INSEAD Day 4 - 728x90

Economy

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.

Trump announces 100% chip tariff, pressuring Asian producers

The US president unveiled the levy at the White House on Wednesday ahead of the imposition of sweeping tariffs on...

Economy

Qatar to expand scheme to boost Syria power supply

Qatar is to expand its scheme to boost the power supply in Syria by paying for deliveries of Azerbaijani gas...

Economy
Economy

Central Bank of Egypt raises interest rate to 100 bps to combat inflation

Cairo, Egypt – In a surprising move, the Central Bank of Egypt (CBE) announced on Thursday that it has raised...
  • The lending rate was increased to 20.25 percent, and the deposit rate to 19.25 percent
  • The decision marks the second interest rate hike in Egypt this year, following a 2 percent rise in late March
Business

AI anxiety: workers fret over uncertain future

Legal assistants, programmers, accountants and financial advisors are among those professions feeling threatened by generative AI.
  • Goldman Sachs analysts see generative AI impacting, if not eliminating, some 300 million jobs, according to a study published in March.
  • AI is bringing with it a level of apprehension matched by climate change and the Covid-19 pandemic, a therapist said.
Economy

Saudi Arabia posts budget deficit of US$1.41 billion in Q2 2023

RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of...
  • Saudi Arabia, the world’s top oil exporter, recorded a budget surplus of almost $30 billion in 2022.
  • Total revenues in Q2 stood at US$84 billion, down 15 percent from the same period last year.
Business

Saudi Arabia extends voluntary 1mbpd oil cut to September

Riyadh, Saudi Arabia -- Saudi Arabia will extend the voluntary 1 million barrels per day cut, announced in July, to...
  • Saudi Press Agency, quoting an official source from the Kingdom's Ministry of Energy, said the country's production for September 2023 will be approximately 9mpbd.
  • This cut is in addition to the voluntary cut previously announced by the Kingdom in April 2023, which extends until the end of December 2024.
Business

EIH buys stake in Gewan Holding

Acquisition aims to diversify and expand into several sectors.
  • EIH has cultivated a diversified, innovative, and sustainable investment portfolio comprising over 30 companies across various sectors.
  • Gewan is a diversified holding company operating in various sectors, including real estate, general trading, hospitality, travel and tourism.
Business

DUBAL, Oriental Copper ink MoU

JV will manufacture high-quality copper products in UAE.
  • As per the agreement, DUBAL Holding will assist with local resources and be a co-investor.
  • Oriental Copper will contribute its extensive technical, operational, and market expertise.
Economy

Turkish inflation surges in July at 47.83 percent

The new figure comes as Turkey radically shifts its policies since the May election that includes an end to more...
  • The official rate had been steadily dropping since reaching a more than two-decade high of 85 percent in October last year
  • The consumer prices skyrocketed by almost 9.5 percent on a month-on-month basis, according to the TUIK state statics agency
Business

Kenya suspends Worldcoin crypto over privacy concerns

Users who registered with the Worldcoin cryptoproject in Kenya were offered 25 free Worldcoin tokens worth about 7,000 shillings ($45),...
  • The Worldcoin Foundation said demand for a World ID in Kenya had been "overwhelming" and as a precaution, verification services had been "temporarily paused"
  • Kenya has been battling soaring inflation and a jobs crisis, particularly among the young, prompting many people to flock to register with Worldcoin in exchange for cash
Economy

Global trade in goods, services worth US$31trn in 2022: WTO

Dubai, UAE--Trade in goods and services amounted to US$ 31 trillion in 2022, a 13% rise year-on-year. According to the...
  • In 2022, China retained the top position as the top merchandise exporter, but its share fell to 14 percent from 15 percent
  • Exports of fuel and mining products recorded a 19 percent increase per year between 2019 and 2022, touching US5,158 billion in 2022
Business

Agthia Group profit vaults 6.6%

The net profit rose to US$39.21m in H1 of 2023.
  • The company's revenue jumped 10.3 percent to $600 million, reflecting a strong volume and value performance from dates
  • EBITDA growth was ahead of revenue, up 18.3% year-on-year to $87m, reflecting strong growth in profitability across snacking and water

Trump announces 100% chip tariff, pressuring Asian producers

The US president unveiled the levy at the White House on Wednesday ahead of the imposition of sweeping tariffs on...
Economy

Company News

Latest News

Middle East economy firm despite challenges

Non-oil growth to stay robust, bolstered by a strong non-oil GDP growth in the region's two biggest economies, UAE and...
Economy

Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE

ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
Economy

Debt, trade barriers drag Asian economies in 2024, says World Bank report    

BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Opinion

Digital innovation fuels surge in Iraq’s banking sector

"These banks excel not only in financial performance but also in adapting and innovating. Through partnerships with global entities like...
  • At the forefront of this remarkable journey are banks like the National Bank of Iraq and the Bank of Baghdad (BBOB), which have exhibited exceptional growth and profitabitability
  • The establishment of the "National Company for Electronic Payment Systems in Iraq" underlines the sector's proactive approach towards embracing cutting-edge technology
Economy

Saudi women’s unemployment drops to 13.7% by 4Q 2023

Riyadh, Saudi Arabia - The unemployment rate among Saudi women witnessed a historic decline, plummeting to 13.7 percent in the...
  • The unemployment rate among Saudi men remained steady at 4.6 percent during the same period
  • The overall unemployment rate, encompassing Saudis and non-Saudis, saw a noteworthy decrease to 4.4% in the 4th quarter
Economy

Saudi tourism hits record $36 billion inbound spending in 2023

Riyadh, Saudi Arabia - Saudi Arabia's tourism sector contributed to a record-breaking $36 (SR135 billion) in spending by international visitors....
  • The Kingdom's remarkable performance in tourism was further highlighted by its leading position in the United Nations Tourism rankings for growth in international tourist arrivals
  • The UN's tourism report also noted a substantial rise in both inbound and domestic tourism within the Kingdom, reinforcing its reputation as a premier global tourism destination