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.

NBM’s board approves increasing Murabaha sukuk issue to $133m

RIYADH, SAUDI ARABIA - National Building and Marketing Co’s (NBM) board of directors approved an increase of Murabaha SAR-denominated sukuk...

Business

Saudi Arabia, CARICOM countries hold first summit for strategic partnership

RIYADH, SAUDI ARABIA - Since its foundation, the Kingdom has been keen to build bridges of communication with all the...

Geostrategy
Business

GFH of Bahrain to list on Tadawul

Bahrain-based Islamic investment bank GFH Financial Group intends to list on the Saudi stock exchange, Tadawul, and Abu Dhabi Securities...
  • The financial group will reportedly discuss the option with its shareholders at the general meeting
  • The company said shareholders will mandate the board of directors to complete the listing process
Business

AD Ports acquires Divetech

Divetech is a UAE-based topside-subsea solutions provider.
  • The acquisition will be fully funded from AD Ports Group’s existing cash reserves.
  • Divetech delivered revenue of AED 87 million and EBITDA of AED 20 million in 2021.
Business

Shurooq to invest in GCC, Arab countries, Australia, says its Executive Chairman

Shurooq is currently considering in several Arab and Gulf Cooperation Council (GCC) countries, including Egypt, Saudi Arabia, Oman and Qatar,...
  • Shurooq has received a proposal to establish similar entities to Sharjah Sustainable City in Australia and the US.
  • It is now engaged in tourism, environment, transport and project management sectors and will soon invest in health, education and robotics.
Business

UAE ratifies $3.26bn loan for Sheikh Zayed Housing Program

The UAE has approved a $3.26 billion housing loan budget for Sheikh Zayed Housing Program in a cabinet meeting on...
  • "The aim is to fulfil accumulated and expected requests and reduce the waiting period during the coming years", said Sheikh Mohammed bin Rashid
  • He said the cabinet also approved the establishment of the Emirates Council for Balanced Development to develop plans, implement projects and build government-private partnerships
Business

EGA of UAE posts record net profit of $1.5bn for 2021

Emirates Global Aluminium, or EGA, has posted a 1,140 percent jump in net profit to $1.5 billion for 2021.
  • The company's record earnings were attributed to a strong global aluminum market after economies recovered from COVID-19, as well as higher production, sales, and prices
  • “These record results show that our preparations for the next stage of our corporate journey are nearing completion,” Abdulnasser bin Kalban, CEO of EGA said
Business

Saudi Exports organizes Commercial Mission for 30 businesses to Oman

Saudi Exports Development Authority (SAUDI EXPORTS) today organized a commercial mission for over 30 Saudi senior manufacturers and exporters in...
  • The mission, which targets 70 Omani companies, follows the two countries’ signing of memorandum of understating worth $30 billion for cooperation in various economic fields.
  • Saudi non-oil exports to Oman reached $932 million till November 2021---food sector SAR 884 million, petrochemicals SAR 709 million and the constructions sector SAR 529 million.
Business

Lucid Motors to manufacture electric vehicles in Saudi Arabia

Lucid Motors has leased a big plot of land for $30 million in King Abdullah Economic City Industrial Valley, in...
  • The leasing of land aims “to construct and operate automotive manufacturing and assembly facility together with all ancillary services”
  • Financial impact from the project will roll out on the company’s financial statements during the contract duration that will run from 2022 until 2047
Business

Al Arabia sets up e-commerce subsidiary

The subsidiary has a capital standing at SAR 50,000 and will offer multi-vendor business-to-consumer (B2C) products.
  • The subsidiary has a capital standing at SAR 50,000 and will offer multi-vendor business-to-consumer (B2C) products
  • Al Arabia will announce any material impact regarding setting up the new subsidiary once developed
Geostrategy

Saudi Deputy Defense Minister meets Abu Dhabi’s Crown Prince

Prince Khalid bin Salman conveyed the greetings of the Custodian of King Salman bin Abdulaziz Al Saud.
  • Prince Khalid bin Salman conveyed the greetings of the Custodian of King Salman bin Abdulaziz Al Saud
  • The two kingdoms discussed strategic cooperation and the developments in the regional and international arena
Economy

Makkah governor launches $4bn projects in the region

The new initiatives are expected to support environmental and water sustainability in accordance with the Saudi Vision 2030.
  • The total cost of the 72 projects is said to be more than SAR15 billion ($4 billion)
  • They are said to spread across several sectors, including water and the environment

NBM’s board approves increasing Murabaha sukuk issue to $133m

RIYADH, SAUDI ARABIA - National Building and Marketing Co’s (NBM) board of directors approved an increase of Murabaha SAR-denominated sukuk...
Business

Company News

Latest News

Global tourism now at around 70% of pre-pandemic levels: UNWTO

“Our job is to create jobs,” UNWTO Secretary-General Zurab Pololikashvili told tourism sector leaders at the World Travel Market.
Economy

Saudi signs agreements with Oman, Egypt to boost energy ties

Sharm el-Sheikh, Egypt—Saudi Arabia has signed two separate agreements with Oman and Egypt to boost ties in the energy field....
Business

UAE, Jordan and Israel advance Project Prosperity

The three nations vow to advance clean energy and sustainable water desalination projects announced last year, while UAE, Indonesia unveil...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Zain Group 9M net profit $492m

Revenue was up 12% to reach $4.2 billion for the same period.
  • An interim cash dividend of 10 fils, totaling $140 million was distributed in September 2022.
  • The company added 3.5 million active subscribers to a total of 52 million customers, a 7 percent  year-on-year growth.
Geostrategy

Jordan imported 405k barrels of Iraqi crude in October

AMMAN, JORDAN - Jordan imported about 405,550 barrels of crude oil from Iraq in October, an average of 13,000 barrels...
  • Jordan had imported roughly three million barrels of Iraqi crude from September 2021 to October 2022.
  • The crude oil was transported by 11,565 Jordanian and Iraqi tanker trucks.
Geostrategy

UAE, Russia discuss ways to bolster medical collaboration

DUBAI, UAE - UAE's Ministry of Health and Prevention (MoHAP) discussed with the Russian Ministry of Industry and Trade ways...
  • The two sides discussed ways to encourage more Russian companies to transfer some of their production lines to the UAE.
  • The two sides discussed exchange of medical expertise and ways to expand partnerships in the pharmaceutical sector between UAE and Russia.