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

$5.8bn worth deals signed in first four days of Dubai Airshow 2023

DUBAI, UAE – Tawazun Council signed 16 deals, worth US$1.3 billion (AED 4.87 billion), with local and international companies on...

Business

Mawani, CMA CGM Group lay foundation for logistics park at Jeddah Islamic Port

RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) and CMA CGM launched on Wednesday a new logistics park at...

Business
Business

Air Arabia profits up 476%

Its profit stood at AED720 million ($196.05 million) in 2021.
  • The Sharjah-based carrier said its profit stood at AED720 million ($196.05 million) over the previous year
  • This was compared to a net loss of AED192 million ($52.28 million) registered for the full year 2020
Business

Zain Group to sell tower infrastructure

PIF-led consortium to buy 80 percent stake in 8,069 towers.
  • PIF will acquire a 60 percent stake, Sultan Holding Company acquiring 10 percent and Prince Saud bin Fahd bin Abdulaziz acquiring 10 percent.
  • Zain KSA will own the remaining 20 percent stake, with the PIF having a call option to buy this remaining 20 percent for a specified amount.

Elm to list on TASI

The final offer price was set at SR128 ($34.1) per share, the top end of an indicative range.
  • The listing comes amid a boom in the Saudi initial public offering market in a bid to enhance liquidity.
  • Owned by the Public Investment Fund, the company had earlier raised $820 mil in proceeds from an IPO.
Economy

Saudi inflation hovers at 1.2% despite spike in food prices

In spite of an increase in transport and food costs, inflation in Saudi hovered at 1.2 percent in January, according...
  • GASTAT said the 1.2 percent growth in the general consumer price index, or CPI, “resulted from higher prices of transport and food and beverages prices
  • In the food and beverages group – which has a 19 percent weighting in the general CPI — growth in food prices accelerated to 2.1 percent from 1.1 percent in December
Business

Intel to acquire Tower Semiconductor

The acquisition for around $5.4bn part of Intel's IDM 2.0 strategy.
  • As a key part of its IDM 2.0 strategy, Intel established Intel Foundry Services (IFS) in March 2021 to help meet the growing global demand.
  • Tower operates a geographically complementary foundry presence with facilities in the U.S. and Asia.
Business

Trade between Brazil and Arab countries grew by 44 percent in 2021

Trade between Brazil and Arab countries grew by 44 percent during 2021, with food exports alone reaching an estimating $14...
  • Food exports alone reached an estimating $14 billion, said Tamer Mansour, CEO of the Brazilian Chamber of Commerce.
  • January reports revealed that trading between Brazil and Arab countries could increase further, by 2 to 4 percent in 2022, he added.
Business

Construction of $834m steel casting plant in Saudi to begin this year

A metal casting and forging plant will be built by South Korea’s Doosan Heavy Industries and Construction at the cost...
  • The plant will be constructed at the King Salman Global Maritime Industries Complex by South Korea’s Doosan Heavy Industries.
  • The plant orders in Saudi Arabia and the Gulf Cooperation Council are expected to grow around 2 trillion won per year in 2028.
Business

Amanat Holdings income leaps up

Amanat Holdings has posted a huge jump in its income for the year ended December 31, 2021 to AED367 million...
  • Amanat has recommended the highest dividend payout to date of AED150 million, for which the Board of Directors will be seeking shareholders' approval
  • The company reported a record net profit of AED280.8 million, a twenty-eight fold increase from the AED10.1 million reported in FY-2020
Business

Investcorp acquires 64 industrial properties in US for US $640 million

The properties grow Investcorp’s US industrial real estate holdings to approximately $3.5 billion across approximately 32 million square feet comprised...
  • The properties grow Investcorp’s US industrial real estate holdings to approximately $3.5 billion across 32 million square feet comprised of more than 425 buildings
  • The latest acquisitions provide Investcorp with Class B+/B industrial warehouses that are 95 percent leased
Economy

Jordan passes 2022 budget with spending volume of over JD12 billion

The government’s action prioritizes the completion of the regional electricity linkages with Egypt, Palestine, Iraq, and Lebanon.
  • The government’s action prioritizes the completion of the regional electricity linkages with Egypt, Palestine, Iraq, and Lebanon
  • The budget seeks to increase the coverage of domestic revenues for current expenditures this year to about 88 percent

$5.8bn worth deals signed in first four days of Dubai Airshow 2023

DUBAI, UAE – Tawazun Council signed 16 deals, worth US$1.3 billion (AED 4.87 billion), with local and international companies on...
Business

Company News

Latest News

Thousands of cyclists take part in annual Dubai Ride

Tens of thousands of cyclists rode down the skyscraper-lined superhighway that meanders through the middle of Dubai on Sunday morning,...
Business

Qatar Civil Aviation Authority braces for arrival of football fans

Doha, Qatar— Qatar Civil Aviation Authority has promised a "unique travel experience" for football fans of the World Cup in...
Business

Great editors act as teacher, help create great authors

“I have two very important roles - the first, to be the mouth-piece for my authors in the publishing house,...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Analysis

Total broad money supply in Qatar reaches US$189bn in September 2022

The Planning and Statistics Authority (PSA) has released the 105th issue of (Qatar; Monthly Statistics) bulletin for the month of...
  • One of the most prominent changes is the increase in the general index by a positive month-on-month change rate of 1.22 percent compared to August 2022.
  • The largest increase was in the entertainment and culture category with 6.03 percent, compared to the previous month.
Science

FANR highlights its robust nuclear safeguards regime

UAE's Federal Authority for Nuclear Regulation (FANR) has recently participated in the 14th Symposium on "International Safeguards: Reflecting on the...
  • The symposium in Austria aims to reflect on the experience gained and lessons learned over the past six decades of implementation of nuclear safeguards.
  • It also tries to verify that member states are honoring their international legal obligations to use nuclear material and technology only for peaceful purposes.
Business

Awareness campaign of DEWA digital services ends

Dubai Electricity and Water Authority (DEWA) has successfully concluded its awareness campaign among customers about its innovative digital services on...
  • The campaign provided guidelines and advice through DEWA's social media and internal and external channels.
  • This helps customers make smart decisions to manage their consumption and benefit from DEWA's advanced digital services and initiatives.