INSEAD Day 4 - 728x90

2PointZero posts profit surge

Growth driven by merger consolidation.

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.

Air Arabia 2023 net profit $408m

The firm recorded a 27 percent rise in profit compared to 2022.

Business

Iran agricultural, food exports hit US$4.8bn in 10 months

TEHRAN, IRAN – The country has exported more than 6.7 million tons of agricultural and food products worth US$4.8 billion...

Business
Business

Agthia buys 60% stake in Auf Group

The deal builds on Agthia’s acquisition of BMB Group.
  • The deal builds on Agthia’s acquisitions of the GCC’s snacks and food company, BMB Group, and the Al Foah dates
  • The Auf Group’s founders will retain a combined stake of 30 percent in the business and continue to lead the company
Economy

RAK non-oil foreign trade sees 14% hike in 2021

Exports accounted for the largest portion of the emirate's total non-oil foreign trade, reaching 57 percent, at AED 9.539 billion.
  • Exports accounted for the largest portion of the emirate's total non-oil foreign trade, reaching 57 percent, at AED 9.539 billion
  • This is followed by imports, which accounted for 35 percent of the total, amounting to AED 5.97 billion
Geostrategy

UAE, Türkiye discuss enhancing relations in various sectors

A UAE delegation led by Minister of Industry and Advanced Technology Dr Sultan bin Ahmed Al Jaber has concluded a...
  • A UAE delegation led by Minister of Industry and Advanced Technology was on a two-day visit to Türkiye aimed at enhancing cooperation
  • The visit included meetings with senior government and private sectors officials as well as a UAE-Türkiye Investment Workshop
Economy

ADFD, ADEX to give US$92m loan for Bahrain water supply project

Abu Dhabi Fund for Development and the Abu Dhabi Exports Office signed two loan agreements with the Electricity and Water...
  • AED will provide US$ 41mn to the Electricity and Water Authority in Bahrain to finance a water supply network project
  • ADEX will provide US$ 51 million for the project which aims to enhance the capacity of the water transmission networks
Business

Bank Muscat net profit up 5 percent

The bank said profits up despite lower net interest income and higher expenses.
  • The Bank said that net interest income from conventional banking and net income from Islamic financing reached 166.25 million riyals.
  • Operating expenses went up by 8 percent to 102.71 million riyals.
Geostrategy

Jordan, Greece discuss cooperation in construction, energy, agriculture

The two sides signed several agreements to implement double taxation and the Cultural and Technical Cooperation Program 2022-2025.
  • The two sides signed several agreements to implement double taxation and the Cultural and Technical Cooperation Program 2022-2025
  • They decided to work for increased cooperation in the economy and commerce, as well as higher education, transportation, energy and agriculture
Business

UAE imports of Spanish fruit and vegetables top AED181m

Spain exported a total of 22,827 tonnes of fruit and 17,753 tons of vegetables to the UAE last year.
  • Spain exported a total of 22,827 tonnes of fruit and 17,753 tons of vegetables to the UAE last year
  • The Fruit Attraction 2022, the leading exhibition for the fruit and vegetable sector, is scheduled to be held from October 4-6 in Dubai
Business

Saudi Ports Authority reports 16% jump in cargo in June

Saudi Arabia has reported a 16 percent increase in cargo volumes to 27.1 tons in June 2022, according to the...
  • According to figures 27.1 million tons went through the nine ports managed by the authority, compared to 23.4 million in June 2021
  • According to Mawani, Saudi ports received 1,126 vessels in June, rising by 13.6 percent compared to the same period last year
Business

‘GCC inflation still remains lesser than UK’

The tighter monetary policy from US Fed and the continued raising of interest rate will have an impact in the...
  • The tighter monetary policy from US Fed and the continued raising of interest rate will have an impact in the GCC, says Simon Ballard, chief economist of First Abu Dhabi Bank.
  • Ballard believes GCC governments will need to address the underlying levels of spending support for consumer through continued stimulus packages
Business

Select Group buys hotel in UK

The purchase is part of Dubai-based firm's expansion plan.
  • The acquisition is an important part of Select Group's diversification and growth strategy
  • Select Group has a portfolio of premium residential, commercial and mixed-use developments in the UAE and Europe

Air Arabia 2023 net profit $408m

The firm recorded a 27 percent rise in profit compared to 2022.
Business

Company News

Latest News

UAE pledges full support to Jordan, condemns assault on its security

Abu Dhabi, UAE - The UAE has affirmed full support and solidarity with Jordan, stressing the importance of ensuring stability...
Geostrategy

DEWA wins top award by UK based institute

Dubai, UAE - Dubai Electricity and Water Authority (DEWA) won the Best Creative Electricity and Water Solutions Brand by Global...
Arts & Culture

AD Ports signs pacts with Kyrgyzstan to promote trade with Central Asia

Abu Dhabi, UAE--- AD Ports Group has signed two major agreements with the Government of Kyrgyzstan to promote trade and...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

ADNOC Drilling to acquire rigs

The two offshore jack-up rigs will be bought for $200 million.
  • Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 95 to 108 owned rigs, as of 30th September, 2022.
  • This rig purchase adds to earlier deals for a total of nine rigs signed in 2022 and four rigs acquired in 2021.
Geostrategy

Governments of UAE, Egypt launch ‘Egypt Services Center’

ASWAN, EGYPT - The governments of the UAE and Egypt inaugurated the Egypt Services Center in the Aswan Governorate, which...
  • The inauguration is part of the strategic partnership between the two countries in government modernization.
  • The center will adopt a smart system to provide over 30 individual government services.
Business

Saudi PIF acquires 9.5% stake in offshore wind energy developer Skyborn

Dubai---Saudi Arabia's sovereign wealth fund, the Public Investment Fund, had acquired a 9.5 percent stake in Skyborn Renewables, an offshore...
  • PIF said it is investing in Skyborn alongside Global Infrastructure Partners, , a US-based infrastructure investment fund.
  • The Skyborn, which is based in Bremen, Germany, has a presence in 15 European and Asia Pacific markets.