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 Arabia’s Noor Riyadh festival sets 6 Guinness World Records

Riyadh, Saudi Arabia -- Noor Riyadh Festival 2023 has secured six new Guinness World Records, making it its third consecutive...

Arts & Culture

Gaza ‘integral part’ of Palestinian state: Abbas tells US official

The talks with US National Security Advisor Jake Sullivan came as Israel pressed its offensive in Gaza despite mounting international...

Geostrategy
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.
Business

DMCC hosts 200 Dubai-based Chinese businessmen at China Business Day

Dubai, UAE -- Dubai Multi Commodities Centre hosted a China Business Day at Almas Tower, which drew more than 200...
  • DMCC is home to more than 750 Chinese companies, which accounts for over 12 percent of all Chinese businesses registered in the UAE.
  • DMCC said in a statement that the event celebrated the flourishing commercial ties between the UAE and China as bilateral trade is likely to reach 200bn by 2030.
Business

Sahara Q1 net profit $125m

The net profit plunged by more than 56 percent compared to Q1 2022.
  • The company said in a Tadawul disclosure that its revenue of 2 billion riyals in Q1 was 11.11 percent less than 2.3 billion in the first quarter of 2022.
  • Earnings per share was 0.65 riyal during the first three months of 2023, lower than 1.48 in Q1 2022.
Business

Saudi Fund for Development to provide $130m loans to Kyrgyzstan

Two loan agreements were signed in the Kyrgyz capital Bishkek by the SFD CEO Sultan bin Abdulrahman Al-Marshad with the...
  • The first agreement worth $100 million involves financing the construction of 3000 housing units covering an area 255,000 square meters.
  • The second agreement is related to financing of the Taraz-Talas Road Project (Phase 4), which aims to reconstruct 93 km of road to improve road safety.

Saudi Arabia’s Noor Riyadh festival sets 6 Guinness World Records

Riyadh, Saudi Arabia -- Noor Riyadh Festival 2023 has secured six new Guinness World Records, making it its third consecutive...
Arts & Culture

Company News

Latest News

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...
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,...
Business

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...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

UAE and Saudi Arabia lead MENA venture capital fundraising

Dubai, UAE -- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32...
  • MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32 percent increase compared to Q2 of 2023.
  • Saudi Arabia and the UAE led the region in capital raised, with the Kingdom reporting a 172 percent QoQ increase.
Business

OERC and Arkan partner to transport raw limestone to UAE

Abu Dhabi, UAE -- Oman and Etihad Rail Company (OERC), the developer and operator of the UAE-Oman Rail Network, signed...
  • Oman and Etihad Rail will provide logistics solutions for Emirates Steel Arkan through annual transportation of 4 to 6 million tons of high-quality raw materials to Al Ain.
  • This ensures Emirates Steel Arkan can produce and export 2-3 million tons of finished goods to regional markets each year.
Geostrategy

Saudi Crown Prince launches Ardara company to develop AlWadi

Riyadh, Saudi Arabia -- Saudi Arabia's Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud Monday announced the launch of...
  • This will be Ardara’s first development and will become a vibrant urban center and tourist destination for both local and international visitors, PIF said.
  • AlWadi in Aseer region – meaning, the valley – will span 2.5 million square meters and will be developed with sustainability at its core.