saudi Arabia spent $35.54 billion in 9M 2022

Riyadh, Saudi Arabia -- Nearly SAR 133.3 billion ($35.54 billion) were spent in the first nine months of 2022 by...
  • Saudi Arabia's Ministry of Tourism defines a tourist as every visitor (domestic, inbound or outbound) with an overnight stay in the place visited.
  • Saudi Arabia ranked second on the list of the fastest-growing tourism destinations in the first quarter of 2023, according to the latest data from World Tourism Organization.
Business

Al Seer Marine secures ADNOC investment

The cornerstone investment in ADNOC Logistics is valued $70m.
  • The move comes as part of the company’s strategy to diversify its investment portfolio, the company said.
  • Al Seer Marine was the sixth IHC Group company to list on the ADX in 2021. The company has a portfolio of services including management and training.
Business

QatarEnergy awards $10 billion gas contract

The construction contract was awarded to a joint venture of France's Technip Energies and Consolidated Contractors Company for the North...
  • NFS and North Field East form the wider North Field Expansion project to increase LNG production. The North Field contains the world's biggest natural gas reserves.
  • The LNG trains, together with further expansion of North Field East, will boost Qatar's total production from 77 to 126 million tons per year, QatarEnergy said.
Geostrategy

Gazans amid the homes destroyed by Israel

In total, 103 homes were completely destroyed and 140 severely damaged in Israeli military strikes, the United Nations said.
  • The ruins of past conflicts -- such as a three-day escalation in August which killed 49 Gazans -- are dotted across the densely populated Palestinian territory.
  • With Gaza's poverty rate at 53 percent, according to the Palestinian Central Bureau of Statistics, few people can afford to rebuild their homes.
Business

Saudi firm signs pact to explore minerals in area the size of Denmark

Under the agreement, Saudi Arabian Mining Company (Ma'aden) will buy 9.9% shares of Ivanhoe Electric and use Ivanhoe's Typhoon surveying...
  • Saudi Arabia's transformative Vision 2030 program has made mining the third pillar of the kingdom's economy. Its mineral wealth is valued at estimated $1.3 trillion.
  • The exploration operations target to discover new minerals, such as copper, nickel, gold, silver, and other strategic minerals.
Business

European Union backs tougher tax rules on crypto transactions

Regulators worldwide are increasingly worried about the lack of oversight of the digital currency sector but the European Union has...
  • During a meeting of EU economy and finance ministers on Tuesday, they agreed on rules to go after individuals who stash their cash where tax authorities have no oversight.
  • The rules will close loopholes that allow people to avoid taxation on their income using crypto assets, Swedish Finance Minister Elisabeth Svantesson said.
Business

Saudi Arabia’s per capita insurance spending up 30%

The majority of per capita insurance spending (60%) went towards health insurance, followed by general insurance (37%) and protection and...
  • Health insurance accounted for 60 percent of total per capita spending on insurance, followed by general insurance (37%) and protection and savings (3%).
  • The health insurance’s gross written premiums stood at $8.59 billion in 2022, up 27 percent from $6.78 billion in 2021
Business

Dubai records over $544 million in real estate transactions

Dubai, UAE -- Dubai real estate market has recorded deals worth AED 2 billion ($544 million) on Monday, Dubai Land...
  • The sales included 599 villas and apartments worth AED1.45 billion, and 39 land plots worth AED335.3 million.
  • In April, the emirate witnessed a surge of 46% in the value of real estate deals, compared April 2022, reaching $7.21 billion.

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

Company News

Latest News

DEWA okays H1 dividend of $843m

The company had reported a net profit of $540 million for Q2.
Business

Saudi Electricity Company signs $3 billion financing agreement

Riyadh, Saudi Arabia -- The Saudi Electricity Company (SEC) announced today signing a $3 billion (SAR 11.25 billion) international syndicated...
Business

Saudi exports, services grow by 135% in Q2: Economy Minister at FII7

Riyadh, Saudi Arabia -- Saudi Arabia's Minister of Economy and Planning, Faisal F Alibrahim said Tuesday the Kingdom saw a...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Modon attracts new investments via partnerships with China, Japan

Riyadh, Saudi Arabia -- The Saudi Authority for Industrial Cities and Technology Zones (Modon) has attracted new investments by partnering...
  • The agreements are in line with the objectives of the logistics hub master plan launched by Crown Prince Mohammed bin Salman bin Abdulaziz in August 2023.
  • The master plan stipulates logistics centers in 17 industrial cities affiliated with Modon, including 11 internal distribution centers.
Business

Invest AD to launch debt fund

Invest AD Blackstone Debt Fund is an SCA-regulated fund.
  • The fund will offer local feeder access to Blackstone’s US and European private credit strategies.
  • The feeder brings Blackstone’s institutional-caliber credit platform to qualified non-US investors, primarily in the UAE.
Business

Yansab 9M net loss $134 million

The company had posted net earnings of $136m in 9M 2022.
  • In the third quarter of 2023, the company widened its net loss to SAR 161.3 million from SAR 61 million in the year before.
  • Yanbu had decided to distribute cash dividends of 236 million Saudi riyals to shareholders for the first half of the fiscal year 2023.