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.

Finland’s Vaisala to equip Kuwait airport with observation system

Kuwait City, Kuwait -- The Directorate General of Civil Aviation (DGCA) of Kuwait has inked a KD 6.7 million ($21.7...

Business

Saudi Arabia’s inflation rises to 1.7 percent in November: GASTAT

Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data...

Economy
Business

Saudi Amiantit Q1 profit $0.5m

The net profit was down 78% compared to the previous quarter.
  • The revenue increased by more than 65 percent year-on-year to 197 million riyals from 119 million riyals in Q1 2022.
  • The company’s accumulated losses reached 33% of share capital due to “applying the international accounting standards and the lack of liquidity in general.
Videos

Strong demand for UAE luxury real estate

By the end of 2022, the UAE was expected to attract more than 4,000 high-net-worth individuals. Around 25 percent of...
  • The UAE alone accounted for more than 48 percent of the $143 billion in real estate sales in the GCC region.
  • Numerous celebrities—including the likes of Brad Pit, Madonna and Giorgio Armani—have already invested into Dubai’s real estate market prior to the pandemic.
Business

SISCO to pay $8.6m dividend

The cash dividend will be paid for the second half of 2022.
  • The dividends will be paid from 16 May 2023 and the payment is the final instalment of dividends for the year 2022.
  • The company paid a total of 65.28 million riyals in dividends for the second half of 2022.
Geostrategy

Manaf Al Hajri named finance minister in new Kuwait cabinet

Dubai, UAE -- Kuwait's Prime Minister Sheikh Ahmad Nawaf al-Sabah has named Manaf Abdulaziz Al Hajri as minister for finance...
  • Most of the ministerial portfolios remain unchanged in the new cabinet, such as Bader Al Mulla, who stays the oil minister.
  • Sheikh Talal Al-Khaled Al-Sabah re-appointed as minister of interior and acting minister of defense, and Sheikh Salem Abdullah Al-Jaber Al-Sabah continues to be foreign minister.
Business

Saudi Arabia 60 percent self-sufficient in mango production

Dubai, UAE – Saudi Arabia has achieved 60 percent self-sufficiency in the production of mangoes in the kingdom, producing more...
  • The kingdom produced more than 88000 tons of mangoes on more than 6880 hectares of land, the Ministry of Environment, Water and Agriculture said.
  • More than 20 varieties of mango are produced during the growing season from April to August, which include Tommy Atkins, Kate, Kent, Alphonso.

Antony Blinken urges Israelis, Palestinians to deescalate tensions

In a telephonic conversation with UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan, Blinken...
  • “The United States will continue to consult closely with partners on how to advance regional security, stability, and prosperity,” Patel said.
  • The UAE was the first Arab state to open diplomatic relations with Israel in almost three decades in a US-brokered deal.
Geostrategy

Stress and trauma: Mental toll of Turkey’s quake

Sleeping troubles, fear of spending time indoors and profound fear of the mountains are some of the symptoms survivors in...
  • Volunteer psychiatrist Eralp Turk tries to heal the anguish by zipping around the disaster zone with a box full of pills in his car and a notepad for recording emotions.
  • Social worker Aysen Yilmaz said the people she consults in Turkey's tent cities were showing all the symptoms of post-traumatic stress.
Business

SDF signs $240m loan pact for Pakistan hydropower project

Dubai, UAE -- The Saudi Fund for Development (SFD) has signed a US$240 million loan agreement to support Pakistan's Mohmand...
  • The project is co-financed by the Saudi Fund for Development, OPEC, Islamic Development Bank, and the Kuwait Fund for Arab Economic Development.
  • By using renewable energy sources, the project will generate 800 MW of electricity production capacity.
Business

$124m plot of land among $2.83bn weekly realty deals in Dubai

Dubai, UAE – A plot of land that sold for AED456.25 million ($124.23 million) in Business Bay was the most...
  • The Dubai Land Department said in its weekly report that 222 plots were sold for AED1.8 billion and 2,086 apartments and villas were sold for AED4.56 billion.
  • Al Hebiah Fifth recorded the most transactions for this week with 93 sales transactions worth AED246.61 million.
Business

Number of SMEs in UAE reaches 557,000 by end of 2022: Minister

Dubai, UAE -- A total of 557,000 small and medium enterprises (SMEs) were operating in the UAE at the end...
  • Minister of Economy Abdullah bin Touq Al Marri said the number was in line with UAE’s ambitious plan to achieving 1 million SMEs by the end of 2030.
  • The UAE banks provided AED 83.3 billion ($23 billion) in financial facilities to small and medium-sized enterprises in 2022.

Finland’s Vaisala to equip Kuwait airport with observation system

Kuwait City, Kuwait -- The Directorate General of Civil Aviation (DGCA) of Kuwait has inked a KD 6.7 million ($21.7...
Business

Company News

Latest News

Dubai records weeklong real estate deals worth $3.51 billion

Dubai, UAE -- A total of 1,659 real estate transactions worth over AED 12.9 billion ($3.51 billion) were conducted during...
Business

Presight, Samruk-Kazyna to form JV

Samruk-Kazyna is Kazakhstan's $70bn asset sovereign wealth fund.
Business

World’s biggest sustainable farm in Saudi enters Guinness Records

Riyadh, Saudi Arabia – A farm in Saudi Arabia has entered the Guinness World Records as the world's largest sustainable...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Geostrategy

US to place second aircraft carrier in Mediterranean: White House

Washington, United States -- The second American aircraft carrier, the Dwight Eisenhower, will be placed in the Mediterranean Sea, coordinator...
  • "We’re sending a loud and clear message: The US is ready to take action should any actor hostile to Israel consider trying to escalate this war," said John Kirby.
  • Tensions flared up again in the Middle East on October 7 when Hamas attacked Israeli territory from the Gaza Strip.
Geostrategy

Qatar signs joint cooperation agreements with IMF on SDRs

Dubai, UAE - Qatar has signed two agreements with the International Monetary Fund (IMF) on its contributions towards IMF's poverty...
  • Under one of the agreements, Qatar's contribution will be a loan from the special drawing rights account, a soft loan (an implicit contribution to the aid).
  • Under the Resilience and Sustainability Trust fund agreement, contributions will be in the form of subscription packages consisting of loans, deposits and reserves.
Business

Jarir’s 9M profit down marginally

The fall was attributed to an increase in non-operating expenses.
  • The third-quarter net profit rose by 8 percent to SAR 296.3 million, from SAR 273.72 million in Q3 2022, driven by a 4.8 percent rise YoY in sales.
  • Total shareholders’ equity, no minority interest, stood at SAR 1.79 billion as of Sept. 30, 2023, down from SAR 1.80 billion a year earlier.