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

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

GCC region’s non-hydrocarbon growth momentum strong: IMF

Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital...

Business
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.
Business

Dubai records $626 million in realty transactions: Land Department

Dubai, UAE -- Dubai recorded real estate deals worth AED2.3 billion ($626 million) on Wednesday, according to Dubai Land Department....
  • The deals included 502 sales transactions worth AED1.44 billion, in addition to 95 mortgage deals of AED898.52 million.
  • The sales included 465 villas and apartments worth AED1.1 billion, and 37 land plots worth AED340.65 million.
Economy

CBUAE issues new AED1000 banknote, depicts UAE’s space ambitions

Dubai, UAE -- The Central Bank of the UAE (CBUAE) issued a new banknote of AED1000 denomination and made of...
  • The new banknote will be available at banks and exchange houses from 10 April 2023.
  • It will be in circulation alongside the current AED1000 note whose value is guaranteed by the UAE law.
Business

UAE decision on Small Business Relief aims to support startups

Dubai, UAE – UAE’s Ministry of Finance has announced a decision on Small Business Relief (SBR), which is aimed at...
  • The decision is also aimed at supporting other small or micro businesses by reducing their corporate tax burden and compliance costs.
  • The Relief will not be available once a taxable person exceeds the AED3 million revenue threshold in any tax period.
Business

Jordan’s $1.25 billion Eurobonds oversubscribed six times

Dubai, UAE – Jordan’s Ministry of Finance and Central Bank Wednesday said they have completed the issuance of $1.25 billion...
  • The kingdom's finance ministry reduced the coupon rate by 25 basis points from 2022's issue of 7.75 despite the US Federal Reserve raising interest rates seven times since.
  • Jordanian media reports said the number of subscribers exceeded 230, including some of the largest global investment houses.
Videos

Saudi Arabia hub of big healthcare firms

The current healthcare expenditure in the Gulf Cooperation Council region is expected to reach $135 billion in 2027, implying an...
  • The kingdom will need 19,000 to 20,000 additional hospital beds by 2030, which calls for an investment of $33.8 billion to $35.6 billion.
  • Saudi Arabia's healthcare has seen tremendous growth and it continues to be one of the few sectors that have not been affected by economic fluctuations.
Geostrategy

US, EU vow to keep energy markets stable, maintain Russia sanctions

A joint statement issued after the tenth US-EU Energy Council in Brussels said competitive, liquid and transparent global energy markets...
  • Russia’s war has also triggered a global food and energy security crisis, with sharp increases in prices and market volatility, the Council said.
  • The US, the EU and its Member States intend to continue providing emergency energy assistance to Ukraine via the support fora set up in 2022, it added.
Business

SEC to raise $2bn from sukuk

The firm announced 10-year and 30-year tranches.
  • The firm offered a total of 10,000 bonds in the 10-year green sukuk tranche of $1.2 billion and a 30-year conventional tranche of $800 million.
  • The sukuk offering was made under the company’s newly established international sukuk program. Reportedly, the two tranches drew more than $15 billion in demand.

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

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.