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.

Arab meet calls for more investments in renewable energy

Speaking at the 12th Arab Energy Conference organized by the Organization of Arab Petroleum Exporting Countries (OAPEC), Qatar's Energy Minister...

Geostrategy

Saudi Crown Prince launches urban plan of Qiddiya city

Riyadh, Saudi Arabia -- Crown Prince Mohammad bin Salman, Prime Minister and Chairman of the board of directors of the...

Business
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.
Business

Masdar to invest in Indonesia’s major geothermal player Pertamina

Abu Dhabi, United Arab Emirates: Abu Dhabi-based clean energy company Masdar has entered the geothermal energy sector by making an...
  • The investment marks Masdar’s entry into Indonesia, the world's second-largest geothermal market after the US.
  • Indonesia has a goal of increasing its installed geothermal capacity from 2.8 gigawatts (GW) in 2022 to 6.2 GW by 2030.
Business

Non-oil trade between UAE and Kuwait up 87 percent in 10 years

Abu Dhabi, UAE--- Non-oil foreign trade between the UAE and Kuwait has grown 87 percent over the past ten years...
  • The total trade between the two countries during 2013-2022 amounted to AED316.2 billion,
  • Non-oil trade between the UAE and Kuwait grew 13 percent, worth AED5 billion last year, to reach AED43.5 billion, compared to AED38.5 billion in 2021.
Business

1,400 MW more nuclear power added to UAE national grid

Abu Dhabi, UAE--The commercial operations of the Unit 3 of Barakah Nuclear Energy Plant in the Al Dhafra Region of...
  • Total production from Units 1, 2 and 3 of Barakah now produce 4,200MW of clean electricity for the UAE national grid.
  • Unit 3 of the Barakah Plant has completed the process from Fuel Load to Commercial Operations more than four months faster than Unit 2 and more than five months faster than Unit 1.

Arab meet calls for more investments in renewable energy

Speaking at the 12th Arab Energy Conference organized by the Organization of Arab Petroleum Exporting Countries (OAPEC), Qatar's Energy Minister...
Geostrategy

Company News

Latest News

South Korean firms eyeing expansion in UAE’s oil and gas sector

Abu Dhabi, UAE -- Top executives from South Korean companies have affirmed that numerous firms are actively looking to expand...
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...
Business

Ducab bags 30 major contracts

The contracts were secured in the oil, gas and petrochemical sector.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Saudi Arabia’s consumer spending up 8% to reach $30bn in Aug

Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia grew 8 percent to SAR 115.4 billion ($30.76 billion) in August 2023, from...
  • Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada".
  • E-commerce sales through Mada cards increased 27 percent YoY to SAR 14.4 billion in August, marking the highest-ever sales value.
Business

Crypto industry grapples with FTX fallout as boss goes on trial

London, United Kingdom -- The collapse of cryptocurrency platform FTX, whose disgraced former boss goes on trial this week, sparked shock...
  • Sam Bankman-Fried, once the wunderkind of crypto, will appear in a federal New York court on Tuesday facing seven counts of fraud.
  • FTX, once the world's second-biggest crypto exchange, collapsed last November amid accusations that client money was being funneled to prop up its investment arm Alameda.
Business

Expo 2023 building in Guinness World Records for largest green roof

Doha, Qatar -- The main building of Expo 2023 in Doha has made it to the Guinness World Records for...
  • The roof of the building, implemented by Qatar's Public Works Authority (Ashghal), has an area of 4,031 square meters.
  • The new global achievement is the sixth world record achieved by Qatar's Public Works Authority in the previous years.