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.

Special economic zones are a new craze in Middle East

Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...

Business

DWTC welcomes 2.47m visitors in 2023, says EVP

DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC)  Mahir Julfar said that the DWTC's performance in 2023...

Business
Business

Masdar to partake in Saudi renewable energy market

Masdar will also participate with partners in the upcoming Round 4 tender announced by the Saudi Power Procurement Co.
  • Masdar will also participate with partners in the upcoming Round 4 tender announced by the Saudi Power Procurement Co.
  • Saudi Arabia plans to generate 50 percent of its electricity from clean sources by the end of this decade, targeting 58.7 GW from renewable sources
Business

DFSA signs agreement with Bangladesh SEC

DUBAI, UAE - The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the Bangladesh Securities...
  • The MoU was signed by Chief Executive of the DFSA Ian Johnston and Chairman of the BSEC Professor Shibli Rubayat Ul Islam Friday in Dubai.
  • The agreement provides a framework for facilitating cross-border collaboration between the two bodies on supervision and enforcement actions.
Videos

GCC’s two biggest trade allies are Asians

As the US is apparently pulling away from the Middle East, the cooperation between the Gulf and Asian regions is...
  • Experts believe the US is pulling back from the Middle East and shifting its attention and resources to the "priority theatre" of the Indo-Pacific.
  • But as the world recovers from the Covid-19 pandemic, the GCC countries are expected to play a more significant role in the ongoing Asianization of the global economy.
Business

ExxonMobil Q3 net surges to US$19.7bn

Hike in profit was due to high oil, natural gas prices.
  • The US oil giant became the latest petroleum heavyweight to report stunning third-quarter figures, with year-on-year profits nearly tripling.
  • The results show how the surge in crude prices in the aftermath of Russia's invasion of Ukraine has boosted oil company profits.
Business

QGIRCO posts Q3 net profit of US$1.1m

Firm's Q3, 2022 profit fell compared to Q3 in 2021.
  • The company's data indicated that the earnings per share amounted to $.01 in the third quarter of this year,
  • The company's earnings per share was $.02 for the same period last year.
Business

OMV Q3 net profit at $3.28bn amid high energy prices

Revenue doubled year-on-year to US$17.1 billion.
  • OMV has worked closely with Russian giant Gazprom until the invasion of Ukraine.
  • Following European sanctions on Moscow, OMV froze its investments in Russia.
Business

Amanat Holdings buys 60% stake in HDC for US$58m

HDC provides special education and care services in S Arabia.
  • HDC has a presence across six provinces of Saudi Arabia and caters to over 3,000 beneficiaries.
  • It has a network of nine schools, 22 daycare centers and specialized rehabilitation medical clinics.
Business

Borouge Q3 profit $308m, paid $325m dividend in October

The company reported a 13.5% increase in revenue to $5.13 billion for 9M.
  • Overall production capacity grew by 7.9 percent year-on-year as the ramp-up of the PP5 plant was completed.
  • Adjusted EBITDA for the nine months declined by 3.6 percent to $2.10 billion due to globally elevated logistics and material costs, Borouge said.
Business

Ma’aden among top 3 buyers of carbon credits

Saudi Arabian Mining Company (Ma’aden) is one of the largest purchasers of carbon credits from the first MENA Voluntary Carbon...
  • The auction offered high-quality CORSIA-compliant and Verra-registered carbon credits, with 15 Saudi and regional entities participating in the sale.
  • The carbon auction is the largest in the world.
Economy

PIF to deploy spending to develop innovative sectors in kingdom

Riyadh, Saudi Arabia--Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has launched a program that will leverage its...
  • The Local Content Growth Program will targets Fund’s goal of increasing to 60 percent its contribution and the contribution of its affiliates towards the Saudi economy by 2025.
  • The Program also includes a Local Content Policy, in which PIF’s portfolio companies will encourage and support local products and services.

Special economic zones are a new craze in Middle East

Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...
Business

Company News

Latest News

43% people in Saudi likely to make more cross-border payments in 2023

Riyadh, Saudi Arabia -- Nearly 43 percent of people in Saudi Arabia expect to send cross-border payments more frequently in...
Business

Binance to pay billions in US in money laundering case

Binance's guilty plea is part of coordinated action including with the Treasury Department's Financial Crimes Enforcement Network and Office of...
Business

Iran and Russia to speed up railway project along Caspian Sea

Tehran, Iran--Iran will begin construction work on joint railway projects with Russia as part of the International North-South Transport Corridor...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

European banks lack transparency on green finance: NGO

ShareAction said banks amplify "green credentials to their customers and shareholders" but there is a "structural" lack of transparency on...
  • Only four banks have demonstrated how they have calculated green finance targets
  • The study questioned some decisions being counted towards meeting green finance targets
Business

Oman LNG signs sale-and-purchase agreement with BP to deliver gas

Muscat, Oman--Oman LNG has entered into a sale-and-purchase agreement (SPA) with BP to deliver a total of 1 million metric...
  • The new agreement comes on the back of many SPAs signed between the two companies in the recent past to supply energy from Oman
  • Oman LNG said the company is not just a reliable gas supplier but it contributes to global energy security and adds value to the local economy
Business

Global ESG assets poised to reach $53 trillion by 2025

"This significant growth is driven by a combination of factors, including the impact of the pandemic and the sustainable recovery...
  • Innovative financial instruments are increasingly pivotal in the surging ESG market, drawing heightened investor interest in sustainable, ESG-focused investment products.
  • On a regional level, the UAE and GCC markets are at the forefront of promoting ESG practices as investor interest is growing in the Green Index and the ESG Index