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.

UAB concludes $200m term loan

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

Business

Aramco to acquire 40% stake in GO

Gas & Oil is one of the largest retail and storage firms in Pakistan.

Business
Arts & Culture

Dubai World Cup: 129 horses compete for $30.5m prize money

Dubai, UAE -- The 27th Dubai World Cup, which begins on Saturday at the Meydan Racecourse, will see a total...
  • The World Cup, which begins on Saturday at Meydan Racecourse, will see horses from 13 countries in the contest.
  • The Meydan Racecourse, in partnership with leading auction house Goffs, hosted the second Dubai Breeze-Up Sale on 21 March.
Business

UAE’s Al Ansari raises size of IPO retail tranche to 7.5%

The UAE-based exchange house said the number of ordinary shares has been increased from 37.50 million to 56.25 million. But...
  • Based on the previously announced price range of AED 1.00 to AED 1.03 per share, the size of the retail tranche will now be between AED56.3 million and AED57.9 million.
  • Al Ansari is Dubai's first IPO this year. The company expects to list and start trading on the Dubai Financial Market in April.
Geostrategy

Saudi on track to achieve UN sustainable goals by 2030: Minister

Dubai, UAE -- Saudi Arabia has said that the kingdom is on track to achieve the United Nations Sustainable Development...
  • Deputy Minister for Water Abdulaziz Al-Shaibani told UN Water Conference that the kingdom has restructured the water sector and developed the National Water Strategy.
  • The kingdom has allocated $80 billion for water projects in the coming years as part of its efforts to achieve universal and equitable access to safe and affordable drinking water.
Business

UAE bodies sign MoU to establish general framework for IPOs

Dubai, UAE -- The Securities and Commodities Authority (SCA) and the Abu Dhabi IPO Fund (ADIPOF) have signed a Memorandum...
  • The MoU was signed by Securities and Commodities Authority and the Abu Dhabi IPO Fund.
  • The MoU aims to increase the number of IPOs, support local financial markets, and promote the country's economic stability.
Business

Presight to list on 27 Mar

Presight IPO received $496 million. It was oversubscribed 136 times.
  • Presight offered 1.35 billion shares, equivalent to 24.24 per cent of the company’s paid-up capital.
  • Presight reported a 35 percent rise in net profit for 2022 to reach $147 million, while its revenue increased by 63 percent to reach $265 million.
Business

SATORP 2022 net profit $2.39bn

Improved refining, petrochemicals margins behind profit rise.
  • The company’s revenue increased by 84 percent to 76.84 billion riyals in 2022, compared to 41.71 billion riyals the previous year.
  • Total share holders’ equity reached 14.47 billion compared to 4.3 billion in 2021, the bourse statement said.
Business

Mubadala-Ares joint venture to invest $1bn in credit secondaries

The venture is an extension of Ares’ credit and secondaries platforms, which respectively had approximately $214 billion and $22 billion...
  • The JV seeks to capitalize on the anticipated growth and demand from general and limited partners for customized liquidity solutions for credit secondaries asset class.
  • Dave Schwartz will serve as partner and head of the credit secondaries strategy and a member of the Ares secondaries executive committee.
Business

Villas, apartments constitute bulk of $626m Dubai realty deals

Dubai, UAE -- Dubai real estate market recorded real estate deals valued at more than AED2.3 billion ($626 million) on...
  • The deals included a total of 434 sales transactions worth AED1.83 billion, in addition to 86 mortgage deals of AED426.46 million, and 139 gift deals amounting to AED123.6 million.
  • The sales included 395 villas and apartments worth AED944.57 million, and 37 land plots worth AED889.15 million.
Business

ADNIC to pay $62m dividend

At its Annual General Meeting, ADNIC okayed 40% dividend.
  • The company’s gross written premiums increased by 20.1 percent to AED5.13 billion ($1.39 billion), compared to AED4.27 billion ($1.16 billion) for the same period in 2021.
  • ADNIC's net underwriting income was AED490.9 million ($133 million), compared to AED491.9 million ($134 million) for the same period in 2021.
Business

Tabreed to pay record dividend

Dividend of 13.5 fils per share highest ever in company's history.
  • The dividend marks an increase of 1.5 fils per share on the 12 fils per share equivalent paid to shareholders in 2022.
  • Tabreed said it added nearly 55,000 refrigeration tons of new connections in the UAE and across the region.

UAB concludes $200m term loan

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

Company News

Latest News

ADNOC Drilling to pay $358m dividend

The company's H1 revenue increased by 13% to $1.4 billion.
Business

Borouge signs supply pact with NPCC

Borouge will also supply critical materials for UAE energy projects.
Business

Oxford Economics predicts 4.4% GDP growth for UAE in 2024

Abu Dhabi, UAE -- Oxford Economics, an independent economic advisory firm, has predicted that the UAE economy will grow by...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Business

Al Etihad Payments partners with NIPL to develop UAE Domestic Card Scheme

ABU DHABI, UAE – Al Etihad Payments (AEP), a wholly-owned subsidiary of the Central Bank of the UAE (CBUAE), and...
  • To be launched in early 2024, the card scheme will aim to facilitate the growth of e-commerce and digital transactions in the UAE.
  • It will bolster financial inclusion, support the nation’s digitization, increase alternative payment options and enhance the UAE’s competitiveness.
Economy

UAE approves $52 billion federal budget for 2024-26

UAE Vice President Sheikh Mohammed bin Rashid Al Maktoum, who chaired a meeting of the cabinet where the budget was...
  • The UAE cabinet also announced the formation of the Financial Stability Board, led by Sheikh Mansour bin Zayed Al Nahyan, to fortify financial stability.
  • This government also announced establishment of the Emirates Pharmaceutical Corporation to serve as the official regulatory body for medical and pharmaceutical products.
Business

eXtra net profit down 17%

The company reported a net profit of $70m for 9M period of 2023.
  • The nine-month earnings were negatively impacted by higher interest rates, which led to finance cost rising by SAR 39.6 million year-on-year (YoY), Argaam reported.
  • The company recognized non-recurring losses of SAR 38 million as it discontinued its expansion plans in Egypt.