INSEAD Day 4 - 728x90

Business

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.

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

Samsung TV pioneer Han Jong-hee dies of heart attack at 63

Samsung Electronics co-CEO Han Jong-hee, credited with boosting the South Korean tech giant's television business on the global stage, died...

Business

Al Ansari approves $85m dividend

This is approx 78% of the company's net profit after tax.

Business
Economy

Saudi Industrial Production Index up 4.1 percent in March

Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 4.1 percent in March 2023, compared to the...
  • The kingdom's General Authority for Statistics (GASTAT) said the IPI rose to 134.8 points in March, according to the base year 2010, compared to 129.5 points in March 2022.
  • The index of the mining and quarrying activity increased by 1.6 percent and the sub-index of the manufacturing activity increased by 10.5 percent over previous year.
Business

Emirates Group yearly profit $3bn

The group declared a dividend of $1.2 billion to its owner.
  • The Emirates airline business alone banked $2.9 billion after returning a $1.1 billion loss in the previous financial year.
  • The Middle East's biggest airline had posted a $5.5 billion loss for Covid-ravaged 2020-2021, its first in over three decades.
Business

Nissan 2022 profit $1.6bn

The company sold 3.16 million vehicles for the year to march 2023.
  • Nissan registered a net profit of 220 billion yen for the financial year 2022, pipping its original predicted profit of 220 billion yen.
  • The company said the gains were the result of sales improvements and cost-cutting, as well as favorable foreign exchange rate fluctuations.
Business

stc Q1 revenue $4.84 billion

This is the company's highest-ever quarterly revenue.
  • The company will distribute a total of SAR1.99 billion in cash dividends to the shareholders for the first quarter of 2023.
  • The company's net profits reached SAR 3.10 billion, an increase of 2.44 percent over the first quarter of 2022.
Business

HSBC sees great Middle East-China growth potential

Dubai, UAE: The economic potential of the Middle East-China trade corridor was the focus of discussion at an exclusive International...
  • HSBC hosted Chinese ambassador to the UAE Zhang Yiming and a senior delegation from the UAE China Business Council
  • Trade between China and the UAE reached a record high of $99.27 billion in 2022, marking an annual increase of 37.4%
Business

ADNOC Gas Q1 net income up 9%

The company's revenue for the quarter was $5.2 billion.
  • The company's Q1 2023 revenue was $5.2 billion, down from $6.2 billion for the same period in 2022
  • It maintained an EBITDA margin of 34 percent in Q1 2023, only 1 percent lower than in Q1 2022 

SoftBank Group logs $7.2bn loss

The bank took hits across a range of start-up investments.
  • The company said its annual net loss came to 970 billion yen on sales of 6.57 trillion yen, reflecting losses from its Vision Fund portfolios
  • The Vision Fund 1 and 2 (VF1, VF2) vehicles were hit by the global tech rout, SoftBank Group said in a statement

Switzerland: UBS merger with Credit Suisse raises job fears

Keeping the Swiss banking division as an independent unit appeals to many in Switzerland -- particularly as it could prevent...
  • Investors are anxious to know whether UBS will integrate the Swiss banking division into its own domestic business, sell it, or even split it through a share offering
  • Ethos, which represents pension funds in Switzerland, said splitting off the Swiss branch was best option to protect jobs and to avoid concentrating risks in one giant bank
Economy

UAE’s GDP expected to have grown by 7.6% in 2022: CBUAE

Abu Dhabi, UAE-- The UAE's gross domestic product (GDP) is estimated to have grown 7.6 percent in 2022, shored up...
  • The bank said that in spite of the rise in global inflation, the UAE's remained below the average rate of 4.8 percent, with a decline expected in 2023
  • The report noted the bank's efforts to ramp up monetary stability, improve financial sector's resilience, and support economic activity in the UAE
Business

Dana Gas posts fall in profit

Its net profit fell 7 percent to US$50 million in Q1 of 2023.
  • Its revenue also plunged to $122 million in Q1 as against $140 million in the same period of last year
  • The company attributed the decline in revenue and net profit to a fall in energy prices from high levels

Samsung TV pioneer Han Jong-hee dies of heart attack at 63

Samsung Electronics co-CEO Han Jong-hee, credited with boosting the South Korean tech giant's television business on the global stage, died...
Business

Company News

Obeikan Glass net profit up 900 percent

Yanbu Cement reports dip in profit

East Pipes of KSA gets $133m financing

Shurooq picks acting COO

Umm Al Qura inks $800m deal

Latest News

Healthcare industry globally faces data hacking threat

DUBAI, UAE - In an age where data is a cornerstone of modern healthcare, the industry faces an escalating threat...
Business

Cinema ticket prices in Saudi Arabia decline by 16% in 2023

Riyadh, Saudi Arabia - The average cinema ticket prices decreased by over 16% in 2023 compared to the previous year,...
Business

Crypto market sees drop in scams, stolen funds

The cryptocurrency sector recorded a promising recovery in 2023, with a significant decline in crypto scams and stolen funds revenue,...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Qatar real estate trading volume reaches US$91m between January 7-11

DOHA, QATAR - The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
  • Total sales contracts for residential units in the Real Estate Bulletin from January 7 to January 11 were US$15 million.
  • The volume of real estate trading in sales contracts from December 31, 2023 to January 4, 2024, exceeded US$222 million.
Business

Tata Steel to slash 2,800 UK jobs

Tata Steel employs about 8,000 staff in the United Kingdom.
  • The company confirmed the closure of two blast furnaces at the Port Talbot steelworks in Wales, according to a statement.
  • The Mumbai-based conglomerate had threatened to shut the plant unless it received state aid to help decarbonize production and cut emissions.
Business

France flooded with applications for electric car leasing scheme

Paris, France - The French government has been flooded with applications from low-income households to lease a subsidized electric car from...
  • Some 90,000 people have applied to the scheme since the start of the month, French Environment Minister Bechu said.
  • President Emmanuel Macron unveiled the plan on social media in December as part of efforts to reduce carbon emissions in France.