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.

Asian markets mostly down as China sets 5 percent growth goal

Hong Kong, China - Asian markets largely fell on Tuesday after China set an ambitious five percent annual growth target and...

Business

JetBlue, Spirit Airlines cancel merger

Earlier, a federal judge ruled it violated US antitrust law.

Business

Strong Meta profit calms investors

Investors had been worried that as the pandemic eased and people socialized more in real life that they would engage...
  • Meta hits profit of $7.5 billion on revenue of $27.9 billion in the first three months of 2022
  • Meta owner Mark Zuckerberg cited pressure from TikTok, and launched his own short-form video sharing feature Reels as Facebook and Instagram
Business

MA’ADEN Q1 profit is SAR 2.9b

The company recorded sales of SAR 8.9 billion, up by 64%.
  • The company recorded sales of SAR 8.9 billion, up by 64 per cent from the same quarter last year
  • EBITDA stood at SAR 4.4 billion, up by 101 per cent compared to the same quarter of 2021
Business

Samsung Q1 profit up almost 60%

Steady chip demand and brisk smartphone sales led to the rise.
  • Samsung said net profit in January-March was 11.32 trillion won ($8.9 billion)
  • This was an increase of 58.6 percent year-on-year, beating expectations
Economy

DFZs to contribute AED250bn to Dubai’s GDP by 2030

DFZ Council chairman Sheikh Ahmed underlined the significance of facilitating the investor journey role in strengthening the UAE’s position as...
  • DFZ Council chairman Sheikh Ahmed underlined the significance of facilitating the investor journey role in strengthening the UAE’s position as a preferred investment destination
  • The Council also explored a new phase of the Invest in Dubai platform that adds 80 new services, including electronic connectivity through a single portal
Business

Algeria threatens to cut gas contract with Spain

Gas giant Algeria threatened Wednesday to break a contract to supply gas to Spain if Madrid transferred it onwards to...
  • Algeria, Africa's largest gas exporter, previously also supplied gas through a second GME (Gaz Maghreb Europe) pipeline, which links Spain to Algeria via Morocco
  • But Algiers in November shut supply through the GME due to a diplomatic rupture with Rabat, depriving Morocco of Algerian gas
Analysis

‘UAE’s new labor law is a game-changer’

Legal and business leaders tell TRENDS that the new legislation is in line with the industrial modernization roadmap that the...
  • The changes in the new labor law are fairly substantial and necessitate amendments to existing employment contracts
  • They also call for modifications to policies and procedures concerning future agreements with new employees
Business

UAE and Turkey close to signing economic partnership agreement

The UAE and Turkey are in final talks regarding the launch of a comprehensive economic partnership agreement, according to the...
  • The new partnership is expected to double bilateral trade between both countries.
  • Bilateral trade between the UAE and Turkey has climbed 80 percent over the past three years.
Business

GM lifts 2022 profit forecast

The automaker now sees 2022 net profit of between $9.6 bn and $11.2 bn.
  • Net income in the first quarter dipped three percent to $2.9 billion on an 11 percent jump in revenue to $36 billion.
  • GM's auto deliveries declined in all its operating regions in the wake of supply chain shortages, especially a crunch of semiconductors.
Business

US calls for immediate end to Libya oil shutdowns

The US said Wednesday it was "deeply concerned" about an ongoing closure of key oil installations in Libya, calling for...
  • The closure of several sites this month, including oilfields and export terminals, has seen Libya's output halve to around 600,000 barrels per day
  • Libya's reduced output also comes as global oil prices remain under pressure since Russia, an OPEC+ producer, invaded Ukraine in February
Business

Saudi Arabia to purchase some 100,000 Lucid electric vehicles

Saudi Arabia has signed an agreement with Lucid Motors to purchase a minimum of 50,000 electric vehicles and up to...
  • The Saudi sovereign wealth fund, also known as the PIF, owns a considerable stake in Lucid
  • The kingdom is setting up its first electric vehicle manufacturing plant in the country with Lucid

Asian markets mostly down as China sets 5 percent growth goal

Hong Kong, China - Asian markets largely fell on Tuesday after China set an ambitious five percent annual growth target and...
Business

Company News

Latest News

Lucid Group opens Saudi Arabia’s first-ever car manufacturing facility

Jeddah, Saudi Arabia - Lucid Group, which is partially owned by the Public Investment Fund, launched Wednesday its first international...
Business

Masdar and PLN NP to triple size of Southeast Asia’s largest floating solar plant

Abu Dhabi, UAE--Masdar and PLN Nusantara Power (PLN NP) have signed an agreement to develop Phase II of the successful...
Business

Ras Al Khaimah’s first organic fertilizer project to cost $20m

Ras Al Khaimah, UAE - Ras Al Khaimah’s is building its first organic soil fertilizer project at a cost of...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Indonesia bans goods trading on social media platforms

Jakarta, Indonesia - Indonesia has banned goods transactions on social media platforms in a new regulation, its trade minister said Wednesday,...
  • The regulation means social media firms will not be able to conduct direct transactions but only promote products on their platforms.
  • Laws in the archipelago nation did not cover direct transactions through social media platforms such as TikTok, Facebook or Instagram before the new regulation.
Business

Binance selling Russia business

Binance is likely to sell its Russian assets to CommEX.
  • The move comes months after reports suggested US authorities were investigating possible sanctions violations.
  • The firm said the process would take a year to complete and would involve selling its assets to CommEX, a company that only launched on Tuesday.
Business

Aramco likely to acquire equity in China’s Shenghong Petrochemical

Dahran, Saudi Arabia -- Aramco and Jiangsu Eastern Shenghong Company (Eastern Shenghong) Wednesday signed a cooperation framework agreement to facilitate...
  • Aramco and Eastern Shenghong signed agreement to facilitate talks on the possible acquisition by Aramco of a 10 percent strategic equity interest in Shenghong Petrochemical.
  • Shenghong Petrochemical, a wholly owned subsidiary of Eastern Shenghong, owns and operates a 320 MBD integrated refinery and petrochemicals complex.