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.

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

SAMA issues rules regulating ‘buy now pay later’ companies

Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has issued rules for regulating buy now pay later (BNPL) companies,...

Business
Business

SABIC Q1 profit down 90%

The company expects Q2 margins to remain under pressure.
  • The company said in a statement that its revenue for the first quarter reached SAR 39.69 billion ($10.58 billion), a decrease of 8 percent compared to the previous quarter.
  • The Shareek program will play a key role in the company's next growth phase, said CEO Abdulrahman Al-Fageeh.
Business

ahlibank Q1 profit $21.84m

Muscat, Oman -- ahlibank of Oman has reported a profit of 8.4 million RO ($21.84 million) in the first quarter...
  • The customer deposits grew by 7.3 percent, reaching RO 2.33 billion during the first quarter, compared to the same period in 2022.
  • Loans, advances, and financing expanded by 5.6 percent to RO 2.57 billion, while the bank's operating income increased by 4.6 percent to RO 23.3 million.
Business

Aldar Q1 sales hit $1.22bn

The company's expansion plans include the acquisition of Al Fahid Island.
  • The company said its development revenue backlog also hit an all-time high of AED 18.8 billion, which "provides visibility over the next two to three years".
  • It has also entered the Dubai real estate market through a joint venture with Dubai Holding, which will see the development of three new communities across 3.5 million sqm of land.
Business

Iraq eyes deal on Kurdistan oil exports to Turkey within weeks

Ankara stopped importing oil from Iraqi Kurdistan in March after the International Chamber of Commerce ruled the federal government in...
  • Under the terms of an agreement, sales of Kurdish oil are to go through the Iraqi National Oil Company, and no longer exclusively through the authorities in Iraqi Kurdistan.
  • Oil exports are a key source of revenue for both the federal and regional governments, and their management has long been a sensitive topic in relations.
Business

EITC posts Q1 revenue at $936m

Revenue is due to demand for fixed, mobile services.
  • The prepaid customer base of EITC increased to 6.7 million, driven by the continued attractiveness of Flexi plans and brisk tourism activity.
  • EITC's commercial initiatives led to a 9.4 percent increase in mobile customers, with 8.2 million subscribers at the end of the quarter.
Business

Dubai real estate market transactions reach $7.21bn in April

Dubai, UAE -- April 2023 was the best month in a decade for Dubai's real estate market, both in terms...
  • The number of transactions grew by 17 percent to 8077 in April 2023, from 6898 transactions in April 2022.
  • The value of the transactions witnessed a surge of 46 percent compared to the same month last year.
Business

Bahrain central bank’s sukuk oversubscribed by 403 percent

Manama, Bahrain -- The Central Bank of Bahrain (CBB) announced that the monthly issue of the short-term Islamic leasing bonds,...
  • Subscriptions worth BD 104.778 million ($277 million) were received for the BD 26 million issue, which carries a maturity of 182 days.
  • By March 23, the total outstanding value of government treasury bills reached BD2 billion ($5.3 billion).
Economy

Qatar’s Q1 private sector exports hit $2.49 billion, up 17.5%

Doha, Qatar -- Qatar's private sector exports hit QR 9.1 billion ($2.49 billion) in the first quarter of 2023, representing...
  • China was the top recipient of Qatari private sector exports amounting to QR 3.1 billion, a share of 34.1 percent.
  • It is followed by India with almost QR 2.4 billion and a share of 26 percent, and Oman with about QR989 million, a share of 10.9 percent. 
Business

Amarenco acquires Spectrum International

The acquisition includes all operating projects and pipeline of Spectrum.
  • Following the acquisition, Spectrum will be rebranded as Amarenco Jordan, becoming the main platform for Amarenco MENA in Jordan, with a target to own 200MW.
  • The company develops, builds, and operates large and medium-scale solar projects, with more than a billion dollars of investments on average every year.
Business

Dubai directs service providers to declare local sea container charges

Dubai, UAE -- Container service providers in Dubai will now be required to declare their local sea container charges to...
  • Effective from 1st May 2023, the new directive will provide the DMA with a clear data-led understanding of local sea container charges and associated practices, WAM reported.
  • The directive applies to all service providers providing local sea container services within, outside, or through any port in the emirate.

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

Company News

Latest News

Israel-Gaza conflict won’t impact Riyadh FII summit outcome: CEO

Riyadh, Saudi Arabia -- The tragic developments in Gaza won't have a huge impact on the overall outcome of the...
Business

Turkey’s Atis Yapi opens Dubai office

This is the real estate giant's first office in the UAE.
Business

Saudi Arabia’s economy to grow 3.2% from 2023-2026: Moody’s

Riyadh, Saudi Arabia -- Saudi Arabia’s economy is expected to grow by 3.2 percent on average between 2023 and 2026,...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Presight AI, TOTM form joint venture

The JV will develop and deploy their combined proprietary technologies.
  • The joint venture agreement will establish an entity that will leverage Presight’s Big Data AI and Data Analytics capabilities.
  • This will allow governments and enterprises to transform mission-critical infrastructure with intelligent new solutions that are data-driven.
Business

Sipchem 9M net profit down 67%

There was a 70% QoQ drop in net profit for the third quarter of 2023.
  • The lower profit was due to a decline in revenues on lower product prices, as well as a fall in sales.
  • In addition, the company's share of profits from investments in a joint venture and associates decreased, Argaam said.
Business

Gaza conflict: Fitch places Israel’s IDR on rating watch negative

London, United Kingdom -- Fitch Ratings has placed Israel's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of 'A+' on...
  • Fitch fears escalation could severely impact Israel's credit metrics due to increased military spending, infrastructure damage, and a shift in consumer and investment sentiment.
  • Fitch suggests that a major escalation could lead to a negative rating action for Israel. This could manifest as a prolonged conflict, resulting in sustained fiscal challenges.