INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

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

Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb

RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...

Economy

Dubai Taxi Company net profit up 54%

The company will pay a dividend of $19.33 million for Q4.

Business
Geostrategy

‘Kuwait an important partner in oil exploration sector’

Secretary-General of the Malaysian Foreign Ministry said Kuwait is an important partner in oil explorations sector, urging closer investment relations...
  • Secretary-General, Malaysian Foreign Ministry says Kuwait is an important partner in oil explorations sector
  • The official urges closer investment relations between the two countries.
Geostrategy

Egypt warns Ethiopia against filling up of Renaissance Dam

Egypt has warned Ethiopia against the filling of the Grand Ethiopian Renaissance Dam (GERD) reservoir, saying that it would not...
  • Egyptian Foreign Minister Sameh Shoukry dismissed the unilateral filling of the dam reservoir as "a clear violation of the 2015 Declaration of Principles Agreement"
  • The minister underlined that Egypt also reserves its legitimate right guaranteed in the Charter of the United Nations to take all necessary measures to ensure and protect its natio
Economy

Turkey’s June 2022 exports up 19% to US$23.4bn

The January-June figure hit $125.9 billion, the Turkish Statistical Institute (TurkStat) said in a statement
  • The January-June figure hit $125.9 billion, the Turkish Statistical Institute (TurkStat) said in a statement
  • As imports rose at a faster pace than exports, the country's foreign trade deficit widened 142.7 percent to hit $51.4 billion

Standard Chartered posts record profit in H1 of 2022

The bank's profit rises 28% to US$581 million in the first half.
  • The bank witnessed double-digit income growth and high Operating Profit growth in major markets like the UAE, Pakistan, and Ghana
  • The bank’s operating profits has also increased to with US$581 million, a 28% increase in operating profit compared to last year
Geostrategy

Islamic Development Bank approves $10.54bn food security package

The Islamic Development Bank (IsDB) Group has agreed on a $10.54 billion package for the Comprehensive Food Security Response Program...
  • The package will support member countries in addressing the ongoing food crisis and strengthening its members' resilience to future food security issues.
  • The package was announced after at an extraordinary joint meeting, chaired by IsDB President and Chairman of the Board of Directors of the IsDB Group Dr. Muhammad Al Jasser.
Business

QEWC finalizes buying 40 percent shares of Nebras

Qatar Electricity and Water Company (QEWC) said Raslaffan Operating Company WLL, a wholly-owned subsidiary of QEWC completed the purchase of...
  • QEWC said that the completion of the purchase process came as a continuation of the statement issued by the company on January 4
  • On January 4, QEWC said Raslaffan Operating Company WLL has completed purchase of 40 percent of the share capital of Nebras Power
Economy

Dubai’s real estate market sales transactions reach US$6.2bn

Dubai’s real estate market recorded 8,897 sales transactions worth US$6.2 billion approx (AED22.75 billion), the highest volume of sales transactions...
  • Dubai’s real estate market recorded 8,897 sales transactions worth US$6.2 billion
  • The transactions were the highest volume of sales transactions for June in the past nine years
Business

ADNOC announces second discovery of natural gas resources

Abu Dhabi National Oil Company (ADNOC) today announced a second discovery of natural gas resources in the first exploration well...
  • The reservoir was struck in in the first exploration well in Abu Dhabi's Offshore Block 2 Exploration Concession, operated by Eni.
  • The discovery from a new deeper reservoir indicates between 1 – 1.5 trillion standard cubic feet (TSCF) of raw gas in place.
Business

Alpha Dhabi reports net profit of US$2.2bn in H1 2022

Alpha Dhabi Holding has announced its financial results for the half-year ended June 30. The company reported net profit of...
  • Alpha Dhabi reports net profit of US$2.2 billion in H1 2022 ending June 30, up from US$ 453 million in the corresponding period last year
  • The firm is also starting to see the benefits of its expansion outside the UAE with overseas revenue accounting for US$ 572 million
Business

DFM H1 profit up up 63 percent

The second quarter profit increased by 134 percent.
  • The net profit of the second quarter of 2022 increased by 134 percent to AED35.9 million compared to Q2- 2021's level of AED15.3 million.
  • The Company's total consolidated revenue reached AED163.8 million in H1-2022 compared to AED136.6 million during H1-2021.

Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb

RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
Economy

Company News

Latest News

UAE launches National Genome Strategy for healthcare efficiency

Genome programs will also help create new economic opportunities in the UAE by attracting partnerships in fields such as artificial...
Geostrategy

AI partnership to boost Abu Dhabi sustainability efforts

Abu Dhabi, UAE - The Technology Innovation Institute (TII) said Monday its AI and Digital Science Research Center (AIDRC) has...
Economy

UAE urges investment, action for water sustainability at UN meet

DUBAI, UAE – UAE Minister of Climate Change and Environment Mariam bint Mohammed Almheiri emphasized the importance of collaboration, data...
Science
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Dana Gas proposes dividend

The company had reported a net profit of $182 m for 2022.
  • A payout of 4.5 fils per share for the second half of 2022 would take the total dividend payment for 2022 to AED630 million ($171.5m)
  • The increased payout reflects higher global energy prices and the company’s good operational performance for the year, Dana said.
Science

SEWA discusses water desalination technologies for sustainability

SHARJAH, UAE - Sharjah Electricity, Water and Gas Authority (SEWA) participated in a discussion on modern and innovative technologies in...
  • SEWA seeks to increase desalinated water production in Sharjah by establishing a plant in Hamriyah to produce 90 million gallons daily.
  • SEWA also wants to raise the production efficiency of Al Hamriyah plant to a maximum capacity of 20 million gallons of clean water per day.
Business

China third-largest investor in UAE, its top trading partner

The mutual investments between the two countries are witnessing continuous growth in various economic and commercial sectors, most notably real...
  • Bilateral investments between the UAE and China reached nearly AED 44 billion (US$12 billion) until early in 2021.
  • Value of non-oil intra-trade between the two countries amounted to more than AED 264.2 billion (US$72 billion) in 2022.