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.

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

AviLease, SDH Wings Sign MoU

The MoU will expand SDH Wings' portfolio of aircraft.

Business
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.
Business

Saudi Arabia strengthens ties with Estonia, Denmark in digital government

Riyadh, Saudi Arabia -- Saudi Arabia will be enhancing partnerships in the digital sector with Estonia and Denmark, according to...
  • Despite its small size, the 21-year-old digital transformation in Estonia has made it a model for other nations looking to digitalize their economies and governmental institutions.
  • Governor of DGA Ahmed Mohammed Al-Suwayan led a delegation of Saudi officials who held several meetings with their counterparts in Estonia and Denmark.
Business

Salik Q1 net profit $74.89m

Salik recorded the highest level of quarterly revenue-generating trips.
  • The company achieved net profit of AED275 million during the quarter, with a net profit margin of 52.9 percent, the company said.
  • Toll usage revenue, which contributed 87 percent to total revenue, increased 7.9 percent year-on-year.
Business

Tabreed Q1 net profit $64.37m

Tabreed's total connected capacity rose to 1.276 million RT.
  • Its revenue increased by 10 percent year-on-year to AED464 million from AED420 million in Q1 2022.
  • The company's profit from operation increased by 12 percent to AED172 million compared to AED154 million in Q1 2022.

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

Company News

Latest News

Al Seer Marine, L3Harris renew pact

They have partnered with each other for the past six years.
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...
Business

Invest AD to launch debt fund

Invest AD Blackstone Debt Fund is an SCA-regulated fund.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

DP World, TPA ink pact

DP World will operate Dar Es Salaam Port in Tanzania.
  • The main aim is of optimizing the port’s operations to improve transport and logistics services throughout Tanzania and its hinterland.
  • The port will connect to the hinterland of sub-Saharan Africa through a network of roads, highways, railways and dedicated freight corridors.
Science

UAE to expand relations with Singapore in vital sectors: Sheikh Zayed

Abu Dhabi, UAE -- UAE President Sheikh Mohamed bin Zayed Al Nahyan and Singapore Prime Minister Lee Hsien Loong Sunday...
  • Sheikh Zayed noted that the UAE is Singapore’s top trading partner in the Middle East and North Africa.
  • The two leaders reviewed cooperation and opportunities to develop relations, especially in the fields of economy, investment, education and tourism.
Business

Mobily 9M 2023 profit up 41%

Revenues for the period grew by 7.5 percent year-on-year.
  • Higher top line pushed gross profit up 3.4 percent YoY to SAR 7.1 billion. Operating profit jumped 31.6 percent YoY to SAR 1.97 billion.
  • Reflecting the increase in interest rate, finance charges for the current period increased by 22 percent YoY to SAR 510 million.