INSEAD Day 4 - 728x90

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Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Cybersecurity must evolve from blocking threats to safeguarding the innovation process

When businesses increasingly rely on AI to make decisions, a manipulated dataset can cause more harm than a ransomware attack,...

Interview

Novel concept: China’s spellbinding bookstores draw selfie snappers

Tianjin, China -- Towering accordion steps and a fantastical spiral staircase greet visitors to a massive bookstore in northern China's...

Arts & Culture
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.
Geostrategy

Hamas undecided on sending delegation to new truce talks: Official

The official said the gap between the two sides' negotiating positions was too wide. "I doubt that there will be...
  • "Netanyahu is not serious and not interested, and the US administration is not exerting real pressure as long as it judges that things are still under control," he added.
  • Mediators had hoped to secure a ceasefire before the start of Ramadan, but progress stalled and the holy month is more than half over.
Business

Dubai partners with 9 developers to bolster Real Estate Program

Dubai, UAE -- The Dubai Land Department (DLD) has embarked on the first phase of a series of strategic partnerships...
  • The developers include Emaar Properties, Expo Dubai, Deyaar, DAMAC Properties, Azizi Developments, MAG, Sobha Realty and Ellington Properties.
  • The agreement aims to enhance the competitiveness of Emirati professionals and facilitating their roles in the real estate sector.
Business

Agility 2023 net profit $272m

The company is recommending a cash dividend of 10 percent.
  • Full-year EBITDA was up 42.4 percent to KD 257.2 million and revenue increased 56.7 percent to KD 1.35 billion.
  • The Q4 2023 earnings of KD26 million, or 10.2 fils per share was almost in line with the same period a year earlier.

Cybersecurity must evolve from blocking threats to safeguarding the innovation process

When businesses increasingly rely on AI to make decisions, a manipulated dataset can cause more harm than a ransomware attack,...
Interview

Company News

Latest News

UAE real GDP grows by 3.6% in first half of 2024, says economy minister

Non-oil sectors' contribution to GDP reaches 75%. Economy minister Abdulla bin Touq Al Marri says the growth reflects the dynamic...
Economy

Cambridge study warns of perils in AI-driven ‘intention economy’

London, United Kingdom -- Conversational artificial intelligence (AI) tools may soon "covertly influence" users' decision making in a new commercial frontier...
Business

20-day-old baby Jumaa al-Batran dies from ‘severe cold’ in Gaza

Marwan al-Hamas, head of field hospitals in Gaza, confirmed the death. He said it brought to five the total number...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

SHUAA okays MCB tranches

The two tranches will be converted into equity at the earliest opportunity.
  • The first tranche, valued at up to AED150 million, will be offered to existing shareholders through a private placement.
  • The second tranche, valued at up to AED275.5 million, will be offered to holders of existing bonds issued by a SHUAA-related special-purpose entity under the same conversion terms.
Geostrategy

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"....
  • The WHO said 60 health workers and 25 patients in critical condition, including some on ventilators, reportedly remained in Kamal Adwan Hospital.
  • Patients in less severe condition were forced to evacuate to the destroyed, non-functioning Indonesian Hospital, the UN health agency said.
Business

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...
  • Mexicans are increasingly switching from traditionally dominant sedans to Chinese vehicles due to a combination of comfort, technology and price.
  • It is no small feat in a country home to factories of foreign brands such as Audi and BMW, and where until a few years ago imported Chinese cars were stigmatized.