INSEAD Day 4 - 728x90

2PointZero posts profit surge

Growth driven by merger consolidation.

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

Emirates Stallions Q1 revenue up 11%

The rise helped by strong demand in real estate

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

Saudi minister says 6,225 industrial firms from Kingdom invest US$30bn in Egypt

RIYADH, SAUDI ARABIA - A total of 6,225 Saudi industrial businesses are operating in Egypt with US$30 billion worth of...

Business

Top diplomats of some OIC countries arrive in Russia, to discuss Gaza

MOSCOW, RUSSIA – The foreign ministers of Saudi Arabia, Jordan, Egypt, Indonesia, Palestine and the Secretary General of the Organization...

Geostrategy
Business

SeaBubbles launches UAE’s first hydrogen flying boat in Dubai

The company is celebrating the pearl legacy of the UAE by unveiling X-Pearl at the Dubai International Boat Show 2022.
  • The company is celebrating the pearl legacy of the UAE by unveiling X-Pearl at the Dubai International Boat Show 2022
  • The new boat represents the future of green mobility by combining the sensations of flying and sailing for a zero-wave, zero-noise, zero-emission navigation.
Business

Saudi startups collect 58% of $375m in funding in MENA

Saudi startups have secured 58 percent of the total $375 million in funding in the MENA region in February.
  • Startups in the logistics sector raised the most funding in February with $120 million in the region, and the Kingdom’s startup Trukker secured $96 million in its series B round
  • Saudi Arabia was also the most active in terms of investor participation with 27 deals, while UAE investors participated in 22 agreements
Business

Number of new companies in Ajman China Mall up 12 percent

Ajman China Mall has registered a growth of 12 percent in the number of registered companies in 2021 compared to...
  • Out of 1,000 enterprises operating in the mall, the retail sector topped the list followed by the fashion and textile sector.
  • The Mall’s yearly import value reached an average of AED 3.65 billion, with export products valued at AED 2.1 billion.
Business

Saudi Industrial Production Index shoots up 11.1% in January

Driven by high oil output, Saudi Arabia’s Industrial Production Index shot up 11.1 percent in January, official data indicated.
  • This positive performance was mainly due to a 11.4 percent rise in mining and quarrying sector, which includes oil production as well
  • The Kingdom pumped at a level of over 10 million barrels per day in January
Business

Masdar City, Mashreq Bank to provide financial services to SMEs, start-ups

Masdar City and Mashreq Bank have signed a Memorandum of Understanding (MoU) to provide financial services to Small and Medium-sized...
  • An MoU signed between the two involves easy access to NeoBiz, the bank's first digital banking platform designed specifically for start-ups and SMEs.
  • Masdar City is currently home to more than 1,000 companies, including a wide range of innovation-focused SMEs and start-ups.
Business

Careem looks to raise $500m to fund expansion

Careem, the vehicle-for-hire firm, has set its sights on raising some $500 million from investors, including regional sovereign wealth funds.
  • The firm owned by Uber will use the money to bankroll an expansion into services different from ride-hailing
  • It has already held talks with Saudi Arabia’s Public Investment Fund and Abu Dhabi’s ADQ to raise the funds
Economy

Saudi achieves 30 percent female labor force target 10 years early

Saudi Arabia has achieved its target of getting 30 percent female labor force participation nearly 10 years ahead of schedule,...
  • The research, carried out by Roland Berger on behalf of Uber, shows that women made up 36 percent of workers in the Kingdom in 2021 — up from 22 percent just three years earlier.
  • The increase was partly attributed to the success of the Wusool program, which made transport more accessible to working women.
Business

DP World of UAE posts 26% jump in revenue to $10.8bn

DP World of the UAE has posted a twenty six percent increase in revenue to $10.8 billion in 2021, despite...
  • In a statement the company said that the revenue hike was “supported by acquisitions and new concessions including Angola, Unico, and Transworld”
  • “We expect our portfolio to continue to deliver growth,” commented CEO, Sultan Ahmed Bin Sulayem
Business

Saudi ministry signs 23 deals worth $3.46 bn at first defense show

The Saudi Ministry of Defense (MoD) announced the closing of 23 deals worth more than SR 13 billion ($3.46 billion)...
  • The MoD signed five deals with the Saudi Arabian Military Industries (SAMI): two with Royal Saudi Land Forces and three with the Royal Saudi Naval Forces.
  • The SR 6 billion deal with SAMI includes providing advanced communication systems, armored vehicles, ammunition, and maritime systems.
Business

ADNOC Distribution launches range of 100% plant-based engine oils

Plant-based base oils are made from sustainable feedstock sources, such as palm, soy, coconut, and rapeseed.
  • Voyager PX Green is developed specifically for petrol engines and Voyager DX Green for diesel engines
  • The technology is said to be the first approach in the region to be made entirely from plant-based oils

Saudi minister says 6,225 industrial firms from Kingdom invest US$30bn in Egypt

RIYADH, SAUDI ARABIA - A total of 6,225 Saudi industrial businesses are operating in Egypt with US$30 billion worth of...
Business

Company News

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UAE ministry launches Green Business Toolkit 2.0 at COP27

The Ministry of Climate Change and Environment (MOCCAE) introduced the second edition of the UAE Green Business Toolkit in partnership...
Science

GE, IRENA sign pact at COP27 to support energy security

SHARM EL SHEIKH, EGYPT - GE (NYSE:GE) signed a framework agreement with the International Renewable Energy Agency (IRENA) to support...
Business

TotalEnergies CEO heckled by climate activists at COP27

Sharm el Sheikh, Egypt—French giant TotalEnergies' chief executive was confronted by climate activists Friday at the COP27 summit in Egypt, where...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

PIF to sell Tadawul stake

It will sell 10% of its stake, amounting to 12m shares.
  • According to a bourse filing, PIF, which has over $600 billion in assets, is selling 12 million shares in Tadawul Group
  • The fund has hired both HSBC Saudi Arabia and Morgan Stanley Saudi Arabia to act as joint global coordinators, as well as Al Rajhi Capital to act as joint book-runner
Business

Gulf Arab’s first casino being opened at Ras Al Khaimah resort

The casino would mark a watershed moment for the Gulf region.
  • The casino would mark a watershed moment for the Gulf region
  • The region has traditionally imposed stricter Islamic rules than other parts of the Middle East
Economy

UAE launches National Net Zero by 2050 Pathway

The pathway, unveiled at COP27, sets the timeframe and identifies the mechanisms of implementing the UAE Net Zero by 2050...
  • The pathway, unveiled at COP27, sets the timeframe and identifies the mechanisms of implementing the UAE Net Zero by 2050 Strategic Initiative, introduced in October 2021
  • The UAE will adopt several measures to mitigate climate change such as increasing the share of clean energy in its energy mix and scaling up the use of clean electricity