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

UAE economy likely to grow by 3.8 percent in 2025, says World Bank

WASHINGTON, US - The World Bank expected the UAE's real GDP to grow by 3.4 percent in 2023, rising to...

Economy

Dubai SME joins hands with CXDA to attract investment

DUBAI, UAE – The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a part of Dubai...

Business
Business

SABIC posts 33% rise in profit

The chemical giant of KSA has posted SR6.47bn profit in Q4.
  • The Riyadh-based company attributed the stronger results to higher average selling prices which were up 3 percent
  • The company CEO said SABIC will remain focused on delivering its growth strategy
Economy

UK gives visa waiver to Saudi Arabia, Bahrain

The UK Home Office affirmed that “an electronic visa waiver allows the holder to travel to the UK without obtaining...
  • The UK Home Office affirmed that “an electronic visa waiver allows the holder to travel to the UK without obtaining a visa provided they complete an online waiver for each visit
  • UK Home Secretary Priti Patel said that the visa waiver for Bahrain and Saudi Arabia will better connect the people of our countries and boost economic prosperity
Business

Air Arabia Q1 profit at $79.24m

The profits were up 756% compared to $9.26 million in 2021.
  • More than 2.4 million passengers flew with Air Arabia between January and March this year, across the carrier’s five hubs
  • This marked an 86-percent increase compared to a total of 1.3 million passengers carried in the first quarter of last year
Economy

Oman-India Joint Commission to discuss Free Trade Agreement with GCC

A meeting of the Oman-India Joint Business Council, under the umbrella of the Federation of Indian Chambers of Commerce and...
  • A meeting of the Oman-India Joint Business Council, under the umbrella of the Federation of Indian Chambers of Commerce and Industry and the Oman Chamber will be held Friday
  • At this meeting, ministers from both sides will interact with the business communities, the Indian Ministry of Commerce and Industry said
Business

DEWA develops terminals for nanosatellite DEWA-SAT1

The terminals provides hybrid connectivity with both the Long-Range (LoRa) IoT terrestrial network operated by InfraX, and DEWA's nanosatellites.
  • DEWA launched it as part of its Space-D program and became the first utility worldwide to use nanosatellites to improve operations.
  • DEWA Research Center developed the satellite IoT terminals to connect DEWA's assets to the satellite directly and be suitable for grid applications.

Emirates shares could be placed for IPO, says chairman

The flagship carrier’s chairman, Ahmed Al Maktoum was reported to have announced plans by Emirates to repay 15 billion dirhams...
  • The chairman noted that the decision to sell shares to the public is up to the government of Dubai
  • The potential IPO will be an extension of an ongoing share-sale spree of government-owned entities
Business

IHC doubles its profit in Q1

The Abu Dhabi company has posted $970m profit.
  • In comparison, the profit in Q1 2021 was reported to be AED 1.5 billion ($410 million)
  • Also, with a revenue of AED 10.49 billion; the total assets stood at AED 96.04 billion
Economy

Abu Dhabi’s non-oil foreign trade in Q1 grows by 15 percent to $16.74 billion

Abu Dhabi’s non-oil foreign trade in the first quarter (Q1) of 2022 amounted to AED61.522 billion ($16.74 billion), a 15...
  • Exports grew by 35 percent in the first three months of the year compared to the same period of last year  to reach AED24.449 billion.
  • Saudi Arabia accounted for the largest share of total trade of 23 percent, valued at AED13.921 billion.
Business

Alpha Dhabi Q1 net profit $773m

Revenues stood at AED8.17 billion, a year-on-year increase of 700 percent.
  • This was the first set of Q1 results for Alpha Dhabi since its direct listing on ADX in June 2021.
  • The company's acquisitions and investments totaled AED5.21 billion.
Business

Empower provides district cooling services to 17% of the hotels in Dubai

Empower revealed this at the launch of the ‘Arabian Travel Market 2022’, which is being held at the Dubai World...
  • Empower revealed this at the launch of the ‘Arabian Travel Market 2022’, which is being held at the Dubai World Trade Centre
  • Empower expects its growth in the share of the hospitality sector to go up as a result of dozens of new applications received by the company from developers of new hotels

UAE economy likely to grow by 3.8 percent in 2025, says World Bank

WASHINGTON, US - The World Bank expected the UAE's real GDP to grow by 3.4 percent in 2023, rising to...
Economy

Company News

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All regions experienced water extremes in 2021, says UN

GENEVA, SWITZERLAND - All regions of the world saw water extremes last year - both floods and droughts - and...
Science

EU spent €15.2bn on imports of green energy products last year

The trading bloc also exported green energy products worth €6.5 billion to countries outside the EU.
Economy

GCC banks earned $18.6bn in interest income in Q3: Kamco

During Q3-2022, non-interest income declined to a four-quarter low of $7.4 billion as compared to $7.8 billion during Q2-2022.
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Economy

Kuwait Central Bank Issues Bonds, Tawarruq worth $792 million

The new securities bear a maturity term of six months and a return rate of 4.25 percent.
  • The new securities bear a maturity term of six months and a return rate of 4.25 percent.
  • Earlier on November 2, the Central Bank of Kuwait held its policy rate at 3 percent
Business

Americana revises timetable for concurrent dual listing on ADX, Saudi Exchange

The UAE Retail Offer and the KSA Retail Offer were oversubscribed by approximately 48.2x and 2.8x respectively.
  • The UAE Retail Offer and the KSA Retail Offer were oversubscribed by approximately 48.2x and 2.8x respectively
  • The institutional offer was oversubscribed 65.5x, resulting in an aggregate oversubscription level of 58x
Geostrategy

European Education Area to take EU-UAE learning cooperation to the next level, says top official

It will open opportunities for Emirati youth to study in European Union, further strengthening the existing people-to-people ties, adds Margaritis...
  • The European Education Area offers a potential multi-level cooperation between the European Union and the United Arab Emirates, said a top EU official
  • It will open opportunities for Emirati youth to study in European Union, adds Margaritis Schinas, adds VP of the European Commission for “Promoting Our European Way of Life”