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

KEZAD Group signs lease agreement with Advanced Petro Services

ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi (KEZAD) Group, the integrated trade, logistics, and industrial hub of Abu...

Business

EasyLease Q3 revenue $57.66m

It's net profit was AED 26.5 million ($7.21m) in Q3 2023.

Business
Business

REEF, Americana Group to open cloud kitchens across MENA region

Cloud kitchens are kitchens built only for delivery orders, pioneered in the biggest US cities before they spread across the...
  • The two companies said they have entered into a joint venture for the purpose
  • The cloud kitchens will belong to not just REEF and Americana but third parties as well
Economy

Bahrain’s economy grows 2.09% in Q3 2021

The national accounts report shows that the growth is the outcome of the rise achieved by the non-oil sector by...
  • The national accounts report shows that the growth is the outcome of the rise achieved by the non-oil sector by 3.76 percent in real terms and 5.94 percent at current prices
  • The oil sector fell by 4.63 percent in real terms and increased by 39.95 percent at current prices compared to the same quarter of 2020.
Economy

Food prices rose 28.1% in 2021, may remain high in 2022: FAO

The FAO’s Food Price Index, which tracks monthly changes in international prices, averaged 125.7 points.
  • FAO Senior Economist Abdolreza Abbassian explained that high prices are normally expected to ease as production increases to match demand
  • This time, however, the global pandemic and ever climatic conditions ‘leave little room for optimism’ even in 2022, she said
Economy

UAE issues circular to ministries for remote working on Friday

The Federal Authority for Government Human Resources (FAHR) of the UAE issued a circular to all ministries and federal entities...
  • Employees with residences far from workplaces would be prioritized as well as other humanitarian conditions in this aspect would also be considered.
  • The step is taken to ensure continuity of service provision and the federal government’s proper functioning during the implementation of the remote working system
Business

SEWA implements development projects worth over $14.78m

The Central Region Department of the Sharjah Electricity, Water and Gas Authority (SEWA) implemented a number of development projects during...
  • 80 projects have been implemented for network modifications and approximately 50 transformers are installed in the central region.
  • Cables have been extended to implement these projects with up to 197,624 km of length, and the total cost of the projects is $14.78 million.
Business

MoHAP of UAE and Bayer to launch a new initiative “STEPS”

The Ministry of Health and Prevention (MoHAP) has signed a Memorandum of Understanding (MoU) with Bayer Middle East to launch...
  • The new initiative aims to support the local health authorities by developing the capabilities of the various components of the medical system
  • The launch of the STEPS program aims to enhance the capabilities of all parties to the health economics system in the UAE
Business

India aims at boosting honey exports to UAE, Saudi Arabia

India started its honey exports only in the fiscal year 1996-97, and is the world’s eighth-largest honey producer and ranks...
  • India started its honey exports only in the fiscal year 1996-97, and is the world’s eighth-largest honey producer and ranks ninth among the honey exporting countries globally.
  • The markets of Indian honey where APEDA is planning to boost its export includes the UAE, Saudi Arabia, Bangladesh and Canada.
Business

EDB and AD Ports team up to support industrial sector in UAE

Emirates Development Bank (EDB) has signed an MoU with Industrial Cities and Free Zone Cluster of AD Ports Group to...
  • The financial solutions can be utilized to build new facilities, purchasing, or leasing existing facilities as well as acquiring, upgrading, and maintaining the units’ assets
  • The MoU aligns with EDB’s continuous efforts to enable the industrial transformation and economic diversification agenda in the UAE
Economy

Ajman’s $656m budget for 2022 focused on infrastructure, community facilities

Ajman's budget of AED2.41 billion ($656m) for 2022 has been approved by the emirate's ruler Sheikh Humaid bin Rashid Al...
  • Economic affairs (34 percent), public services (19 percent) and public order and safety (eight percent) are the other sectors that account for the rest of the budget.
  • The 2022 budget is the largest in the emirate’s history, and 17 percent higher than last year’s budget.
Business

FAHR issues circular for flexible remote working on Fridays

The Federal Authority for Government Human Resources (FAHR) yesterday issued a circular to all ministries and federal entities regarding flexible...
  • The step is being taken to ensure continuity of service provision and the federal government’s proper functioning during the implementation of the remote working system
  • The circular is based on the new system of weekly work in the federal government sector, which started at the beginning of this year

KEZAD Group signs lease agreement with Advanced Petro Services

ABU DHABI, UAE - Khalifa Economic Zones Abu Dhabi (KEZAD) Group, the integrated trade, logistics, and industrial hub of Abu...
Business

Company News

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GCC unveils Center for Disease Prevention and Control

Riyadh, Saudi Arabia—The GCC has unveiled the Gulf Center for Disease Prevention and Control in Riyadh to enable the prevention...
Economy

‘Exhibitions important platform to market Jordanian products’

At least 11 Jordanian food processing companies took part in the SIAL Paris 2022 trade show, the Jordan Exporters Association...
Business

Shamma bint Sultan calls for collaboration on climate change

Executive Director of the UAE Independent Climate Change Accelerators (UICCA) Sheikha Shamma bint Sultan bin Khalifa Al Nahyan highlighted the...
Science
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

ACWA Power to start Oman project

It will build the $7bn project with Oman and a US firm.
  • The three companies signed a joint development agreement for the multibillion-dollar facility in May this year
  • The project is expected to replicate processes put in place for a similar hydrogen and ammonia facility being developed in the $500 billion futuristic city NEOM
Geostrategy

Saudi energy minister holds talks with counterparts in India

Prince Abdulaziz is also the Chairman of the Ministerial Committee for Economy and Investment in the Saudi-Indian Strategic Partnership Council.
  • Prince Abdulaziz is also the Chairman of the Ministerial Committee for Economy and Investment in the Saudi-Indian Strategic Partnership Council
  • Saudi minister said the visit will further enhance the strategic partnership between the two countries and enable them to explore further opportunities for cooperation
Business

UAE signs deals worth US$70m to produce medical equipment

The UAE has signed agreements to the tune of $70.8 million with medical companies to manufacture medical equipment at home.
  • PureHealth will work with Abu Dhabi Medical Devices Company (ADMD) to establish a medical supplies production line in Abu Dhabi
  • Borouge will provide raw materials while Abu Dhabi Ports Group will provide industrial land for the production of medical syringes, administration devices