INSEAD Day 4 - 728x90

BYD logs record EV sales in 2025

It sold 2.26m EVs vs Tesla's 1.22 by Sept end.

Google to invest $6.4bn

The investment is its biggest-ever in Germany.

Pfizer poised to buy Metsera

The pharma giant improved its offer to $10bn.

Ozempic maker lowers outlook

The company posted tepid Q3 results.

Kimberly-Clark to buy Kenvue

The deal is valued at $48.7 billion.

DP World mobilizes $1 billion in working capital to boost trade flow

Dubai, UAE — DP World Trade Finance has mobilized more than US$1 billion in working capital to support businesses across...

Business

ADNOC shifts OMV stake to XRG

XRG is ADNOC's wholly-owned international investment company.

Business
Economy

Economists convened by COP28 lay out steps to reform global climate finance

ABU DHABI, UAE - A two-day meeting of world leading economists and finance leaders convened by the COP28 Presidency has...
  • Particular areas of focus for the new framework will include addressing debt distress in vulnerable countries.
  • Group said that private finance flows need to grow much faster to meet the $2.4 trillion investment estimated nnually.
Geostrategy

Caspian Sea water levels hit 30-year low

Estimates reveal a 9-meter decline in Caspian Sea water levels, shrinking the area by 24 percent, as the northern half...
  • Estimates reveal a 9-meter decline in Caspian Sea water levels, shrinking the area by 24%, as the northern half witnesses a more significant drop than the southern part.
  • The Caspian Sea supports a vital fishery, provides water for agriculture, and is home to several threatened species, including 90% of the world's last-remaining sturgeon.
Business

Ma’aden, BADC ink agreement

Firm to supply 600,000 tons of fertilizers to BADC.
  • The renewal is further proof of the company’s commitment to meet global market demand for phosphate fertilizers.
  • Ma’aden supplies approximately 42 percent of Bangladesh’s estimated requirement of diammonium phosphate.
Business

Agility posts Q2 earnings of $46m

Net profit was affected by higher interest rate.
  • For the first six months of 2023, Agility’s net profit stood at US$95.5 million.
  • There was an increase in debt for financing the firm’s acquisitions last year.
Geostrategy

International Military Forum Army-2023 opens in Moscow

MOSCOW, RUSSIA - The international military-technical forum Army-2023 opens at the Patriot Congress and Exhibition Center here. About 1,500 prominent...
  • About 1,500 prominent Russian companies of the military-industrial complex will present their products.
  • 85 foreign companies and organizations from seven countries will also participate in the forum.
Geostrategy

Syria claims US responsible for military escalation in country

BEIRUT, LEBANON – The US is responsible for the military escalation in eastern Syria, where terrorist groups such as the...
  • Syria pledged to continue its operations against terrorists until the threat is fully eliminated.
  • At least 33 Syrian servicemen were killed on August 10 when a bus they were travelling in was ambushed near Al Mayadin city.
Geostrategy

Saudi Arabia, France vow to promote secure, affordable and sustainable energy

RIYADH, SAUDI ARABIA – Prince Abdulaziz bin Salman and Agnes Pannier-Runacher, Minister for Energy Transition of the French Republic met...
  • Addressing climate change, promoting secure, reliable, affordable, sustainable supplies of energy are shared strategic priorities of Saudi Arabia and France.
  • Both countries acknowledge the importance of implementation of the United Nations Framework on Climate Change and the Paris Agreement.
Business

Air Arabia Q2 profit $125m

The company’s turnover during the second quarter was $380m.
  • The profit increased by 187 percent compared to AED160 million ($43.56m) net profit reported for the same period last year.
  • The company’s turnover for the same period increased by 25 percent, as the strong demand for air travel continued.
Business

Al Hammadi H1 2023 net profit $43.5m

In Q2 2023, net profit jumped 25.7% to $21.8 million.
  • The growth was spurred by revenues, which grew by 7.96 percent year-on-year (YoY) to US$153 million.
  • This was driven by higher revenues reported by Al Hammadi’s medical services and pharmaceutical segments.
Geostrategy

ADFD finances $105.4m energy security project in Tanzania

ABU DHABI, UAE -  The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
  • The project’s objective is to fully connect the Kagera administrative region with the national electricity grid.
  • It will reduce dependency on energy imports from Uganda and provide sustainable electricity source.

DP World mobilizes $1 billion in working capital to boost trade flow

Dubai, UAE — DP World Trade Finance has mobilized more than US$1 billion in working capital to support businesses across...
Business

Company News

SABB nine-month net profit $926m

SABB posts 26% profit rise

DEWA shares drop 2.8%

ENOC opens new station in Al Hamriya Port

Mubadala acquires stake in Skyborn

Latest News

RAKBANK, DP World sign pact

The aim is to offer trade finance solutions to businesses in UAE.
Business

Russia becomes world’s fourth-biggest LNG producer, says PM

MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian...
Business

New shipping service in Saudi Arabia launched

RIYADH, SAUDI ARABIA - The Saudi Ports Authority (Mawani) has announced the addition of the new shipping service 'NRS' by...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Economy

GASTAT issues FDI statistics of Saudi Arabia for Q4 2023

RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...
  • Total FDI in Saudi Arabia's economy during Q4 of 2023 totaled about US$5 billion.
  • GASTAT said the results are based on a household survey conducted by the authority.
Economy

Gulf nations embark on defense industry localization

Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports...
  • Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports and enhance local capabilities.
  • The initiative targets over 50 percent nationalization of the military industry by 2030, driven by economic and technological sovereignty, aligning with the Saudi Vision 2030.
Business

flydubai adds two Saudi destinations

Flights to Al Jouf Airport and Red Sea Airport to start from April 18.
  • flydubai has built a network of 129 destinations across 58 countries and is served by a fleet of 86 Boeing 737 aircraft.
  • Since the start of 2024, flydubai has inaugurated operations to Langkawi, Mombasa and Penang and has announced the start of flights to Basel, Riga.