INSEAD Day 4 - 728x90

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Burjeel profit nearly doubles

Healthcare demand drives stronger earnings.

IMF upgrades Saudi real GDP growth forecast to 6% in 2025, up from

Riyadh, Saudi Arabia -- The International Monetary Fund (IMF) has revised upwards its forecast for Saudi Arabia's economic growth to...

Economy

Saudi Arabia unveils ‘Colour Your Summer’ program, targeting 41 million visitors

Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector is poised for an unprecedented summer season, with the official launch of...

Business
Business

Air Arabia Q3 net profit $113m

The profit rose by 99 percent compared to Q3 2021.
  • In the same period, the airline posted a turnover of AED1.6 billion, a 100 percent increase compared to the same quarter of last year.
  • The Airline said that more than 3.9 million passengers flew with Air Arabia Group between July and September 2022 across the carrier’s six hubs.
Business

Private school operator Taaleem offers 25 percent stake in IPO

Taleem set the price range at AED2.95 ($0.80) and AED3 per share, implying a market capitalization at time of listing...
  •  The final offer price is expected to be announced on 18 Nov. 2022. Listing of the shares and trading on DFM is expected to begin 29 Nov. 2022.
  • The company is seeking to raise total capital of $204 million from the IPO, whose net proceeds will be used to expand its premium K-12 segment, Taaleem said in a statement.

NEOM has a strict data and information security strategy: CEO

Eng. Al-Nasr called for developing new and innovative ways to confront escalation in cyber-attacks and address them quickly.
  • Eng. Al-Nasr called for developing new and innovative ways to confront escalation in cyber-attacks and address them quickly
  • He called for finding and providing technical security solutions that give access to the best possible safe environment for users of the futuristic city’s technologies
Business

Burjeel’s nine-month net profit $55.83m

The company's revenue grew 17.8 percent year on year.
  • The company said the net profit increased mainly due to the Group’s service mix "delivering improved yield and utilization across the network".
  • The company raised AED1.1 billion ($299.49 million) after offering a 11 percent stake in an IPO, which was oversubscribed 29 times to over AED32 billion.
Business

e& commits to net-zero operations by 2030

The global technology and investment conglomerate pledged to achieve net-zero for Scope 1 and 2 emissions.
  • The global technology and investment conglomerate pledged to achieve net-zero for Scope 1 and 2 emissions
  • It will focus on reducing its carbon footprint through improving energy efficiency and sourcing renewable energy among other initiatives
Economy

S&P says GCC economies to get a boost from Qatar World Cup

Dubai, UAE—  The economies of the Gulf Cooperation Council will likely receive a boost from the FIFA 2022 World Cup,...
  • Dubai, according to the report, would benefit the most outside Qatar because of its proximity, tourism industry, airline connections and multiple-entry tourist visa provisions
  • According to S&P rating estimates, Qatar's real gross domestic product growth in 2022 will be 4.8 percent, a sharp increase from 2021
Business

Agthia’s profit rises by 14%

The food firm's revenue shot up to $260 million in Q3.
  • Its net profit was up 14 percent to $11 million during Q3 of 2022
  • Agthia lasty year also acquired Egypt’s meat producer Atyab as it seeks to expand in the country’s consumer packaged goods industry
Economy

UAE president issues new law on regulation, development of industry

The law which will come into effect from January 2023 aims to increase UAE’s attractiveness as investment destination.
  • The law which will come into effect from January 2023 aims to increase UAE’s attractiveness as investment destination
  • It allows the creation of a package of incentives and enablers for the industrial sector that support national strategic objectives
Interview

Crises augment EU-GCC energy & security cooperation

Josep Borrell, the EU High Representative for Foreign Affairs and Security Policy, points out that since the Ukrainian crisis, an...
  • The Ukrainian crisis has been a big push for the EU to understand the requirement of more renewables, especially the need to develop hydrogen, says EU official
  • The European Union has a new strategy for more engagement and better partnership with the Gulf countries, the bloc's foreign policy chief Josep Borrell adds
Geostrategy

COP27: ACG to give $24bn for climate action by 2030

The fund will support the acceleration of the energy transition, the increased resilience of food, transport, water and urban systems,...
  • The fund will support the acceleration of the energy transition, the increased resilience of food, transport, water and urban systems, and the promotion of energy security
  • The financial commitment by the Arab Coordination Group comes as part of a joint Call for Climate Action for Equitable Development at COP27

IMF upgrades Saudi real GDP growth forecast to 6% in 2025, up from

Riyadh, Saudi Arabia -- The International Monetary Fund (IMF) has revised upwards its forecast for Saudi Arabia's economic growth to...
Economy

Company News

Agthia Group Q1 revenue is Dh1b

Aramco shares up 3 percent

Jeddah airport picks new acting CEO

Aafaq Islamic Finance picks new CEO

AD Ports to develop Egypt projects

Latest News

UAE, Korean firms ink pact

The partnership will utilize low-cost indoor farming solution.
Business

PM issues law forming Dubai Investment Fund to oversee government investments

DUBAI, UAE – Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has issued Law...
Business

Russia, Saudi say sovereign Palestine state vital for regional peace

RIYADH, SAUDI ARABIA – Russia and Saudi Arabia expressed concern on the present situation in Gaza and said that a...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Geostrategy

Mideast ministers met with Joly, Trudeau in Ottawa to discuss Israel-Hamas war

OTTAWA, CANADA  — A group of foreign ministers from the Palestinian Authority, Saudi Arabia and Turkey met Canadian Foreign Affairs...
  • The quietly planned meeting focused on ways countries could help efforts to secure peace for Palestinians and Israelis.
  • The group is not a joint peace project with Israel, and says its leaders aim to speak on behalf of Arab and Muslim people people.
Geostrategy

Israel must be held accountable for its actions, says Palestinian PM

DOHA, QATAR - Prime Minister of Palestine Mohammad Shtayyeh called for holding Israel accountable, imposing sanctions and not allowing it...
  • The Palestinian PM denounced Washington’s use of veto against a UN draft resolution calling for a ceasefire in Gaza.
  • He said that there is an urgent need for a comprehensive political solution that would end the suffering of the Palestinians.
Geostrategy

Russia’s Putin offers assistance in Gaza Strip de-escalation

MOSCOW, RUSSIA - Russian President Vladimir Putin has offered assistance in helping to deescalate the tense situation in the Gaza...
  • This offer was made during a telephonic conversation between Russian President Vladimir Putin and Israeli Prime Minister Benjamin Netanyahu.
  • The two leaders discussed continued cooperation regarding the evacuation of Russian nationals and family members from the region.