GCC asset management reaches $2.7 trillion as retail growth outpaces institutions
Boston Consulting Group says regional asset managers must strengthen distribution capabilities and technology adoption as industry competition intensifies globally.
Business
SpaceX’s blockbuster IPO gives way to volatile trading as investors reassess valuation
Among the several factors that contributed to the volatility is the limited share float. Only around 4.2% of total shares...
Business
Business
Dubai launches initiative to accelerate global expansion of SMEs
Dubai, UAE -- Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Sunday launched the ‘Dubai International Growth...
- The AED500 million initiative was launched by the Government of Dubai in partnership with Emirates National Bank of Dubai (Emirates NBD).
- Emirates NBD will provide financing to eligible companies at competitive rates, charging the Emirates’ Interbank Offered Rate (EIBOR) with no additional margin.
Business
Arab Bank Group net profit $829.6m
The Group posted a 52% increase in net income compared to 2022.
- Total Assets grew by 6 percent to reach $68.3 billion and loans grew by 5 percent to reach $37.1 billion.
- The Board has recommended to the shareholders the distribution of 30 percent cash dividends for the financial year 2023.
Business
SIB, Noqodi sign agreement
The Noqodi platform will enable digital payments.
- This pact aims to improve digital and electronic payment offerings available to SIB's corporate and individual business customers.
- SIB's business clients will gain access to a broader range of digital payment solutions for seamless fee payments across various products.
Business
Aldrees Petroleum to hike capital by 33%
The company's capital now stands at US$266 milion.
- The company's board took the decision a few days back, expected to enhance its financial robustness and propelling it towards future expansions
- The hike in capitalization has been secured from the retained earnings, reflecting the company's strong financial standing and prudent management
Economy
Egypt’s wheat and oil reserves sufficient for several months, says minister
Cairo, Egypt-- Egypt has enough reserves of wheat to last it for many months, according to Dr. Ali Al-Moselhi, the...
- The minister said that 100 tonnes of sugar have been produced from the cane crop so far, and that preparations are underway to receive the beet crop in mid-March
- The country purchases around five million tonnes of wheat annually from abroad, and subsidised bread is available to more than 70 million of its 104 million population
Business
Qatar and Nepal discuss boosting economic cooperation
Doha, Qatar--Qatar and Nepal have held talks to enhance commercial and economic relations between the two countries, explored the investment...
- The talks are likely to pave way for more cooperation and partnership between the Qatari and Nepalese private sectors
- The Qatar official emphasized the importance of holding trade and business visits between both sides to explore cooperation
Videos
WEF24: DCO leads in bridging global digital divide
Digital Cooperation Organization's initiatives are key to empower emerging economies through digitalization's full potential, its Secretary General Deemah AlYahya tells...
- Digital Cooperation Organization's initiatives are key to empower emerging economies through digitalization's full potential, its Secretary General Deemah AlYahya tells TRENDS.
- Actively working towards a more cooperative and digitally inclusive future, the DCO is a pivotal player in the digital arena, she adds on the sidelines of the World Economic Forum.
Business
Oman’s MSX-listed banks see 18.6 percent net profit growth in 2023
MUSCAT, OMAN - Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of US$1.17 billion (RO453.5 million)...
- The banking sector benefited from economic growth, foreign trade, investment, government revenues.
- The preliminary financial results showed that all seven banks listed on MSX posted higher profits.
Business
Oil sees fluctuating prices, shifting output trends
The crude oil market experienced significant volatility in the year 2023, with prices swinging dramatically, influenced by various global factors.
- The crude oil market experienced significant volatility in the year 2023, with prices swinging dramatically, influenced by various global factors.
- OPEC+ continues to dynamically adjust production, with US output reaching a record high and global demand growth led by non-OECD regions.
Business
GCC’s F&B packaging industry transforms post-COVID
The F&B packaging industry in the region adapts to post-COVID consumer behaviors, emphasizing health, wellness, and sustainability, Abdelghany Eladib of...
- The F&B packaging industry in the region adapts to post-COVID consumer behaviors, emphasizing health, wellness, and sustainability, Abdelghany Eladib of SIG tells TRENDS.
- The sector is also focusing on resilient supply chains and innovative packaging solutions to meet evolving consumer demands and environmental responsibilities, he adds.
GCC asset management reaches $2.7 trillion as retail growth outpaces institutions
Boston Consulting Group says regional asset managers must strengthen distribution capabilities and technology adoption as industry competition intensifies globally.
Business
Company News
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Ajman’s real estate sector deals up 37% in H1 to hit $3.37bn
Ajman, UAE -- The real estate sector in the Emirate of Ajman recorded real estate transactions worth AED 12.4 billion...
Business
G20 nations agree central bank independence ‘crucial’
The statement came after months of escalating attacks by US President Donald Trump on Federal Reserve boss Jerome Powell. The...
Geostrategy
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Business
Global markets rise as Trump weighs future of Fed boss
US indices were near record highs two hours into the Wall Street session with all eyes on an incoming earnings...
- The rises came on the back of a better-than-expected US retail sales report and a round of mostly solid corporate earnings.
- Market observers have been carefully watching reports that US President Donald Trump, fresh from unveiling new tariff threats, could sack Powell.
Business
TSMC Q2 profit up 60%
TSMC is the world's largest contract maker of chips.
- The firm said its net profit for the three months to June soared 60.7 percent from a year ago to NT$398.3 billion (US$13.5 billion).
- That beat expectations of NT$376.97 billion, according to a Bloomberg News survey of analysts.
Business
Coca-Cola agrees to use real cane sugar in its US production
Washington, United States - Beverage giant Coca-Cola has agreed to use real cane sugar in its US production, President Donald...
- The company currently uses high-fructose corn syrup (HFCS) in its domestic beverages - a sweetener that has long drawn criticism from Health Secretary Robert F. Kennedy Jr.
- "I have been speaking to Coca-Cola about using REAL Cane Sugar in Coke in the United States, and they have agreed to do so," Trump wrote on his Truth Social platform