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

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
Economy

Trends Poll: Saudi will reach net-zero first in GCC

Gulf countries have substantial financial and other resources to achieve zero- emission goals but they need to identity and address...
  • The majority (59 percent) said Saudi Arabia will achieve the target first, followed by the UAE (24 percent) and Qatar (11 percent). 
  • Saudi Arabia, Qatar and the UAE account for around 10 percent of the world's annual CO2 collection at 3.7 million tons per annum (mtpa).
Business

Dubai records real estate deals worth $1.25bn in two days

Dubai, UAE -- Dubai real estate market recorded real estate deals worth AED1.8 billion ($490 million) on Wednesday, Dubai Land...
  • Deals worth $490 million were recorded in Dubai on Wednesday, while $762 million in real estate transactions were recorded in Tuesday.
  • The deals on Wednesday included 526 sales transactions worth AED1.16 billion, in addition to 89 mortgage deals of AED628.25 million.
Business

$35m rare pink diamond to go under hammer in New York

The 10.57-carat stone is being marketed as the most valuable purplish-pink diamond ever brought to auction, with the highest ever...
  • Pink diamonds are among the rarest and most sought-after gems in the world and considered a major draw for investors.
  • The record for highest-ever auction price for such a stone is held by the CTF Pink Star, which was sold for $71.2 million in Hong Kong in 2017.
Business

Aramco JV HAPCO breaks ground

The complex is expected to be operational by 2026.
  • On March 27, Aramco also announced it had signed definitive agreements to acquire a 10 percent interest in Shenzhen-listed Rongsheng Petrochemical for $3.6 billion.
  • Combined, the partnership with Rongsheng and the HAPCO joint venture would see Aramco supply a total of 690,000 bpd of crude to high chemical conversion assets in China.
Business

ADNOC makes logistics push

Contract worth $2.6bn with ADNOC Offshore part of the launch.
  • ADNOC said the platform is one of the largest turnkey offshore logistics offerings in the world that enables coordinated end-to-end management of logistics.
  • The agreement runs for five years, with the option of a five-year extension, and includes the provision of port services, warehouse operations.
Videos

UAE and Saudi to lead GCC e-commerce boom

The UAE is likely to remain the top e-commerce market in the GCC in 2023 but Saudi represents the largest...
  • E-commerce in the GCC, according to a recent research report, has expanded by 22 percent over the previous two years.
  • Over 46 percent of online buyers in Saudi Arabia and the UAE planning to continue relying on online retail stores rather than visiting shopping malls.
Economy

Bahrain posts highest real GDP growth in nearly a decade

The kingdom witnessed 6.2 percent non-oil real GDP growth, the highest since 2012 and higher than the 5 percent annual...
  • The kingdom also reported a drop in deficit to GDP to -1.1 percent, a drop in debt to GDP to 100 percent and a primary surplus of 3.3 percent.
  • The Economic Recovery Plan is one of Bahrain’s biggest programs, with over $30 billion catalyzed for investment and reforms made to improve ease of doing business.
Business

Borouge supplies ‘made in UAE’ materials worth $32m in MENA

Abu Dhabi, UAE -- Borouge is supplying sustainable “Made in UAE” polyethylene materials worth AED120 million ($32 million) that are...
  • Borouge’s contribution to these mega projects is driven by collaboration with the local manufacturing companies.
  • The pipes used in these projects were made from various grades of Borouge BorSafe™ PE100 polyethylene materials.
Business

Savola to pay $93m in dividends

The date of distribution will be announced later.
  • The General Assembly date will be set after securing the formal approvals from the relevant authorities.
  • The Group reported a net profit of 742.80 million riyals for 2022, a 234.75 percent rise over 221.90 million in 2021.
Business

Al Rajhi to issue sukuk

The sukuk terms will be determined as per market conditions.
  • The bank said the offer will meet the bank’s financial and strategic objectives in accordance with its Sustainable Finance Framework.
  • The bank issued its Saudi riyal-denominated Tier 1 sukuk valued at SAR 6.5 billion ($1.7 billion) in January last year.

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

Jarir’s 9M profit down marginally

The fall was attributed to an increase in non-operating expenses.
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...
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...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Silal acquires stake in SAFCO

SAFCO Group is a food and beverage distributor in the UAE.
  • Last year, Silal, in collaboration with Hoogendoorn, one of the world’s innovators in horticulture, launched the Digital Agronomy Service.
  • The Service saw deployment of IoT sensors in 100 farms over the course of 2022.
Arts & Culture

Saudi Arabia to host inaugural Traditional Architecture Gathering

Diriyah, Saudi Arabia -- Diriyah Gate Development Authority (DGDA) Tuesday announced the inaugural edition of the 'Traditional Architecture Gathering' to...
  • The event is themed 'Traditional Najdi Architecture,' and will bring together expert designers, engineers, architects, and specialists in ancient architectural styles.
  • The gathering will feature a display of valuable documents and books that shed light on Najdi architecture, history, society, and culture.
Business

ADNOC Drilling to pay $358m dividend

The company's H1 revenue increased by 13% to $1.4 billion.
  • Since listing on Abu Dhabi Securities Exchange, and including this latest interim dividend payment, the Company will have distributed $1.36 billion to shareholders.
  • The interim dividend distribution will be on or around October 27, 2023, to all shareholders of record as of October 19, 2023.