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

Dubai records $3.51 billion in weeklong real estate deals

Dubai, UAE -- The real estate and properties transactions valued at 12.9 billion ($3.51 billion) in total during the week...

Business

Saudi investors witness 40% fall in US equities trading in Q3 2023

Riyadh, Saudi Arabia -- In the third quarter of 2023, Saudi investors engaged in sell and buy transactions on US...

Business
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.
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

Dubai records $3.51 billion in weeklong real estate deals

Dubai, UAE -- The real estate and properties transactions valued at 12.9 billion ($3.51 billion) in total during the week...
Business

Company News

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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

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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.