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

SAMA issues rules regulating ‘buy now pay later’ companies

Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has issued rules for regulating buy now pay later (BNPL) companies,...

Business

UAB concludes $200m term loan

Proceeds of the facility will be used for general corporate purposes.

Business
Business

Hotpack to build plant in KSA

The packaging plant will be one of the largest in the world.
  • The company signed an MoU with the kingdom's Ministry of Investment and the Ministry of Industry and Minerals for the project that will cost 1 billion Saudi riyals ($266 million).
  • With an expected employment to the tune of 1200, the project will also help Hotpack to acquire a significant market share in Saudi Arabia, the statement added.
Videos

Innovation key to solving Gulf water woes

Improved farming techniques, better desalination technologies, awareness campaigns and global cooperation can mitigate the regions problems caused by water scarcity.
  • World Economic Forum says the Middle East and North Africa is one of the most water-scarce regions in the world.
  • For years, the water crisis has exacerbated conflict and political tensions, while UNICEF says 90% of children in the region live in water stress areas.
Business

GKSD to invest in Middle East

The investment was announced during Investopia 2023.
  • 'Smart Clinics', which was hailed as one of the key outcomes of the conference, is a new concept in the healthcare sector that focuses on improving life quality.
  • Gruppo San Donato, a private hospital group in Italy, and UAE Ministry of Economy, are part of an MoU for the Smart Clinics program.
Business

QatarEnergy acquires 40% interest in Mauritania exploration block

QatarEnergy will hold the interest in the Exploration and Production Agreement pertaining to the C-10 block, while Shell will hold...
  • President and CEO of QatarEnergy Saad bin Sherida Al Kaabi said the deal builds on the company's exploration footprint in Africa.
  • In October last year, QatarEnergy selected Shell as its second international partner in the North Field South (NFS) expansion project.
Economy

US tenants face eviction as inflation rises, Covid-era aid ends

The country sees 3.6 million eviction cases filed in a typical year, said Peter Hepburn, associate director of Eviction Lab...
  • Some households were approved for rental assistance that never arrived as funding dried up, resulting in arrears of over $10,000.
  • Black renters face greater risks, women are more likely to be listed as defendants and renters with children are at greatest risks of eviction.
Business

Weeklong realty deals worth $2.91 billion recorded in Dubai

Dubai, UAE -- A total of 3,035 real estate transactions worth AED10.7 billion ($2.91 billion) were recorded during the week...
  • Dubai Land Department said that 158 plots were sold for AED1.27 billion, while apartment and villa sales stood at 2,261, totaling AED5.11 billion.
  • The top three sales were a land in Al Khairan First worth AED157.08 million, a land worth AED67 million in Island 2, and a AED59 million land in The World Islands.
Business

UAE Central Bank revokes license of Russia’s MTS Bank

Abu Dhabi, UAE -- The Central Bank of the UAE Friday revoked the license of Russia's MTS Bank's, which was...
  • The bank said that under its supervision, the operations of MTS bank, which is licensed in Abu Dhabi, would be wound down within six months.
  • Revocation of MTS's license comes weeks after it was added to a fresh round of sanctions by the United States and the UK.
Business

Expo 2020 likely to add $42bn to UAE’s economy by 2042: Report

The pre-event phase contributed around one-quarter of GVA, the event itself added almost 13%, while the lion’s share of benefits...
  • The Expo is also expected to support approximately 1,039,000 full-time equivalent (FTE) job years, equal to more than 35,000 FTE jobs per annum.
  • The global event made history as the first World Expo to be held in the Middle East, Africa and South Asia region and the first to be hosted by an Arab nation.
Economy

Saudi Arabia’s Q4 2022 unemployment rate drops to 8 percent

Dubai, UAE -- Saudi Arabia's unemployment rate dropped in the fourth quarter of 2022, compared to the previous quarter, mainly...
  • Legislation and Emiratization programs, job support and follow-up of establishments from all relevant government agencies has led to this rate of unemployment.
  • GASTAT said Saudi women's unemployment rate decreased from 20.5 percent in the third quarter of 2022 to 15.4 percent in the fourth quarter.
Geostrategy

Saudi Arabia agrees to partner with China-led security bloc

Riyadh, Saudi Arabia -- Saudi Arabia has agreed to join the Shanghai Cooperation Organization as a "dialogue partner", state media reported...
  • The Shanghai Cooperation Organization was established in 2001 as a political, economic and security organization to rival Western institutions.
  • The move would grant Riyadh "the status of a dialogue partner in the Shanghai Cooperation Organization", it said.

SAMA issues rules regulating ‘buy now pay later’ companies

Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has issued rules for regulating buy now pay later (BNPL) companies,...
Business

Company News

Latest News

Dollar sukuk activity for 2023 on course to outpace 2022: Fitch

Dubai, UAE: US dollar sukuk issuance for 2023 is on course to outpace 2022 due to funding needs and diversification strategies,...
Business

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...
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...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Aramco looks to invest in Shangong Yulong Petrochemical

Dhahran, Saudi Arabia -- Aramco has signed an MoU that paves the way for Aramco's potential acquisition of a 10...
  • Aramco signed an MoU with Nanshan Group, Shandong Energy Group, and Shandong Yulong Petrochemical to pave way for the acquisition.
  • Shandong Yulong is presently in the final stages of constructing a significant refining and petrochemical complex with the capacity to process approximately 400,000 barrels per day
Business

MENA awards $101 billion construction projects in first half

Dubai, UAE -- Despite global economic uncertainties, the construction industry in the Middle East and North Africa (MENA) awarded a...
  • The lion's share of these projects, approximately 67 percent, hailed from Saudi Arabia, contributing $44 billion, and the United Arab Emirates (UAE), accounting for $23 billion.
  • The collective estimated value of the project pipeline in the MENA region surpassed $3 trillion, with Egypt, Saudi Arabia, and the UAE owning more than 60 percent of it.
Business

SIRC and Edama sign partnership

They will create a joint company to upgrade organic waste recycling.
  • The joint project will help in meeting the challenge of sustainable waste management and contribute to creating a national circular economy.
  • The project will provide a solution to the challenges faced by the Saudi Green Initiative (SGI) in its mission to plant 10 billion trees.