INSEAD Day 4 - 728x90

2PointZero posts profit surge

Growth driven by merger consolidation.

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.

Wild AI, a royal letter and big hugs – a week in Trumpworld

Washington, United States  - President Donald Trump closed out a packed week at the White House after hosting a string...

Arts & Culture

$2.65bn in contracts signed during first two days of IDEX and NAVDEX 2025

Abu Dhabi, UAE -- Tawazun Council, UAE's authority responsible for managing acquisitions, procurement, and contracts on behalf of the Ministry...

Business
Business

ADNOC Distribution profit rises 2%

The Company’s non-fuel retail business rose by over 12%.
  • The company's growth in total fuel volumes in the UAE and Saudi Arabia, witnessed a 9% rise in H1 2023 compared to H1 2022
  • The Company’s non-fuel retail business rose by more than 12% year-on-year primarily driven by a 14% increase in transactions
Business

Burjeel Holdings H1 net profit $61m

Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.
  • Burjeel Holding reported revenue of US$599 million, up 13.9 percent y-o-y during H1 2023.
  • The net profit was attributable to robust topline growth and significantly lower finance costs.
Economy

Central Bank of Egypt raises interest rate to 100 bps to combat inflation

Cairo, Egypt – In a surprising move, the Central Bank of Egypt (CBE) announced on Thursday that it has raised...
  • The lending rate was increased to 20.25 percent, and the deposit rate to 19.25 percent
  • The decision marks the second interest rate hike in Egypt this year, following a 2 percent rise in late March
Business

Estithmar H1 profit rises 3.7%

The Earnings per Share amounted to QR 0.059.
  • The Earnings per Share stood at QAR 0.059, marking a slight decline from the EPS of QAR 0.065 for the corresponding period in 2022
  • The company has a portfolio spanning 51 companies operating across five strategic sectors comprising healthcare, services, ventures, contracting, and industries
Business

Abu Dhabi International Airport sees 67% surge in H1 passenger traffic

Abu Dhabi, UAE - Abu Dhabi International Airport (ADIA) registers an increase of 67 percent in passenger traffic with 10,258,653...
  • The airport also recorded 67,835 flights, a rise of 36 percent compared to 49,919 flights during H1 2022
  • The destination with the highest passenger traffic served by the airport during the period was Mumbai
Economy

Saudi Arabia posts budget deficit of US$1.41 billion in Q2 2023

RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of...
  • Saudi Arabia, the world’s top oil exporter, recorded a budget surplus of almost $30 billion in 2022.
  • Total revenues in Q2 stood at US$84 billion, down 15 percent from the same period last year.
Economy

Fitch credit downgrade upsets US Treasury Secretary, shakes markets

Markets slid on Thursday as traders shifted to safer assets after Fitch downgraded the United States' credit rating from AAA...
  • The primary catalyst behind this historic downgrade is the steady erosion of governance standards over the last two decades
  • The downgrade comes on the heels of a significant bipartisan agreement reached in June to suspend the debt limit until January 2025.
Business

DUBAL, Oriental Copper ink MoU

JV will manufacture high-quality copper products in UAE.
  • As per the agreement, DUBAL Holding will assist with local resources and be a co-investor.
  • Oriental Copper will contribute its extensive technical, operational, and market expertise.
Business

Saudi, Brazil companies partner for collaboration in water desalination

Sao Paulo, Brazil - Saudi Arabia's Saline Water Conversion Corporation (SWCC) has signed a memorandum of understanding (MoU) with the...
  • The agreement provides opportunities for localization and content enrichment in electrical engineering
  • It also focuses on developing and enhancing the efficiency of various electrical systems

Student enrolments in GCC to grow by 1.1m in 5 years

Saudi Arabia is expected to lead the growth, with a CAGR of 1.6 percent, while Kuwait and the UAE are...
  • Saudi Arabia is expected to lead the growth, with a CAGR of 1.6 percent, while Kuwait and the UAE are projected to experience faster growth rates compared to other member nations
  • The demand for schools in the GCC is estimated to rise with a CAGR of 0.7 percent, resulting in an addition of approximately 1,127 schools by 2027, reaching 35,208 schools by 2027

Wild AI, a royal letter and big hugs – a week in Trumpworld

Washington, United States  - President Donald Trump closed out a packed week at the White House after hosting a string...
Arts & Culture

Company News

Latest News

Middle East and Africa smartphone shipments surge 30% YoY in Q4 2023

Dubai, Riyadh - Smartphone shipments in the Middle East and Africa (MEA) region witnessed a remarkable surge, growing by 30%...
Business

Red Sea Global releases ‘Red Sea Waves,’ its first music album

Riyadh, Saudi Arabia - Red Sea Global (RSG), the developer behind The Red Sea and Amaala, the Saudi tourism destinations,...
Arts & Culture

EDB’s contribution to UAE’s industrial GDP in 2023 rises to US$1.1bn

ABU DHABI, UAE – Emirates Development Bank (EDB) has unveiled its 2023 results, showcasing an extraordinary year of achievements and...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Over 6m worshippers perform prayers at Prophet’s mosque last week

Madinah, Saudi Arabia -- Saudi General Authority for the Care of the Affairs of the Grand Mosque and the Prophet's...
  • The statistics showed that 647,790 visited the Prophet Mohammed's tomb, and 298,397 visitors performed prayers at Al-Rawdah Al-Sharifa
  • More than 160,000 bottles of Zamzam water were provided, and 142,007 Iftar meals were distributed in corridors of the mosque
Economy

UAE allocates $5m to WTO’s Women Exporters In Digital Economy Fund

Dubai, UAE – United Arab Emirates on Sunday allocated $5 million to a $50 million fund launched Sunday ahead of...
  • The alloocation was announced by the UAE minister Dr Thani bin Ahmed Al Zeyoudi, Chair of the 13th WTO Ministerial Conference 2024, which begins in Dubai today
  • The new fund aims to unlock the power of the digital economy, helping women exporters overcome financing hurdles and capture untapped opportunities

Pakistan greenlights construction of long-awaited Iran-Pakistan gas pipeline

Tehran, Iran -  Pakistan has decided to link the gas pipeline from the country's Gwadar port city to the Iranian...
  • According to Pakistani media, the country will expedite the project, which faced significant delays, in two phases
  • Iran had previously given Pakistan a 180-day deadline until September 2024 to start completion of the pipe-laying work