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.

Musk plans largest-ever supercomputer for xAI startup: report

Washington, United States - Billionaire tech mogul Elon Musk has told investors he plans to build a supercomputer dubbed "gigafactory of...

Business

SAMA Licenses ‘Hala Financing’ to provide crowdfunding solutions

Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) has licensed "Hala Financing" to provide debt-based crowdfunding solutions. With Hala...

Business
Business

Luxury group Richemont posts H1 2022-23 loss of US$786m

Loss is basically due to the sale of one of its online platforms.
  • The group, owner of the Cartier and Piaget brands, made a profit of US$1.23 billion in the same period last year.
  • In August, Richemont agreed to sell a large stake in its Yoox Net-A-Porter online luxury sales brand to British e-commerce platform Farfetch.
Business

Saudi Broadcasting Authority signs agreements with global media firms

Riyadh, Saudi Arabia--- The Saudi Broadcasting Authority (SBA) and three international companies with expertise in the technological and media sectors...
  • The agreements were signed at the Future of Media Exhibition (FOMEX), which was hosted in Riyadh alongside the 22nd Arab Radio and TV Festival.
  • The Arab Radio and TV Festival was for the first time held outside Tunisia since its inception in 1981.
Business

Twitter chaos deepens as key executives quit

The convulsions followed the unveiling of the site's long-awaited Twitter Blue subscription service, which allows users to pay $7.99 per...
  • Musk on Thursday warned employees that the site was burning dangerously through cash, raising the specter of bankruptcy
  • The walkouts came a day after the turbulent launch of new features introduced by Musk following his $44 billion buyout of the messaging app
Business

SALIC buys 9.2 percent stake in LT Foods

The deal follows the acquisition of 30% stake in Daawat
  • The deal follows the acquisition of 30% stake in Daawat, an LT Foods subsidiary
  • LT Foods delivers rice and rice-based food brands in more than 60 countries
Business

Innovation, technology implementation help GCC banks compete with European, US counterparts

The four largest banking markets in the GCC -- UAE, Saudi Arabia, Kuwait and Qatar — are expected to 'nearly...
  • The four largest banking markets in the GCC -- UAE, Saudi Arabia, Kuwait and Qatar — are expected to 'nearly approximate' pre-pandemic profitability ranks by the end of 2022
  • Increasing inflation levels and the international tension between Russia and Ukraine remain big concerns for the regional banks, says Stephane Ulcakar of Arthur D. Little
Business

ENOC, IHI sign low-carbon ammonia and hydrogen supply chain agreement

Green ammonia, which can be achieved by combining and reacting green hydrogen and nitrogen at high temperatures and pressures, can...
  • The produced fuel will be exported to Japan and supplied within the UAE and across the region for bunkering and other purposes.
  • It aligns with Dubai’s Clean Energy Strategy 2050 and the UAE Energy Strategy 2050 to meet the country’s economic requirements, ENOC said.
Economy

Saudi Ports register 15% growth in October container activity

Container throughput the Kingdom's ports continued its upward year-on-year movement during October 2022, soaring to 694,517 twenty-foot equivalent unit at...
  • Growth remained the dominant trend across most cargo categories.
  • Optimizing operational efficiency and attracting big-ticket investments have remained a major focus for the Saudi Ports Authority.
Geostrategy

Qatar Airways official discards ‘rumors’ as airport expansion begins

After the multi-billion dollar overhaul, Hamad International Airport will take its capacity from 40 million passengers a year to 58...
  • The expansion adds 39 airport gates to the existing 140 at the airport, which is a major hub for transit passengers.
  • Qatar Airways has also eliminated 18 destinations from its schedule to increase flights from key World Cup markets.
Business

Air Arabia Q3 net profit $113m

The profit rose by 99 percent compared to Q3 2021.
  • In the same period, the airline posted a turnover of AED1.6 billion, a 100 percent increase compared to the same quarter of last year.
  • The Airline said that more than 3.9 million passengers flew with Air Arabia Group between July and September 2022 across the carrier’s six hubs.
Business

ArcelorMittal Q3 profit at $993m

Firm is suffering from slowdown in China's economic growth.
  • The steelmaker said it had reduced European gas consumption by 30 percent amid soaring costs.
  • ArcelorMittal said in September that it would shut down two of its blast furnaces in Europe over high energy prices and lower demand.

Musk plans largest-ever supercomputer for xAI startup: report

Washington, United States - Billionaire tech mogul Elon Musk has told investors he plans to build a supercomputer dubbed "gigafactory of...
Business

Company News

Latest News

$128 billion in US company deals during Dubai Airshow: US Ambassador

Abu Dhabi, UAE - Martina A Strong, the US Ambassador to the UAE revealed on Monday that American companies secured...
Business

Fashion giant Shein to go public

Shein was valued at $66 billion earlier this year.

Q3 corporate earnings show mixed results in GCC

While the energy and commodity sectors faced declines due to falling prices, the banking and telecom sectors demonstrated remarkable resilience,...
Market Report
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Tesla sues Swedish state over strike fallout

Stockholm, Sweden - Electric carmaker Tesla on Monday filed a lawsuit against the Swedish state over a strike by postal workers...
  • Tesla is currently facing strikes on multiple fronts in Sweden over its refusal to sign a collective wage agreement for its mechanics
  • Tesla has asked the courts to compel the Swedish Transport Agency to make sure plates for vehicles registered with the agency "come into Tesla's possession"
Business

Abu Dhabi’s EWEC opens Q4 2023 Clean Energy Certificates auction

ABU DHABI, UAE - Emirates Water and Electricity Company (EWEC) on Monday announced that it will conduct its Q4 2023...
  • CECs are the only accredited instruments in the Emirate that prove the environmental and economic benefits of consuming clean energy.
  • Issued in units of 1MWh, each CEC certifies that the electricity consumed by the entity originates from a clean energy source.
Business

Abu Dhabi’s financial sector surges 30% in Q2, non-oil growth 12%

Abu Dhabi, UAE -- The financial sector in the UAE has experienced a surge of 30 percent in the second...
  • Non-oil sectors now constitute nearly 54 percent of the total GDP, according to Ahmed Jasim Al Zaabi, chairman ADDED.
  • Non-oil foreign merchandise trade expanded by 13 percent by the end of the third quarter.