Economic outlook brightening but political risks loom large in 2024, say chief economists
Geneva, Switzerland – The latest Chief Economists Outlook released on May 29 presents a growing sense of cautious optimism about...
Economy
Ajman seeks strategic alliances at Arabian Travel Market 2024
Ajman, UAE - The Arabian Travel Market 2024 (ATM) kicks off in Ajman from May 6 to May 9, celebrating...
Business
Geostrategy
From Denmark to Portugal, Europe ups effort to quit Russian gas
In Denmark, large black pipes are about to be buried in a muddy trench, as construction of a gas pipeline...
- In Middelfart in central Denmark, work resumed last month on the Baltic Pipe project intended to help Poland reduce its dependence on Russian
- In southern Europe, Spain and Portugal are strengthening an alternative supply route to help Europe wean itself off Russian gas
Business
UAE’s Al Habtoor slams bogus listicles
A leading magazine recently published Top 10 Richest Arab billionaires list and was criticized for ignoring many nationalities and known...
- Forbes Middle East recently published “Top 10 Richest Arab billionaires” list and was criticized for ignoring many nationalities and known wealthy businessmen
- Egyptian billionaire businessman Nassif Sawiris with $7.7bn topped the Forbes Middle East list, followed by Algerian Yassaad Rabab and family at $5.1bn
Economy
UAE’s GDP beats expectations, grows at 3.8 percent
The UAE's Gross Domestic Product (GDP) for 2021 has exceeded expectations, registering the highest rate in the region of AED...
- International institutions expected the growth of the country's GDP in 2021 at 2.1 percent.
- Our future is going to be promising, and we assure our people that the best is yet to come," Sheikh Mohammed said
Economy
UN talks on climate solutions wrap up two days into overtime
Two-weeks of virtual talks were contentious from the start, as nearly 200 nations grapple with hard choices about how to...
- Two-weeks of virtual talks were contentious from the start, as nearly 200 nations grapple with hard choices about how to rapidly purge carbon pollution from their economies.
- The UN's Intergovernmental Panel on Climate Change (IPCC), due to be published on Monday, will detail how industries must be reimagined to cut greenhouse gas emissions
Business
US regulator announces $100 mn fine on crypto lender
The first-ever such case came as the Securities and Exchange Commission (SEC) looks to establish regulatory authority over digital currency...
- The first-ever such case came as the Securities and Exchange Commission (SEC) looks to establish regulatory authority over digital currency services
- "This is the first such case involving crypto lending platforms," SEC chair Gary Gensler said in a release
Business
L’Oreal sales, profits surge
Sales rose by 15.3% from last year to $36.9 bn.
- Sales rose by 15.3 percent from last year to 32.3 billion euros ($36.9 billion), marginally above the analyst consensus figures compiled by Bloomberg and Factset
- net profits hit 4.6 billion euros, up by more than a quarter from 3.6 billion in 2020 and 3.75 billion in 2019
Microsoft vows app store fairness
The company is courting favor of antitrust regulators
- Microsoft president Brad Smith laid out a set of "Open App Store Principles" that will apply to the store it runs for Windows-powered computers
- Microsoft's $69 billion deal to buy video game powerhouse Activision Blizzard needs to pass muster with regulators in Europe and the United States
Business
Emirates NBD’s profits jump 34%
Dubai's largest bank sees its net profits rising to $2.5 billion in 2021 from $1.9 billion in 2020.
- The bank, the second largest lender in the United Arab Emirates, said its net profits rose 34 percent to $2.5 billion, from $1.9 billion in 2020.
- The bank has set aside $1.6 billion in impairments, covering loan losses, a 26-percent decrease from last year, due to improving economic conditions
Geostrategy
Tunisia president Saied says freedoms ‘guaranteed’
Saied said he "affirms that freedoms are guaranteed in Tunisia,” recalling his commitment to equality before the law and his...
- Saied said he "affirms that freedoms are guaranteed in Tunisia,” recalling his commitment to equality before the law and his rejection of violence"
- Civil society groups have expressed fears of a return to authoritarianism in the only democracy to have emerged from the Arab Spring protests
Business
Facebook antitrust suit
James Boasberg's ruling is a blow to Facebook.
- The US Federal Trade Commission has alleged the social media giant, which has renamed itself Meta, holds an illegal monopoly
- The judge rejected Facebook's argument that the case should be dismissed because the commission's decision to amend and refile was fueled by bias
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Economic outlook brightening but political risks loom large in 2024, say chief economists
Geneva, Switzerland – The latest Chief Economists Outlook released on May 29 presents a growing sense of cautious optimism about...
Economy
Company News
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RSI buys stake in First Fix
Business
Sam Altman’s return ushers in new era at OpenAI
The five-day saga began on Friday, when Altman was abruptly sacked by the board for reasons that are still unclear....
Indonesia’s exports to UAE expected to rise by $4bn with CEPA trade pact
Jakarta, Indonesia - The Comprehensive Economic Partnership Agreement (CEPA) is expected to increase Indonesia’s exports to the UAE by around...
Economy
Movement against ‘Pro-Israeli’ fast-food chains gains momentum
Tehran, Iran – Egypt, Jordan, and Turkey witnessed a significant surge in a boycott targeting multinationals that have either pro-Israeli...
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Business
ADX lists FAB Green Sakuk
FAB is the United Arab Emirates’ largest bank.
- FAB is the UAEs’ largest bank and one of the world’s largest banking groups, with total assets of $326.7 billion
- The $354 million sakuk, is the first ever green issuance in dirham and the largest ever dirham sukuk
Business
Naufar partners with MEEZA
MEEZA is a Managed IT Service and Solutions provider in Qatar.
- Naufar aims to overhaul its IT infrastructure by leveraging MEEZA's expertise to migrate to the secure and innovative Azure cloud platform
- The move is poised to enhance operational efficiency, reinforce data security measures, and elevate patient care services through cutting-edge Microsoft Azure capabilities
Business
EDGE signs MoU with MBRSC
The pact sets up a framework for knowledge, data sharing
- The agreement exemplifies the strength of local partnerships in the UAE.
- It underlines EDGE's commitment to expand its expertise into the space sector.