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

Deja vu? Trump accused of economic denial and physical decline

Washington, United States -- An aging president faces poor poll numbers and suspicions about his health but insists that America...

Economy

Saudi Arabia, Qatar sign high-speed rail deal to link capitals

The train would reach speeds exceeding 300 kilometers per hour and the trip would take roughly two hours between Riyadh...

Geostrategy
Business

Parkin IPO price AED2-2.1

The price range implies a market capitalization of $1.63bn-$1.72bn.
  • It also announced the start of the subscription period for the IPO on the Dubai Financial Market (DFM).
  • The Dubai Investment Fund (selling shareholder) expects to sell more than 749 million ordinary shares.
Business

Middle East saw surge in new CEO appointments in 2023: Report

Dubai, UAE – The Middle East witnessed the highest percentage of new CEO appointments globally, averaging at 16 percent, with...
  • The region averaged 16 percent, with Saudi Arabia leading with an impressive 20 percent, according to 2023 Route to the Top report by Heidrick & Struggles.
  • This trend is paralleled by markets such as Poland and Switzerland, with similarly high rates of new appointments.
Business

Qatar’s Jan Producer Price Index decreases by 4.38 percent

Doha, Qatar -- Qatar's General Producer Price Index (PPI) for January 2024 is estimated at 113.22 points showing a decrease...
  • On Y-o-Y basis, PPI of January 2024 showed a decrease of 12.63 percent, according to the Planning and Statistics Authority (PSA).
  • The PPI of January 2024 for Mining and Quarrying sector showed a decrease of 5.22 percent when compared with PPI of December 2023.
Business

Saudi Arabia sees over $11.9bn investments on Day 1 of LEAP 2024

Riyadh, Saudi Arabia -- Saudi Arabia's Ministry of Communications and Information Technology announced has said that the Kingdom witnessed technology...
  • Amazon Web Services will invest $5.3 billion in the Kingdom to create a high-capacity cloud region, the ministry said on its official X account, according to Argaam.
  • Data Vault will invest $5 billion to build sustainable and innovative data centers, with a capacity of more than 300 megawatts, it further added.
Geostrategy

Saudi, UAE and Iraq extend oil cuts, Russia to slash output by 471,000 bpd

An energy ministry source said Riyadh "will extend its voluntary cut of one million barrels per day, which was implemented...
  • Russia will cut oil production by almost half a million barrels per day in the second quarter of 2024, the government said, as part of a move to boost prices.
  • Iraq will extend its voluntary oil production cut of 220,000 bpd and UAE follows suit, says its production will remain at 2.912 million bpd.
Geostrategy

Iran conservatives secure bulk of seats in elections: media

Authorities were still counting ballots two days after Friday's vote for members of parliament and for the Assembly of Experts,...
  • Fears of a low turnout had swirled ahead of the elections after a state TV poll found more than half of respondents were indifferent about the elections.
  • Turnout in Tehran was around 25 percent, with ultraconservative candidates securing 12 of the 30 parliament seats allotted to the capital.
Business

Sharjah government issues 12-year bonds worth $750 million

Sharjah, UAE -- Bank of Sharjah has acted as a joint lead manager and bookrunner in Sharjah government's issuance of...
  • The bond attracted significant investor interest, evidenced by an order book that exceeded $4 billion.
  • The issuance was priced with a spread of 195 basis points over US Treasuries, significantly tighter than the initial guidance of 235 basis points.
Business

Zain KSA net profit $335m

The company's fourth-quarter net profit was $78 million.
  • The telecom services provider said its revenue rose 8.9 percent year-on-year (YoY) to an all-time high of SAR 9.9 billion in 2023.
  • Gross profit increased 10 percent YoY. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached SAR 2.97 billion.
Geostrategy

Gaza truce talks set to resume in Cairo as heavy fighting rages

The Hamas official said that if Israel were to meet its demands -- which include a military withdrawal from Gaza...
  • In a sign of the worsening humanitarian crisis in the narrow coastal territory, ministry spokesman Ashraf al-Qudra said at least 16 children had died of malnutrition in recent days
  • A United Nations team that visited a Gaza City hospital reported seeing "a large number" of gunshot wounds among Palestinians in the aftermath of the incident.
Arts & Culture

Saudi Arabia formally launches bid for 2034 World Cup

Riyadh, Saudi Arabia -- Saudi Arabia formally launched its bid to host the 2034 World Cup on Friday, nearly four months...
  • The bid comes two years after neighboring Qatar hosted the first World Cup in the Middle East.
  • The campaign is under the slogan "Growing. Together", the Saudi Arabian Football Federation (SAFF) revealed its bid logo, website, as well as a short bid film.

Deja vu? Trump accused of economic denial and physical decline

Washington, United States -- An aging president faces poor poll numbers and suspicions about his health but insists that America...
Economy

Company News

Latest News

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...
Business

Boeing to boost 787 production

The firm will invest$1bn to ramp up production in South Carolina.
Business

‘A matter of pride’: Saudis rejoice as World Cup bid approved

Riyadh, Saudi Arabia -- Fireworks and drones depicting the iconic golden World Cup trophy lit up the sky in Saudi Arabia's...
Arts & Culture
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Google unveils its most advanced Artificial Intelligence model, Gemini 2.0

San Francisco, United States -- Google on Wednesday announced the launch of Gemini 2.0, its most advanced artificial intelligence model to...
  • CEO Sundar Pichai said the new model would be marking what the company calls "a new agentic era" in AI development.
  • Gemini 2.0 is initially being rolled out to developers and trusted testers, with plans for broader integration across Google's products.
Geostrategy

Crunch time for Saudi-hosted drought, desertification talks

Riyadh, Saudi Arabia -- Landmark talks on desertification are set to conclude in Saudi Arabia this week amid doubts that pledged funds...
  • The 12-day UNCCD COP16 meeting has announced billions in funding for drought response and land restoration.
  • The UNCCD said 1.5 billion hectares (3.7 billion acres) of land must be restored by decade's end and that at least $2.6 trillion in global investments were needed.
Business

Air passenger numbers to top five billion for the first time in 2025: IATA

Geneva, Switzerland -- Air passenger numbers are forecast to top five billion for the first time next year and the sector's...
  • Total industry revenues are forecast at $1.007 trillion, helped by falling oil and fuel prices, "the first time that industry revenues top the $1 trillion mark," IATA said.
  • Airlines have been hit by rising fuel costs since Russia invaded Ukraine in 2022 but IATA said it expected this factor to ease next year.