Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
Business
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
Business
ADNOC awards $980m contract
The contract awarded to ADNOC Drilling to hire offshore rigs.
- ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size.
- Over 80 percent of the award value will flow back into the UAE’s economy under ADNOC’s In-Country Value (ICV) programme.
Business
Burjeel Holdings set to expand to Oman, Saudi Arabia
The company is raising capital to support the ongoing expansion in the UAE and Oman, and pending entry into Saudi...
- The company is raising capital to support the ongoing expansion in the UAE and Oman, and pending entry into Saudi Arabia, the founder Dr Parambath said
- In the UAE Burjeel has built the cancer centre, the mother care services, as well as the orthopaedic and diagnostic networks
Science
Dubai’s Museum of the Future to house Global Futurist Society
The Global Futurist Society headquarter at the MOTF creates a physical center for international and cross-border dialogue.
- The Global Futurist Society headquarter at the MOTF creates a physical center for international and cross-border dialogue
- It will harness the knowledge and expertise of local and global networks and members of the constituent parties to shape practices in future
Business
Video highlights: Futuristic TOP CEO 2022 discusses economic opportunities
The TOP CEO Conference, held in Dubai in Q2, discussed several burning global and regional issues of the time. It...
- The TOP CEO Conference in Dubai in the second quarter of 2022 discussed several burning global and regional issues of the time
- It brought together Arab and international business leaders and experts to discuss several topics under the theme of The Great Business Reset
Economy
Saudi Arabia dismisses statements critical of OPEC+ quota cut
A few days after US President Joe Biden said that there would be consequences for Saudi Arabia on its decision...
- The United States accused Saudi Arabia of kowtowing to Moscow, which objects to a Western cap on the price of Russian oil in response to its invasion of Ukraine
- The Saudi foreign ministry statement stressed the “purely economic context” of the oil cut
Business
ENOC unveils service station of future for public at Expo City
Dubai, Abu Dhabi -- ENOC Group announced Wednesday that its Service Station of the Future is now open to the...
- Expo City Dubai is now ready to host 145,000 residents and workers, becoming the UAE’s first 15-minute city.
- This includes amenities in close proximity to the 85 start-ups and small businesses that occupies the commercial space.
Business
Yellow Door closes $400m equity raise
It plans to deploy $1bn in sustainable energy projects.
- Yellow Door said in a statement that the funding was substantially provided by YDE’s newest and now controlling shareholder, Actis.
- Existing shareholders International Finance Corporation (IFC), Mitsui & Co., and APICORP also increased their equity commitments.
Business
Wio Bank, Stripe sign partnership
Will enable SMEs to access e-commerce faster.
- They will also ensure easy onboarding and a simple pay-as-you-go pricing model.
- Users can soon sign up on the Wio Business app and be set up with a payment gateway to optimize payments within minutes.
Business
ADNIC, JAFZA sign insurance pact
JAFZA is home to over 9000 companies, including Fortune 100 firms.
- ADNIC will provide pre-underwritten insurance products for health and office insurance with exclusive pricing.
- Through this partnership, the Jafza community will benefit from hassle-free online enrolment for health insurance policies.
Economy
NAFIS partners with du to hire 500 Emiratis in private sector
The MoU aims to enhance the cooperation between the two parties to spread awareness and introduce the initiatives and programmes...
- The MoU aims to enhance the cooperation between the two parties to spread awareness and introduce the initiatives and programmes offered by NAFIS
- The NAFIS programme is working to achieve Emiratisation rates in the private sector with set deadlines through partnerships with private and government organisations
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Salik 2024 net profit before taxes $348m
The toll operator's revenue increased by 6% to $626 million.
Business
Company News
IDB inks pact with IRENA
Business
Latest News
Iran, Russia to invest $38bn in developing INSTC
TEHRAN, IRAN – The Iranian head of Solyanka Port in Russia said that the International North-South Transport Corridor (INSTC) is a...
Geostrategy
Saudi Arabia’s Ministry of Investment inks 3 MoUs at FII7
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Investment signed three memoranda of understanding (MoU) in the fields of biotechnology,...
Business
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Business
Bank Albilad posts net profit
The bank’s January-September 2023 profit was $469 million.
- The bank reported a 3 percent year-on-year increase in gross operating income during January-September 2023 period.
- The rise in gross operating income was mainly due to higher net income from investing and financing assets.
Business
RCU inks pact with Artefact, Dassault Systèmes for AI, digital solutions
ALULA, SAUDI ARABIA – The Royal Commission for AlUla (RCU) has reinforced its commitment to technology innovation and cutting-edge digital...
- The pacts are focused on the seamless integration of the latest and emerging digital products within AlUla's maturing technology eco-system.
- The agreement will cover pivotal areas of development, from AI consulting and transformation to establishing a dedicated school of data & AI.
Business
NHC, NAVER Cloud ink pact
The pact aims at establishing advanced digital solutions.
- The agreement aims to boost cooperation, achieve common goals, exchange experience in the application of the innovative solutions.
- The pact will help achieve the strategic visions of the municipal and housing sectors by adopting the best technologies for a sustainable future.