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.

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

SABIC announces 16% H2 cash dividend

The dividend of $1.27 billion is payable on Mar 4, 2024.

Business
Business

Bahrain central bank treasury bill issues’ value reaches $5.3 billion

Manama, Bahrain – The Central Bank of Bahrain (CBB) has issued treasury bills with a maturity period of 12 months....
  • The issue date of the bills is 23 March 2023 and the maturity date is 21st March 2024.
  • With this issue, the total outstanding value of government treasury bills reached BD2 billion ($5.3 billion).
Business

Emirates NBD arranges sukuk

The inaugural $600m sukuk saw orders of over $2.2 billion.
  • The profit rate was tightened by 30 basis points to 5.85%, at a spread of 185 basis points over US treasuries due to the robust order book.
  • Middle Eastern investors received 80 percent of the sukuk allocation, Emirates NBD said.
Infographics

UAE GDP growth likely to drop 0.9% in 2023

International Monetary Fund predicts economic growth in the Middle East and North Africa will fall to 3.2% this year from...
  • The International Monetary Fund projects that global growth will fall to 2.9 percent in 2023 but rise to 3.1 percent in 2024.
  • Global inflation is expected to fall to 6.6 percent in 2023 and 4.3 percent in 2024, still above pre-pandemic levels, the Jan 2023 forecast said.
Business

ACWA Power to invest $2.5bn in Uzbekistan green energy projects

Dubai, UAE -- Saudi ACWA Power has signed three power purchase agreements and investment agreements valued at $2.5 billion with...
  • In August 2022, ACWA Power committed $10 billion of new investments in the next five years in addition to the already committed $5 billion.
  • Uzbekistan’s aims to generate 35 percent of its electricity (15,000 MW) from renewable sources by 2030.
Business

24 firms join Dubai International Chamber’s Kazakh mission

Dubai, UAE -- A total of 24 companies headquartered in Dubai, representing 16 economic sectors, have attended a business forum...
  • Astana in Kazakhstan was Dubai International Chambers' second destination under its New Horizons Mission to Central Asia.
  • The Mission is aimed at driving the international expansion of Dubai businesses into new select markets.
Videos

Dubai’s tech sector gains greater popularity

Dubai boasts a thriving community of startup incubators and accelerators, as well as regulatory sandbox schemes for the development and...
  • The city tops the list for foreign direct investment (FDI) and technology transfer in startups, AI and robotics sectors.
  • UAE's strategic location between Asia, Africa, and Europe is one of the key reasons Dubai is a desirable destination for both tech startups and global tech giants.
Business

Arabian Drilling posts profit

The company posted a 23% increase in revenue.
  • The capital expenditure rose materially by 606 percent with a total spending of SAR 1.7 billion.
  • The company said the "strong cash position" achieved in 2022 was driven by the proceeds generated from the IPO of SAR 872 million
Business

AD Ports to invest $200m for building port in Egypt, signs 5 pacts

Dubai, UAE -- AD Ports Group said Sunday it has signed a concession agreement to develop and operate a multi-purpose...
  • These agreements are aimed at enabling a major expansion of the AD Ports’ activities into Egypt, the Group said in a statement.
  • Safaga terminal will be developed over an approximate area of 810,000 square meters and is set to be operational in Q2 2025.
Business

Abu Dhabi-Japan Economic Council reviews growth in bilateral trade and investments

TOKYO, JAPAN - The ninth session of the Abu Dhabi-Japan Economic Council (ADJEC) here has reaffirmed its commitment to further...
  • In 2022, the bilateral trade between the UAE and Japan rose 57.5 percent to exceed US$54 billion.
  • UAE exports to Japan grew 69.7 percent to US$45.9 billion compared to US$27 billion in 2021.
Business

Abu Dhabi to host world’s largest autonomous racing league from 2024

Abu Dhabi, UAE -- The United Arab Emirates capital, Abu Dhabi, will host the world's largest autonomous racing league, with...
  • The first autonomous car race will take place at Yas Marina Circuit in the last quarter of 2024 as the first in a series of autonomous vehicle races.
  • The league will feature the Dallara-built Super Formula cars, the usage of which has been enabled by Japan Racing Promotion (JRP).

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

Company News

Latest News

Saudi Arabia unveils roadmap to achieve 10-billion tree target

Riyadh, Saudi Arabia -- Saudi Arabia has unveiled an ambitious roadmap to achieve its monumental goal of planting 10 billion...
Geostrategy

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...
Business

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...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

EV infrastructure company launched

PIF will own 75% in the Electric Vehicle Infrastructure Company.
  • It plans to establish presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia.
  • PIF said the new company aims to enhance Saudi Arabia’s automotive ecosystem, through collaboration with EV companies.
Economy

Minimum pension for Saudi social security beneficiaries up 20%

Riyadh, Saudi Arabia -- Saudi Arabia's King Salman bin Abdulaziz Al Saud Sunday issued directives on raising the basic minimum...
  • The Citizen Account Program will remain in effect while adding certain factors to enhance support efficiency and ensure that benefits are received by the neediest groups.
  • Registration will remain open for Citizen Account Program beneficiaries to get additional financial support for three months until December 2023.
Business

Saudi Arabia Railways launches hydrogen train tests

Riyadh, Saudi Arabia -- Saudi Arabia Railways (SAR) has announced the launch of hydrogen train tests in the Kingdom, following...
  • The tests were launched following the signing of an agreement with the French company Alstom.
  • It will conduct operational tests and studies necessary to prepare this type of train to fit the Kingdom's environment.