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

UAE warns of visa ban over job loss insurance fines

ABU DHABI, UAE - Some employees who failed to meet an October 1 deadline to sign up to the UAE's...

Business

Al Ghurair to use Oracle solution

This will help HR teams improve business operations.

Business
Business

Saudi Tourism hires Radisson Blu to run a four-star resort

Radisson Blu has been hired to manage and operate a new four-star resort with retail stores in Al-Ahsa governorate.
  • The property will be developed by the Saudi Tourism Development Fund and the Abdul Latif Al Abdul Latif Hotel Group
  • The project's annual gross domestic product is expected to be as much as SR42 million ($11.2 million)
Business

Saudi hiring of foreign domestic workers leaps up 15%

Saudi Arabia has recruited more than 75,000 overseas domestic workers in December 2021, a fifteen percent jump in the hiring,...
  • New contracts for workers in domestic-facing roles exceeded 76,000 in December 2021, compared to 69,000 in November and 65,000 in October
  • Bangladesh topped the list of countries of workers recruited into Saudi Arabia during the month of December with more than 12,000 contracts
Business

ADNOC Distribution posts net profit of AED2.2bn for 2021

ADNOC Distribution has reported that its EBITDA stood at AED 3.1 billion, with net profit of AED2.2 billion for 2021.
  • For the fourth quarter of 2021, EBITDA was AED802 million, while net profit stood at AED571 million
  • ADNOC Distribution saw quarter-on-quarter growth in total fuel volumes in 2021, with an increase of 4% in the fourth quarter compared to the third

DP World to give ₤1 mn to two Earthshot Prize finalists

DP World’s has announced ₤1 million investment to two Earthshot Prize Finalists, designed to scale their work in the UAE...
  • The Innovation Showcase profiled the ground-breaking solutions from the 2021 Earthshot Prize finalists
  • Prince William lauded the DP World's gesture during his visit to Middle East
Geostrategy

Morocco, Finland sign MoU to fortify cooperation in energy sector

The agreement was signed on Wednesday in Rabat by Morocco's Minister of Energy Leila Benali, and Finland's Minister of Economic...
  • The agreement was signed on Wednesday in Rabat by Morocco's Minister of Energy Leila Benali, and Finland's Minister of Economic Affairs, Mika Tapani Lintilä.
  • The two parties will work together closely to implement cooperative actions in the sectors of renewable energy, clean technologies and energy efficiency
Economy

UN points to blue economy for global growth

Communities and businesses that rely on the ocean are hurting, as more than 3 billion people depend on marine and...
  • The World Bank defines blue economy as "sustainable use of ocean resources for economic growth, improved livelihoods, and jobs” while preserving oceans
  • The UN has earlier noted that a good blue economy could help the world achieve its Sustainable Development Goals, including one for life under water
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.

UAE warns of visa ban over job loss insurance fines

ABU DHABI, UAE - Some employees who failed to meet an October 1 deadline to sign up to the UAE's...
Business

Company News

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UAE’s FNC members discuss cooperation with German Parliament

Members of the UAE-EU Parliamentary Friendship Group of the Federal National Council (FNC), headed by Sarah Mohammed Falkinaz, Chairperson of...
Geostrategy

Qatar Central Bank issues treasury bills, sukuk worth $1.6 billion

Doha--The Qatar Central Bank (QCB) has issued Treasury Bills and Sukuk for periods of one week, one month, three, six...
Business

Saudi-Finnish business forum discusses enhancing trade ties

HELSINKI, FINLAND - Heading a high-level delegation to Finland, Saudi Arabia's Minister of Commerce and Chairman of the Board of...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Geostrategy

Jordan’s King meets Russian minister, urges stability in southern Syria

AMMAN, JORDAN - Jordan's King Abdullah received Russian Foreign Minister Sergey Lavrov in Amman on Thursday and stressed the importance...
  • King Abdullah stressed on the need to activate efforts to reach a political solution to the crisis in Syria.
  • The King emphasized on safeguarding Syria's unity and territorial integrity.
Business

Abu Dhabi Ship Building signs MoU

The deal was signed with Indonesia's state-owned shipbuilder PT Pal.
  • They will build a range of interceptors, landing craft, and rigid-hull inflatable boats (RHIBs) for Indonesia’s naval and coast guard requirements.
  • ADSB operates three main naval programmes: Corvettes, offshore patrol vessels and fast interceptor vessels.
Geostrategy

Arab nations to hold economic development summit every four years

Dubbed the 'Arab Development Summit', it may be hosted by the Cairo-based Arab League.
  • Dubbed the 'Arab Development Summit', it may be hosted by the Cairo-based Arab League
  • An extraordinary session, attended by leaders and heads of state, may be held "when necessary, a statement read