INSEAD Day 4 - 728x90

DIB H1 net profit $1bn

Gross revenue increased 10% year on year

SIB H1 profit up 15.3%

Total operating income rises 20.5 percent.

flydubai Aleppo flights resumed

The flights were resumed after nearly 14 years.

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.

UAE airports see 14.2% passenger traffic surge in H1

Abu Dhabi, UAE -UAE's airports experienced a 14.2 percent increase in passenger traffic, in the first half of 2024, handling...

Economy

Standard & Poor’s affirms Saudi Arabia’s ‘A/A-1’ credit rating

Riyadh, Saudi Arabia – Standard & Poor's (S&P) affirmed the Kingdom's credit rating in local and foreign currency at "A/A-1"...

Economy
Geostrategy

UN likely to vote Monday on call for Israel to stop settlements

The 15-member council is likely to vote on Monday on the text, drafted by the United Arab Emirates in coordination...
  • The 15-member council is likely to vote on Monday on the text, drafted by the United Arab Emirates in coordination with the Palestinians
  • US Secretary of State Antony Blinken has already expressed deep concern over Israel’s decision to authorize nine Jewish settler outposts in West Bank
Economy

Abu Dhabi economy grows fastest in MENA region at 10.5%

The emirate has launched a number of initiatives in recent years as it focuses on diversifying its economy away from...
  • The emirate has launched a number of initiatives in recent years as it focuses on diversifying its economy away from oil
Geostrategy

US-GCC Working Group on Iran holds 3rd meeting in Riyadh

The meeting was co-chaired by Sheikh Ahmed bin Hashel Al-Maskari, Head of the Omani Foreign Ministry's GCC Department.
  • The meeting was co-chaired by Sheikh Ahmed bin Hashel Al-Maskari, Head of the Omani Foreign Ministry's GCC Department
  • The meeting comes within the framework of the strategic partnership between the GCC and the USA
Business

All events in UAE serving alcohol need CID clearance from Feb 15

The permit can be applied for by the hotel on behalf of the event organizer or client for a fee...
  • The permit can be applied for by the hotel on behalf of the event organizer or client for a fee of $340 per event and per day
  •  All events, commercial and non-commercial, must apply for the permit at least 14 days in advance and submit the required documentation

ADNIC 2022  profit is $103mn

The company's underwriting income was $133 million.
  • The company’s gross written premiums increased by 20.1 percent to $1.39 billion compared to $1.16 billion in 2021
  • Its net underwriting income was $133 million, compared to $134 million in the previous year in the previous year
Business

Nakilat 2022 profit surges 6.3%

The earnings per share amounted to QR 0.26.
  • The earnings per share (EPS) amounted to QR 0.26 as of Dec. 31, 2022 compared to EPS of QR 0.24 for the same period in 2021
  • The Board of Directors have proposed a cash dividend of 13 percent of the nominal share value - 0.13 Qatari Riyal per share
Business

Air Arabia 2022 net profit $326m

FY'22 turnover rose to $1.4 billion, up 65 percent YoY.
  • The average seat load factor – or passengers carried as a percentage of available seats – for the full year stood at a high 80 percent.
  • Air Arabia’s Board of Directors proposed a dividend distribution of 15 percent of share capital, which is equivalent to 15 fils per share.
Business

DEWA, ENOC sign MoU

Aim is to develop hydrogen-based mobility pilot project.
  • The MoU between DEWA and ENOC was signed at the World Government Summit 2023 in Dubai.
  • The project will utilize DEWA's existing green hydrogen production facility and ENOC's knowledge of the fuel market.
Business

Empower 2022 net profit $762m

Firm has proposed dividend of S$115 million for 2nd half 2022.
  • The quality and sustainability of its services and advanced infrastructure has made it one of the world's largest player in the district cooling industry.
  • This performance reflects the confidence in Empower by its customers and stakeholders, and the economic boom of Dubai.
Business

ADNOC Drilling profit rises 33%

The revenue climbed to $2.67 billion in 2022.
  • The company stated in a regulatory filing that the addition of more rigs to its operating fleet, which currently number 115 rigs, was a major factor in its success
  • It provided an optimistic forecast for 2023, with sales expected to range between $3 billion and $3.2 billion, indicating up to 20 percent annual growth

UAE airports see 14.2% passenger traffic surge in H1

Abu Dhabi, UAE -UAE's airports experienced a 14.2 percent increase in passenger traffic, in the first half of 2024, handling...
Economy

Company News

Latest News

Saudi defense minister hosted by UK counterpart at Lancaster House in London

Riyadh, Saudi Arabia — UK's Secretary of State for Defense Grant Shapps welcomed Saudi Arabia's Minister of Defense Prince Khalid bin...
Geostrategy

UAE insurance sector grows with rise in gross written premiums in Q3 2023

Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) has said that the UAE insurance sector continued to...
Economy

Central Bank of Egypt keeps interest rates unchanged

Cairo, Egypt – The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) has kept the current key...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

44 large direct deals on IHC worth $1.205 bn at ADX Thursday

Abu Dhabi, UAE – A wave of 44 large direct deals swept over the International Holding Company (IHC) shares on...
  • Large direct deals are trades that are executed outside the order book and do not affect the closing price of the relevant company's stock
  • They also do not affect the highest and lowest prices executed during the session and during the last 52 weeks
Economy

UAE banking sector sees $71.87 billion in savings deposits until October 2023

Dubai, UAE - Savings Deposits in the banking sector in the UAE, excluding interbank deposits, hit $71.87 billion by the...
  • The local currency, the dirham, accounted for the largest share of Savings Deposits, with around 82 percent, which is $59.12 billion
  • Demand Deposits rose to $262.77 billion at the end of October 2023, with an annual growth rate of 5.6 percent
Arts & Culture

Middle East dish Harees inscribed on UNESCO list of Intangible Cultural Heritage

Abu Dhabi, UAE - The popular traditional food Harees is now inscribed on the UNESCO Representative List of Intangible Cultural...
  • Harees is a porridge-like dish that is most often eaten during important family gatherings, such as weddings, as well as at national and religious holidays
  • The addition marks the fifteenth element inscribed on behalf of the UAE on UNESCO's lists, continuing a series that commenced in 2010 with the inclusion of falconry