INSEAD Day 4 - 728x90

Samsung biggest chip investor

The tech giant invested nearly $59.2bn in 2025.

flynas to set up new hub

Five destinations in first phase of operations.

AD Ports Group acquires CLI

CLI is Brazilian agri-bulk terminal operator.

$1.59bn Makkah project awarded

A consortium will develop two districts in the Holy City.

2PointZero posts profit surge

Growth driven by merger consolidation.

Dubai economy would grow 5 percent this year: Al Ghurair

Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair,...

Economy

Dubai food and beverage sector stirs up with investment of US$577m

Dubai, UAE-- The food and beverage sector in Dubai has attracted new FDI worth $577 million from 2019 to 2023,...

Business
Economy

Four Saudi cities find top slots on IMD Smart City Index for 2023

Riyadh, Saudi Arabia--Four cities in Saudi Arabia were placed in the IMD Smart City Index for 2023. According to the...
  • The holy city of Makkah found its way in the index for the first time this year, achieving the 4th rank in the Arab world
  • In the global pecking order of cities, Riyadh was ranked 30th, Makkah 52nd, Jeddah 56th, and Madinah ranked 85th in the world
Business

Masdar achieves financial close on three solar projects in Uzbekistan

Abu Dhabi, UAE--Abu Dhabi Future Energy Company (Masdar) announced today it has achieved financial close on three solar photovoltaic (PV)...
  • The company will begin construction on the plants at once, which will have a combined capacity of around 900 megawatts
  • Under the ETAF initiative, a climate finance paltform, Masdar and AIIB have committed capital to the Uzbekistan projects
Business

Talent Outsourcing in UAE to touch US$6.8bn by end of 2023

Dubai, UAE-- The total spending by UAE-based organisations on outsourcing services from local and offshore providers was estimated at over...
  • The total spending by UAE-based organizations on outsourcing was around $4.8bn in 2018 and is expected to reach $6.8bn in 2023, a report said
  • It highlighted the UAE's initiative to diversify its economy toward economic development, cutting-edge innovation, digital transformation, and security
Business

Emirates NBD arranges Al Rajhi’s US$1bn inaugural Sukuk

Dubai, UAE--Emirates NBD has successfully priced a US$1 billion Senior Unsecured Sustainable Sukuk for Al Rajhi Bank, the world’s largest...
  • Priced at a reoffer yield of 4.774 percent, the sukuk was in heavy demand, attracting orders worth more than $3.75 billion
  • The bank will use the proceeds from the sukuk to finance and refinance sustainable projects in line with its Sustainable Finance Framework
Economy

Egypt’s non-oil private sector contracts for 28th month as inflation surges

Cairo, Egypt-- A new survey has revealed that Egypt's non-oil private sector activity contracted for the 28th straight month in...
  • According to S&P Global, a drop in client demand and high inflationary pressures continued to impact non-oil businesses, leading to reduction in new orders
  • In spite of its currency depreciating in value by half since last year and the signing of a $3 billion support package with the IMF, the country remains short of foreign currency
Economy

Iraq to speed up resumption of oil exports from Kurdistan region

Baghdad, Iraq--Iraqi oil ministry has affirmed the federal government's keenness on speeding up the resumption of the Kurdistan region of...
  • The ministry stressed the importance of resuming oil exports in the wake of the decision by the international court, and resolution of "technical issues"
  • It also highlighted the significance of revenues in supplying the federal budget as per the agreed quantities, saying that it expressed all of this in bilateral meetings
Economy

Iraq and Jordan to set up economic city on common border

A joint economic city is going to come up on the Iraq-Jordan border and in this regard an international tender...
  • The Iraqi-Jordanian Company for Industry, which will carry out the project, urged international companies to make a bid
  • The economic city is expected to boost trade cooperation between the two countries and achieve integration in many fields
Economy

Erdogan vows to build 319,000 homes in quake-hit southern Turkey

Ankara, Turkey--Turkish President Recep Tayyip Erdogan on Saturday pledged to rebuild the country's southern region devastated by powerful earthquakes on...
  • The Turkish president promised to erase all traces of the destruction caused by the disaster, and prepare "more strongly" for possible disasters in the future
  • The magnitude 7.7 and 7.6 quakes affected more than 13.5 million people in Turkey, as well as many others in northern Syria
Business

Agility posts US$221m profit

Its revenue for 2022 rose to US$2.8bn, a 78% jump.
  • The company has ramped up its credit facilities in order to fund its growth plan, which includes the acquisition of John Menzies
  • Agility enjoys a healthy balance sheet with $10.72 billion in assets. and the company's net debt stands at $2.60 billion
Geostrategy

UAE dispatches fresh aid shipment to quake-hit families in Afghanistan

Abu Dhabi, UAE--The UAE has dispatched a plane carrying 38 tonnes of urgent medical and food supplies to Afghanistan to...
  • The food and medical supplies will assist families hit by the earthquake, which has worsened the current humanitarian situation in Afghanistan
  • During the last few years, the UAE has ramped up its humanitarian assitance to Afghanistan by dispatcing 28 aircraft loaded with 623 tonnes of medical and food supplies

Dubai economy would grow 5 percent this year: Al Ghurair

Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair,...
Economy

Company News

Latest News

Iran’s exports to African countries register 185 percent growth

Tehran, Iran--Iran’s export to African countries in the first seven months of the current Iranian calendar year registered a 185...
Economy

CBUAE and People’s Bank of China renew currency-swap agreement

Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) and the People’s Bank of China today signed an agreement to...
Business

Abu Dhabi IPO Fund looks to launch three IPOs by end of 2024

Abu Dhabi, UAE--Abu Dhabi IPO Fund (ADIPOF) is working on three initial offerings in the technology, hospitality, restaurants, and financial...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Abu Dhabi hosts ‘Fortune Global Forum’ to debate challenges to global economy

Abu Dhabi, UAE-- The world's top heads of multinational companies, policy-makers, and investors will gather in Abu Dhabi today to...
  • The event will explore the theme "New Era of Business" featuring conversations on major geopolitical, economic, and technological developments
  • The forum, being held a few days before the start of COP28, will provide a platform for business leaders and CEOs to elaborate on their global footprints.
Business

DP World and IRENA sign agreement to cut emissions in maritime sector

Dubai, UAE--DP World and the International Renewable Energy Agency (IRENA) have signed a cooperation agreement to accelerate the use of...
  • DP World chairman said that cooperation agreement will enable both the sides drive meaningful change and set new standards for a greener future
  • IRENA director general said that the partnership is a ground-breaking step towards accelerating innovative renewables-based energy solutions
Business

AD Ports Group expands operations in Kazakhstan with two new oil tankers

Abu Dhabi, UAE--AD Ports Group in collaboration with KazMorTransFlot (KMTF) has announced the acquisition and commencement of operations of two...
  • The acquisition of two vessels represent a combined investment of US$35 million, and are specifically tailored for the Caspian Sea's shallow draft
  • The new investment by AD Ports Group and KazMorTransFlot brings the total number of oil tankers operating under the KMTF agreement to five