INSEAD Day 4 - 728x90

BYD logs record EV sales in 2025

It sold 2.26m EVs vs Tesla's 1.22 by Sept end.

Google to invest $6.4bn

The investment is its biggest-ever in Germany.

Pfizer poised to buy Metsera

The pharma giant improved its offer to $10bn.

Ozempic maker lowers outlook

The company posted tepid Q3 results.

Kimberly-Clark to buy Kenvue

The deal is valued at $48.7 billion.

TAQA secures $2.31bn loan

It will be utilized in a phased manner.

Business

Media’s Role in the Age of Algorithms

In a world where 5 billion people are active on social media, our digital voices shape culture, foster belonging, and...

Opinion
Business

ROSHN and Saudi cybersecurity organization partner on tech advancement

Riyadh, Saudi Arabia -- ROSHN Group, the PIF-owned giga-project and real estate developer, has signed a memorandum of understanding (MoU)...
  • Both parties will develop joint initiatives aimed at enhancing the abilities of the Saudi IT and cybersecurity sectors.
  • ROSHN will look to explore the use of drone technologies in its operations, and also participate in SAFSCP’s Bug Rewards Platform (Bug Bounty)
Business

SAIC net profit $39 million

The company's Board announces a dividend of $11.79 million.
  • The company's fourth-quarter net profit increased 89.6 percent year-on-year (YoY) to SAR 38 million, from SAR 19.85 million in 2022.
  • In a Tadawul filing, the company attributed the rise in net profit to sale of shares in associated companies and the sale of financial assets at fair value through profit or loss.
Business

UAE launches digital public consultation on tax implementation

Abu Dhabi, UAE -- UAE's Ministry of Finance (MoF) Friday launched digital public consultation to gather feedback from relevant stakeholders...
  • The consultation will be open from 15th March 2024 to 10th April 2024, and accessible via the Ministry’s website or the UAE’s Government Portal.
  • To familiarize stakeholders with the rules and to ensure informed feedback is received, the Ministry has issued a Global Minimum Tax briefing document alongside the consultation.
Business

Gulf Cooperation Council’s first UAE Bond ETF launched by Lunate Capital

Abu Dhabi, UAE -- The launch of Gulf Cooperation Council's first UAE bond Exchange Traded Fund (ETF), which will list...
  • The Chimera JP Morgan UAE Bond UCITS ETF will track the performance of the JP Morgan MECI UAE Investment Grade Custom Index.
  • The ETF will hold Investment Grade sovereign, quasi-sovereign and corporate bond issues with at least $500 million in face amount outstanding.
Business

Majid Al Futtaim net profit is $735m

The Group reported a 12% increase in EBITDA to $1.25 billion.
  • MAF – Properties recorded a 20 percent YoY increase in revenue to AED 6.9 billion and 21 percent increase in EBITDA to AED 3.6 billion.
  • The Group's net debt increased to AED 15 billion, primarily due to investments in working capital.
Business

Land transport of goods leads Saudi commercial registrations in Q4

Riyadh, Saudi Arabia -- Saudi Arabia witnessed a surge in commercial registrations across various business sectors in the last quarter...
  • The resorts activity saw a significant 51 percent annual increase, reaching 3.37 million records by Q4 2023.
  • Boutique hotels witnessed a surge of 74.4 percent, with commercial records reaching 1.91 million by Q4 2023.
Business

Walaa posts $39m net profit

The insurance provider had suffered a loss of $18.15m in 2022.
  • Walaa attributed the increase in net profit to insurance revenue of SAR 28.12 million in 2023 compared to a loss of SAR 119.9 million in 2022.
  • In Q4 2023, the company recorded a net profit of SAR 45.3 million, against a net loss of SAR 11.41 million in the same quarter of previous year.
Business

Yalla Group 2023 revenue $318m

The company's fourth quarter revenue soared to $80.9 million.
  • In the last quarter of 2023, Yalla's net margin was 36.6 percent alongside an impressive non-GAAP net margin of 41.3 percent.
  • Yalla reported a 13.3 percent year-over-year increase in average monthly active users (MAUs), reaching 36.2 million in the final quarter of 2023
Business

Dubai hotel occupancy up 3.4% to reach 90.8 percent in Feb

Dubai, UAE -- Dubai hotels achieved a 3.4 percent year-on-year growth in occupancy levels, reaching 90.8 percent, according to preliminary...
  • Other key metrics also showed positive growth, with the average daily rate (ADR) increasing by 9.3 percent to AED 887.06 ($241).
  • The revenue per available room (RevPAR) rising by 13.1 percent to AED 805.21, according to CoStar, a provider of global real estate information.
Economy

Saudi foreign reserve assets decrease by 2% to $431bn in Feb

Riyadh, Saudi Arabia -- Saudi Arabia's international reserve assets decreased by SAR 26.98 billion, or 2 percent, to SAR 1.619...
  • On a yearly basis, the Kingdom’s foreign reserve assets plunged 5 percent, or SAR 78.2 billion, Argaam reported, citing Saudi Central Bank (SAMA) data.
  • Foreign currency reserves, representing about 94 percent of total assets, fell by nearly 5 percent year-on-year (YoY) in February to SAR 1.526 trillion.

TAQA secures $2.31bn loan

It will be utilized in a phased manner.
Business

Company News

4.4m travel by SAR in H1 2023

EIH buys stake in Gewan Holding

ADNOC in talks with OMV

KEZAD Group, GFCF ink deal

Saudia raises seat capacity by 10%

Latest News

Desert truffles: Saudi Arabia’s buried treasure

The 10-day Qassim Truffle Festival, currently in its fourth year, features 18 booths showcasing truffles, a dedicated auction area and...
Business

Israeli invasion destroys 90% of Gaza livestock, poultry farms

Gaza, Palestinian Territories - The Israeli forces have decimated 90 percent of 2,500 poultry and cattle farms in Gaza during...
Geostrategy

Emirates’ first A350 takes flight

The airline operated the inaugural flight from Dubai to Edinburgh.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Oil extends gains on hopes of policy support for economic growth

Singapore - Oil prices extended gains on Friday after closing at their highest in more than two months in the...
  • Brent crude futures rose 16 cents, or 0.2 percent, to $76.09 a barrel after settling at its highest since Oct. 25 on Thursday.
  • Lower interest rates should spur more economic growth which would lead to higher fuel consumption.
Business

Dubai Airport set for record start to 2025: 4.3m guests in 15 days

Dubai, UAE -- Dubai International Airport (DXB) is on track to welcome 4.3 million guests in the first 15 days...
  • With an average of 287,000 guests passing through daily during this period DXB is operating at volumes akin to its busiest months ever.
  • This performance reflects a surge in international visitors flying out after the festive season, coupled with residents returning from holidays.
Business

Dubai real estate market saw record transactions worth $142.1bn in 2024

Dubai, UAE -- Dubai’s real estate market recorded 180,900 transactions worth AED 522.1 ($142.1 billion) in 2024, a market report...
  • The transaction volume surged by 51 percent to 119,800 in 2024, reflecting a substantial increase in buyer confidence and developer activity.
  • There was also a steady appreciation in the average price per sq ft, which was up 10 percent to AED 1,600.