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.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Geostrategy

Borouge Q1 net profit $281 million

The total dividend paid to shareholders in 2024 $1.3bn.

Business
Business

AD Ports Group net profit up 6%

Revenue growth driven by ports, logistics, and digital clusters.
  • The Group said it more than doubled year-on-year to AED11.68 billion, up 58% YoY to AED 8.71 billion on a like-for-like basis.
  • General cargo volumes rose by 26 percent YoY to reach 40 million tons in 2023, compared with 31.7 million tons in 2022, 13 percent YoY on an LFL basis.
Business

ADNOC and bp to form gas JV

The JV is expected to be completed in the second half of 2024.
  • Under the JV, bp will contribute its interests in three development concessions, as well as exploration agreements, in Egypt.
  • ADNOC will make a proportionate cash contribution which can be used for future growth opportunities.
Business

$1.39bn credit facility for Cenomi Centers

The Shariah-compliant facility was secured with several banks.
  • The new arrangements consist of a 12-year term sustainability-linked Murabaha facility in two tranches as well as a revolving four-year renewable Murabaha facility.
  • The arrangements will help Cenomi to support its growth plans by contributing towards existing facility repayments.
Business

NMDC Group net profit $585m

The Group's revenues surged 56 percent to $4.54 billion.
  • The Group's assets reached AED 20.8 billion in 2023, up from AED 16.0 billion in 2022.
  • In Q4 2023 alone, NMDC reported revenues of AED 5.7 billion and a net profit of AED 0.64 billion.
Business

US hardwood lumber shipments to MENA reach $61 million in 2023

Dubai, UAE -- American hardwood lumber (sawn timber) shipments to the Middle East and North Africa (MENA) region reached $61.14...
  • Significant increases were seen in exports of American hardwood lumber to the United Arab Emirates and Saudi Arabia last year.
  • More modest increases were seen in shipments to Morocco, Lebanon, Algeria and Iraq.
Geostrategy

OFID funds $27 billion for 4,000 projects in 125 countries

Dubai, UAE -- The OPEC Fund for International Development (OFID) has committed a US$27 billion to support 4,000 development projects...
  • The OPEC Fund for International Development, founded in 1976, is a multilateral development finance institution.
  • Its membership comprises 12 countries: the UAE, Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, and Venezuela.
Economy

IMF chief forecasts higher economic growth for Arab region in 2024

Dubai, UAE -- International Monetary Fund (IMF) chief Kristalina Georgieva has forecasted that the total GDP growth for the Middle...
  • The GDP growth for the Middle East region would reach 2.9 percent this year, surpassing the figures from 2023.
  • The IMF Chief also anticipated a decline in global inflation rates for 2024, while underscoring that medium-term global growth prospects remain at around 3 percent.
Business

Red Sea Global, Riyad Bank sign agreement on $522m financing

TABUK, SAUDI ARABIA - Red Sea Global (RSG) has completed a US$522 million (SAR2 billion) financing agreement with Riyad Bank,...
  • Red Sea Global will develop the highly anticipated Four Seasons Resort at The Red Sea destination.
  • The Four Seasons Resort, situated on Shura Island, is set to be a luxury property offering 159 exquisite guest rooms.
Business

Asian labor dialogue champions tech solutions for disputes

Dubai, UAE -- Ministers of labor and human resources from 16 Asian countries sending and receiving workers have called for...
  • A total of 16 countries participated in the current edition of the Abu Dhabi Dialogue, including nine workers-sending countries.
  • The UAE showcased its social protection system for workers, including the Unemployment Insurance Scheme.
Business

Dubai Customs new record: 17.15m international visitors in 2023

Dubai, UAE -- In 2023, Dubai Customs managed 46.87 million bags from 206,396 flights, averaging 128,400 bags daily and played...
  • In 2023, Dubai Customs managed 46.87 million bags from 206,396 flights, averaging 128,400 bags daily.
  • The Passenger Operations Department has over 845 inspection officers supported by 77 baggage inspection devices.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.
Geostrategy

Company News

Latest News

World’s rarest coffees to be auctioned for first time in Dubai

Dubai, UAE -- Coffee aficionados and industry leaders will converge in Dubai this February at World of Coffee (WOC) Dubai...
Business

Ras Al Khaimah tourism sector contributes 5 percent to GDP: Official

Ras Al Khaimah: Ras Al Khaimah seeks to welcome 3.5 million tourists annually by 2030, says Raki Philipps, CEO of Ras...
Business

Vegetable oil pushes global food prices to seven-month high in Nov

Rome, Italy -- The benchmark for world food commodity prices rose in November to its highest level since April 2023,...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Saudi Arabia partners with World Bank to launch global knowledge hub in Riyadh 

According to World Bank Group President Ajay Banga, “The new Knowledge Hub being created by the World Bank Group and...
  • The initiative positions Saudi Arabia as a central player in facilitating the global exchange of transformative ideas
  • The agreement was formalized with the signing by World Bank Group President and Saudi Arabia’s Minister of Commerce
Business

Aramco-Horse Powertrain deal completed

An agreement for the purchase of 10% equity stake was signed in June 2024.
  • Aramco said it bought the stake through its directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd.
  • The transaction builds on Aramco's efforts to develop new mobility solutions with the potential to reduce transport emissions.
Economy

UAE firms accelerate AI transformation, new report finds

The real power of AI lies in its careful deployment across diverse business functions, and the UAE is primed for...
  • The AI Maturity Index shows that more than 80 percent of enterprises have a shared vision for AI within their organizations
  • Only 15 percent have reached a 'transformative' level of AI maturity