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

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

ACWA Power signs $800m agreement for South Africa renewable project

Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...

Business
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.
Business

Aramco, PIF and Baosteel to build Saudi Arabia’s first steel plate plant

It will be the largest integrated steel plate manufacturing complex in the kingdom to be located in Ras Al Khair...
  • The production capacity is expected to be up to 1.5m tons per annum. The complex will have premium facilities such as natural-gas-powered direct reduction iron furnace.
  • Aimed primarily at meeting the needs of the Saudi market, there are plans to export to the Gulf Cooperation Council and MENA region.
Business

Saudi ports handle more than 2 million containers in first quarter

Riyadh, Saudi Arabia -- The number of containers handled by Saudi ports in the first quarter of 2023 grew by...
  • Transshipment containers witnessed an increase of 14.96 percent and 778,056 containers compared to 676,826 containers in the first quarter of 2022.
  • A total of 258,051 cars were imported, an increase of 35.52 percent over the first quarter of the previous year, which recorded 190,422 cars.
Business

Trina Solar revenue up 83%

Trina's market share of 210mm module shipments was more than 50%.
  • Trina Solar’s main businesses, including PV products, PV systems and smart energy, all registered strong growth, the company said in a statement.
  • The company also unveiled that its module shipments in 2022 totaled 43.09GW and cumulative module shipments exceeded 140GW by the end of March 2023.
Business

Arab Bank Q1 profit $216m

The first-quarter profit increased by 30% compared to Q1 2022.
  • The Group's total equity was $10.4 billion as loans grew to $35.4 billion and deposits reached $47.7 billion.
  • Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 3 percent and 4 percent, respectively.
Business

DEWA keen to enhance happiness in work environment, says CEO

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) affirmed its commitment to achieve the 'We the UAE 2031' vision...
  • "We harness all capabilities, technologies and digital solutions to strengthen the skills of our employees," DEWA CEO said.
  • "We consider employees the main pillar for strengthening DEWA’s position as one of the most prominent utilities in the world," he said.
Economy

Qatar’s economically active population up by 3% in Q4 2022

The Labor Force Sample Survey for the October-December 2022 period shows the percentage of male and female wage workers reached...
  • The number of economically active males was 95.4 percent and females 63.4 percent. The people in the 25-34 year age group were the most economically active part of the workforce.
  • The percentage of unemployed people increased by 1.3 percent to reached 0.1 percent-- 51 percent of the jobseekers being males and the rest females.
Arts & Culture

Almost 8,000 participants to take part in Sharjah’s 10th Charity Marathon

SHARJAH, UAE- The 10th Annual Charity Marathon, expected to attract over 8,000 runners from all segments of society, is all...
  • It is organized by the Friends of Arthritis Patients (FAP) of the Health Promotion Department (HPD) at the Supreme Council for Family Affairs in Sharjah.
  • The marathon will take place along Al Mamzar Corniche and feature a variety of innovative health, sports, and recreational events and activities.

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

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.