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

Air cargo demand up 8.3 percent in November 2023, says IATA

GENEVA, SWITZERLAND - The International Air Transport Association (IATA) released data for November 2023 global air cargo markets indicating the...

Business

Resilient supply chains are essential to global trade: Expert

DUBAI, UAE – For over 30 years, globalization has been the evergreen megatrend as global trade has helped lift some...

Business
Business

ADQ to fund investments worth more than $4 billion in Greece

ADQ will work with the Hellenic Development Bank (HDB), the national development bank of Greece, and Hellenic Development Bank of...
  • In 2021, the value of non-oil foreign trade between the UAE and Greece reached nearly AED 2.1 billion.
  • The growth of trade, when compared to 2020, was 67 percent, reflecting a significant spike in growth.
Business

Arada awards two deals

Under the $125.23m contracts, a residential district will be built at Masaar.
  • Valued at AED228 million, the contract to build 142 villas in the Sendian district of Masaar was won by Kuwait's Al-Kharafi.
  • The second contract worth AED232m to build the remaining 288 homes in Sendian was awarded to Intermass, a Sharjah-based contractor.
Business

Mubadala, ENGIE to create digital platform for electric vehicles in Gulf

Mubadala Investment Company and ENGIE signed an agreement to explore the development of a digital platform for charging electric vehicles...
  • The two companies will work on a joint solution for the installation and operation of charging infrastructure for Electric vehicles (EVs) in UAE.
  • EVs are important in supporting decarbonizing the mobility sector as transport sector is known to be a contributor in global carbon footprint.
Economy

Clean sources transformed UAE energy sector in a decade: ENEC chief

The UAE has proactively invested in proven clean energy and within a decade, solar and peaceful nuclear energy have delivered...
  • Barakah Nuclear Plant is now generating 2.8 Gigawatts of electricity, making it the largest source of clean electricity in the country.
  • With all four reactors online, nuclear energy will meet 25 percent of the UAE’s electricity demand.
Business

Emirates Steel Arkan Q1 profit $19.62m

The firm said the impact of Emirates Steel and Arkan merger was positive.
  • The company announced revenues of AED2.04 billion for the first quarter of 2022, compared to AED233.5 million in 2021.
  • It said the net profit was boosted by enhanced operational performance and higher sales volumes.
Business

Agthia Group Q1 revenue is Dh1b

The company’s net revenues are up 58% year-on-year.
  • Net profit increased to AED 82 million, growing at a higher rate vs revenue and supported by the consolidation of margin accretive acquisitions in 2021
  • Strong start to 2022 builds on successful first year of Agthia’s five-year growth strategy
Science

Saudi Space Commission looks to explore cooperation with NASA

Saudi Space Commission Board of Directors Chairman Abdullah Amer Alswaha is on a tour of the US to develop the...
  • The two countries discussed opportunities for strategic cooperation to develop the space sector
  • They also mulled investment in future joint projects to achieve mutual economic and strategic goals
Economy

UAE increases Emiratisation rate to 2 percent annually

NAFIS, the federal program aims to increase the competitiveness of the Emirati workforce and to facilitate the private sector.
  • NAFIS, the federal program aims to increase the competitiveness of the Emirati workforce and to facilitate the private sector
  • The incentives include reducing the service fees of the private sector establishments which recruit and train Emirati citizens by 80 percent
Business

Arabian Travel Market 2022 kicks off in Dubai

The Chairman of Dubai World Sheikh Ahmed bin Saeed Al Maktoum, inaugurated the 29th edition of the Middle East’s largest...
  • ATM 2022 is part of Arabian Travel Week, a 10-day festival of travel and tourism events taking place in Dubai
  • It provides a vital platform for tourism and travel industry leaders in the Middle East
Infographics

GCC central banks confront surging inflation

After the Fed Reserve raised interest rates to rein in the 40-year-high inflation, GCC members followed the suit as most...
  • Qatar had the highest rate of inflation in the Gulf Cooperation Council region.
  • At 2 percent, the region's largest economy, Saudi Arabia, had the lowest inflation rate.

Air cargo demand up 8.3 percent in November 2023, says IATA

GENEVA, SWITZERLAND - The International Air Transport Association (IATA) released data for November 2023 global air cargo markets indicating the...
Business

Company News

Latest News

Aldar partners with Nobu to develop luxury hotel on Saadiyat Island

Abu Dhabi, UAE— Aldar Properties has partnered with Nobu Hospitality to launch a new luxury hotel, branded residences, and a...
Business

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.
Economy

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.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Geostrategy

Islamic nations seek to turn crisis into opportunity with enhanced relations, trade amidst recession fear

At the 38th Ministerial Session of COMCEC, leaders of Islamic countries discuss ways to enhance bilateral and trade relations to...
  • At the 38th Ministerial Session of COMCEC, leaders of Islamic countries discuss ways to enhance bilateral and trade relations to help region and the world evade recession
  • The agenda of the ministerial COMCEC committee meeting includes improving transport & communications and developing sustainable & competitive tourism sectors
Science

In Hawaii world’s largest volcano erupts for first time in decades

Hawaii's Mauna Loa, the largest active volcano in the world, has erupted for the first time in nearly 40 years,...
  • Mauna Loa has been showing signs of building to an eruption for years, according to the USGS.
  • The USGS which said the ongoing eruption was visible from Kona, a town on the west coast of Hawaii's main island some 72 kilometers from the volcano.
Business

Etihad Airways and Garuda expand combined offerings to 42 destinations

Abu Dhabi, UAE----UAE's national carrier Etihad Airways and Garuda Indonesia, the national flag carrier of Indonesia, will nearly double the...
  • The destinations across the Indonesian archipelago, South East Asia, Middle East, US and Europe were doubled after the two partners expanded their 2012 codeshare pact.
  • They also offer reciprocal miles accrual and redemption opportunities to members of Etihad Guest and GarudaMiles across both airlines' networks.