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.

MGX participation confirmed in OpenAI’s US$6.6bn in new funding, valuing it at US$157bn

OpenAI has finalized a deal to receive US$6.6 billion in new funding from investors who valued the company at US$157...

Business

OpenAI chief technology officer Mira Murati leaving company

San Francisco, United States - OpenAI chief technology officer Mira Murati on Wednesday said she is leaving the company behind ChatGPT,...

Business

Tesla’s 2022 deliveries disappointing

The company supplied 1.31m EVs last year.
  • The Elon Musk-led company has set a long-term goal of increasing its deliveries by 50 percent a year on average
  • Production was suspended at its Shanghai plant for several weeks during last year due to Covid restrictions
Business

Agthia appoints new CFO

Sherif Elfaham stepped into the new role on January 1, 2023.
  • At Unilever, Sherif held various key senior roles in financial planning and analysis, supply chain optimisation, marketing transformation, and business unit regeneration
  • He holds a master’s degree in financial strategy from Oxford University and is a Certified Management Accountant (CMA)
Business

Over a cuppa of coffee: Global, regional beverage brands to gather in Dubai

The Middle East and Africa coffee market is projected to grow at a CAGR of 7.5 percent between 2022 and...
  • The Middle East and Africa coffee market is projected to grow at a CAGR of 7.5 percent between 2022 and 2027
  • The UAE market is expected to grow at a CAGR of 8.3 percent between between 2021 and 2027
Business

Electric vehicles form 80% of new car sales in Norway

Electric vehicles in the Scandinavian country now account for almost four out of every five new car registrations, setting a...
  • Norway, which is both a major producer of oil and gas, as well as a pioneer for zero-emission cars, comfortably beat the previous record of 64.5 percent set in 2021
  • The country aims for all  new cars to be "zero emission" -- in other words, electric and hydrogen -- by 2025.
Business

Why did Iran stop importing rice, tea from India? 

Speculations are rife that the decision by Tehran could have been taken in retaliation to India's suspension of the import...
  • Iran has several alternatives for importing tea. Kenya has been selling India tea for nearly half the rate of Indian tea
  • In terms of numbers, Iran’s rice imports in Apr-Sept 2022 stood at $641.66m, while tea imports in the Jan-Sept period stood at $66.39m
Economy

Transport employees in Tunisia stop work citing late salary

TUNIS, TUNISIA - Tram and bus workers in the Tunisian capital staged a strike over delays in salaries and the lack...
  • The strike is the latest in a string of similar actions as Tunisia grapples with a grinding economic crisis
  • The North African nation is struggling with debts of more than 100 percent of gross domestic product
Business

Regional maritime sector event to be held in the UAE

DUBAI, UAE -  Seatrade Maritime Logistics Middle East (SMLME) is set to take place from May 16 to 18 2023,...
  • The region’s maritime sector will come together and discuss a wide range of topics concerning the industry's future.
  • The event’s relevance to the sector and its potential impact on the region’s economy has helped it gain the support of major industry players.
Science

Abu Dhabi introduces Mobile BSL-3 Laboratory

ABU DHABI, UAE - Abu Dhabi Public Health Center (ADPHC) has introduced the first of its kind mobile BSL-3 (Biosafety...
  • The BSL-3 mobile laboratory will enhance the UAE capital's infectious disease preparedness through swift, safe and accurate testing of communicable diseases.
  • The mobile laboratory will be accessible across four sites in Abu Dhabi.
YEARBOOK 2023

Dubai leads Gulf region in integrating metaverse into economy, society; eyes faster GDP growth, more jobs

Through Dubai Metaverse Strategy, the emirate looks to create 40,000 virtual jobs and add $4 billion to the economy over...
  • Dubai aims to attract more than 1,000 companies in the blockchain and metaverse fields, creating 40,000 virtual jobs, say experts
  • The metaverse will continue to evolve and expand over the next few years and become an increasingly important part of our daily lives, they add
Economy

Over 2m riders used public, shared transport during New Year’s Eve in Dubai

DUBAI, UAE - Dubai’s Roads and Transport Authority (RTA) confirmed that 2,166,821 riders used its public transport, shared mobility means...
  • The figure reflects a 33 percent rise from last year’s number, which was 1,632,552 riders.
  • The breakdown of ridership for metro and tram were: Metro: 958,161 riders (compared to 640,175 last year), Tram: 49,855 riders (34,672 last year).

MGX participation confirmed in OpenAI’s US$6.6bn in new funding, valuing it at US$157bn

OpenAI has finalized a deal to receive US$6.6 billion in new funding from investors who valued the company at US$157...
Business

Company News

Latest News

Expo City Dubai and Japan’s UMI sign MoU to support startups

Dubai, UAE--Expo City Dubai and Universal Materials Incubator (UMI), a Japanese venture capital firm, have teamed up to identify and...
COP28 UAE

CBUAE joins the Gulf payments system AFAQ

Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) joined AFAQ Payments System, which is operated by the Gulf...
Business

Global trade likely to decline in 2023 due to changing trade patterns, geopolitics

DUBAI, UAE - The outlook for 2024 remains “highly uncertain and generally pessimistic,” UNCTAD says in the Global Trade Update,...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

UAE, Korean firms ink pact

The partnership will utilize low-cost indoor farming solution.
  • The facility will be co-located within livestock farms to localize animal feed in Al Ain, UAE.
  • The facility will be using 95 percent less water per kilogram versus traditional farming means.
Business

SABIC announces 16% H2 cash dividend

The dividend of $1.27 billion is payable on Mar 4, 2024.
  • SABIC has announced full-year dividend of SAR 10.2 billion or 34 percent (SAR 3.4 a share) of its current capital of SAR 30 billion.
  • The company had posted a net loss of SAR 1.04 billion ($277 million) in the first nine months of 2023, against a net profit of SAR 16.24 billion a year earlier.
Business

PureHealth offer price $0.89 per share

The IPO witnesses demand of over AED 265bn ($72.15bn).
  • The offering will generate gross proceeds of AED 3.62 billion for the company. On listing, the company’s market capitalization is expected to reach AED 36.2 billion.
  • Listing and trading commencement of PureHealth’s shares on ADX are expected to take place on 20 December 2023.