INSEAD Day 4 - 728x90

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

Burjeel profit nearly doubles

Healthcare demand drives stronger earnings.

Emirates orders 65 more Boeing 777X planes despite delays

Dubai, UAE -- Emirates, the Middle East's biggest airline, topped up its order of Boeing 777X planes on Monday despite...

Business

WEF’s Dubai Summit tackles existential digital risks

DUBAI, UAE – A powerful confluence of more than 500 experts and 150 cybersecurity leaders has converged in Dubai for...

Business
Business

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...
  • KEZAD’s industrial ecosystem is equipped with state-of-the-art infrastructure which perfectly supports Advanced Petro Services’ 24,000 sqm facility.
  • The CEO of KEZAD Group said APS is well-positioned to make a significant impact in the broader Abu Dhabi industrial landscape.
Business

Total of 52 MoUs signed in Saudi-Korean Investment Forum

RIYADH, SAUDI ARABIA – A total of 52 memorandums of understanding (MoUs) were signed at the Saudi-Korean Investment Forum here....
  • The private sector inked 48 MoUs in sectors ranging from transportation, tourism, energy, technology, infrastructure and cybersecurity.
  • The pacts aim to enhance investments between Saudi Arabia and South Korea which reflect the efforts towards collaboration between the two nations.
Business

Nedaa, Dubai Customs ink MoU

MoU to enhance digital solutions for efficiency.
  • The MoU will help to integrate efforts and exchange experiences to improve the level of services provided to various groups and segments of society.
  • The two parties will focus on developing an operational mechanism aimed at ensuring a reliable and effective communication network for Dubai Customs,
Business

Nearly 5,000 member companies join Sharjah Chamber in 2023

SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has logged an impressive surge in new memberships this...
  • The Chamber’s main branch and its other branches in Al Dhaid, Khor Fakkan, Dibba Al-Hisn, and Kalba now boast 45,373 active members.
  • The total export and re-export values of the members of the Sharjah Chamber reached US$4.6 billion through the third quarter of the current year.
Business

Dubai’s top 10 land deals in 2023 is worth US$2.3bn

DUBAI, UAE – A real estate brokerage based here has compiled the 10 largest land deals in the Emirate since...
  • The recovery in land sales reflects developers’ efforts to acquire the best plots for launching real estate and commercial projects.
  • Several sale deals in Dubai focus on investors’ desire to buy land for investment purposes and get high returns as prices continue to rise.
Business

EasyLease Q3 revenue $57.66m

It's net profit was AED 26.5 million ($7.21m) in Q3 2023.
  • it's net profit was AED 26.5 million ($7.21m) in Q3 2023, compared to AED 32.73 million ($8.91m) YoY over Q3 2022.
  • Cost-effectiveness, exceptional maneuverability and expedited travel, are driving the popularity of two-wheelers in the UAE.
Business

Mawani, SGP ink US$266m pact

The aim is to establish multiple logistics zones in the Kingdom.
  • The objective is to establish logistics zones that will enhance efficiency of the sector, improve service quality and generate additional job opportunities.
  • This initiative is expected to strengthen the role of the logistics sector in supporting the national economy.
Geostrategy

Ground operation likely in Gaza Strip, says Israeli envoy to Russia

MOSCOW, RUSSIA - The probability that the Israel Defense Forces (IDF) will launch a ground operation against Palestinian group Hamas...
  • Israel announced a total blockade of the Gaza Strip.
  • Israeli forces have been bombarding the area.
Business

Air Arabia launches non-stop flights between UAE’s Sharjah, Egypt’s Giza

SHARJAH/ ABU DHABI, UAE -  Air Arabia announced the launch of a new route operating between Sharjah and Giza city...
  • The non-stop flights will connect Sharjah International Airport with Giza and will have a frequency of five weekly flights.
  • British Airways announced that it will launch daily flights from London to Abu Dhabi next year.
Business

PIF announces pricing of inaugural $3.5bn global sukuk issue

RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) on Thursday successfully priced its first dollar-denominated Shariah-compliant trust certificates (sukuk)....
  • The issuance will be listed on the London Stock Exchange’s International Securities Market (ISM).
  • The sukuk issuance was more than seven times oversubscribed, with orders exceeding $25 billion,

Emirates orders 65 more Boeing 777X planes despite delays

Dubai, UAE -- Emirates, the Middle East's biggest airline, topped up its order of Boeing 777X planes on Monday despite...
Business

Company News

QGIRCO posts Q3 net profit of US$1.1m

Borouge Q3 profit $308m, paid $325m dividend in October

Emirates NBD profit rises 25 percent to $2.47 bn for Jan-Sept period

Emirates Islamic bank net profit for Jan-Sept period $285 million

First Abu Dhabi Bank Group net profit for nine months of 2022 $2.96 billion

Latest News

Tech and sustainability drive Singapore’s smart tourism vision

To realize its vision for “smart tourism”, Singapore Tourism Board is leveraging cutting-edge technologies like artificial intelligence, data analytics, and...
Interview

Salik 2024 net profit before taxes $348m

The toll operator's revenue increased by 6% to $626 million.
Business

Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver

Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

ADNOC L&S 2024 net profit $756m

The company's revenue increased by 29 percent to $3.54 billion.
  • EBITDA rose by 31 percent to $1.149 billion (AED 4.219 billion) in the same period, driven by robust performance across all business segments.
  • The Company's Q4 revenue increased by 6 percent year-on-year (y-o-y) to $881 million (AED 3.237 billion).
Business

ADNOC Distribution 2024 net profit down 7%

Minus UAE corporate tax, it would have grown by 2.4% to $725m
  • The company achieved its highest-ever (EBITDA) of $1.05 billion (AED3.86 billion), an increase of 4.8 percent year-on-year.
  • The company's Board of Directors has recommended a cash dividend of $350 million (AED1.285 billion) for H2 2024.
Economy

IMF projects 3.3% global growth for 2025, MENA to rebound to 3.6%

Dubai, UAE -- The International Monterey Fund (IMF) has projected global growth to remain at 3.3 percent this year and...
  • IMF Managing Director Kristalina Georgieva said that growth in the Middle East and North Africa is expected to rebound to about 3.6 percent in 2025.
  • She warned that global public debt is projected to hit 100 percent of global GDP by 2030.