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.

Neo Space Group launches Saudi Arabia’s first earth observation marketplace

Riyadh, Saudi Arabia -- Neo Space Group (NSG), a Public Investment Fund (PIF) company, has announced the launch of the...

Business

Saudi Arabia, UAE rank among top 20 nations globally for AI talent density

With the goal of becoming one of the world’s top 10 countries in AI research and application by 2030, Saudi...

Economy
Geostrategy

Foreign ministers of Jordan, Egypt, Iraq hold tripartite meeting

The ministers agreed to maintain "institutional" communication to follow up on the implementation of the trilaterally agreed upon projects and...
  • The ministers agreed to maintain "institutional" communication to follow up on the implementation of the trilaterally agreed upon projects and coordinate future steps
  • They also agreed to hold upcoming meetings within the framework of the tripartite cooperation mechanism in preparation for the fourth summit in Egypt next year
Arts & Culture

Saudi Arabia launches drive to embed role of culture in development

Riyadh, Saudi Arabia— Saudi Arabia has unveiled the "Culture & Green Future" initiative, aiming to enhance the role of culture...
  • Prince Badr bin Abdullah bin Farhan, Minister of Culture and Chairman of the National Committee for Education, Culture and Science, launched the drive
  • The initiative will include five themes, including culture and sustainable development to create the green future, climate change and local cultural policies
Economy

First shipment of UAEGD-compliant gold exported to Indian International Stock Exchange

The UAEGD is a standard that provides a framework for the gold sector, in line with international best practices.
  • The deal consists of exporting about 100 kilograms of gold worth $4 million from the Emirates Gold Refinery to the IIBX
  • The UAEGD is a standard that provides a framework for the gold sector, in line with international best practices
Business

IATA expects airline losses in 2022 to slide down to US$9.7bn

Geneva, Switzerland— The International Air Transport Association (IATA) has upgraded its outlook for the airline industry’s 2022 financial performance as...
  • It expects Industry losses to reduce to -$9.7 billion (improved from the October 2021 forecast for an $11.6 billion loss) for a net loss margin of -1.2%
  • Despite economic challenges, it expects cargo volumes to set a record high of 68.4 million tonnes in 2022
Geostrategy

Xi visit marks 34 deals between Saudi, Chinese firms ahead of China-Arab meeting and China-GCC summit

The Chinese president's visit to Saudi Arabia aims at 'qualitative leap' in bilateral ties and the 'largest-scale diplomatic activity between...
  • The Chinese president's visit to Saudi Arabia aims to enhance bilateral relations in several fields, including energy, security, transportation, infrastructure and investment
  • The trip -- only Xi's third overseas since the coronavirus pandemic began -- comes after US President Joe Biden's visit in July, when he pleaded for higher oil production
Economy

UAE’s non-oil foreign trade at the end of third quarter $445 billion

Abu Dhabi, UAE----UAE's non-oil foreign trade increased by 19 percent by the end of the third quarter, compared to the...
  • The value of exports at the end of the third quarter amounted to AED275 billion, a growth of nine percent, and re-exports recorded a growth of 22 percent.
  • Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi said country's policies, legislations and economic relations and agreements have "begun to bear fruit".
Business

Saudi EXIM Bank, Korean Commercial Insurance Company sign MoU

Riyadh, Saudi Arabia---The Saudi Export-Import Bank signed an MoU with the Korean Commercial Insurance Company (K-SURE), which is Korea’s export...
  • They will enhance import and export activities between the two countries, including export of environmentally friendly energy sources produced in Saudi Arabia.
  • Under the terms of the memorandum of understanding, the two parties will share experiences and knowledge, cooperate to provide financing solutions.
Geostrategy

Chinese flags flutter in Saudi capital as Xi visits kingdom for first time since 2016

Riyadh, Saudi Arabia---The Saudi capital was bedecked with Chinese flags ahead of President Xi Jinping's visit on Wednesday that is...
  • The red-and-gold Chinese emblem alternated with the green flag of Saudi Arabia along major roads in Riyadh, while Xi was pictured on the front pages of newspapers.
  • China, the world's second-biggest economy, is the top customer for oil from Saudi Arabia, the leading exporter of crude, and both sides appear keen to expand their relationship.
Business

AD Ports Group, Africa Finance Corporation sign collaboration agreement

Abu Dhabi, WAM---AD Ports Group has signed a collaboration agreement with the Africa Finance Corporation (AFC), an infrastructure solutions provider...
  • They will collaborate on identifying, financing, developing and investing in much-needed ports, warehouses, maritime and logistics infrastructure projects across Africa.
  • Both parties will bring their technical expertise and financial capacity and networks to a range of development initiatives, focusing on brownfield and greenfield opportunities.
Economy

CBUAE imposes financial sanction on UAE exchange house

The financial sanction, amounting to AED1,925,000 ($524,166) followed the findings of an examination conducted by the CBUAE.
  • The financial sanction, amounting to AED1,925,000 ($524,166) followed the findings of an examination conducted by the CBUAE
  • The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws

Neo Space Group launches Saudi Arabia’s first earth observation marketplace

Riyadh, Saudi Arabia -- Neo Space Group (NSG), a Public Investment Fund (PIF) company, has announced the launch of the...
Business

Company News

Vodafone Qatar profit up 61%

DIFC unveils wealth center

Yahsat H1 revenue $206m

ADNOC Drilling H1 profit $379mn

SABIC profit surges to $2.1bn

Latest News

Emirates Flight acquires Bustanica

Bustanica is the world's largest indoor vertical farm.
Business

SCC committee discusses issues related to Sharjah’s economy and tourism

SHARJAH, UAE - The Financial, Economic and Industrial Affairs Committee of Sharjah Consultative Council (SCC) held a meeting to discuss...
Business

HMG 2023 net profit $544m

The rise was due to the hospitals and pharmacy segments.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Americana Restaurants posts profit.

The annual net profit in 2022 was US$470 million.
  • The company demonstrated resilient performance, despite US$106 million impact of unfavorable foreign exchange movements.
  • Adjusted EBITDA increased to $550.8 million, reflecting a 2.8 percent growth year-on-year with a healthy adjusted margin of 22.8 percent.
Business

QEWC 2023 net profit US$426m

QEWC market share in supply of electricity was 61 percent.
  • The earnings per share amounted to US$0.38 (QR 1.41) as of December 31, 2023.
  • QEWC reported revenue of $799 million in 2023 compared to $747 million in 2022.
Business

Ford Middle East sales up 63%

Growth fueled by Ford Territory, F-150 and other models.
  • Ford Middle East said in a statement that the UAE recorded a 57 percent year-on-year increase in sales – more than double the industry’s average of 26 percent in this market.
  • It also achieved a record year of growth in Saudi Arabia, where retail figures surged by 77 percent over 2022.