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

Hyundai Motor, Mubadala ink MoU

The two firms will seek to unlock investment opportunities.

Business

UAE, Korean firms ink pact

The partnership will utilize low-cost indoor farming solution.

Business
Business

Artificial intelligence will add $10 trillion to global economy: IBM CEO

Greater adoption of AI in the UAE could also add up to $200 billion in productivity gains by 2030, he...
  • Arvind Krishna, Chairman and CEO of IBM, was speaking at the World Government Summit 2022
  • He warned that the planet lacks skilled people to keep up with the pandemic-induced disruptions
Business

DFM, DME to jointly explore financial products opportunities

The Dubai Financial Market (DFM) and Dubai Mercantile Exchange (DME) will jointly explore financial products opportunities following the signing of...
  • The two exchanges are planning to create a working group, following Dubai’s strategy to further develop financial markets.
  • DFM plans to launch a new retail product derived from the Oman Crude Oil Futures, DME’s flagship contract that provides investors an opportunity to access this asset class.
Business

Nahdi shares fall 1.26 percent

The firm made a strong debut on the Saudi stock exchange on Mar 22.
  • Nahdi's initial public offering price was SR131, raising $1.36 billion in the biggest Saudi IPO since oil giant Aramco.
  • Its profits dropped to SR813 million ($216.63 m) from SR849 million ($226.22 m) a year earlier, according to a bourse filing.
Economy

Saudi private equity, capital growth doubled in five years : Al Quwaiz

Private equity and capital growth in Saudi Arabia has reached SR12 billion ($3.2 billion), Mohammad Al-Quwaiz, chairman of the board...
  • Mohammad Al-Quwaiz, chairman of the board of the Capital Market Authority, was speaking at the Global Entrepreneurship Congress 2022 in Riyadh.
  • He cited the vitality of fintech companies in the business sector, and explained how the advent of these companies has reshaped the Saudi economy.
Economy

Government institutions need to provide youth skills: UAE minister

Shamma bint Suhail Al Mazrouei, Minister of State for Youth Affairs and Vice President of the Arab Youth Center (AYC),...
  • Appropriate skills enable the youth to become drivers of sustainable human and economic development, said Shamma bint Suhail Al Mazrouei.
  • The minister was speaking during a session, Power of the Youth: The Multiplier Effect’.
Business

Global Entrepreneurship Conference records $7.71bn in deals on Day 2

The Global Entrepreneurship Conference (GEC) recorded 28.9 billion ($7.71 billion) worth of agreements and launches on the second day. The...
  • Monsha’at signed a memorandum of understanding with Amazon to enable local companies to sell their products to millions of customers across the Kingdom on the Amazon Saudi store.
  • On Day 2, a total value of innovative financing banking programs, amounting to more than SAR 7.3 billion ($2 billion) for the next five years was announced.
Business

Amak of KSA sees 30% jump in shares on first trading day

Shares of Saudi mining firm Amak surged 30 percent on its debut on the kingdom's main stock exchange.
  • The company saw its share price surge to a closing price of SR81.9 ($22), against an initial public offering price of SR63
  • In its IPO, the firm saw strong demand from institutional and retail investors, generating SR95.8 billion worth of orders collectively
Business

Waha approves dividend in 2021

Shareholders of Waha Capital have approved a cash dividend of 7.55 fils per share and a stock dividend of 2.45...
  • The company recorded investment gains and fee income of AED902 million and a net profit of AED603 million.
  •  Waha Capital had total assets of AED5.8 billion as at 31 December 2021, compared to AED5.1 billion in 2020.
Economy

UAE calls for investment in oil, gas to protect global economy

The UAE has called for a stronger investment in oil and gas resources in order to protect the global economy...
  • The two ministers warned that divesting from energy sources that drive the global economy will lead to a systemic supply crunch that erodes economic growth
  • The Global Energy Forum is being organized by the Atlantic Council in collaboration with WGS2022, and moderated by Frederick Kempe, President and CEO, Atlantic Council
Geostrategy

US Special Envoy for Yemen to visit Gulf for conflict resolution

US Special Envoy for Yemen Tim Lenderking will travel to the Gulf starting March 28 to continue leading U.S. diplomatic...
  • Yemenis deserve a more peaceful, prosperous country where they can live in safety and dignity, the US State Department said.
  • In Riyadh, Special Envoy Lenderking will also participate in the opening of the Gulf Cooperation Council-led Yemeni-Yemeni dialogue and engage with Yemeni participants.

Hyundai Motor, Mubadala ink MoU

The two firms will seek to unlock investment opportunities.
Business

Company News

Latest News

ADGM partners with ADIB, RAKBANK, Wio Bank to support Abu Dhabi businesses

The announcements were made during the first edition of Abu Dhabi Finance Week (ADFW) hosted by ADGM.
Business

GCC renews commitment to strengthen ties with EU

Manama, Bahrain—The Gulf Cooperation Council (GCC) has stressed the importance of strengthening ties between the GCC and the European Union...
Geostrategy

Several MoUs give a boost to Saudi-Thai relations

The two countries agree to set up Saudi-Thai Coordination Council, vow to enhance investments and cooperation in sectors such as...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Science

Indonesian Govt, 3 organizations to protect marine environment

ABU DHABI, UAE - The Indonesian Government, G42, a UAE-based AI and cloud computing company, a global nonprofit OceanX and...
  • The project recognizes the importance of mapping of marine resources through advanced technologies to protect and preserve the ocean environment.
  • The project intends to provide marine genomics applications by G42 Healthcare in support of OceanX’s social welfare mission.
Business

Americana IPO: UAE retail offer doubled

Saudi retail tranche remains unchanged at 10 percent.
  • The company plans to plans to sell a 30 percent stake in the IPO remains unchanged. It will list both on ADX and Saudi Arabia’s Tadawaul likely on or around Dec.6.
  • The company is selling more than 2.52 billion of its existing shares in the IPO, which expected to run until 21 Nov. for retail investors in the UAE and Saudi Arabia.
Business

AD Ports acquires Noatum

The ports operator paid $680 million for the deal.
  • AD Ports said that Noatum has a presence in 26 countries and LTM revenue and EBITDA of AED6.91 billion and AED555 million, respectively.
  • The acquisition will be fully funded through a new acquisition loan, AD Ports said. Subject to regulatory approvals, the transaction is expected to close in H1 2023.