INSEAD Day 4 - 728x90

Samsung biggest chip investor

The tech giant invested nearly $59.2bn in 2025.

flynas to set up new hub

Five destinations in first phase of operations.

AD Ports Group acquires CLI

CLI is Brazilian agri-bulk terminal operator.

$1.59bn Makkah project awarded

A consortium will develop two districts in the Holy City.

2PointZero posts profit surge

Growth driven by merger consolidation.

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

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.
Infographics

Fewer GCC women achieve leadership roles

Young women in the MENA region are more likely to be in the workforce, while the GCC countries — particularly...
  • A PwC survey last year found that a large group of younger women are more likely to go to work and remain in employment to fulfil their ambitions in MENA region.
  • Saudi Arabia has witnessed a 35.6 percent increase in the women's economic participation. Still, the gender gap in leadership roles is huge.
Business

Dubai Land Department launches new feature to streamline procedure

DUBAI, UAE - The Dubai Land Department (DLD) has launched the Instant Sale feature, which utilizes smart evaluation technology in...
  • The aim of the new feature is to streamline procedures and improve the experience of DLD's customers.
  • The feature requires all parties to be present at the real estate registration trustee office to sign contracts.
Business

Majid Al Futtaim profit down 2%

The Group reported a 12 percent increase in revenue.
  • Majid Al Futtaim Properties' revenue increased by 43 percent to AED 5.8 billion, while EBITDA grew 16 percent to AED 3 billion.
  • Majid Al Futtaim Retail reported a 7 percent increase in revenue to AED 28 billion in 2022, driven by renewed consumer confidence.
Business

stc to sell stake in CCC

stc had in Jan signed sale and purchase pact with solutions.
  • The company did not disclose the value of the deal that is expected to be closed in the second quarter of 2023.
  • stc revenue exceeded $17 billion for the first time ever in 2022, reaching 67.43 billion riyals ($17.97 billion).
Business

SLG to build $54m facility

The facility will be constructed at Dubai Industrial City.
  • Spanning 1.37 million square feet, the manufacturing and warehouse facility is set to open in 2025.
  • The new facility will meet the demands of B2B and B2C customers across the GCC, African market and Southeast Asia.
Videos

Tough laws, quotas may plug GCC gender gap

Despite being the most educated demographic, women in the region have the lowest employment rates. it is crucial to incorporate...
  • Experts say that at this pace, it will take Middle East and North Africa region more than 142 years to bridge the gender gap.
  • While more companies are paying closer attention to Diversity, Equity and Inclusion issues persist in the GCC region.
Economy

Saudi ranks first in technical, vocational education enrollment

Riyadh, Saudi Arabia-- Saudi Arabia ranked first globally on the Global Knowledge Index 2022 in the percentage of students enrolled...
  • The Index is issued by Mohammed bin Rashid Al Maktoum Knowledge Foundation in collaboration with United Nations Development Program.
  • It provides reliable data to help countries and decision makers to understand and face the real transformations and challenges.
Business

Alpha Dhabi posts $2.88bn profit

The net profit exceeded the Group's target of AED10 billion.
  • Revenues hit AED 40.0 billion, which represents an increase of 114 percent
  • The growth was driven primarily by strong contributions from the new acquisitions
Geostrategy

UN House to open in Doha during least developed countries’ summit

Doha, Qatar-- Qatar is preparing to inaugurate the UN House in Doha, on the sidelines of the fifth UN Conference...
  • The house include offices for important international organizations, including the UN Children's Fund
  • Since its accession to the UN, Qatar has been providing financial support to its affiliated bodies and entities

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 signs pacts with 30 firms

This will create manufacturing opportunities worth $2.7bn.
Business

QatarEnergy awarded new Egypt offshore exploration block

Doha, Qatar -- QatarEnergy has been awarded a new exploration block offshore Egypt as part of the 2022 EGAS International...
Business

Baker Hughes bags 400m ADNOC award

Baker Huhges will supply all-electric compression systems.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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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.  
Business

Saudi Cruise signs pacts with leading firms

The agreements are aimed at boosting investment in Aroya Cruise.
  • It signed partnerships with the ICEway for IT services, SourceToad for software engineering and Otalio for property management systems on board ships
  • In September 2023, Saudi Cruise announced cooperation with top-notch companies in the sector, MJM Marine and DE Wave for Aroya.
Business

ADNOC and Occidental to advance direct air capture project in UAE

Abu Dhabi, UAE -- ADNOC and international energy company, Occidental, announced today an agreement to undertake a joint preliminary engineering...
  • They will undertake a joint preliminary engineering study for the construction of the first megaton-scale direct air capture (DAC) facility outside the United States.
  • ADNOC said the study will assess the proposed one million tons per annum (mtpa) DAC facility to be connected to ADNOC’s carbon dioxide (CO2) infrastructure.