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

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

Abu Dhabi court convicts 13 Indian nationals of money laundering

The convicts were found guilty of engaging in economic activity using the provision of credit facilities through points of sale...
  • The court also ordered confiscation of the seized funds and deportation of the convicted persons from the country once they serve their sentences.
  • The seven companies involved in these crimes were fined AED10 million each by an Abu Dhabi court that has a jurisdiction over money laundering and tax evasion offences,
Business

Saudi German Health Q1 profit $13.33m

The company achieved a 145 percent growth compared to Q1 2022.
  • SGH generated total revenues of SAR628 million in Q1 2023, the highest the group has ever achieved in a single quarter.
  • On a group level, the group served a total of 21,000 inpatients and 495,000 outpatients in Q1 2023 and four new facilities were added to the network.
Science

9000-year-old stone structures used as animal traps unearthed in Saudi

Riyadh, Saudi Arabia -- A team of Saudi and international archeologists has discovered ancient hand-made stone structures at Al-Dhulayat Mountain...
  • The discovery was part of an archeological survey conducted by the Heritage Commission in cooperation with the International Scientific Center.
  • Plus One Magazine on Wednesday published a scientific paper indicating that these stone structures were used as huge stone traps for animals that date back to the prehistoric era.
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.

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

Latest News

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...
Business

Thuraya, nybl sign MoU

They will deploy AI in 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...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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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...
  • The financing agreement has a tenure of five years and requires no guarantees from the SEC.
  • Participating banks include Dubai Islamic Bank, Kuwait Finance House, Mashreq Bank and Saudi National Bank.
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...
  • Speaking at the seventh Future Investment Initiative forum in Riyadh, Alibrahim said Saudi Arabia is seeing a diverse range of sectors fueling non-oil activity growth.
  • He said the Kingdom provided one of the most investment-friendly environments in the form of cost-effective and clean energy, legislations and manpower.
Business

Al Seer Marine, L3Harris renew pact

They have partnered with each other for the past six years.
  • Al Seer Marine said the renewal of this new agreement will capitalize on L3Harris' extensive international experience in the design and deployment of uncrewed platforms.
  • It will also enhance Al Seer Marine's ability to continue manufacturing and delivering Unmanned Surface Vessels (USV) across various markets in the Gulf Cooperation Council region.