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TSMC first-quarter net profit soars

Its net revenue for the quarter soared nearly 42%.

Tesla’s first Saudi showroom opens

The opening in Riyadh comes with Tesla sales dropping.

Mubadala Energy enters US energy market

Acquires a 24.1% interest in US firm Kimmeridge’s SoTex

Borouge to increase dividend from 2025

The company okayed $650 million final dividend for 2024.

TikTok’s US future uncertain

It must find non-Chinese owner to avoid ban.

Bahrain made the highest rate hike in GCC region

  • The Fed raised the rate by three-quarters of a percentage point for the fourth straight time.
  • The impact of higher interest rates among Gulf oil exporters in 2022 has so far been limited.

Dubai, UAE—Earlier this month, hours after the US Federal Reserve raised its key policy rate by three-quarters of a percentage point for the fourth straight time, many Gulf states followed suit, raising their key interest rates. The impact of higher interest rates among Gulf oil exporters in 2022 has so far been limited. A senior IMF official had said that higher oil prices are likely to lead to fiscal surpluses and growing foreign reserves for Gulf economies this year, which will reduce the need for governments to borrow and to crowd out the private sector. TRENDS takes a look at the rates in the six GCC countries.