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

World Bank to expand climate funding in MENA by $10 billion

Brhane said the World Bank integrated climate into all its work across the MENA region and is on track to...

COP28 UAE

Mideast ministers met with Joly, Trudeau in Ottawa to discuss Israel-Hamas war

OTTAWA, CANADA  — A group of foreign ministers from the Palestinian Authority, Saudi Arabia and Turkey met Canadian Foreign Affairs...

Geostrategy
Business

Jordan to soon resume oil imports from Iraq’s Kirkuk fields

Jordan imports crude from Iraq under an MoU that was signed by the two governments on January 28 last year.
  • The exports were suspended in early February, pending discussion of details in the MoU
  • The oil will reportedly be transported to the Jordan Petroleum Refinery in Zarqa
Economy

Saudi Arabia eases rules for US, UK, and Schengen visa holders

The move comes two weeks after the country lifted all Covid-19-related entry restrictions.
  • Citizens of any country can now receive a 12-month tourism visa on arrival in Saudi Arabia without needing to apply in advance
  • However, they will have to hold one of the three visas, and travel on one of the country’s national carriers: Saudia, Flynas, or Flyadeal
Economy

S&P gives Saudi economy positive rating after recovery

S&P has revised its outlook for Saudi Arabia from a stable to positive in the light of the recovery of...
  • The positive outlook reflects the improved GDP growth and public finances in the medium term, linked to the Kingdom’s recovery from the COVID-19 pandemic impact
  • The agency also expected that the Kingdom, in the medium term, will continue its policy to drive growth in the non-oil sectors through planned economic diversification
Business

Barq EV launches smart mobility

The startup is scheduled to provide its customers with an integrated package of products and services that contribute to enhancing...
  • The startup is scheduled to provide its customers with an integrated package of products and services that contribute to enhancing the last-mile delivery experience
  • The initiative comes in line with the UAE's efforts to support the growth of the logistics, transport, and e-commerce sectors in the UAE
Business

UAE and Dutch export credit firms to bolster cooperation, facilitate halal trade

Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed a Memorandum of Understanding (MoU) with its Dutch counterpart...
  • Etihad Credit Insurance and its Dutch counterpart Atradius DSB to bolster collaboration through joint strategic projects.
  • The partnership also seeks to facilitate stronger halal trade through ECI’s Sharia-compliant finance solutions.
Business

SALIC of Saudi Arabia to buy 35% of Olam Agri for $1.24bn

SALIC of Saudi Arabia, a subsidiary of the PIF, has said it will acquire 35.43 percent of Olam Agri Holdings...
  • SALIC said that the transaction is expected to be completed in 2022 after obtaining the required approvals from the relevant authorities
  • Olam is one of the world’s leading commodity trading and processing companies specializing in grains, oilseeds, rice, and animal feed
Business

Weeklong real estate deals worth $1.85 billion recorded in Dubai

The real estate and properties transactions worth AED6.8 billion ($1.85 billion) were recorded in Dubai during the week ending 25...
  • A total of 330 plots were sold for AED1.65 billion and 1,653 apartments and villas were sold for AED3.42 billion.
  • A total of 124 properties worth AED210 million were granted between first-degree relatives.
Business

Multiply Group to invest AED367m in DEWA IPO

Multiply Group has said that it will be investing AED367 million into the Dubai Electricity and Water Authority's (DEWA's) initial...
  • The Group's latest investment follows a series of strategic acquisitions, creating a unique technology-enabled ecosystem to pursue growth across five vertical segments
  • Multiply Group benefits from a solid leverage-free liquidity position, having raised AED3.1 billion in a pre-listing private placement 16 times oversubscribed
Business

ADNOC to pay $342m in dividend

A similar amount was paid for the first half of 2021 in October.
  • The company said it increased its network in the UAE to 462 stations in 2021 and operationalized 40 stations in Saudi Arabia.
  • ADNOC Distribution recorded a net profit of AED2.2 billion and earnings before interest, tax, depreciation and amortization (EBITDA) of AED3.1 billion.
Geostrategy

UAE continues relief air bridge to Ethiopia with 30 tons of food supplies

This is expected to benefit over 7,100 people in the region, including 5,700 women and children.
  • The UAE has reportedly sent nine planes carrying 344.2 metric tons of aid to Ethiopia, helping over 81,000 people, including 65,000 women
  • This year, it has pledged to donate $85 million to support relief operations in Ethiopia, in collaboration with international organizations

World Bank to expand climate funding in MENA by $10 billion

Brhane said the World Bank integrated climate into all its work across the MENA region and is on track to...
COP28 UAE

Company News

Latest News

Qatar issues licenses to 3500 holiday homes to house World Cup visitors

Qatar faces the challenge to accommodate 1.2 million fans expected to attend the FIFA World Cup.
Economy

Saudi crown prince arrives in Thailand on official visit

Prince Mohammed was received by Thai Prime Minister Prayut Chan-o-cha upon his arrival, and the prince then proceeded to review...
Geostrategy

Deepening synergies to further strengthen bilateral economic and commercial ties between Sharjah, India

He was speaking at the Sharjah–India Business Roundtable -- organized by the Sharjah FDI Office (Invest in Sharjah), in collaboration...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Educational Holding net profit $20.3m

The profits grew by 1,3 percent compared to 9M period last year.
  • The Group provides educational services in Kuwait in accordance with Shariah principles.
  • Earlier this month, Kuwait Capital Markets Authority approved the merger between Educational Holding Company and Boubyan Petrochemical Company.
Business

Mawani felicitated at the Maritime Standard Awards 2022

RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) won an award at the ninth edition of the Maritime Standard...
  • The awards is an annual industry event that felicitates top performers in the shipping, ports, and related sectors in the Middle East and the Indian subcontinent.
  • The award crowns Mawani’s efforts in revolutionizing the Saudi maritime ecosystem and facilitating global trade.
Business

Mubadala acquires stake in ACX

ACX is setting up a carbon trading exchange in Abu Dhabi. 
  • ACX, based in Hub71, is a global environmental commodities exchange that uses distributed ledger technology leveraging blockchain architecture to create securitized carbon credits.
  • In March, the Abu Dhabi Global Market teamed up with ACX to create the “world’s first fully regulated” carbon trading exchange in Abu Dhabi.