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.

Davos25: Kyrgyzstan beckons with lax tax regime, says CEO of country’s tech hub

Davos, Switzerland -- Aziz Abakirov, the CEO of the High Technology Park of the Kyrgyz Republic, represents a unique initiative...

World Economic Forum

Latifa bint Mohammed awards UK’s Simon Squibb with ‘One Billion Award’ at 1 Billion Followers Summit

Dubai, UAE - Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority, presented the...

Business
Business

ADNOC Distribution 2022 net profit $748m

The EBITDA grew by 15 percent to reach AED3.52 billion.
  • Total fuel volumes continued to increase during the year, recording an 8 percent year-on-year growth through 2022 – with commercial fuel volumes up by 19 percent.
  • The Company’s Board of Directors has recommended distributing a cash dividend of AED1.285 billion (10.285 fils per share), for the second half of 2022.
Business

ArcelorMittal 2022 profit $9.3bn

Profit was affected as demand for steel fell and production hit.
  • ArcelorMittal took a $1 billion hit after suspending production at its Ukrainian factory in Kryvyi Rig.
  • The conflict "resulted in low levels of production, sales and income and created significant uncertainty about the timing and ability" of operations.
Economy

Saudi Industrial Production Index rises by 7.3 percent in Dec 2022

Riyadh, Saudi Arabia-- Saudi Arabia's industrial production index (IPI) for December 2022 witnessed a 7.3 percent increase compared to the...
  • A surge in mining, quarrying, and manufacturing activity helped the growth in IPI.
  • Manufacturing activity also increased by 18.5 percent in December 2022 compared to the same period last year.
Business

Inma Holding’s profit spikes

Its net profit jumped 61.7%, touching $2.69m in 2022.
  • Its earnings per share (EPS) amounted to QR 0.173 as of December 31, 2022 versus EPS of QR 0.107 for the same period in 2021
  • Its board of directors has recommended to distribute cash dividends 5% of the capital to shareholders, equivalent to 5 dirhams per share
Business

QIMC profit rises by 9.8%

Its profit rose to $42m during 2022 as against $38m in 2021.
  • Its earnings per share amounted to QR 0.32 as of December 31, 2022 versus earnings per share QR 0.29 for the same period in 2021
  • The net profit of the Doha Insurance surged 39.35% during 2022 to reach $28 million

Unicorns benefit as KSA, UAE diversify investments

The two Gulf countries expect new strategy to result in a rapid economic transformation and offer new revenue stream, allowing...
  • The two Gulf countries expect new strategy to result in a rapid economic transformation and offer new revenue stream, allowing them to cut down reliance on crude oil income
  • The first Arab company to be dubbed a "unicorn" in the Arab world was Emirati "Souq.com," which received $300 million in funding in February 2016
Business

$580m investment, 2 tech skills academies pledged at LEAP 23

Riyadh, Saudi Arabia--Investment and funding programs worth $580 million were announced on the third day of LEAP 23 Tech Conference,...
  • WIRPO which specializes in technology services and consulting subsequently announced $110 million investment to expand the service of their cloud studios.
  • Damac Company announced the expansion of its investments in the Kingdom's big data centers with a total capacity of more than 55 Mega Watts.
Business

Istanbul exchange to shut for five days, first time in 24 years

Istanbul, Turkey---The Istanbul stock exchange announced on Wednesday that it would close for five days in response to this week's deadly...
  • The last time it suspended trading was after a 1999 quake which killed more than 17,000 people.
  • The exchange cited an "increase in volatility and extraordinary price movements after the earthquake disaster" in its decision.
Business

Equinor posts record profit

Output slipped by 2% to 2.04 million barrels per day of oil equivalent.
  • Net profit more than tripled to $28.7 billion, boosted mainly by skyrocketing gas prices.
  • Equinor said it plans to invest $10-11 billion in 2023 and increase its oil and gas production by three percent.
Business

Dana Gas 2022 net profit $182m

The rise in adjusted net profit driven by high energy prices.
  • Excluding other income and impairments, the company reported an adjusted net profit of $196 million as compared to $128 million in 2021, an increase of 53 percent.
  • The increase in revenues is due to higher realized prices and production output in the Kurdistan Region of Iraq.

Davos25: Kyrgyzstan beckons with lax tax regime, says CEO of country’s tech hub

Davos, Switzerland -- Aziz Abakirov, the CEO of the High Technology Park of the Kyrgyz Republic, represents a unique initiative...
World Economic Forum

Company News

Latest News

UAE stocks generate over US$272m cash flows on Monday

Abu Dhabi, UAE--UAE stocks generated strong cash flows Monday, with market liquidity surpassing $272 million. International Holding Company (IHC) and...
Business

KPMG’s global revenue touches $36bn

The company has outlined a collective investment of $4.2b.
Business

Makkah, Morocco’s Beni Mellal-Khenifra Chambers of Commerce ink pact

MAKKAH, SAUDI ARABIA - The Makkah Chamber of Commerce and Industry and the Chamber of Commerce, Industry, and Services of...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Economy

ADDED, Siemens Energy to support sustainable industrial development in Emirate

ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED), represented by Industrial Development Bureau (IDB), and Siemens Energy...
  • The collaboration supports Abu Dhabi Industrial Strategy's vision to establish the Emirate as the most competitive industrial hub in the region.
  • Siemens Energy will support IDB to localize the manufacturing capabilities in Abu Dhabi and provide technological solutions.
Business

Decree issued to form Board of Dubai Corporation for Ambulance Services

Dubai, UAE -- Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum Monday issued a decree for the formation of the...
  • The Assistant Commander-in-Chief for Excellence and Pioneering Affairs of Dubai Police will serve as the Vice Chairman of the Board.
  • These representatives will be named by the respective heads of these entities. The Board also includes the CEO of Dubai Corporation for Ambulance Services.
Economy

Saudi Arabia jumps to second rank in ICT index among G20 nations

Riyadh, Saudi Arabia -- Saudi Arabia jumped 10 ranks to second place among the G20 countries according to International Telecommunication...
  • The index monitors the economies of 169 countries to measure their progress in ICT services through two main pillars ‘universal connectivity’ and ‘meaningful connectivity.
  • It reflects the robust and developed digital infrastructure, with an increase of 99 percent of Internet penetration rate in Saudi Arabia.