INSEAD Day 4 - 728x90

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e& posts 11.6% revenue growth

The H1 net profit hits $1.63 billion.

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.

Trump vows revenge after troops in Syria killed in alleged IS ambush

The deadly attack had been "an ambush by a lone ISIS gunman," who was "engaged and killed," US Central Command...

Geostrategy

Mediators Egypt, Qatar, others ‘concerned’ about Israel opening one-way Gaza exit

The countries voiced "their absolute rejection of any attempts to expel the Palestinian people from their land" and said they...

Geostrategy
Business

Women returners to MENA workforce can contribute $385bn to GDP

Doha, Qatar -- Women returning to the workforce following a career break have the potential to contribute nearly $385bn to...
  • A PwC Middle East study shows nearly half (44%) of women in MENA have taken a break over the course of their careers, typically driven by family and caregiving responsibilities.
  • The report draws insights from over 1,200 women in the UAE, Saudi Arabia, Qatar, Egypt, Bahrain, Jordan, Kuwait, Lebanon, and Oman.
Business

Walaa posts $39m net profit

The insurance provider had suffered a loss of $18.15m in 2022.
  • Walaa attributed the increase in net profit to insurance revenue of SAR 28.12 million in 2023 compared to a loss of SAR 119.9 million in 2022.
  • In Q4 2023, the company recorded a net profit of SAR 45.3 million, against a net loss of SAR 11.41 million in the same quarter of previous year.
Geostrategy

US troops depart for mission to build temporary Gaza aid port

The first -- a hulking gray-painted watercraft known as a Logistics Support Vessel -- slowly churned away from the pier...
  • The US has said the effort will not involve "boots on the ground" in Gaza, but American troops will come close to the beleaguered coastal territory as they construct the pier.
  • A series of airdrops carried out by the US to deliver aid this month is far too insufficient to feed the far higher number of people in need of assistance in Gaza.
Business

Yalla Group 2023 revenue $318m

The company's fourth quarter revenue soared to $80.9 million.
  • In the last quarter of 2023, Yalla's net margin was 36.6 percent alongside an impressive non-GAAP net margin of 41.3 percent.
  • Yalla reported a 13.3 percent year-over-year increase in average monthly active users (MAUs), reaching 36.2 million in the final quarter of 2023
Business

Dubai hotel occupancy up 3.4% to reach 90.8 percent in Feb

Dubai, UAE -- Dubai hotels achieved a 3.4 percent year-on-year growth in occupancy levels, reaching 90.8 percent, according to preliminary...
  • Other key metrics also showed positive growth, with the average daily rate (ADR) increasing by 9.3 percent to AED 887.06 ($241).
  • The revenue per available room (RevPAR) rising by 13.1 percent to AED 805.21, according to CoStar, a provider of global real estate information.
Business

EIC to pay $22m dividend

The company's board had decided 15% cash dividend for H2 2023.
  • The company had reported a 113 percent increase in net profit to SAR 201 million in 2023, compared to 94 million a year ago.
  • The increase in net profit was attributed to an increase in sales from SR 1.066 billion to SR 1.559 billion
Economy

Saudi foreign reserve assets decrease by 2% to $431bn in Feb

Riyadh, Saudi Arabia -- Saudi Arabia's international reserve assets decreased by SAR 26.98 billion, or 2 percent, to SAR 1.619...
  • On a yearly basis, the Kingdom’s foreign reserve assets plunged 5 percent, or SAR 78.2 billion, Argaam reported, citing Saudi Central Bank (SAMA) data.
  • Foreign currency reserves, representing about 94 percent of total assets, fell by nearly 5 percent year-on-year (YoY) in February to SAR 1.526 trillion.
Geostrategy

Gazans break fast without ‘joy of Ramadan’ as Israel-Hamas war grinds on

With the flow of food and other assistance slowed to a trickle, a UN report citing the territory's Hamas-run health...
  • Aid groups have been warning of the risk of famine in Gaza for weeks, and the UN has reported particular difficulty in accessing the territory's north for deliveries of food
  • UN Secretary-General Antonio Guterres called Monday for "silencing the guns" during the Muslim holy month and said he was "appalled and outraged that conflict is continuing."
Geostrategy

TikTok dragged into US election as Trump opposes ban

Years of on-and-off attempts of banning the Chinese owned app have resurged in the United States with the introduction of...
  • Trump's turnaround came as a surprise since he was a proponent of stripping TikTok away from Bytedance when he was president, before he was stopped by a US court.
  • President Joe Biden has given his support to the bill, while also turning to Tiktok to address younger voters in video clips as part of his outreach to win a second term.
Business

PIF fifth largest sovereign wealth fund as assets rise to $940.3bn

Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF) rose to the fifth position among...
  • PIF's assets rose by $163.6 billion, compared to $776.7 billion at the end of December 2023, according to the latest data from the SWF Institute, Argaam reported.
  • Norway’s Government Pension Fund Global ranked first with $1.64 trillion assets, followed by China Investment Corp.

Trump vows revenge after troops in Syria killed in alleged IS ambush

The deadly attack had been "an ambush by a lone ISIS gunman," who was "engaged and killed," US Central Command...
Geostrategy

Company News

Latest News

US stocks mostly rise ahead of expected rate cut, bitcoin hits new record

The Fed is widely expected to cut its key lending rate for a third straight time, reducing it by a...
Business

Nations step up outreach to Syria’s post-Assad rulers

Governments worldwide are stepping up efforts to engage with Syria's new interim rulers, just over a week after Islamist-led rebels...

Key Libya oil refinery halts operations after clashes: state firm

Tripoli, Libya -- A key oil refinery in western Libya suspended operations after armed clashes erupted early on Sunday, causing fires...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Cybersecurity in 2024: From talent shortages to resilience against emerging tech risks

In 2024, cybersecurity remained central, addressing skill gaps and the impact of generative AI. A Strategic Cybersecurity Talent Framework offered...
  • Cybersecurity in 2024 focused on talent gaps, emerging tech, and resilience
  • Public-private efforts tackled cybercrime and evolving digital threats
Business

Family-friendly ‘Astro Bot’ wins highest award at Oscars of video games

Los Angeles, United States -- Video game "Astro Bot" -- a family-friendly sci-fi adventure -- was named 2024's Game of the...
  • It has sold more than 1.5 million copies according to Sony, which owns the 65-person Japanese studio Team Asobi responsible for the mega-hit.
  • Onstage at the Peacock Theater, Team Asobi's French chief Nicolas Doucet praised the studio for designing a game that "put the user first".
Business

Boeing to boost 787 production

The firm will invest$1bn to ramp up production in South Carolina.
  • The aim is to increase production of the 787 Dreamliner to 10 every month by 2026, Boeing said.
  • In October, Boeing unveiled plans to reduce its global workforce by 10 percent over the coming months, without giving further details.