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.

ADGM’s Registration Authority fines two firms for audit failings

ABU DHABI, UAE – The Registration Authority (RA) of Abu Dhabi Global Market has fined Baker Tilly Middle East Limited...

Geostrategy

Asian markets up, Tokyo hits record as US tech earnings jump

Hong Kong, China - Asian markets rose on Thursday, with Tokyo's benchmark index posting a record high after greater-than-expected earnings from...

Business
Expo 2020 DUBAI

Expo 2020 Dubai warns of fraud over Coldplay concert tickets

Some free tickets for the February 15 concert of British music band Coldplay were apparently being resold online for money.
  • Expo 2020 Dubai has warned that the many copies of the same ticket may be sold online
  • Each ticket has a QR code that can be scanned only once, to deter exactly such practices
Business

Saudi crown prince transfer 4% Aramco shares to PIF

The transfer was part of Saudi Arabia’s long-term strategy to support the restructuring of its economy, in line with Vision...
  • The shares are expected to bolster the PIF’s strong financial position and high credit ratings in the medium term
  • The transfer will support the PIF’s plans to grow its Assets under Management to around SAR4 trillion (around $1.07 trillion) by 2025
Business

Big oil firms rebuked

Big oil companies said their 2021 profits were $66.7 billion.
  • The whopping 2021 profits of Shell and BP triggered calls for a windfall tax on the profits of energy firms in the UK
  • French Presidential candidate Yannick Jadot also spoke out against profits made "on the back of French men and women"
Analysis

UAE indices witness a great week

The Saudi Stock Exchange’s main index TASI started and ended the week with a 0.5 percent rise despite the fluctuation.
  • Al-Rajhi Bank and Riyad Bank led the Saudi index higher on Sunday as both saw their shares rise by 0.5 percent
  • TASI continued to fall on Wednesday, as it offset losses in the financial sector with increases in the telecommunications industry
Business

Gulf insurance set to cross $31bn mark by 2026

The market is expected to grow at an annualized growth rate of 3.2 percent, from $26.5 billion in 2021 to...
  • UAE's GWP share is predicted to rise at a CAGR of 4.1% between 2021 and 2026
  • A CAGR of 1.6% is predicted for Saudi Arabia thanks to Vision 2030 infrastructure plans
Business

The annual Sharjah Heritage festival to kick off in March

Armenia will be the official guest of honor this year due to its rich and diverse cultural stock, while Indonesia...
  • The Sharjah Institute for Heritage (SIH) announced that the festival’s slogan will be "The Heritage and the Future"
  • A total of 33 countries would participate in the event including Saudi Arabia, Oman, Kuwait and Qatar from GCC
Business

Turkey slashes sales tax on food items as inflation surges

Turkish President Recep Tayyip Erdogan on Saturday slashed sales tax on dairy products, fruit, vegetables and other basic food items...
  • The rising cost of living has become a major source of public discontent in Turkey, where it is expected to feature prominently in next year's presidential election
  • Inflation hit 48.69 percent in January, the highest level since Erdogan's Islamic-rooted party stormed to power two decades ago
Business

Saudi Tourism hires Radisson Blu to run a four-star resort

Radisson Blu has been hired to manage and operate a new four-star resort with retail stores in Al-Ahsa governorate.
  • The property will be developed by the Saudi Tourism Development Fund and the Abdul Latif Al Abdul Latif Hotel Group
  • The project's annual gross domestic product is expected to be as much as SR42 million ($11.2 million)
Business

Saudi hiring of foreign domestic workers leaps up 15%

Saudi Arabia has recruited more than 75,000 overseas domestic workers in December 2021, a fifteen percent jump in the hiring,...
  • New contracts for workers in domestic-facing roles exceeded 76,000 in December 2021, compared to 69,000 in November and 65,000 in October
  • Bangladesh topped the list of countries of workers recruited into Saudi Arabia during the month of December with more than 12,000 contracts
Business

ADNOC Distribution posts net profit of AED2.2bn for 2021

ADNOC Distribution has reported that its EBITDA stood at AED 3.1 billion, with net profit of AED2.2 billion for 2021.
  • For the fourth quarter of 2021, EBITDA was AED802 million, while net profit stood at AED571 million
  • ADNOC Distribution saw quarter-on-quarter growth in total fuel volumes in 2021, with an increase of 4% in the fourth quarter compared to the third

ADGM’s Registration Authority fines two firms for audit failings

ABU DHABI, UAE – The Registration Authority (RA) of Abu Dhabi Global Market has fined Baker Tilly Middle East Limited...
Geostrategy

Company News

Latest News

Saudi first quarter travel balance of payments surplus $6 billion

Riyadh, Saudi Arabia -- Saudi Arabia achieved a surplus of SAR 22.8 billion ($6.07 billion) in the balance of payments...
Business

UAE, New Zealand discuss economic cooperation, free trade pact

DUBAI, UAE – Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade discussed deeper economic collaboration,...
Geostrategy

SABIC-Sinopec China plant opens

The plant is located in their jointly owned petrochemical firm.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

China, US lift wind turbine sales: study

The study credited President Joe Biden's Inflation Reduction Act in the United States, which is designed to underpin a vast energy...
  • Between January and June turbine orders for capacity reached 69.5 gigawatts, a 12 percent rise over in the first six months of 2022, according to research firm Wood Mackenzie
  • Total first half volume by value came in at $40.5 billion with a 47 percent rise in Chinese demand one of the key factors behind the push, the report said
Business

ADNEC Group launches charter flights to Europe, Central Asia to draw tourists to Abu Dhabi

Abu Dhabi, UAE - ADNEC Group, through its tourism arm Tourism 365, has launched new charter flight services in the...
  • The new service, available from Europe and central Asia, is poised to increase visitor arrivals to the UAE
  • The travel sector is expected to represent nearly 10 percent of the UAE's total economy by 2023
Business

GCC facility management eyes 10% growth until 2030

Smart FM solution providers such as CBRE optimize FM workflows with virtual maintenance, automated maintenance, and dynamic services, focusing on...
  • Smart FM solution providers such as CBRE optimize FM workflows with virtual maintenance, automated maintenance, and dynamic services
  • Energy conservation and operational efficiency remain key focus as .UAE FM market is set to grow from $7.14bn in 2023 to $9.87bn by 2028