INSEAD Day 4 - 728x90

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TECOM profit up 9%

Revenue, occupancy drive earnings higher

DAE H1 profit $229m

Growth triggered by higher earnings, stron cash flow

EasyLease H1 profit $12.2m

Revenue rises on stronger operations.

FAB profit edges higher

Income growth supports steady earnings.

UAB H1 profit climbs

Income, lending drive first-half growth

Yemen presidential council says Saudi coalition to lead all southern forces

The announcement comes a few days after Yemeni forces supported by Saudi Arabia recaptured large swathes of territory from the...

Geostrategy

First European Union airline flight in 35 years lands in Baghdad

Baghdad, Iraq -- Iraq's transport ministry said Tuesday that a flight operated by Greece's Aegean Airlines had been the first...

Geostrategy
Business

Aramco awards $7.7bn contracts for Fadhili Gas Plant expansion

Dhahran, Saudi Arabia – Saudi energy giant Aramco Tuesday awarded engineering, procurement and construction (EPC) contracts worth $7.7 billion for a...
  • The project is expected to increase the plant’s processing capacity from 2.5 to up to 4 billion standard cubic feet per day (bscfd).
  • This additional 1.5 bscfd capacity is expected to contribute to the company’s strategy to raise gas production by more than 60 percent by 2030, compared to 2021 levels.
Business

UAE national carriers reach 603 global destinations by Q1

Abu Dhabi, UAE -- The UAE's national carriers have witnessed significant growth in their destination network, reaching approximately 603 destinations...
  • The 3% rise over 2022 reflects the rebounding aviation sector and caters to the rising demand for travel.
  • Etihad Airways has achieved significant growth, reaching approximately 76 destinations by the end of the first quarter of 2024.
Business

Drake & Scull to issue 2.4 billion shares

This will raise its share capital by $163 million to $944 million.
  • The subscription will open on April 25 and close on May 10. New Shares will be allocated on May 16 while share trading will resume on May 21.
  • The Mandatory Convertible Sukuk will be issued on May 31 for a period of five years and will be converted into Drake & Scull shares
Geostrategy

Hizbollah vows revenge for Israeli missile strike in Syria

Beirut, Lebanon--Lebanon's Iran-backed Hizbollah group warned Tuesday that Israel will pay for killing high-level Iranian Revolutionary Guards (IRGC) in a strike...
  • The Lebanese resistance group has exchanged near-daily cross-border fire with Israel in support of its ally Hamas since the Gaza war erupted in October.
  • The Syrian Observatory for Human Rights said 11 people were killed in the strikes, including eight Iranians, two Syrians and one Lebanese, all of them fighters.
Economy

UAE Central Bank forecasts GDP to grow by 4.2% in 2024, 5.2% in 2025

Abu Dhabi, UAE -- The Central Bank of the United Arab Emirates (CBUAE) expects the country's Gross Domestic Product (GDP)...
  • The Central Bank also forecasted a non-oil GDP growth of 4.7 percent in both 2024 and 2025, and an oil GDP growth of 2.9 percent in 2024 and 6.2 percent in 2025.
  • The CBUAE report anticipated that the recent introduction of a federal corporate tax is poised to further strengthen government finances.
Economy

Abu Dhabi’s non-oil economy expands 9.1%, real GDP up 3.1% in 2023

The non-oil economy contributed more than 53 percent to the total GDP, with significant growth in construction, finance and insurance,...
  • During Q4-2023, Abu Dhabi’s economy grew 4.1% compared to the same period in 2022, with non-oil sector growing by 10.4%.
  • The emirate’s GDP in 2023 achieved its best performance in terms of value in 10 years at AED1.14 trillion ($310.38 billion).
Business

26,596 new investors join Dubai Financial Market in first quarter

The new accounts were distributed over the months of the year, with a notable YoY spike of 151.5 percent in...
  • The new accounts were distributed over the months of the year, with a notable YoY spike of 151.5 percent in March 2023, when 16,574 new accounts were opened.
  • This coincided with Parkin floating its shares amid exceptional interest from international and regional investment institutions, as well as individual investors in the UAE.
Business

ADNOC Gas to pay $3.25bn in dividends

The company had paid an interim cash dividend of $1.62bn in Dec 2023.
  • A further $1.625 billion scheduled for distribution in the second quarter of 2024.
  • In 2023, it reported revenues of $22.7 billion and a net income of $4.7 billion
Business

Foreign investors retreat from GCC markets in Q4

Regional market trends, IPOs, geopolitical issues and crude oil prices affected the flow of foreign money in the region, said...
  • Foreign investors were net buyers for the last 14 consecutive quarters since Q1-2020, the year of the pandemic.
  • The quarterly data on trading activity on GCC exchanges showed all the exchanges recorded foreigners as net sellers during Q4-2023, barring Saudi Arabia.
Business

ROSHN Group’s first integrated community in Makkah launched

Riyadh, Saudi Arabia -- ROSHN Group has launched ALMANAR, its fifth integrated mixed-use community and its first venture in Makkah,...
  • AlMANAR's first phase will provide 4,149 residential units that will house over 17,000 people on a footprint of 2.5 million square meters.
  • ALMANAR is located at Makkah’s western gate, between the old and new expressways linking the city to Jeddah, 20 minutes from the Holy Mosque.

Yemen presidential council says Saudi coalition to lead all southern forces

The announcement comes a few days after Yemeni forces supported by Saudi Arabia recaptured large swathes of territory from the...
Geostrategy

Company News

Latest News

SHUAA okays MCB tranches

The two tranches will be converted into equity at the earliest opportunity.
Business

Israeli raid puts last major Gaza health facility out of service: WHO

The World Health Organization said the operation had put the "last major health facility in north Gaza out of service"....
Geostrategy

Move over Mercedes: Chinese cars grab Mexican market share

Mexico City, Mexico -- The growing popularity of Chinese sport utility vehicles and pickup trucks has shaken up Mexico's luxury car...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Improving healthcare in the intelligent age requires cultural change and collaboration

Leaders can utilize AI tools to streamline this challenging process by efficiently identifying individuals who are qualified matches to participate...
  • Embracing the potential of artificial intelligence (AI) in healthcare demands a mindset shift, prioritizing collaboration, openness and willingness to transform outdated workflows
  • Collaborative models such as federated learning and open datasets foster innovation while addressing privacy concerns, paving the way for a regenerative healthcare ecosystem
Geostrategy

Israeli strike on broadcast vehicle kills five Al-Quds Today journalists

Palestinian Territories -- A Palestinian TV channel said five of its journalists were killed Thursday in an Israeli strike on...
  • The station identified the five staffers as Faisal Abu Al-Qumsan, Ayman Al-Jadi, Ibrahim Al-Sheikh Khalil, Fadi Hassouna and Mohammed Al-Lada'a.
  • The Palestinian Journalists Syndicate said last week that more than 190 journalists had been killed and at least 400 injured since the start of the war in Gaza.
Economy

Turkey lowers interest rate to 47.5% as it battles double-digit inflation

The bank's monetary policy committee decided to reduce the policy rate from 50 percent to 47.5 percent, with a statement...
  • The central bank began to raise interest rates last year to battle soaring prices, after President Recep Tayyip Erdogan dropped his opposition to orthodox monetary policy.
  • The central bank now expects inflation to reach 44 percent at the end of 2024, up from a previous estimate in August of 38 percent.