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 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...

Economy

Expat remittances in Saudi Arabia fall to $2.6bn in September

RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9...

Economy
Business

Kuwait launches 2nd edition of initiative for youngsters’ business

Kuwait's Youth Authority on Saturday, February 12, launched the second edition of the ‘professional initiator’ program
  • The program aims to diversify productivity, helping young citizens launch startups in the private sector
  • It is also expected to provide more opportunities for medium and small enterprises at different levels
Business

Dubai saw $1.8bn real-estate transactions last week

A total of 2,078 real-estate transactions worth AED6.6 billion ($1.8 billion) were conducted in Dubai during the week ending February...
  • A total of 280 plots were sold for AED1.42 billion ($386.66 million), according to official data
  • Meanwhile, 1,275 apartments and villas were sold for AED2.54 billion ($691.63 million)
Business

IHC reports $3.08bn profit

The company posted an all-time-high annual revenue in 2021.
  • IHC’s total revenue grew 303 percent in 2021 to AED 28.3 billion ($7.71 billion)
  • This beat its previous year’s revenue record of AED 7 billion ($1.91 billion)
Business

UAE and Israel agree to boost tourism sector ties, plan events

The UAE and Israel signed a Memorandum of Understanding (MoU) to strengthen their tourism and economic cooperation and reinforce their...
  • The two sides will intensify their technical cooperation in tourism education, vocational training, marketing and promotional activities.
  • The trade between the two countries grew to $700 million within one year of signing Abraham accords.
Business

DWC Airport to host Business Aviation Event ‘MEBAA’ in December

DWC Airport in Dubai will host the MEBAA Show, a business aviation platform, from 6-8 December 2022. The event will...
  • The event will showcase the latest trends, insights, innovation and commercial opportunities shaping the future of business aviation.
  • Providing a platform for the entire business aviation community, the MEBAA Show will convene again to build partnerships.
Business

Zakat Fund reports revenue of $6 billion in 2021

The Zakat Fund has recorded total revenues of $6 billion in 2021, an increase of 5 percent over the same...
  • Abdullah bin Aqeedah Al Muhairi, Secretary-General of the Zakat Fund, said that the fund is totally transparent
  • Al Muhairi stressed that the Fund will continue working to raise awareness on the Islamic duty of Zakat
Business

Saudi seaports registers 5.3 percent increase in cargo handling

This includes a 48.28% growth in passenger volume, with the total number reaching 88,000.
  • The total food shipments amounted to more than 2 million in January, representing an increase of 2.06 percent compared to last year.
  • The statistical figures for January 2022 issued by MAWANI also showed an increase in other operational indicators of Saudi ports.
Geostrategy

Israel, UAE invite joint research proposals from varsities, research institutes

The UAE and Israel are inviting universities and research institutes in both countries to submit joint research proposals based on...
  • Successful proposals will be selected by a joint UAE-Israel committee, which will choose one project to be funded.
  • The selected research project will receive $200,000 of funding from the UAE Space Agency and Israel Space Agency.
Business

Alpha Dhabi revenues rise 400 percent

The gross profit in 2021 was AED5.1 billion in 2021, compared to AED 218 m in 2020.
  • The company said the performance was driven by the strong and consistent business activities of its subsidiaries.
  • Alpha Dhabi Holding made strategic investments in 2021 by acquiring a 17.5 percent stake in Aldar which was increased to 30 percent at the year-end.
Business

ADQ to launch digital bank, after CBUAE grants approval

A new digital bank backed by ADQ, an Abu Dhabi-based investment and holding company, will soon begin operations, after the...
  • With its headquarters in Abu Dhabi, the digital bank named Wio will enhance the capital's growing reputation as a global financial services centre
  • The digital banking platform's primary shareholders ADQ and Alpha Dhabi, one of the fast-growing investment holding companies in the Middle East, own 65 percent

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...
Economy

Company News

Latest News

UAE, Indonesia to cooperate in energy sector

UAE and Indonesia have signed a Declaration of Intent to boost economic and social development between the two countries and...
Geostrategy

AD Ports Group acquires 80% stake in GFS

The Group will look to integrate GFS into its Maritime Cluster.
Business

Arriyadh posts 20% profit drop

Its profit declined to $69.6m in the first nine months of 2022.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

ACWA Power to build 10 gigawatts wind project in Egypt

Riyadh, Saudi Arabia— ACWA Power Company of Saudi Arabia has signed an agreement with Egypt to build a 10 gigawatts...
  • According to the Saudi Ministry of Energy, the agreement has been reached with Egypt’s New & Renewable Energy Authority and Egyptian Electricity Transmission Co
  • Saudi Arabia’s ACWA Power has invested $1.5 billion in a wind power plant in Egypt as the company expands its horizons in renewable energy
Economy

GCC states raise interest rates after Federal Reserve’s hike

Most of the GCC states have raised their key interest rates in the wake of the Federal Reserve's decision to...
  • The impact of higher interest rates among Gulf oil exporters in 2022 has so far been limited
  • The IMF said higher oil prices are likely to lead to fiscal surpluses and growing foreign reserves for Gulf economies, which will reduce the need for governments to borrow
Economy

UAE president, Biden meet virtually to discuss energy transition

The two leaders highlighted the just announced comprehensive UAE-US initiative to accelerate the energy transition.
  • The two leaders highlighted the just announced comprehensive UAE-US initiative to accelerate the energy transition
  • UAE president briefed Biden on the UAE’s funding and assistance for clean energy projects on six continents