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.

Aramco to acquire 40% stake in GO

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

Business

NDMC secures syndicated international loan worth $11bn

Riyadh, Saudi Arabia -- The National Debt Management Center (NDMC) completed the arrangement of a syndicated international loan worth $11...

Business
Business

Saudi Arabia’s GDP grows 8.7 percent in 2022, reaches $1 trillion for first time

The growth rate is also the highest in the last decade, with crude oil and natural gas contributing 32.7%, government services 14.2%,...
  • GASTAT said all economic activities achieved positive growth rates during 2022, with crude oil and natural gas contributing 32.7 percent.
  • Non-oil activities increased by 5.4 percent during 2022, especially transport, storage and communications activities (9.1 percent).
Business

Al Ansari to sell 7.5m shares in Dubai’s first IPO for 2023

Dubai, UAE -- Al Ansari Financial Services, a remittance and foreign exchange services provider in the UAE, will be offering...
  • The offering represents 10 percent of its total existing share capital. The size of the IPO could be amended any time before the pricing.
  • The company expects to list and start trading on the Dubai Financial Market in April.
Geostrategy

Livelihoods destroyed as Lebanon fails to uphold right to electricity, says Human Rights Watch

Decades of unsustainable policies and fundamental neglect, capture of state resources by elites, alleged corruption, and vested interests cripple the...
  • Lebanese people receive electricity for only one to three hours a day on average, while people who can afford it supplement that supply with private generators.
  • The electricity crisis has exacerbated inequality in the country, severely limited people’s ability to realize their most basic rights and pushed them further into poverty.
Business

Ducab 2022 revenues up 19%

The company said the metal business alone grew by over 23 percent.
  • The cable business increased by more than 9 percent during the same period, the company said.
  • Ducab Group recently announced the opening of its new headquarters in the Indian city of Bengaluru.
Geostrategy

Francafrique a thing of past: Congo president gives Macron a reality check

Dubai, UAE – French President Emmanuel Macron faced embarrassing moments during a joint press conference with the Congolese President Felix...
  • During a press conference, Macron lost cool, blaming Congo for its political crisis, but Tshishekedi reminds him of a former French minister's intrusive remarks.
  • Congo has criticized France for its support to Rwanda which has been accused of supporting the Congolese rebel group M23 in the eastern part.
Business

Siemens bags long-term service contracts for Iraqi power plants

Abu Dhabi, UAE -- Siemens Energy has been awarded long-term service contracts for several Iraqi power plants to improve energy...
  • These contracts represent the first portion of prioritized projects under the Iraq Energy Agenda – Wave II agreement, which was signed in Berlin in January 2023.
  • As part of the prioritized packages, Siemens Energy signed three long term service contracts, for five years each, for the Al Sadr, Kirkuk, and Al Rasheed power stations.
Business

Jebel Ali Free Zone 2022 customer registrations highest in decade

Dubai, UAE -- DP World’s Jebel Ali Free Zone (Jafza) witnessed the highest customer registrations in a decade in 2022,...
  • During the past 10 years, Jafza has seen a 13-fold increase in logistics customers, while the vehicle and transport segment saw a compound annual growth rate of 26 percent.
  • The number of newly registered Chinese companies in Jafza saw a four-fold increase in 2022, indicating a post-pandemic, healthy demand from the Far East.
Business

ADIB to pay $462m cash dividend

The bank had posted a net profit of $985 million for 2022.
  • This represents an increase from 31 fils per share in 2021 and constitutes 49.2 percent of the bank's net profit for the year.
  • The bank posted a net profit of $985 million (AED3.62 billion) in 2022, a 55 percent increase from the previous year.
Business

Trafigura to receive $135m loan

The loan will support Trafigura's procurement from the UAE.
  • ADEX contributed $125 million of the total facility to support Trafigura’s working capital needs, including exports of metals, minerals and refined hydrocarbons from the UAE.
  • SMBC financed the remaining $10 million and undertook the facility agent and coordinator role.
Business

EGA posts $2 billion profit

The Aluminum producer claimed 2022 results as its strongest ever.
  • EGA said the adjusted EBITDA for 2022 was up 37 percent to a record $3.4 billion, compared to $2.5 billion in 2021.
  • The company paid shareholders E$1 billion in dividend --,an interim dividend of $600 million in July and further $400 million at the end of 2022.

Aramco to acquire 40% stake in GO

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

Company News

Latest News

ADNOC to deploy UAE-made drones

ADNOC's partnership with EDGE Group aimed at cutting emissions.
Business

Value of Dubai realty deals up 40 percent in third quarter 2023

Dubai, UAE -- The value of real estate deals in Dubai increased by 40 percent to reach AED 97.55 billion...
Business

ADNOC signs pacts with 30 firms

This will create manufacturing opportunities worth $2.7bn.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Baker Hughes bags 400m ADNOC award

Baker Huhges will supply all-electric compression systems.
  • The systems are meant for liquefaction of natural gas, to be powered by clean energy, for ADNOC's low-carbon LNG asset in the Al Ruwais Industrial City, Al Dhafrah.
  • The LNG trains will comprise energy-efficient Baker Hughes technology, including compressors, driven by 75 MW electric motors.
Business

Saudi Arabia to continue voluntary oil cut until end of Dec 2023

The Kingdom's production in the coming months November and December will be approximately 9 million barrels per day, the country's...
  • Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
  • That decision riled the United States, which at the time accused Saudi Arabia, a security partner, of siding with Russia in the war in Ukraine.
Business

ACWA Power signs $911 million water purchase agreement with DEWA

Dubai, UAE -- Dubai Electricity and Water Authority (DEWA) Tuesday signed a 30-year water purchaser agreement worth SAR 3.42 billion...
  • The project is part of DEWA’s efforts to increase its water desalination capacity to 730 MIGD by 2030, from 490 MIGD at present.  
  • This project is the largest of its kind in the world for water production based on Sea Water Reverse Osmosis (SWRO) technology using solar energy.