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.

Billionaire Bezos announces restrictions on Washington Post opinion coverage

Washington, United States - The Washington Post will no longer run views opposed to "personal liberties and free markets" on...

Business

Saudi Arabia’s sports fund invests in DAZN streaming service

Paris, France - Saudi Arabian sports investment fund SURJ, linked to the kingdom's sovereign wealth fund, has acquired a minority stake...

Business
Economy

Saudi Arabia’s Q4 2022 unemployment rate drops to 8 percent

Dubai, UAE -- Saudi Arabia's unemployment rate dropped in the fourth quarter of 2022, compared to the previous quarter, mainly...
  • Legislation and Emiratization programs, job support and follow-up of establishments from all relevant government agencies has led to this rate of unemployment.
  • GASTAT said Saudi women's unemployment rate decreased from 20.5 percent in the third quarter of 2022 to 15.4 percent in the fourth quarter.

H&M stays in the black

The company's profit more than doubled in the first quarter.
  • Shares in H&M surged following the announcement, rising 9% in the early hours of trading on the Stockholm stock exchange
  • The world's second largest clothing retailer posted a net profit of 540 million kronor ($51.9 million) for its first quarter
Business

Aldar, Mubadala to develop new commercial assets on Al Maryah Island

Abu Dhabi, UAE - Aldar Properties and Mubadala Investment Company have signed an agreement to develop commercial assets in Al...
  • The addition of the new tower will bring Aldar Investment’s total net leasable area of commercial office space to over 400,000 sqm
  • Aldar’s active asset management and the increased leasing activity, office leasing occupancy of the four ADGM office towers have reached 96%
Business

Empower to pay $116m dividends

The amount makes 42.5% of the company's paid-up capital.
  • The dividends are approved for the second half of the year 2022, and are set to be paid to shareholders in April
  • The company expects to pay a minimum dividend $231 million per annum in the first two fiscal years following its DFM listing
Business

Poland asks EU to limit ‘destabilizing’ Ukrainian grain

Warsaw, Poland - Poland's prime minister on Wednesday appealed to Brussels to limit the amount of Ukrainian grain entering the European...
  • Ukraine, one of the world's largest grain exporters, saw its traditional Black Sea export routes blocked or limited by Russia's invasion.
  • The European Union has since allowed the war-torn country's grain exports to transit through the bloc to other countries.
Business

Credit Suisse hid $700m in undeclared accounts: US Senate

The Senate report "describes legacy issues, some from a decade ago," which the bank has sought to address by implementing extensive...
  • The findings of the two-year Senate Finance Committee probe add to the woes of the Swiss investment bank.
  • Credit Suisse pleaded guilty in 2014 to attempting to aid and assist US taxpayers in filing false income tax returns.
Business

SES seeks merger with Intelsat

The tie-up would lead to the creation of a $10 billion plus group.
  • The satellite communications sector has been seeking to consolidate in the wake of the arrival on the scene of billionaire players Elon Musk and Jeff Bezos.
  • The sector is now notably awaiting the upcoming merger of France's Eutelsat with UK counterpart OneWeb, as well as that of US provider Viasat.
Business

Dubai records real estate deals worth $1.25bn in two days

Dubai, UAE -- Dubai real estate market recorded real estate deals worth AED1.8 billion ($490 million) on Wednesday, Dubai Land...
  • Deals worth $490 million were recorded in Dubai on Wednesday, while $762 million in real estate transactions were recorded in Tuesday.
  • The deals on Wednesday included 526 sales transactions worth AED1.16 billion, in addition to 89 mortgage deals of AED628.25 million.
Business

$35m rare pink diamond to go under hammer in New York

The 10.57-carat stone is being marketed as the most valuable purplish-pink diamond ever brought to auction, with the highest ever...
  • Pink diamonds are among the rarest and most sought-after gems in the world and considered a major draw for investors.
  • The record for highest-ever auction price for such a stone is held by the CTF Pink Star, which was sold for $71.2 million in Hong Kong in 2017.
Business

Aramco JV HAPCO breaks ground

The complex is expected to be operational by 2026.
  • On March 27, Aramco also announced it had signed definitive agreements to acquire a 10 percent interest in Shenzhen-listed Rongsheng Petrochemical for $3.6 billion.
  • Combined, the partnership with Rongsheng and the HAPCO joint venture would see Aramco supply a total of 690,000 bpd of crude to high chemical conversion assets in China.

Billionaire Bezos announces restrictions on Washington Post opinion coverage

Washington, United States - The Washington Post will no longer run views opposed to "personal liberties and free markets" on...
Business

Company News

MSCI includes Waha Capital

dnata expands to Africa

ADNEC to acquire Etihad Holidays

EDB lends $190m to SMEs

GSCCO enhances Jubail port

Latest News

Tokyo’s Nikkei climbs to its highest level since Mar 1990

Tokyo, Japan - Tokyo stocks closed higher on Tuesday on the back of gains in US tech stocks, pushing the Nikkei...
Business

Mubadala lists dollar, dirham bonds

This is Mubadala's seventh listing of a green debt instrument on ADX.
Business

Air cargo demand up 8.3 percent in November 2023, says IATA

GENEVA, SWITZERLAND - The International Air Transport Association (IATA) released data for November 2023 global air cargo markets indicating the...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Nakilat expands its fleet

The Qatari firm placed orders for 6 carriers with HSHI.
  • Upon delivery, Nakilat's LNG fleet will expand to 71 vessels, and the LPG fleet will grow to eight vessels with the addition of the four new vessels.
  • The orders include two cutting-edge LNG carriers with a cargo capacity of 174,000 cum each and four modern Very Large LPG/ Ammonia Gas carriers.
Business

SEC, Emaar Economic City sign agreements  

RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two...
  • The two agreements aim to deliver electrical service to the second and third phases of KAEC projects.
  • These aim to provide electrical energy for major projects related to achieving the goals of the Kingdom’s Vision 2030.
Business

ByteDance to sell gaming arm

It is in talks with buyers including tech giant Tencent.
  • The discussions would see the firm sell Nuverse, a video game publisher that is a subsidiary of ByteDance
  • Nuverse was once viewed by the firm as a vital component in its bid to catch up with Tencent