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

Saudia records 50 percent growth in operations during Umrah season

JEDDAH, SAUDI ARABIA - From the start of the month of Muharram until the end of Rabi' Al-Awwal, Saudia Airlines...

Business

Saudi Arabia’s Ministry of Investment inks 3 MoUs at FII7

RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Investment signed three memoranda of understanding (MoU) in the fields of biotechnology,...

Business
Geostrategy

Israel PM ‘relieved’ after US synagogue hostage situation resolved

Israel’s Prime Minister Naftali Bennett took to Twitter on Sunday, January 16, to say he was “relieved and thankful” that...
  • The Colleyville Police said a now-dead gunman on Saturday held four people hostage and demanded the release of one Aafia Siddiqui
  • The Pakistani-origin neuroscientist is serving an 86-year sentence in a Texas prison for firing at US soldiers and officials in Afghanistan
Business

SMEH of Saudi Arabia fixes price range for IPO

Scientific and Medical Equipment House of Saudi Arabia has set a price range between $12-13.9 per share for its offer...
  • The book-building period for participating entities will run from Jan. 17 to Jan. 27, 2022, a bourse statement by the offering’s book-runner, Alistithmar Capital, revealed
  • Shares devoted to participating entities will stand at 6 million shares, representing the full offering of 30 percent of the company’s capital
Business

Sharjah Publishing City Free Zone registers 2,000 new companies in 2021

A total of 2,000 new companies from 106 countries registered with the Sharjah Publishing City Free Zone (SPC Free Zone)...
  • Most of these companies were from the UK, India, Pakistan, the Philippines, and Lebanon.
  • SPC provides 600 furnished offices for publishing entrepreneurs and 6,000 square meters of space for investors.
Business

Dubai eyes top global livability spot

DET and HSBC Bank Middle East have signed a Memorandum of Understanding (MoU), paving the way for increased cooperation in...
  • Under the terms of the agreement, DET and HSBC will promote to HSBC customers and employees the unparalleled quality of life in Dubai
  • The MoU was signed by Issam Kazim, Chief Executive Officer, Dubai Corporation for Tourism and Commerce Marketing; and Abdulfattah Sharaf, CEO of HSBC UAE
Business

Production capacity of Al Maktoum Solar Park’s fifth phase up by 30MW

The production capacity of the first project of the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park...
  • The increased production results from using the latest solar photovoltaic bifacial technologies.
  • The 900-megawatt fifth phase, with investments of AED 2.058 billion, is 60 percent complete.
Economy

IRENA sees rapid growth of hydrogen economy

The development may bring significant geo-economic and geopolitical shifts in the energy market, which is currently valued at $174 billion.
  • IRENA estimates hydrogen to cover up to 12 percent of global energy use by 2050
  • This is due to the climate urgency and countries’ commitments to net-zero emissions
Business

Securrency Capital picks advisor

Ryan Lemand has joined the brokerage as a board advisor.
  • Lemand holds a PhD in financial econometrics, and is the author of two books on financial contagion
  • Securrency Capital is a blockchain-enabled brokerage providing access to trading in traditional and digital assets

No suspension of flights, says Iraq’s civil aviation authority

"There is no suspension of flights in accordance with the instructions and directives", an official confirmed.
  • The Supreme Committee for National Health and Safety issued several decisions, including instructing departing and arriving travelers
  • The Aviation Authority will notify the companies of presenting the international vaccination card for departures and arrivals with a (PCR) examination (72) hours before the flight
Economy

Residential areas in focus as real estate prices surge in Kuwait

The real estate housing price rose in Kuwait last year, where investors focused on Kuwaitis' residential areas dealing in uninhabited...
  • Some residential districts, mainly inhabited by citizens, witnessed more than 35 percent rise in rates of the plots, leading to record growth of property assets
  • The investors sold 375-square-meter houses in Kuwaiti's residential districts such as Al-Khaldiya and Al-Yarmouk in May at a profit of $300,000 in May
Geostrategy

Iran, Syria to establish joint free zone, joint bank

Qasemi, who headed a high-ranking delegation to Syria, met with senior officials from Syria.
  • The decisions for the establishment of the mentioned entities were made during a three-day visit of the Iranian minister to Syria
  • Iranian Transport and Urban Development Minister Rostam Qasemi announced a joint committee is set to be formed between Iran and Syria

Saudia records 50 percent growth in operations during Umrah season

JEDDAH, SAUDI ARABIA - From the start of the month of Muharram until the end of Rabi' Al-Awwal, Saudia Airlines...
Business

Company News

Latest News

Mashreq posts net profit of US$708m

The embrace of digital services by it customers drove growth.
Business

‘World Cup is crucial — both economically and culturally — and Qatar is ready to prove itself’

Qatar is currently more like a workshop of preparation and equipping, in which Qataris and residents have engaged. Brotherly and...
Economy

Al Seer Marine buys large crude carriers

The firm's total VLCC fleet value is now $245 million.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

ADIB posts $272m net profit

The year-on-year growth in net profit was 53% for the first nine months of 2022.
  • Revenue for the first nine months of 2022 improved 10 percent to AED4,516 million compared to AED4,093 million last year.
  • This was driven by a 22 percent increase in fees and commissions and a 10 percent growth in funded income to AED2,802 million.
Business

Gulf war couldn’t have been won without Kingdom’s support, says Saudi Energy Minister

Saudi Arabia is engaged with many European governments with regards to the current energy crisis, says Prince Abdulaziz bin Salmanat...
  • Saudi Arabia is engaged with many European governments with regards to the current energy crisis, says Prince Abdulaziz bin Salmanat at FII Forum in Riyadh
  • Saudi Arabia has a lot to showcase in terms of Green initiatives at COP27, he said, adding that the Kingdom will announce several new projects in the field of energy
Business

SALIC, Minerva Foods buy Australian Lamb Company

ALC is one of the largest meat producers in Australia.
  • The acquisition was done through Minerva Foods Australia, a joint venture established last year between SALIC and Minerva in Australia.
  • ALC operates two processing facilities in Victoria State, with a capacity to process up to 3.78 million heads annually.