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

UN General Assembly approves US$3.59bn budget for 2024

NEW YORK, US - The United Nations General Assembly (UNGA) approved a US$3.59 billion budget for 2024, including establishing a...

Geostrategy

UAE best performing economy in Arab region, says Arab Monetary Fund

Abu Dhabi, UAE - The United Arab Emirates was named the most economically competitive nation in the Arab world, a...

Economy
Business

DEWA IPO biggest since Aramco

DEWA shares soared 19% in the first minutes of trading on Tuesday.
  • DEWA last week said it had raised AED22.3 billion ($6.1 billion) in the region's largest IPO since Saudi Aramco
  • Some 9 billion shares, an 18 percent stake, were listed, with the initial price set at AED2.48 ($0.68)
Infographics

How do MENA oil prices compare with the world?

Prices of crude oil have skyrocketed across the world, thanks to the Russian invasion of Ukraine and the subsequent sanctions...
  • Russia is a major supplier of oil to European countries and the United States, besides other countries
  • However, they are not accepting crude from Russia anymore, pushing up prices of oil from elsewhere
Arts & Culture

Eid Al Fitr likely to begin on May 2: Emirates Astronomical Society

The UAE moon-sighting committee is expected to convene to confirm the official starting date for Eid.
  • The International Astronomical Center, which had announced the beginning of Ramadan, is yet to weigh in on the situation
  • The IAC had announced, on March 21, that the first day of the holy month would fall on April 2 in most Muslim countries
Business

Dubai records $417m worth of realty transactions on Monday

The Dubai real-estate market recorded transactions amounting to more than AED1.53 billion ($417.72 million) on Monday, April 11.
  • Dubai saw 403 sales worth AED1.12 billion (around $305 million) and 80 mortgage deals of AED414.07 million ($112.73 million)
  • The emirate also saw 10 gift transactions that amounted to AED18.32 million (almost $5 million) on Monday
Business

dnata of UAE unveils new cargo center at Heathrow airport

dnata, Dubai-based air and travel services provider, has unveiled a new 10,500 sqm cargo center at London Heathrow airport.
  • The new facility is part of the firm’s dnata City East complex, and will increase its capacity at Heathrow
  • It now operates 13 cargo centers at six airports in the country
Business

Empower pipeline grows 33.2 percent

The growth in Dubai cooling network occurred between 2018 and 2021.
  • The new total length of the district cooling network in Dubai is 446 times the length of Burj Khalifa, the world's tallest building.
  • The network expansion in 2021 is attributed to the new projects added to Empower's portfolio, most notably the Marsa Al Arab, and the expansions of Dubai Healthcare City.
Economy

UAE approves formation of council for digital economy

The United Arab Emirates (UAE) has given go-ahead to the formation of a digital economy council in a cabinet meeting....
  • The strategy aims to double the contribution of the digital economy to the UAE's GDP from 9.7 per cent to 19.4 per cent within the next 10 years
  • The maturity of GCC digital economies could match that of Organization of Economic Co-operation and Development (OECD) countries within five years if they continue at the same pace
Business

SIIG of Saudi Arabia to buy all shares of Petrochem

SIIG, also known as Saudi Industrial Investment Group, has obtained the approval to buy all shares of Petrochem.
  • SIIG will now fully own Petrochem and as a result the latter will be suspended from trading on the Saudi Stock Exchange beginning Monday
  • The acquisition transpired as Saudi Arabian energy companies are restructuring their operations in response to a market that has lost some of its demand
Business

Saudi Eastern Province launches 11 investment projects in Dammam

Saudi Arabia’s Eastern Province has launched 11 investment projects in Dammam metropolis. The Undersecretary for Investments and Revenue Development, Eng....
  • The launch of these investment sites is part of the objective of 40 investment projects with an area of ​​3 million square meters.
  • The duration of investment projects is 25 years, subject to extension, according to Undersecretary for Investments and Revenue Development, Eng. Hamdan Al-Aradi.
Business

Al Seer begins VLGC construction

Lucky Gas is the company's first Very Large Gas Carrier.
  • Last year, Al Seer Marine formed a joint venture named ABGC DMCC with BGN International to build two new VLGCs.
  • Lucky Gas is expected to be completed and delivered by March 2023. The second VLGC, named North Gas, is expected to commence steel cutting in May 2022.

UN General Assembly approves US$3.59bn budget for 2024

NEW YORK, US - The United Nations General Assembly (UNGA) approved a US$3.59 billion budget for 2024, including establishing a...
Geostrategy

Company News

Latest News

Affirma Capital seeks to exit its stake in Jordan-based Fine Hygienic Holding

Affirma is in talks with Moelis & Co. on the sale of its minority stake in the company, sources told...
Business

ADGM’s new service highlights how metaverse may help in mediation as underlined at TOP CEO Conference

The ADGM Arbitration Centre has launched the world’s-first service that hosts mediation in the metaverse. Interestingly, it was one of...
Business

Global intellectual property filings reached new records in 2021: WIPO

The latest data shows “continued and sustained growth” in intellectual property filings, “driven largely by increases from Asia.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Masdar to develop 100 megawatt solar plant in Turkmenistan

Abu Dhabi, UAE—Masdar will develop a 100 megawatt solar plant in Turkmenistan, the company's first such project in the country....
  • In this regard, Masdar signed a joint development agreement (JDA) with Turkmenenergo State Power Corporation of the Ministry of Energy of Turkmenistan (Turkmenenergo)
  • Turkmenistan is looking to modernise its energy infrastructure and reduce its dependence on hydrocarbons
Economy

‘UAE govt seeks to enable SMEs enter global markets’

"The UAE economic model is based on developing the national entrepreneurship system and enhancing the participation of Emirati entrepreneurs and...
  • The UAE government is seeking to open new channels for entrepreneurs and support the growth and expansion of their businesses in global markets, says economy minister
  • The country is strengthening global strategic economic partnerships and cooperation to enhance the potential for sustainable growth, Abdullah bin Touq Al Marri adds
Business

Saudi Aramco signs 59 procurement agreements under Iktva

Dhahran, Saudi Arabia-- Saudi Aramco Tuesday signed 59 corporate procurement agreements (CPAs) valued at $11 billion with 51 local and...
  • Valued at $11 bn, the agreements were signed with 51 local and global manufacturers, with potential to create 5,000 new jobs in the kingdom over the next decade.
  • They cover multiple strategic commodities, such as drilling chemicals, wellheads, switchgears, vibration monitoring systems, pipes and compressors.