INSEAD Day 4 - 728x90

Business

2PointZero posts profit surge

Growth driven by merger consolidation.

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

Emirates Stallions Q1 revenue up 11%

The rise helped by strong demand in real estate

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

Netflix adds millions of subscribers but growth slows

San Francisco, United States - Netflix on Thursday said it added more than five million subscribers in the recently ended quarter...

Business

MGX participation confirmed in OpenAI’s US$6.6bn in new funding, valuing it at US$157bn

OpenAI has finalized a deal to receive US$6.6 billion in new funding from investors who valued the company at US$157...

Business
Infographics

UAE remains the most innovative Arab economy

The Global Innovation Index ranks the countries on 81 indicators across seven categories, including Business Sophistication, Infrastructure and Technology Outputs...
  • GII 2022 said this edition’s thematic focus on the future of innovation-driven growth provides a perspective on whether stagnation and low productivity growth are here to stay.
  • It tracks the most recent global innovation trends against the background of an ongoing COVID-19 pandemic and slowing productivity growth.
Business

Roadmap for startups on agenda of MENA’s only IPO-focused summit

The summit, which will be held from 23-25 Jan, 2023, ""will shed light on the strong impetus and promising prospects...
  • The DFM saw the listing of five government-related and private sector companies--DEWA, Tecom, Salik, Empower and Taaleem--in 2022.
  • A total of AED 31 billion ($8.4 billion) were raised by these companies in the IPOs, which were subscribed multiple times over, drawing AED 672 billion.
Business

AstraZeneca buys US firm CinCor

The acquisition has been finalized at $1.8billion.
  • The takeover marks the latest push by Astra chief executive Pascal Soriot to bolster the company's pipeline of new products.
  • Massachusetts-based CinCor focuses on developing treatments for hypertension and chronic kidney disease.
Business

Cargo vessel refloated after running aground in Suez Canal

The incident involving the 225-metre-long Marshall Islands-registered M/V Glory had briefly sparked fears of a repeat of a major 2021...
  • The waterway, used for about 10 percent of the world's maritime trade, is one of Egypt's main sources of foreign currency revenue, bringing in more than $7 billion a year.
  • Egypt lost between $12 million and $15 million every day of the closure, while insurers estimated that global maritime trade suffered billions in lost revenue.
Business

QatarEnergy, Chevron Phillips Chemical partner to build Ras Laffan complex

both firms will establish a joint venture company, in which QatarEnergy will own a 70% equity share, and CPChem will...
  • Both firms will establish a joint venture company, in which QatarEnergy will own a 70% equity share, and CPChem will own a 30%
  • The Ras Laffan Petrochemicals complex is expected to begin production of olefins and polyethylene in 2026
Business

Al-Nassr coach wants Ronaldo to ‘rediscover pleasure of playing’

Riyadh, Saudi Arabia-- Al-Nassr coach Rudi Garcia hopes that Cristiano Ronaldo will "rediscover the pleasure of playing" when he brings...
  • Ronaldo, a five-time Ballon d'Or winner, has penned a contract until 2025 with the Saudi club in a deal worth a reported 200 million euros
  • The former Juventus and Real Madrid star arrived in Saudi Arabia having had his contract at Manchester United ripped up after a bitter divorce
Business

MEEZA to offer 50% of its shares

It will be Qatar's first firm to use book building for IPO.
  • Offering shares to qualified investors through the book-building process will commence on 15 January 2023 and will end on 26 January 2023
  • MEEZA said that the price range of the company's shares has been set between 2.61 QR and 2.81 QR and is composed of a nominal value of one (1) QR per share

Goldman Sachs to cut 3,200 jobs: source

Goldman's staff stood at 49,100 at the end of October, up nearly 30 percent from the end of 2019 after...
  • Goldman Sachs typically trims about one to five percent of headcount each year, targeting underperforming staff
  • This year's culling will be deeper than usual in light of the uncertain economic outlook and the growth in Goldman's staffing in recent years
Business

Conspiracy theorists make comeback on Twitter after the ban

Those reinstated include far-right activists, anti-Muslim extremists as well as others peddling election conspiracies and Covid-19 misinformation, according to an...
  • Among those allowed back on Twitter is former US President Donald Trump, who was handed a "permanent" ban by Twitter after his supporters stormed the Capitol on January 6, 2021
  • Former national security advisor Michael Flynn, who once appeared to endorse the idea for a Myanmar-style coup in US, also thanked Musk on Friday after his account was restored
Science

DEWA completes 77 percent work in Hatta Water Reservoir

DUBAI, UAE  - DEWA has completed 76.8 percent work on the water reservoir project in Hatta. The project has a...
  • The project is being built at a cost of approximately US$23 million and is expected to be completed in April 2023.
  • The structural foundation works for all facilities and reservoirs are 100 percent complete,

Netflix adds millions of subscribers but growth slows

San Francisco, United States - Netflix on Thursday said it added more than five million subscribers in the recently ended quarter...
Business

Company News

Latest News

OPEC+ cartel’s grip on oil market loosening as demand slows: IEA

Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up...
Business

Arab Union for International Exhibitions & Conferences approves 2024 plan

Sharjah, UAE--The board of directors of the Arab Union for International Exhibitions Conferences (AUIEC), operating under the Council of Arab...
Business

Tesla files recall on 2m vehicles to fix autopilot software

Tesla's Autopilot program has spurred numerous government investigations as well as media exposes focusing on misuse or vulnerabilities. The system...
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INSEAD Day 4- 300x600

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Business

Somalia to get US$4.5bn in debt relief from creditors: IMF

The IMF said the debt relief will facilitate access to additional financial resources that will help it strengthen economy, reduce...
  • Its external debt has fallen from 64% of GDP in 2018 to less than six percent of GDP by the end of 2023
  • The IMF said that Somalia has implemented a poverty reduction strategy for at least a year
Business

ADX signs MoU with SZSE

The agreement will bolster cross-border ETF cooperation.
  • ADX is looking to enhance ties with with leading global financial institutions, including the recent agreement with the New York Stock Exchange
  • The agreement between the two bourses is set to provide a robust platform for financial growth and connectivity between the UAE and China
Business

Andalusia Labs secures $48m funding

The company deals in risk management infrastructure for digital assets.
  • Silicon Valley venture capital firm Lightspeed Venture Partners led the round with participation from Mubadala Capital
  • Andalusia Labs is a collection of leading technology solutions addressing the security challenges prevalent in the blockchain industry