INSEAD Day 4 - 728x90

Economy

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.

Empower okays $119.1m H2 2025 dividend

The dividend is equivalent to 43.75% of paid-up capital.

Alujain widens 2025 loss

The increase in loss is due to impairment charges, weaker prices.

Global rice output in 2024/25 likely to expand by 1.5%: FAO

Rome, Italy --  The Food and Agriculture Organization of the United Nations (FAO) released a new Cereal Supply and Demand...

Geostrategy

Apple expects $900 million hit from tariff war

Apple on Thursday reported first-quarter profit above expectations but warned that US tariffs could cost the company and were disrupting...

Economy
Economy

Saudi Industrial Production Index up 4.1 percent in March

Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 4.1 percent in March 2023, compared to the...
  • The kingdom's General Authority for Statistics (GASTAT) said the IPI rose to 134.8 points in March, according to the base year 2010, compared to 129.5 points in March 2022.
  • The index of the mining and quarrying activity increased by 1.6 percent and the sub-index of the manufacturing activity increased by 10.5 percent over previous year.
Business

Emirates Group yearly profit $3bn

The group declared a dividend of $1.2 billion to its owner.
  • The Emirates airline business alone banked $2.9 billion after returning a $1.1 billion loss in the previous financial year.
  • The Middle East's biggest airline had posted a $5.5 billion loss for Covid-ravaged 2020-2021, its first in over three decades.
Business

HSBC sees great Middle East-China growth potential

Dubai, UAE: The economic potential of the Middle East-China trade corridor was the focus of discussion at an exclusive International...
  • HSBC hosted Chinese ambassador to the UAE Zhang Yiming and a senior delegation from the UAE China Business Council
  • Trade between China and the UAE reached a record high of $99.27 billion in 2022, marking an annual increase of 37.4%
Economy

Egypt’s headline inflation slows to 30.6% in April, first such drop in 9 months

Cairo, Egypt--Egypt's annual urban consumer inflation in April dipped to 30.6% from 32.7% in March, data from the state statistics...
  • Following a series of currency devaluations since March 2022, inflation in the North African country has gone up, fueled by shortage of foreign currency
  • According to Moody's, the slow implementation of its asset sale plan hobbles the country's foreign exchange liquidity and weakens trust in its currency
Economy

UAE’s GDP expected to have grown by 7.6% in 2022: CBUAE

Abu Dhabi, UAE-- The UAE's gross domestic product (GDP) is estimated to have grown 7.6 percent in 2022, shored up...
  • The bank said that in spite of the rise in global inflation, the UAE's remained below the average rate of 4.8 percent, with a decline expected in 2023
  • The report noted the bank's efforts to ramp up monetary stability, improve financial sector's resilience, and support economic activity in the UAE
Business

Dana Gas posts fall in profit

Its net profit fell 7 percent to US$50 million in Q1 of 2023.
  • Its revenue also plunged to $122 million in Q1 as against $140 million in the same period of last year
  • The company attributed the decline in revenue and net profit to a fall in energy prices from high levels
Economy

Rise of ChatGPT: GCC might lose 10 million jobs in 5 years

Its transformative power to reshape life has left people awestruck across the world, but the technology that powers ChatGPT might...
  • According to a Goldman Sachs economist, more than 65 percent of occupations will be partially or fully automated in the coming years
  • Critics of generative artificial intelligence that powers chatbots argue that it can never be able to replace the genius of human mind
Economy

Morocco, UK ink pact on climate action, clean energy, green growth

Rabat, Morocco: Morocco and the United Kingdom signed on Tuesday a Strategic Framework for Cooperation on climate action, clean energy...
  • The agreement aims to facilitate Morocco’s accelerated transition from fossil fuels to clean and affordable energy
  • It also aims at the systemic integration of climate action into government and private sector planning and action
Economy

Saudi Arabia leads Arab world in gold reserves

The Kingdom holds 323.1 tons of gold, accounting for 21.4% of the total yellow metal held by central banks in...
  • The Kingdom holds 323.1 tons of gold, accounting for 21.4% of the total yellow metal held by central banks in the Arab countries. Qatar, UAE and Kuwait are also regional leaders
  • Saudi Arabia and Oman have the majority of the natural gold mines in the GCC region. Saudi gold ore production, meanwhile, stood at around 430,000 ounces in 2022
Business

First-ever Dubai-Palestine business meet focuses on startups

Dubai, UAE - A delegation of Palestinian business executives including 21 start-up representatives visited Dubai Chamber of Digital Economy. It...
  • The event included demonstration of key steps to set up a digital-first business in Dubai, and trade opportunities with Dubai companies.
  • Participants at the event included Hashim Shawa, Chairman of Bank of Palestine Group, and; Linda Tarzi, Board Member at Bank of Palestine Group.

Global rice output in 2024/25 likely to expand by 1.5%: FAO

Rome, Italy --  The Food and Agriculture Organization of the United Nations (FAO) released a new Cereal Supply and Demand...
Geostrategy

Company News

Latest News

UAE healthcare spending set to reach $30.6bn by 2027

The sector witnesses a shift towards personalized and precision medicine, underscored by healthcare's significant digitization and data generation, says a...
Economy

Number of millionaires in BRICS likely to rise by 85 percent in 10 years, says report

DUBAI, UAE - The total investable wealth currently held in the BRICS bloc amounts to US$45 trillion and its millionaire...
Business

OPEC+ panel reaffirms cartel’s current output reduction strategy

In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Economy

GCC central banks mimic Fed, hold interest rates steady

Abu Dhabi, UAE--In a significant move that underscores the interconnectedness of global monetary policies, central banks across the Gulf Cooperation...
  • CBUAE has kept the base rate applicable to the overnight deposit facility (ODF) at an unchanged level of 5.40%
  • The US Federal Reserve held its key interest rate steady and hinted at the possibility of rate cuts in the future
Economy

Egypt grapples with dollar crunch as debt explodes

With inflation up at 35 percent, and amid a severe foreign currency crunch, the Egyptian pound is plunging and the...
  • Egypt has seen remittances from overseas workers drop 30% in July-September 2023 alone
  • Its external debt rose to $164.7bn and the cost of servicing that debt this year will be $42bn
Business

UAE economy to grow 5.7% in 2024 in spite of global challenges

Abu Dhabi, UAE-- The UAE economy is projected to grow by 5.7% in 2024 despite prevailing global economic challenges, including...
  • According to a top official in the ministry of finance, the country's initiative to diversify the economy and promote sustainable growth have proven effective
  • The official said that the UAE's non-oil foreign trade touched a record of $338 billion in the first half of 2023, marking a 14.4% increase from the same period in 2022