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

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

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.
Business

GIG to pay $49m in dividends

This amounts to cash dividend of 54 percent (54 fils per share)
  • The group had announced a net profit of KD 38.2 million ($124.7 million) and earnings per share of 134.56 fils for 2022.
  • The group had achieved extraordinary profits in 2021 amounting to KD 49.2 million ($160.9 million) resulting from the acquisition of AXA operations in the Gulf region.
Business

Dubai’s most expensive ever penthouse sells for $33 million

Dubai, UAE -- Dubai luxury real estate market transactions hit a new high in May, with a four-bedroom penthouse in...
  • The 12,113-square-feet property boasts views of both the Dubai skyline and Bulgari Marina, said Driven Properties, which sold the penthouse.
  • The number of transactions grew by 17 percent to 8077 in April 2023, from 6898 transactions in April 2022.
Economy

Saudi Arabia’s rental prices key driver of inflation in April

At 2.7 percent, inflation remained unchanged from March, according to the kingdom's General Authority for Statistics. It was driven mainly...
  • Actual rents for housing increased by 9.6 percent in April 2023, reflecting the increase in rents for apartments by 22.2 percent.
  • The cost-of-living index for April rose to 109.16 points, according to the base year 2018, from 106.29 points in April 2022.
Business

Saudi Arabia’s insurance sector grows by 26.9 percent in 2022

Riyadh, Saudi Arabia -- Saudi Arabia's insurance sector grew by 26.9 percent in 2022, bringing gross written premiums to SAR...
  • SAMA said in the 16th Saudi insurance market annual report that health, protection and savings, and motor insurance recorded significant increases in gross written premiums.
  • The penetration ratio to non-oil GDP increased from 1.91 percent in 2021 to 2.09 percent in 2022. The overall loss ratio remained unchanged at 83.4 percent in 2022.
Geostrategy

GCC Secretary General hails Qatar’s role in Palestine-Israel ceasefire

Riyadh, Saudi Arabia -- The Gulf Cooperation Council has hailed Qatar's efforts for its role in the ceasefire between Israel...
  • Jassem Mohamed Albudaiwi said the Qatari diplomacy has been successful in dealing deal with international and regional issues, seeking to resolve them through peaceful means.
  • Albudaiwi also appreciated the efforts of Egypt in communicating with the two sides and contributing to establishing the ceasefire.
Economy

Dubai top Greenfield FDI destination for second time in a row

The emirate achieved an 89.5 percent year-on-year growth in 2022 and Foreign Direct Investment capital inflows of $12.79 billion. The...
  • These exceptional achievements support the strategic vision outlined by the Dubai Economic Agenda D33, Sheikh Hamdan said.
  • Dubai ranked first globally in attracting greenfield FDI projects in 2021, up from the third spot in 2020. It had attracted 418 freenfield FDI projects.

Three countries to get $280m for financing education programs

A total of $280 million will be provided to Cameroon, Kyrgyzstan and Uzbekistan as innovative financing under the SmartEd initiative...
  • Developed in Dec 2021 by GPE and the ACG, a grouping of Arab financial development institutions, the nitiative has generated $500m to support education in lower-income countries.
  • Funds under the initiative are accessible to 37 countries that are members of the Organization of the Islamic Cooperation and collectively are home to 28m out-of-school children.

ADIB, Aldar close $272m financing deal

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

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.