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

Mubadala Energy makes gas discovery

This is the company's second successful well in the Andaman area.

Business

King Abdulaziz International Airport top Saudi performer in November

Riyadh, Saudi Arabia -- King Abdulaziz International Airport in Jeddah, King Fahd International Airport, Abha International Airport, Al-Ahsa International Airport...

Business
Geostrategy

Saudi authorities foil attempt to smuggle 4 million captagon tablets

Riyadh, Saudi Arabia -- Saudi customs authority foiled an attempt to smuggle more than 4 million tablets of captagon through...
  • On Tuesday, Saudi Arabia announced the seizure of more than 12 million amphetamine pills hidden in a shipment of pomegranate fruit.
  • The vast majority of the region's captagon is produced in Syria and Lebanon and smuggled to its main consumer market in the Gulf.
Business

Dubai Investments okays 12.5% dividends

The group reported AED1.60bn as profit attributable to the shareholders.
  • The surge in net profit was attributed to disposal of controlling interest on retained investment in Emirates District Cooling.
  • The Board of Directors' recommendation to expand the board's size from seven to nine members was accepted by the shareholders.
Business

Borouge Q1 net profit $199m

The company reported revenues of $1.38 billion in Q1 2023.
  • The company said with a significant cash balance of over $1 billion, Borouge repaid $500 million of its $3.65 billion loan, which resulted in interest cost savings.
  • The company will pay a final dividend of $650 million to shareholders, bringing total post-IPO dividends for 2022 to $975 million.
Business

Emirates Islamic Q1 profit up 76%

The total assets grew by 4% to reach AED 77.9bn ($21.21bn)
  • The bank's total income surged by 74 percent, driven by higher core revenues due to improved financing and deposit mix with higher profit rates.
  • Total assets grew by 4 percent from the end of 2022 to AED 77.9 billion, while customer financing and customer deposits increased by 3 percent and 2 percent respectively.
Business

Emirates NBD posts record Q1 profit

The bank's total income exceeded AED 10bn for the first time.
  • The bank said healthy sector liquidity helped deposits grow by AED 35 billion or 7 percent including a further AED 19 billion increase in current and savings accounts.
  • The records profits for the first quarter were attributed to higher margins, growing non-funded income and lower cost of risk on recoveries.
Business

Gulf bank Q1 net profit $56.50m

The bank's return on assets improved marginally to 1 percent.
  • Gulf Bank recorded an operating income of KD 46.4 million for the first three months of 2023, and an operating profit before provisions of KD 25 million for the same period.
  • The operating profit has increased by KD 3.2 million or 15 percent for the first quarter of 2023 compared to the same period of last year.
Business

NBF Q1 net profit up 151 percent

The bank's operating profit rose by 35.7 percent compared with Q1 2022.
  • Operating income reached AED 554.1 million, up 34.2 percent compared to AED 412.8 million in the corresponding period of 2022.
  • Loans and advances and Islamic financing receivables rose by 2.3 percent to reach AED 27.5 billion compared to AED 26.9 billion at 2022 year-end.
Business

Xlinks secures $37m funding

The funds will be used in laying subsea cables between UK and Morocco.
  • It is one of several first-of-a-kind long-distance renewable energy generation and cross-border export project being planned globally.
  • It had secured 25 million pounds of investment from Abu Dhabi National Energy Company (TAQA) and 5 million pounds from Octopus Energy Group.
Business

Amanat acquires stake in Sukoon

Amanat will own 85 percent of the post-merger entity.
  • The merger creates the largest pan-GCC post-acute care provider with 400 operational beds and an additional 300 bed expansion underway.
  • Following completion adjustments, Amanat Holdings will own 85 percent of the post-merger entity.
Geostrategy

Tokyo firm loses contact with lander carrying UAE’s moon explorer

The UAE-made Rashid Rover aboard the Hakuto Mission 1 Lunar lander was nearing its destination on the Moon when the...
  • The lander was travelling at around 16 mph (25 kph) at the time of the communication blackout.
  • The mission control team is still trying to locate and confirm the status of the lander.

Mubadala Energy makes gas discovery

This is the company's second successful well in the Andaman area.
Business

Company News

Latest News

ACWA Power signs clean energy agreements with Chinese partners

Riyadh, Saudi Arabia -- Saudi-listed ACWA Power has signed seven cooperation agreements with Chinese firms for solar, green hydrogen and...
Business

Presight AI, TOTM form joint venture

The JV will develop and deploy their combined proprietary technologies.
Business

Sipchem 9M net profit down 67%

There was a 70% QoQ drop in net profit for the third quarter of 2023.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Saudi e-visa facility extended to Turkiye, five other countries

Riyadh, Saudi Arabia-- Saudi Arabia announced Tuesday that it will grant e-visa to visitors from six new countries -- Turkiye,...
  • Thailand, Panama, Saint Kitts and Nevis, Seychelles and Mauritius are the other countries now eligible for e-visa.
  • A visitor e-visa is also provided to holders of valid Schengen, UK and US visas that have been used to enter those countries before arriving in Saudi Arabia.
Economy

Qatar’s Industrial Production Index falls 2.1 percent in Aug 2023

Qatar's Industrial Production index (IPI) reached 105.2 points in August 2023, a decline by 2.1 percent compared to the previous month (July...
  • The index of the manufacturing sector showed an increase by 2.2 percent in August 2023 compared to the previous month (July 2023).
  • Refined petroleum products fell by 0.5 percent. No change noticed in group of printing and reproduction of recorded media.
Business

Manufacturers struggle to meet AI-related goals, says new white paper

DUBAI, UAE -- Despite many manufacturers integrating AI into their operations, a significant number of them face challenges in meeting...
  • A global Boston Consulting Group study from 2023 revealed that AI technologies could enhance productivity by over 20 percent.
  • While 90 percent of companies across various industries aim to incorporate AI, only one in six have met their AI-related objectives.