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

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

Abu Dhabi Chamber and Mauritius EDB sign trade agreement

The Abu Dhabi Chamber of Commerce and Industry has signed a cooperation agreement with the Economic Development Board of Mauritius...
  • The agreement will establish a framework for developing stronger business relations between the parties.
  • The two sides will organize prospective business missions, study trips, commercial events, trade fairs, exhibitions and seminars.
Economy

IACE President warns Tunisia as a state can collapse

The President of the Arab Institute of Business Leaders (IACE) Taieb Bayahi has warned that Tunisia as a state could...
  • He added that it is necessary to save the remaining urgently, stressing that "the current economic situation does not allow us to waste any more time
  • In a report published this month, the forum ranked Tunisia among the five countries threatened by the spectre of the collapse of the state
Geostrategy

Bahrain first to receive newest Lockheed Martin F-16 simulators

Bahrain will receive F-16 simulators produced by Lockheed Martin to train pilots for national defense missions under a new agreement,...
  • Bahrain was the first country in the Gulf region to acquire the F-16 and the first in the world to procure the advanced F-16 Block 70.
  • To date, more than 4,500 F-16s have been produced, with approximately 3,000 F-16s operating today in 25 countries.
Business

dnata of Dubai to invest $233m in Amsterdam Airport

dnata, the global air and travel services provider, will invest more than $223.22 million in a fully automated cargo center...
  • dnata Cargo City Amsterdam will significantly enhance cargo capacity in The Netherlands and create new, direct jobs with dnata
  • It will enable dnata and its customers to substantially expand operations and business, stimulating local economy and trade
Arts & Culture

‘Arabic’ coffee renamed ‘Saudi’ coffee in the kingdom

The renaming is seen as the assertion of a cultural element that expresses the Saudi identity and reflects the people's...
  • The decision is part of the initiatives being taken under the "Year of Saudi Coffee" program.
  • The Ministry of Culture has already named 2022 as the “Year of Saudi Coffee” under the support of the Quality of Life Program.
Economy

UAE to levy 9% tax on business profits from next year

The UAE’s Ministry of Finance will start levying a 9 percent tax on business profits from June 1, 2023 thereby...
  • The ministry has confirmed that it will impose no tax on profits of up to AED375, 000
  • The tax will be levied on all corporations and commercial activities in the country, except for the "extraction of natural resources"
Business

Arabian Centers to set up $14.65m microfinance company

FAS Labs Limited Co., a unit owned by Saudi retail firm Arabian Centers, will set up a digital consumer microfinance...
  • According to a bourse filing, FAS Labs Limited Co. has obtained preliminary approval from the central bank
  • The move comes as Arabian Centres aims diversify its income sources and enhance profitability
Business

Jordan signs Japan deal for AI-enabled support software

The two sides agreed on the project's overall framework, in addition to a draft accord detailing initial implementation phases.
  • Jordan’s Ministry of Digital Economy and Entrepreneurship and Japan International Cooperation Agency (JICA) have signed an agreement
  • The agreement lays out the main technical axes of a project to develop Jordan's artificial intelligence (AI)-enabled support system
Business

Qatar Financial Center’s systems benefit aircraft leasing firms: CEO

The Center’s proximity to the most important leading airlines in the world and its wide network of destinations make it...
  • Yousuf Mohammed Al Jaida said the Center's proximity to leading airlines makes it ideal for aircraft leasing companies.
  • Nearly 30 of the largest aircraft lessors in the world are looking forward to concluding deals with leading airlines that utilize their assets efficiently.
Business

Moro Hub teams up with Swedish firm

Moro Hub, the digital arm of DEWA, has signed an agreement with Axis Communications, a Swedish company, offering video surveillance...
  • This partnership is part of Moro Hub’s effort to accelerate its drive to promote Integrated Physical Security in the UAE and GCC
  • Moro Hub will now offer government and enterprise clients across varied verticals, including transport, utilities and energy, healthcare, retail and financials

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, Kyrgyz Presidents review bilateral relations

ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan Monday received President of the Kyrgyz Republic Sadyr Japarov,...
Geostrategy

DEWA adds 600MW of clean energy production capacity

DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority Saeed Mohammed Al Tayer said DEWA had added...
Business

Banque Saudi Fransi net profit up 15%

The bank’s profit for the nine-month period peaked at $719m.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

ADNOC sets Upstream Methane Intensity target of 0.15 percent by 2025

Abu Dhabi, UAE--- Abu Dhabi National Oil Company (ADNOC) announced on Monday that it has set a new Upstream Methane...
  • ADNOC’s 0.15 percent methane intensity target means ADNOC will be ranked in the Gold Standard category by the Oil and Gas Methane Partnership 2.0 (OGMP 2.0.
  • Oil and Gas Methane Partnership 2.0 (OGMP 2.0 is a a multi-stakeholder initiative launched by the United Nations Environment Program (UNEP) and the Climate and Clean Air Coalition.
Economy

Saudi Arabia’s GDP grows by 8.6 percent in third quarter of 2022

As per estimates by the General Authority for Statistics (GASTAT), real Gross Domestic Product (GDP) of Saudi Arabia grew by...
  • The seasonally adjusted real GDP increased by 2.6 percent in the third quarter 2022 compared to the second quarter this year.
  • Non-oil activities grew by 5.6 percent and government services activities by 2.4 percent on a year-on-year basis.
Business

Empower IPO priced AED1.31-1.33 per share

The total offering size expected between $357m and $362m.
  • On Oct. 24, Empower announced it will list 10 percent stake in its IPO and list a portion of its ordinary shares for trading on the Dubai Financial Market (DFM).
  • Empower said that 1 billion shares, each with a nominal value of AED0.10 (ten fils) will be made available in the offering.