Egyptian farmers behind world’s perfumes face climate fight alone, yield drops by half
For years, Egyptian jasmine picker Wael al-Sayed has collected blossoms by night in the Nile Delta, supplying top global perfume...
Economy
US Fed chair opens door to rate cut as Trump steps up pressure
Last year, the Fed chair used his keynote speech at the Jackson Hole Economic Policy Symposium to indicate the time...
Economy
Geostrategy
Saudi Arabia funds construction of library in Bosnia and Herzegovina
SARAJEVO, BOSNIA AND HERZEGOVINA - Saudi Fund for Development (SFD) Board of Directors Chairman Ahmed Al-Khateeb, laid the foundation stone...
- The funding for construction and equipping of the library has been through a US$22 million grant provided by the Saudi Fund for Development.
- The new library will act as a central hub to connect the university’s 28 sub-libraries and will contribute towards enhancing its educational capabilities.
Business
Ooredoo Algeria gets new CEO
Roni Tohme, the Acting CEO, has been confirmed as the CEO.
- Tohme brings over 21 years of experience in telecoms and finance to his new role, having previously served as Ooredoo Algeria’s Chief Financial Officer.
- During his tenure as CFO, he played a vital role in shaping an agile and lean finance department, contributing to the company’s business transformation.
Geostrategy
UAE launches National Program for Infrastructure Development – Salamah 365
DUBAI, UAE – UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei launched the National Program for Infrastructure...
- Salamah 365 aims to enhance public safety by leveraging innovative solutions and interactive warning systems to rectify identified accident blackspots.
- It also aims to implement a locally tailored model of pedestrian crossings, predict floods before they happen by monitoring dams and valleys.
Business
Oil majors still profitable even if 2022 super profits gone
From BP to ExxonMobil to TotalEnergies, none of the oil and gas majors have repeated the exceptional profits posted in...
- Before it, the US giant ExxonMobil saw its second-quarter profits tumble 56 percent to $7.9 billion, while rival Chevron saw a similar fall to $6 billion.
- Shell saw a 64 percent drop in net earnings to $3.1 billion, while TotalEnergies fared better with just a 28 percent slide to $4.1 billion.
Business
Bupa Arabia H1 2023 net profit $149m
Rise was driven by a jump in insurance revenue.
- The corresponding figure in the same period last year - H1 2022- was US$79.8 million.
- The company reported a jump of US$74.9 million YoY in insurance services results.
Economy
Jordan sees surge of investments to US$844.8m in first half of 2023
Amman, Jordan--Jordan’s economy has seen a 47.6 percent increase in investments in the first half of 2023, according to data...
- According to data, Jordan's aggregate investments amounted to $844.8 million in the first six months of the year, up from $571 million
- The results come close on the heels of the government's initiative to set up a plan to lure new funding streams and boost current ones
Business
Inma Holding profit tumbles
Its net profit fell 53.8% in H1 of 2023 to US$0.92m.
- Its earnings per share(EPS) declined to reach QR 0.059 as of 30th June 2023 versus EPS QR 0.128 for the same period in 2023
- The company posted a 61.7% jump in net profit in 2022, reaching $2.69 million in comparison to a net profit of $1.67 million
Economy
UAE’s real estate market remains strong in the first half of 2023: CBRE
Dubai, UAE--The UAE's real estate market has recorded a strong performance across all sectors in the first half of the...
- According to the CBRE report, the sector has benefitted from an expansion in the country's non-oil economy
- The report added that industrial and logistics sector has seen relatively strong levels of activity during the period
Business
US equities up as major firms set to unveil economic reports
New York, US - Wall Street stocks edged higher early Monday ahead of major economic reports and earnings releases later in...
- US equities have continued to trend higher in July behind hopes that the Federal Reserve will soon relent on interest rate hikes
- The broad-based S&P 500 added 0.3 percent at 4,593.56, while the tech-rich Nasdaq Composite Index advanced 0.4 percent to 14,370.18.
Economy
Federal Reserve open to alter interest rates, says official
Washington, US - A Federal Reserve official left open the possibility on Monday of pausing or stopping interest rate hikes at...
- To rein in surging costs of living, the Fed has lifted the benchmark lending rate rapidly since March 2022
- While the full effect of policy will take time to ripple through the economy, inflation has cooled
Egyptian farmers behind world’s perfumes face climate fight alone, yield drops by half
For years, Egyptian jasmine picker Wael al-Sayed has collected blossoms by night in the Nile Delta, supplying top global perfume...
Economy
Company News
Latest News
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
Business
Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...
Business
Dubai, Abu Dhabi real estate market thrives in Q1 2024
“2024 has opened up to an interesting and promising phase of growth within our sector. As proptech leaders, we can...
Economy
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Economy
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
- Al Multaqa Meetings empower Abu Dhabi to accelerate economic growth, by providing a platform to support investment.
- Supported by private sector and family-owned businesses, Abu Dhabi’s non-oil sectors is going from strength to strength.
Economy
Saudi Arabia offers 50% discount on accumulated traffic fines before April 18
Riyadh, Saudi Arabia - The Saudi Ministry of Interior has announced a significant measure aimed at reducing the burden of...
- The objective is to incentivize offenders to settle their fines within a six-month window from the commencement of the initiative
- Payment options include either clearing all fines at once or settling each fine individually, provided there are no additional safety-related violations
Business
Exports key target of GCC hydrogen strategies
Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...
- Bamford told TRENDS that the region is blessed with ample solar and wind resources needed for generating the lowest-cost electricity that is eventually needed to produce hydrogen.
- The emergence of the hydrogen industry in GCC nations promises significant economic opportunities, with projections suggesting a market worth $100 billion by 2030.