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

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
Geostrategy

US federal agencies given 30-day deadline to enforce TikTok ban

Office of Management and Budget director Shalanda Young in a memorandum called on government agencies within 30 days to "remove...
  • The ban does not apply to businesses in the United States not associated with the federal government, or to the millions of private citizens who use the hugely popular app.
  • However, a recently introduced bill in Congress would "effectively ban TikTok" in this country, according to the American Civil Liberties Union (ACLU).
Business

SABIC 2022 profit down 28%

The firms said margins will continue to be under pressure in H1.
  • The net profit of SABIC, which is one of the largest petrochemical companies in the world, after taxes was 16.5 billion riyals ($4.4 billion).
  • In a statement, SABIC said that its fourth quarter 2022 net income was 290 million riyals, 84 percent lower compared to Q4 2021.
Business

Edmond de Rothschild to open advisory office in Dubai

Dubai, UAE -Edmond de Rothschild Group has announced the opening of an advisory office, Edmond de Rothschild (Middle East), at...
  • The Group has obtained an advisory license from the Dubai Financial Services Authority, which regulates services in DIFC
  • Ali Raza Syed, Senior Executive Officer of Edmond de Rothschild (Middle East), will be leading the local office in DIFC
Infographics

Slower GCC growth expected in 2023

The region's biggest economy, Saudi Arabia, was projected to accelerate to 8.3 percent in 2022 before moderating to 3.7 percent...
  • Maroun Kairouz, Director for the Middle East and North Africa (MENA) at the World Economic Forum says GCC countries would be the least affected by the recession.
  • Easing of pandemic restrictions, and positive developments in the hydrocarbon market drove strong recoveries in 2021 and 2022 across the GCC, World Bank says.
Business

Military, security sector free zone set up in Tawazun Park

Abu Dhabi, UAE---Tawazun Council, the defense and security acquisitions authority for the UAE armed forces and Abu Dhabi police, has...
  • The 2.8-square-kilometer zone has been established to commence operations related to defense and security industries and associated activities.
  • Tawazun Industrial Park is a regional center for defense and security industries.
Business

SABIC Agri profit $2.7 bn

The net profit for the year nearly doubled compared to 2021.
  • The company's sales (revenue) nearly doubled to 18.98 billion riyals in 2022 from 9.59 billion riyals the previous year.
  • The increase in net profit was due to an increase in average selling prices of company's products, increase in quantities sold of company products.
Business

ADNOC Gas increases IPO size to $2.5 billion on high investor demand

ADNOC Gas said that ADNOC will now offer 3.83 billion shares, equivalent to approximately 5 percent of ADNOC's total issued...
  • Khaled Al Zaabi, Group CFO of ADNOC, said the IPO of ADNOC Gas is set to be the largest-ever market debut on the Abu Dhabi Exchange to date.
  • The subscription period for the offering is unchanged and will continue until March 1, as part of a UAE public offering to individuals and other investors in the UAE.
Videos

Excess, storage issues behind food waste in GCC

Globally, around 14 percent of food produced is lost between harvest and retail, while an estimated 17 percent of total...
  • When food is lost or wasted, all the resources that were used to produce this food - including water, land, energy, labor and capital - go to waste.
  • The UN says the disposal of food loss and waste in landfills, leads to greenhouse gas emissions, contributing to climate change.
Business

Dubai records 35 percent rise in public transport use in 2022: RTA

Dubai, UAE--Dubai has recorded a 35 percent increase in the number of people using public transport like metro, tram, buses,...
  • About 1.7 million people rode public transport, shared mobility and taxis daily in 2022 compared to 1.3 million riders in 2021.
  • Dubai Metro achieved the largest percentage of the public transport, shared transport and taxis ridership of 36 percent in 2022.
Business

Qatar Central Bank issues $274 million treasury bills for a week

Doha, Qatar-- Qatar Central Bank (QCB) issued treasury bills worth QR 1 billion ($274 million) for a one-week term in...
  • Treasury bills are issued through auction for banks operating in Qatar to control liquidity rates and money supplies in the market.
  • In November last year, the bank issued Treasury Bills and Sukuk for periods of one week, one month, three, six and nine months worth $1.6 billion.

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

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...
Business

Saudi Cruise signs pacts with leading firms

The agreements are aimed at boosting investment in Aroya Cruise.
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...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Central Bank of Oman foreign assets up by 27% by July end

Muscat, Oman -- Foreign assets at the Central Bank of Oman (CBO) grew by 27.4 percent to RO 6.855 billion...
  • Initial data issued by the NCSI showed that local liquidity stood at RO 21.362 billion, an increase of 4.9 percent compared to the corresponding period in 2022.
  • Total loans and financing in commercial banks and Islamic windows grew by 8.7 percent by the end of July 2023 to RO 30.272 billion, compared to RO 27.860 billion.
Business

Ducab bags 30 major contracts

The contracts were secured in the oil, gas and petrochemical sector.
  • The company said it had produced and supplied more than 10 billion meters of cable products in 2023 alone.
  • The company will be showcasing its advanced range of PetroBICC cables at ADIPEC.
Economy

Abu Dhabi’s non-oil economy up by 12.3 percent in second quarter

Statistical estimates published by the Statistical Centre Abu Dhabi said the construction sector grew by 19.1 percent in the second...
  • The manufacturing activity grew by 7 percent compared to the same period last year, with the sector recording its highest quarterly value-added since 2014.
  • Abu Dhabi's financial sector recorded a robust growth of nearly 30 percent, also its highest growth rate since 2014.