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.

NDMC arranges $2.5bn credit facility

The Shariah-compliant facility spans a tenure of three years.

Business

Two falcons sell for $81,300 at Saudi Falcons Club Auction

Riyadh, Saudi Arabia - Two falcons were sold for a combined total of $81,300 (SAR305,000 ) on the tenth night...

Arts & Culture

UAE’s top banks post 10% profit jump in H1 of 2022

Signalling a broader economy recovery in the country, four largest banks of the UAE have posted a big surge in...
  • The financial performance comes amid an improving environment in the UAE despite global macro-headwinds
  • The recovery reflected improving consumer confidence particularly given loosening pandemic restrictions, a strong vaccination roll-out, recovering oil prices

Jada to promote startups

It will collaborate with Invest Seoul Agency for the venture.
  • The partnership seeks to exchange information on entrepreneurial policies and best practices and support startups aspiring to enter the Saudi or Korean markets
  • Invest Seoul Agency is a foreign investment promotion agency established by the Seoul Metropolitan Government
Business

Qatar Airways, British Airways expand partnership, form largest airline

The airlines have added 42 new countries to their shared network, including Italy, the Maldives, Norway, Singapore, and Sweden.
  • The airlines have added 42 new countries to their shared network, including Italy, the Maldives, Norway, Singapore, and Sweden
  • Customers will now benefit from even greater choices in prices and schedules with options for direct flights as well as connections via hubs in London and Doha
Economy

UAE to relax COVID-19 restrictions from Sept. 28

The UAE will be relaxing COVID-19 restrictions nationwide which will come into effect starting September 28. Dr. Saif Al Dhaheri,...
  • Official websites of the Ministry of Health and Prevention, the Federal Competitiveness and Statistics Centre and NCEMA will continue to issue updated data.
  • COVID-19 daily cases announcement will be discontinued.
Business

UAE-Oman non-oil trade $98.56 billion in past decade

The volume of trade exchange between the two countries during the first half of this year amounted to AED24.2 billion.
  • Trade between the two recorded a growth of 98.9 percent to reach AED46.5 billion by 2021 end, compared to AED23.4 by 2012 end.
  • It said non-oil exports accounted for 33 percent of the total non-oil trade during the past ten years, recording a value of AED120 billion.
Business

Masdar, REW sign collaboration pact

The two firms will explore developing offshore wind projects.
  • Masdar and RWE are shareholders in the London Array project, which has been operational since 2012. 
  • The wind farm has an operating capacity of 630 megawatts, powering more than half a million homes, while displacing almost 1 million tons of carbon dioxide emissions every year.
Geostrategy

UAE takes part in financial group meeting in Indonesia

The UAE recently participated in the fifth International Financial Architecture (IFA) Working Group meeting within the G20 Finance Track for...
  • The meeting discussed issues related to global financial development and stability.
  • UAE stressed on the need to work on a comprehensive regulatory framework for central digital currencies.
Infographics

UAE’s mobile internet fastest in Arab world

According to the Digital Quality of Life Index by VPN provider Surfshark, Denmark has the best digital quality of life...
  • Denmark achieved 0.83 index points in 2021 (1 is the highest score). South Korea and Finland follow in a joint second place at 0.76 points.
  • The index considers factors such as internet connection quality, internet affordability and e-security.
Business

SAFEEN Feeders, Invictus sign deal

They will launch a new international dry bulk shipping service.
  • Under the terms of the agreement, the two companies will purchase ships through Special Purpose Vehicles, owned 85 percent  by SAFEEN Feeders and 15 percent by Invictus Investment.
  • The two companies are expected to initially commit approximately AED463 million (US$126 million) for the investment in the vessels.
Economy

‘Firms in UAE resist employee demands for hike in salary’

Several firms in the UAE have received requests from employees to adjust compensation packages in line with the inflation in...
  • Firms plan pay rises of 5 percent in 2023 as over 66 percent of companies receive requests for higher salaries.
  • Over 200 global and local companies from all sectors were surveyed.

NDMC arranges $2.5bn credit facility

The Shariah-compliant facility spans a tenure of three years.
Business

Company News

$44.92m EDB, FAB loan for Lamprell

IHC acquires stake in Al Qudra

Rossi appointed Acer Mideast VP

Omantel pushes for 5G adoption

MYCRANE expands to India

Latest News

Saudi Arabia, Pakistan ink pact on digital transformation, innovation

RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia signed a memorandum of understanding (MoU) with Pakistan here on Sunday...
Geostrategy

ROSHN group opens sale for SEDRA phase 3 units in Riyadh

RIYADH, SAUDI ARABIA - ROSHN Group, one of the Public Investment Fund (PIF) subsidiaries, announced on Sunday the opening of...
Business

ADB capital reforms unlock $100bn to support Asia and the Pacific region

MANILA, PHILIPPINES - The Asian Development Bank (ADB) approved capital management reforms that unlock US$100 billion in new funding capacity...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Geostrategy

China grants Approved Destination Status to Saudi Arabia

RIYADH, SAUDI ARABIA – China on Tuesday granted Approved Destination Status (ADS) to the Gulf Kingdom. The bilateral agreement, signed...
  • The bilateral pact allows Chinese citizens to travel to Saudi Arabia in group tours in addition to facilitating greater ease of access.
  • ADS will drive greater connectivity between Saudi Arabia and China and unlock new opportunities across the tourism ecosystem.
Business

Central Bank of Bahrain treasury bills oversubscribed by 149 percent

MANAMA, BAHRAIN - This week’s BD 70 million (US$186 issue of Government Treasury Bills has been oversubscribed by 149 percent....
  • The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of Bahrain.
  • The issue date of these bills is September 27 2023 and the maturity date is December 27 2023.
Business

IsDBI, BIBF join hands to enhance global Islamic finance expertise

MANAMA, BAHRAIN - The Bahrain Institute of Banking and Finance (BIBF) and the Islamic Development Bank Institute (IsDBI) have decided...
  • The programs cater to professionals from financial institutions, regulatory bodies, supervisory authorities and legal experts.
  • This partnership between IsDBI, BIBF focuses on elevating the industry, forging international connections, and nurturing talent on a global scale.