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

GCC region’s non-hydrocarbon growth momentum strong: IMF

Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital...

Business

stc’s Tawal secures $999m financing

Tawal signed Murabaha pacts with SNB and SA

Business
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).
Business

Presight IPO oversubscribed

The G24 data analytics firm received $496 million in its offering.
  • Presight offered 1.35 billion shares, equivalent to 24.24% of its paid-up capital.
  • The company is expected to begin trading on the Abu Dhabi Exchange on Mar 27, 2023.
Business

Dubai records weeklong real estate transactions worth $2.72 billion

Dubai, UAE -- A total of 3,903 real estate transactions worth AED 10 billion ($2.72 billion) were conducted during the...
  • A total of 208 plots were sold for AED 1.12 billion, while 2,906 apartment and villa sales totaled AED 6.25 billion.
  • The top three transactions were three lands in Al Jadaf sold for AED 38.5 million, AED 38.5 million, and AED 37 million respectively.
Geostrategy

UNSC unanimously adopts UAE, Japan resolutions on Afghanistan

NEW YORK, US - The United Nations Security Council Friday unanimously adopted two resolutions tabled by the UAE and Japan...
  • The first resolution will extend the mandate of the United Nations Assistance Mission in Afghanistan for an additional 12 months.
  • The second resolution requests that an independent assessment be carried out regarding the international approach to Afghanistan.
Business

NBF approves dividend for 2022

The profit of 6% of paid-up capital will be paid as bonus shares.
  • The bank’s shareholders also approved the Chairman’s and Directors’ Reports, and the Internal Shari’ah Supervision Committee Report for NBF Islamic.
  • The shareholders confirmed the appointment and remuneration of the bank’s external auditors, PricewaterhouseCoopers (PwC) for 2023.
Business

Saudi finance minister, National Bank head downplay risks to bank sector

"I think large banks are properly supervised and therefore the risk that some people see, I don't see," Finance Minister...
  • "To me, the reaction of yesterday was possibly an overreaction simply because the market is very edgy," the minister told AFP in an interview.
  • "It's panic, a little bit of panic. I believe completely unwarranted, whether it be for Credit Suisse or for the entire market," said Saudi National Bank chairman Ammar AlKhudairy.
Business

Qatar’s IPI up 3.5 percent in Jan, mining leads the growth

Doha, Qatar -- Qatar's Industrial Production Index (IPI) hit 103 points in Jan 2023, rising by 3.5 percent compared to...
  • Issued by the Planning and Statistics Authority, the IPI is a short-term quantitative index that measures the growth of various industrial sectors in economy.
  • The key performing sectors under the index were mining (82.46 percent), manufacturing (15.85 percent), electricity (1.16 percent) and water (0.53 percent).
Business

DP World 2022 revenue up 58%

The EBITDA increased by 31 percent to $5 billion.
  • In a statement to WAM, DP World announced that revenue increased by AED23.31 billion in 2022, compared to 2021, supported by acquisitions and like-for-like revenue growth.
  • It added that cash generated from operating activities increased by 20.6 percent to a record AED16.34 billion in 2022, compared to AED13.55 billion in 2021.

GCC region’s non-hydrocarbon growth momentum strong: IMF

Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital...
Business

Company News

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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.