INSEAD Day 4 - 728x90

Business

2PointZero posts profit surge

Growth driven by merger consolidation.

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

Emirates Stallions Q1 revenue up 11%

The rise helped by strong demand in real estate

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

Polestar 3, the electric SUV, hits the streets of the UAE

Dubai, UAE  – Al-Futtaim Electric Mobility Company, the official distributor of Polestar in the UAE, have announced the official launch...

Business

Rumors swirl over bitcoin inventor Nakamoto’s identity

London, United Kingdom - An Australian man went on trial in London this week over his claims of inventing bitcoin --...

Business
Business

MENA marinas attract luxury yachts

The Middle East now accounts for more than 12.6 percent of the world’s luxury yachts as the services match the...
  • Egypt's ports are notable for their capacity to accommodate a large number of yachts and for their ability to provide guests with the best nautical activities.
  • Sharm El-Sheikh port is one of the most significant seaports in South Sinai Governorate, serving as a hub for ships, yachts, and tourists.
Economy

Abu Dhabi Chamber discusses partnerships with Azerbaijan official

Two sides discussed the prospects of boosting trade exchange and the flow of goods between the two countries.
  • Two sides discussed the prospects of boosting trade exchange and the flow of goods between the two countries
  • The countries will explore opportunities, especially in artificial intelligence, e-trade and food security as well as the fourth industrial revolution
Business

Elon Musk to sell 10% of Tesla stock after Twitter poll

Musk owned about 17 percent of Tesla's outstanding shares as of June 30, currently worth $208.37 billion. His wealth swelled...
  • Musk said he was prepared to accept “either outcome” of the Twitter poll
  • However, he did not specify when or how he plans to sell the shares
Business

UAE enters into cooperation with Indonesian sovereign fund

The United Arab Emirates and Indonesia’s State Wealth Fund has signed a new agreement to allow funds from the former...
  • The investment framework agreement was signed with the Abu Dhabi Growth Fund
  • It made a $10-billion investment in the Indonesian sovereign wealth fund in March, according to a statement on Saturday by the Indonesian Investment Authority
Business

MEASA’s biggest food processing and packaging show opens in Dubai

Gulfood Manufacturing, the largest food and beverage processing and packaging show for the Middle East, Africa, and South Asia (MEASA),...
  • The event will run for three days and address the sector’s sustainable packaging, automation, and F&B supply chain issues.
  • UAE’s trade in food commodities contributed more than seven percent of the country's GDP for 2020.
Business

Abdulmohsen Alhokair of KSA reports 17.8% jump in net losses

Abdulmohsen Alhokair, the Saudi entertainment group, has reported an increase in net losses by 17.8 percent during the first 9...
  • Net losses increased to SR123.87 million in the first 9 months of 2021 from SR105.15 million during the same period of the last year
  • The group’s net profit for the third quarter in 2021 has increased by 106 percent
Business

Bahrain eyes 14m tourists a year by 2026

Under the new 2022-2026 tourism strategy, the country also aims at an average daily visitor spend of 74.8 Bahraini dinars...
  • The kingdom also aims at 11.4 percent of GDP to come from the tourism sector by 2026.
  • Developing marine attractions, business tourism, sports tourism, recreational tourism and medical tourism among targets.
Business

Dubai court orders Marka managers, directors to settle $122m debt

A Dubai court has ordered the managers and directors of Marka Holdings to repay the company’s AED448 million (around $128...
  • The court ruled that the managers and directors of the company had mismanaged it, leading to an underfunded bankruptcy
  • An underfunded bankruptcy is one where the entirety of the company’s assets is less than 20 percent of its outstanding debt
Business

YahSat Q3 profit down 38 percent

YahSat said its contracted future revenues are over $2 billion.
  • Yahsat said a final dividend of $52.5 million for 2021 is expected to be paid to all shareholders in April 2022.
  • YahSat was last week appointed by the UAE government to complete a detailed analysis, assessment and recommendation for two new satellites.
Business

EGA increases Al Taweelah smelter plant’s capacity by 78,000 tons per year

Emirates Global Aluminium (EGA) has increased the production capacity at Abu Dhabi's Al Taweelah smelter by 78,000 tons per year....
  • The plant adds 66 new reduction cells that were built using EGA's locally developed technology.
  • He said all 2,843 reduction cells at EGA use the company's own efficient technology developed in the UAE, says EGA CEO.

Polestar 3, the electric SUV, hits the streets of the UAE

Dubai, UAE  – Al-Futtaim Electric Mobility Company, the official distributor of Polestar in the UAE, have announced the official launch...
Business

Company News

Latest News

UAE tops MENA startup funding, followed by KSA, Egypt

MENA startups secured US$95 million in July 2023 across 31 deals; equity investments hit US$55 million, boosted by One Moto's...
Business

Office rents in Saudi Arabia’s capital grow 12-14 percent in Q2: Report

Riyadh, Saudi Arabia -- Most of Saudi Arabia's real estate market sectors recorded growth in the second quarter of 2023,...
Business

Saudi Arabia’s PIF creates 181,000 jobs in 2022, boosts economy

Saudi Arabia's employment figures received a significant boost in 2022, thanks to the efforts of the Public Investment Fund (PIF),...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Jordan-Egypt trade expands to US$355.43m in first five months of 2023

Amman, Jordan--Trade between Jordan and Egypt expanded to $355.43 million in the January-May period of the current year, according to...
  • The exports to Egypt however showed a decline in the five month period, falling to $63.46 million as against $93 million for the same period last year
  • There was a fall in the imports from Egypt to Jordan too, declining to $292 million by the end of May, as compared to $333 million last year
Business

Musk offers legal aid for users in trouble at work over X posts

Since Musk bought the social media platform for $44 billion last October, its advertising business has collapsed, in part because...
  • In December, Musk reinstated former US president Donald Trump's Twitter account, although Trump has yet to return to the platform
  • X recently reinstated rapper and designer Kanye West around eight months after his account was suspended, according to media reports
Business

One missing after tugboat sinks in Suez collision with tanker

The authorities in charge of the waterway said that a tugboat sank and a cew member had gone missing after...
  • The vessel Hong Kong-flagged LPG tanker Chinagas Legend involved in the collision was headed from Singapore to the US
  • Two years back the giant ship Ever Given caused a nearly week-long stoppage in Suez traffic after it got stuck in the waterway