INSEAD Day 4 - 728x90

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.

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

IMF projects 3.3% global growth for 2025, MENA to rebound to 3.6%

Dubai, UAE -- The International Monterey Fund (IMF) has projected global growth to remain at 3.3 percent this year and...

Economy

Meraas awards construction contract

The $272m contract has been awarded for Bluewaters Bay.

Business
Economy

Saudi PIF to establish five companies for investments in five Arab countries

The five companies, together with Saudi Egyptian Investment Company (SEIC), a wholly-owned PIF subsidiary that was launched in August 2022,...
  • The announcement was made on the second day of the 6th Edition of the Future Investment Initiative, where top CEOs, investors and world leaders are participating.
  • The companies will invest in various key sectors, including but not limited to, infrastructure, real estate development, mining, healthcare and financial services.
Business

Dubai real estate market records deals worth $462 million on Tuesday: DLD

Dubai, UAE--- Dubai real estate market recorded real estate transactions worth AED1.7 billion ($462 million) on Tuesday, Dubai Land Department...
  • The transactions included 425 sales transactions worth AED1.32 billion, in addition to 71 mortgage deals of AED386.7 million, and 12 gift deals amounting to AED56.77 million.
  • The sales included 403 villas and apartments worth AED1.17 billion, and 22 land plots worth AED149.92 million.
Business

First Abu Dhabi Bank Group net profit for nine months of 2022 $2.96 billion

The bank said impairment charges were AED1.7 billion, 11 percent lower YOY.
  • The bank said that the total income reached AED18 billion, up 13 percent  yoy, driven by 18 percent growth in net interest income.
  • Total income for the nine months includes an AED3.1 billion net gain on the sale of a stake in Magnati.
Geostrategy

Aramco chief at FII6: World needs realistic, optimal energy transition plan

"The current transition plan isn't working. We are still dependent on coal. We need to have a new consensus on...
  • Lord Adair Turner, chair of the Energy Transitions Commission, said Europe was burning more coal this year as it is shot of gas, but transition towards renewables is ongoing.
  • Saudi Finance Minister Mohammed Al Jadaan said there is more thinking about renewable energy and a realization that the transition to renewables is not going to take place soon.
Economy

Early preparations put GCC in better place to face tough economic conditions: Saudi finance minister

Saudi Arabia has prepared for years for the conditions that the world is witnessing, which enabled it to be in...
  • Saudi Arabia has prepared for years for the conditions that the world is witnessing, which enabled it to be in a better status than many other countries, says Al-Jadaan in Riyadh
  • Saudi Arabia is mobilizing the capabilities of multilateral development institutions to ensure support for regional countries, the Kingdom's Finance Minister added.
Business

CMA approves 18 listings on Tadawul

Tadawul is also developing a market marker for the bourse.
  • According to Mohammed al-Rumaih, CEO of Tadawul, the Capital Market Authority has approved 18 listings through 2022
  • The number surpasses the 2021 figure, which saw 21 listings, as well as the number witnessed in 2020, when the market recorded only eight listings
Business

Inditex sells Russian business to Middle Eastern Daher Group

Inditex closed its over 500 stores in Russia in March.
  • Following Moscow's invasion of Ukraine on February 24 and Western sanctions, Inditex closed its over 500 stores in Russia in March
  • The UAE and a number of other Gulf and Asian countries are regarded by the Kremlin as friendly states, and their companies are encouraged to conduct business in Russia
Business

Mashreq posts net profit of US$708m

The embrace of digital services by it customers drove growth.
  • Its operating income has increased by 24.3 percent over the previous year to $1.44 billion
  • The operating profit at $871 million represents a 33.2 percent increase compared to the same period of 2021
Economy

‘World Cup is crucial — both economically and culturally — and Qatar is ready to prove itself’

Qatar is currently more like a workshop of preparation and equipping, in which Qataris and residents have engaged. Brotherly and...
  • Qatar's GDP during the first half of this year increased by 4.3%, supported by a 7.3% growth rate of the non-oil sector
  • The hike in energy prices turned a projected budget deficit at the beginning of the year into a surplus of about QAR 47.3bn in H1
Business

Al Seer Marine buys large crude carriers

The firm's total VLCC fleet value is now $245 million.
  • VLCC Acrux (previously Elandra Everest) is the name of the third VLCC vessel Al Seer Marine has taken delivery of in October 2022.
  • In addition to the three VLCCs, Al Seer Marine recently acquired two liquefied petroleum gas (LPG) tankers valued at US$70 million.

IMF projects 3.3% global growth for 2025, MENA to rebound to 3.6%

Dubai, UAE -- The International Monterey Fund (IMF) has projected global growth to remain at 3.3 percent this year and...
Economy

Company News

Emirates Steel exports up 50 percent

Al Hamra to launch $270m project

Fintech opens center in Riyadh

Etisalat to up stake in Mobily

ADNIC to pay $62m in dividends

Latest News

Al Ansari 9M profit US$105m

The operating income of the group rose to US$234 million.
Business

Saudi Arabia’s Industrial Production Index falls 11.2% in September

RIYADH, SAUDI ARABIA – The Kingdom of Saudi Arabia’s Industrial Production Index (IPI) fell by 11.2 percent year-on-year (YoY) in...
Economy

Dubai Investments acquires 7.68% more stake in Monument Bank

Dubai, UAE - Dubai Investments, the leading investment company listed on the Dubai Financial Market (DFM), acquired additional 7.68 percent...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Market Report

IPOs in MENA raise US$5.8bn in first nine months of 2023

ABU DHABI, UAE - A recent report revealed that 29 initial public offerings (IPOs) were recorded in the Middle East...
  • The report indicated that the MENA region witnessed six IPOs during the third quarter of this year with proceeds of US$523 million.
  • The report described plans to list shares for IPO in the fourth quarter of 2023 and early 2024 as still promising.
Business

Record number of patent applications filed globally in 2022, says WIPO

GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an...
  • China, the US, Japan, Republic of Korea and Germany were the countries with the highest numbers of patent filings in 2022.
  • innovators from around the world submitted 3.46 million patent applications in 2022, marking a third consecutive year of growth.
Economy

Expat remittances in Saudi Arabia fall to $2.6bn in September

RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9...
  • On a month-on-month (MoM) basis, expat remittances in the Kingdom declined 8 percent, or US$229 million.
  • Remittances by Saudi nationals to other countries also fell 11 percent YoY to US$1.2 billion in September.