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

Record number of patent applications filed globally in 2022, says WIPO

GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an...

Business

AI to contribute in enhancing low-emissions development

BONN, GERMANY - Artificial intelligence (AI) can make substantial contributions to climate-resilient and low-emissions development. UN Climate Change’s Initiative on...

Science
Business

Etisalat Group buys out elGrocer DMCC

Emirates Telecommunications Group Company PJSC (Etisalat Group)  has completed the acquisition of elGrocer DMCC, the company said it a statement.
  • Founded in 2015, elGrocer is a leading online marketplace for groceries operating in all seven Emirates of the UAE
  • The acquisition of elGrocer will complement Etisalat UAE’s existing marketplace services under the ‘Smiles’ brand
Business

Season 8 of ABB FIA Championship set to kick off in Riyadh

Season 8 of the ABB FIA Formula E World Championship is set to launch in Saudi Arabia, and some of...
  • Run under lights at the UNESCO World Heritage Site outside Riyadh, the races will be held in the Kingdom for the fourth time
  • The eight season of the ABB FIA Formula E World Championship begins with a double-header in Diriyah, with a new qualifying format, along with the ever-popular Fan Boost
Geostrategy

IATA urges governments to accelerate lifting of travel restrictions

The International Air Transport Association (IATA) urges urged governments to accelerate the relaxation of travel restrictions, saying evidence suggests a...
  • IATA cites a study that says there is minimal impact of travel restrictions on controlling the spread of Omicron.
  • The billions spent testing travelers would be far more effective if allocated to vaccine distribution or strengthening healthcare systems, says IATA director.
Business

Tunisia allows digital sector firms to bid in convertible foreign currencies

The Central Bank of Tunisia (BCT) has authorized companies operating in the digital sector to bid for public tenders in...
  • Bidding allowed for tenders for imported hardware and software in 2022.
  • The authorization from the Central Bank of Tunisia came after a 'positive opinion' from the Ministry of Finance.
Economy

Dubai Metro cuts emissions by 2.6m tons, yields $31bn in benefits

Dubai Metro has eliminated about 1 billion private-vehicle journeys, yielded monetary benefits worth AED115 billion and reduced carbon dioxide emissions...
  • The Metro has eliminated about 1 billion private-vehicle journeys, said Mattar Mohammed Al Tayer, Chairman of the Board of Executive Directors of the Roads and Transport Authority.
  • Al Tayer said the metro network, which spans 74 km, had been completed in just four years. The total length of the rail network is about 101 km.
Geostrategy

Italy, UAE discuss the digital revolution in healthcare sector

With a medical devices industry turnover of Euro 17 billion, 4,400 companies and nearly 94,000 professionals, Italy is at the...
  • With a medical devices industry turnover of Euro 17 billion, 4,400 companies and nearly 94,000 professionals, Italy is at the forefront of telemedicine
  • The Innovation Talks are a platform to foster the dialogue between Italy and UAE initiated by the Embassy of Italy to the UAE last year
Economy

Fitch downgrades Kuwait to “AA-“, with stable outlook

The downgrade reflects ongoing political constraints on decision-making that hinder addressing structural challenges related to heavy oil dependence.
  • The downgrade reflects ongoing political constraints on decision-making that hinder addressing structural challenges related to heavy oil dependence
  • There has been a lack of meaningful underlying fiscal adjustment to recent oil-price shocks and the outlook for reforms remains weak
Business

Emirates signs new distribution agreement with Amadeus

From 1st February 2022, all trade partners on Amadeus will be able to access Emirates’ content free of surcharge.
  • From 1st February 2022, all trade partners on Amadeus will be able to access Emirates’ content free of surcharge
  • The new agreement will also see Emirates’ new distribution capability content integrated into the Amadeus Travel Platform
Business

LVMH sees record sales, profit despite pandemic

The world's leading luxury group more than recovered from the coronavirus pandemic as it earns a record €64.2 billion ($71.5bn)...
  • One reason for the luxury group's out-performance was improved profitability
  • Its operating margin rose to 26.7 percent, up from 21.4 percent in 2019
Business

UAE and Amazon subsidiary to create cloud-based medical record system

The UAE's Ministry of Health and Prevention (MoHAP) has signed a memorandum of understanding (MoU) with Amazon Web Services (AWS),...
  • The signing came on the sidelines of MoHAP's participation at Arab Health 2020 that is being held in Dubai.
  • The project will implement the best means of strategic planning and decision-making, based on databases that help evaluate and measure the performance of health services.

Record number of patent applications filed globally in 2022, says WIPO

GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an...
Business

Company News

Latest News

UAE refunds tax incurred on building, operating mosques

The FTA will begin accepting applications for refunding input tax incurred on building mosques from Nov 1.
Economy

Egypt to grant ‘golden license’ in order to boost investment

The license will allow investors to buy or rent lands, operate and manage the projects and allocate the necessary facilities...
Economy

Savola Group posts 36% increase in profit

It recorded $173m profit in the first nine months of 2022.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

QLM profits fall by 33 percent in first nine months of 2022

The company had reported a net profit of $12.27mn for H1.
  • The gross written premium for the six-month period that ended on June 30, 2022 had increased by 33 percent to QR742mn.
  • QLM Life & Medical Insurance Company was established in 2018, and was listed on Qatar Stock Exchange last year, with a capital of QR 350 million. 
Business

Sheikh Khaled bin Mohamed bin Zayed meets CEOs of INPEX, BP

Energy security, enhancing partnerships were discussed.
  • The meeting discussed ways of harnessing opportunities in renewables and hydrogen.
  • The meetings deliberated on ways of expanding existing relationships to enable a more sustainable future.
Business

DEWA commissions 389 11kV substations in Q3 of 2022

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned 389 11kV substations in Dubai in the third quarter...
  • DEWA now has 77 substations of 33kV in service, and 42,529 medium voltage (11Kv or 6.6Kv) substations.
  • These stations are mainly located at Wadi Al Safa Fifth, Al Merkad, Madinat Al Matar and Al Yalayis 1.