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.

Chinese electric car maker BYD aims for Europe boost

Chinese carmaker BYD on Thursday vowed to conquer Europe with a new compact electric model and super-fast charging capability to...

Business

ADNOC Drilling approves $788m dividend

The final cash dividend of $394m for 2024 was approved at the AGM.

Business

UAE airports record 56% growth in Q1 with 32m passengers: GCAA

Abu Dhabi, UAE - Passenger traffic through the UAE's airports during the first quarter of 2023 increased by 56.3 percent...
  • UAE's civil aviation sector has managed to restore pre-pandemic passenger traffic levels, Director-General of the General Civil Aviation Authority (GCAA), Al Suwaidi said
  • The aviation sector in the country contributes about 14% of the gross domestic product, while in major countries, the aviation sector's contribution does not exceed 2 to 3%

BP back in Q1 profit

In Q1 2022, BP posted its biggest loss ever at $20.4bn.
  • BP posted for the first three months of 2022 its biggest quarterly loss ever, at $20.4 billion after taxes, after Western sanctions forced its exit from Russia
  • The company also revealed that underlying profit dropped by one fifth to $5 billion, reflecting lower energy prices compared with one year earlier
Business

Egypt signs transport investment deal with Japan worth US$734mn

Cairo, Egypt--Egypt has signed its biggest investment package with Japan aimed at supporting the North African country's transportation development plan....
  • Egypt will use the money to finance expansion of Cairo's metro, a 30-km stretch of land that would link Egypt’s 6th of October city to the Giza plateau
  • Japan's investments in Egypt have gone up by 99 percent during 2021-2022, touching $73.7 million as against $37.1 million in the previous year

‘Godfather of AI’ quits Google to warn of the tech’s dangers

The scientist warned about the potential spread of misinformation created by AI, telling the media that the average person will...
  • Geoffrey Hinton, who created a foundation technology for AI systems, said that advancements made in the field posed "profound risks to society and humanity"
  • Hinton said that competition between tech giants was pushing companies to release new AI technologies at dangerous speeds, risking jobs and spreading misinformation
Business

Dubai hosts World Free Zones Organization’s annual AICE event

Dubai, UAE-- The World Free Zones Organisation’s (World FZO) ninth Annual International Conference & Exhibition (AICE) will begun in Dubai...
  • The two-day event will debate challenges facing global trade and the impact of the Covid-19 pandemic on the global economy
  • Nearly 600 participants specializing in trade, logistics will come from more than 70 countries to take part in the event

Alternatives to Musk-owned Twitter fail to catch on

Bluesky was created by Twitter's co-founder Jack Dorsey and is now the talk of Silicon Valley, leaving those in the...
  • Unknown to the general public, Mastodon saw its popularity explode when Musk took over Twitter, though still way off Twitter's roughly 200 million monthly users
  • Musk last month briefly blocked links and search responses to Substack, the site that helps writers monetize their work, after the site launched Substack notes
Business

HSBC posts bumper profits

Its pre-tax profits touched US$12.9bn in Q1 of 2023.
  • The bank posted a $9-billion jump in pre-tax profits in the first quarter of 2023, projecting strong earnings for the rest of the year.
  • Quinn added that HSBC has also announced its "first quarterly dividend since 2019 of $0.10 per share" and a share buy-back of up to $2 billion
Economy

SCCA’s revised arbitration rules come into effect in Saudi Arabia

Riyadh, Saudi Arabia-- The Saudi Center for Commercial Arbitration (SCCA) has published the 2023 revised SCCA arbitration rules with effect...
  • With the publication of revised rules, SCCA court will become fully functional and replace the existing SCCA Committee for Administrative Decisions
  • According to SCCA, the new rules are in line with international standards in the arbitration industry followed by renowned institutions across the world
Business

QOIC reports 38% profit in Q1

The company reported an increase in its EPS to QR 0.014.
  • The company's net profit rose by 37.89 percent to reach QR 4.552 million ($1.253 million)
  • It also reported a rise in its Earnings Per Share (EPS), which amounted to QR 0.014 ($0.0039)
Business

Saudi Arabia seeks US$26bn of investment in machinery, equipment sectors

Riyadh, Saudi Arabia-- Saudi Arabia is looking to attract some US$26 billion dollars worth of investment in the machinery and...
  • The investment aims to give impetus to the National Industry Strategy that seeks to widen the industrial base, cut imports by up to 50% and push exports
  • NIDC, according to the minister, has partnered with the Public Investment Fund (PIF) to create a business model for taking advantage of the investment opportunities

Chinese electric car maker BYD aims for Europe boost

Chinese carmaker BYD on Thursday vowed to conquer Europe with a new compact electric model and super-fast charging capability to...
Business

Company News

ADNOC framework agreements declared

Meta settles privacy suit

Air Arabia profits up 476%

Zain Group to sell tower infrastructure

Elm to list on TASI

Latest News

Aramco chief expects oil demand to rise by 1.5 mbpd in 2024

Riyadh, Saudi Arabia - Saudi Aramco's President and CEO, Amin Nasser, anticipates a surge in global oil demand, projecting an...
Business

Government, financial sectors top cyberattack targets

The Middle East's oil and gas sector also stays on hit list of of cyberattackers, Trellix CEO Bryan Palma tells...
Interview

Maersk and Hapag-Lloyd ink deal

The cooperation deal between the two will begin February 2025.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

EDGE, Baykar collaborate

EDGE smart weapons will be integrated into Bayraktar UAVs.
  • The integration programme is part of a Strategic Alliance Agreement between the two groups to collaborate on advanced technology solutions in the defense sector.
  • Under the program, EDGE will integrate their DESERT STING 16 precision-guided munition onto the Baykar TB2 UAV.
Business

Emirates Steel Arkan signs $2bn deal

The 5-year, iron-ore pellets supply deal was signed with BSC.
  • Under this agreement, Bahrain Steel will supply high-grade iron ore oxide pellets annually to Emirates Steel Arkan.
  • Saeed Ghumran Al Remeithi, Group CEO at Emirates Steel Arkan, said the agreement will also cement ties within the GCC.
Business

Aramco injects $4 billion into its global venture capital arm

Dhahran, Saudi Arabia -- Aramco has allocated an additional $4 billion to its global venture capital arm Aramco Ventures, more...
  • This will take Aramco’s overall venture capital allocation to $7.5 billion, which also includes the $500 million venture capital fund Wa’ed Ventures,
  • Through Aramco Ventures, we aim to support pioneers with big ambitions, and ultimately help bring their ideas to life, said Aramco Executive Vice President of Technology.