INSEAD Day 4 - 728x90

BYD logs record EV sales in 2025

It sold 2.26m EVs vs Tesla's 1.22 by Sept end.

Google to invest $6.4bn

The investment is its biggest-ever in Germany.

Pfizer poised to buy Metsera

The pharma giant improved its offer to $10bn.

Ozempic maker lowers outlook

The company posted tepid Q3 results.

Kimberly-Clark to buy Kenvue

The deal is valued at $48.7 billion.

Israel approves major West Bank settlement project, sparks international outcry

Israel has long had ambitions to build on the roughly 12-square-kilometre parcel known as E1 just east of Jerusalem, but...

Geostrategy

Neo Space Group launches Saudi Arabia’s first earth observation marketplace

Riyadh, Saudi Arabia -- Neo Space Group (NSG), a Public Investment Fund (PIF) company, has announced the launch of the...

Business
Business

Sharjah records real estate transactions worth US$980m in October 2023

SHARJAH, UAE – A total of 3,798 transactions were conducted here in October 2023 across various regions of the emirate,...
  • This reflects a substantial increase compared to September's real estate activity, where the trade volume reached $544 million.
  • The report underscored the confidence of clients in the emirate's real estate sector and its capacity to attract investors.
Business

EVIQ to set up infra for EVs in KSA

PIF, SEC JV's brand name for EV infrastructure is EVIQ.
  • EVIQ will support electric vehicle adoption in Saudi Arabia by building best-in-class infrastructure and creating a nationwide network of fast-charging hubs.
  • This will help enable and encourage the use of electric vehicles across Saudi Arabia, in line with the sustainability goals of the Kingdom.
Geostrategy

Saudi to host joint Arab-Islamic summit on Gaza crisis

Riyadh, Saudi Arabia - Saudi Foreign Ministry said on Saturday that the Kingdom will hold a joint Arab Islamic extraordinary...
  • Saudi ministry said It was decided to hold a ‘Joint Arab Islamic Extraordinary Summit’ in an exceptional manner on November 11.
  • Earlier, ‘extraordinary session of the Arab Summit’ and the ‘Extraordinary Islamic Summit’ were scheduled to be held on the same date.
Business

Saudi delegation takes part in Riyadh Expo 2030 symposium in Paris

PARIS, FRANCE -  A high-level Saudi delegation attended the Riyadh Expo 2030 Symposium, on the outskirts here, hosted by the...
  • The symposium serves as the final stop in the Kingdom's journey of its candidacy bid to host the World Expo in 2030.
  • The final voting process for the host country will take place during a secret ballot on November 28, 2023, at the 173rd General Assembly of the BIE,
Business

BCCI yet to hear officially about Saudi interest for stakes in IPL

NEW DELHI, INDIA - Recent reports of Saudi Arabia expressing an interest in buying a stake in the Indian Premier League...
  • The plan is being seen as another move by the oil-rich kingdom to be the biggest ‘soft power’ in the West Asian region.
  • Saudi Arabia is now the sole bidder for the 2036 FIFA World Cup and the Saudi Pro League boasts the crème de la crème of global footballers
Business

DEWA Q3 2023 revenue $2.5bn

The revenue was driven by demand for electricity, water.
  • For January-September 2023, DEWA’s consolidated revenue totalled US$6 billion with an operating profit of US$1.8 billion.
  • By the end of Q3 2023, DEWA’s net cash from operating activities increased by a robust US$205 million to US$2.6 billion.
Economy

OFID’s US$25.5m loan to strengthen vocational education in Benin

VIENNA, AUSTRIA - The OPEC Fund for International Development (OFID) is extending a US$25.5 million loan to the Government of...
  • The project includes the rehabilitation of school facilities and a quality enhancement of the technical vocational education program.
  • It is aligned with a government program to tackle youth unemployment and reduce the size of the informal sector.
Business

Emaar 9M net profit $1.1bn

This is due to the successful launches of new projects.
  • Emaar Development’s property sales increased by 25 percent, reaching US$7.9 billion in the first nine months of 2023.
  • In the first nine months of 2023 (January to September), Emaar Development reported an EBITDA of US$1.2 billion.
Business

Al Ansari 9M profit US$105m

The operating income of the group rose to US$234 million.
  • Al Ansari received shareholders’ approval for the proposed interim dividend payment of $81 million.
  • The second payment of the dividend of an equivalent amount will be disbursed in April 2024.
Economy

Saudi Arabia’s Industrial Production Index falls 11.2% in September

RIYADH, SAUDI ARABIA – The Kingdom of Saudi Arabia’s Industrial Production Index (IPI) fell by 11.2 percent year-on-year (YoY) in...
  • The IPI measures the relative change and reflects the production quantities of materials and goods.
  • Data issued by the General Authority for Statistics showed that Saudi IPI fell to 122.99 points in September.

Israel approves major West Bank settlement project, sparks international outcry

Israel has long had ambitions to build on the roughly 12-square-kilometre parcel known as E1 just east of Jerusalem, but...
Geostrategy

Company News

Invictus 9M net profit $105m

PIF to sell Tadawul stake

FTX goes bankrupt in US

ADNOC Distribution 9M net profit up 39%

SALIC buys 9.2 percent stake in LT Foods

Latest News

GCC equity markets ended 2024 in positive territory

Five of seven GCC equity market indices under coverage ended 2024 on the rise, according to an in-depth report on GCC equity...

18 Palestinians killed in Israeli strikes on northern, southern Gaza

Palestinian news agency (WAFA) reported that eight Palestinians were killed, and others were injured in an airstrike by the Israeli...
Geostrategy

NDMC arranges $2.5bn credit facility

The Shariah-compliant facility spans a tenure of three years.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Saudi Arabia’s non-oil exports surge by nearly 23% in Sept 2024

Riyadh, Saudi Arabia -- Saudi Arabia's non-oil exports surged by 22.8 percent in September, according to a report by the...
  • The September 2024 International Trade Report said national non-oil exports, excluding re-exports, rose by 11.6 percent.
  • The report also indicated a 14.9 percent decline in merchandise exports in September 2024 compared to September 2023.
Business

Lulu Retail Q3 profit $35m

For the nine-month period, net profit increased by 73.3%.
  • In its first financial update since its record IPO on ADX, the company posted a revenue growth in Q3 2024, reaching $1.86 billion, up 6.1% YoY.
  • The UAE saw strong revenue growth of 7.5% in Q3 2024, mainly driven by healthy LFL growth of 4.7% during the quarter.
Business

Salik 9M net profit $223m

The company's third-quarter profit increased by 8.8 percent.
  • Salik reported 355.6 million revenue-generating trips, which increased 5.1 percent YoY to drive total revenue of AED1.640 billion.
  • Revenue from toll usage, comprising 86.7 percent of total revenue, rose 5.1 percent YoY to AED1,422.2 million in the nine-month period.