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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

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.