New-Age Growth Comes Home to the GCC
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading...
Opinion
Future of Humanity – TRENDS’ yearly Special Issue now online
Dubai, UAE -- TRENDS’ yearly Special Issue is out. This year’s edition, titled Future of Humanity, explores key global shifts...
Geostrategy
Business
Industry experts discuss fintech at Sharjah Investment Forum 2023
SHARJAH, UAE - Financial innovation and technology trends in global financial services sector were in the spotlight during a panel...
- Fintech and traditional financial institutions are intertwined and depend on each other.
- Fintech reaches populations who may not have access to traditional banking system.
Business
Saab 2022 net profit at $211m
Revenue rose as countries boost military spending.
- Order intake for the Swedish company totaled US$6.1 billion in 2022, a 45 percent increase from the previous year.
- They soared by 144 percent in the fourth quarter alone to US$2.8 billion year on year.
Business
Russia to slash oil output by 5% over Western price cap
Russia is part of an alliance with OPEC that meets regularly to decide on oil output levels. As a result...
- The international benchmark, Brent North Sea crude, leapt 2.3 percent to $86.48 per barrel. New York contract WTI soared 2.5 percent to $80.01.
- "Russia will voluntarily reduce production by 500,000 barrels per day in March. This will help restore market relations," Deputy PM Alexander Novak said.
World Bank to provide Turkey $1.78 bn for recovery after quake
The 7.8-magnitude quake struck as people slept early Monday, with Turkish officials saying that over 70,000 people have been injured...
- Immediate assistance of $780 million will be offered via Contingent Emergency Response Components from two existing projects in Turkey
- An added $1 billion in operations is being prepared to support people affected amid recovery and reconstruction from the catastrophe
Economy
‘Dubai among key global maritime destinations’
The emirate has achieved record growth in the service of refuelling vessels during in 2022, as it recorded about 1.1...
- Dubai is one of the leading players in the maritime sector, as it ranks among the most important global maritime destinations such as London, Singapore, Shanghai and Hong Kong
- The emirate has achieved record growth in the service of refuelling vessels during in 2022, as it recorded about 1.1 million metric tonnes, with a growth rate of 30 percent
Business
Credit Suisse 2022 loss $7.9bn
Since March 2021, bank's stock lost over 75% of value.
- The Zurich-based lender had waved goodbye to more than eight billion Swiss francs during the global financial crisis 15 years ago
- Credit Suisse recorded net asset outflows of 110.5 billion Swiss francs in the fourth quarter of last year alone, mostly in October
Economy
Turkey, Syria quake economic losses may exceed $4 billion: Fitch
More than 17,500 people have died so far in the 7.8-magnitude earthquake that struck Turkey and Syria.
- More than 17,500 people have died so far in the 7.8-magnitude earthquake that struck Turkey and Syria.
- Insured losses will be much lower, possibly around $1 billion, due to low insurance coverage in the area.
Business
AstraZeneca 2022 profit $3.3bn
The firm's revenues rose to US$44.4 billion in 2022.
- Investors welcomed AstraZeneca's earnings update, with its share price rallying five percent to US$13.7 in London.
- The annual net profit was boosted by cancer treatments and the integration of biotech unit Alexion following a takeover.
Business
Volvo Cars 2022 net profit $1.6bn
Revenue climbed by 17 percent to a record US$31.8 billion.
- Electric cars accounted for 11 percent of sales last year, compared to four percent in 2021.
- Volvo Cars accelerated towards the aim of becoming a fully electric car company by the end of the decade and climate neutral by 2040.
Business
ArcelorMittal 2022 profit $9.3bn
Profit was affected as demand for steel fell and production hit.
- ArcelorMittal took a $1 billion hit after suspending production at its Ukrainian factory in Kryvyi Rig.
- The conflict "resulted in low levels of production, sales and income and created significant uncertainty about the timing and ability" of operations.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
New-Age Growth Comes Home to the GCC
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading...
Opinion
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JPMorgan Q3 profit at $13.2bn
Business
World unites at COP28 to shift away from fossil fuels
Nearly 200 nations in Dubai have collectively endorsed an agreement to move away from fossil fuels, marking a significant step...
COP28 UAE
CBUAE joins the Gulf payments system AFAQ
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) joined AFAQ Payments System, which is operated by the Gulf...
Business
Digitalization has high environmental costs, says UNCTAD meet
DUBAI, UAE - With global attention on the COP28 climate summit, UNCTAD’s eWeek 2023 highlighted digitalization’s potential to accelerate climate...
Geostrategy
Most Read
Economy
El Salvador to issue bitcoin bonds in first quarter of 2024
With bitcoin, Bukele sought to make it easier, and cheaper, for Salvadorans to receive remittances and to provide financial services...
- Bitcoin became a legal currency in El Salvador, alongside the US dollar, in 2021 at the behest of President Nayib Bukele
- In 2021, Bukele announced a plan to build a "Bitcoin City" in the east of the country, which would be powered by thermal energy from a volcano
Public-private partnerships play key role in environmental finance, says EIF official
DUBAI, UAE – Public-private partnerships have the potential to play a significant role in mobilizing private financing for environmental solutions,...
- The European Investment Fund seeks to address environmental and biodiversity challenges as part of its climate position.
- The European fund has significantly committed to the green transition by mobilizing US$ 2.15 billion in funding.
Economy
Jordan’s mission to save its ancient olive trees
Jordan's culture ministry, Gharaibeh's organization is working to add the trees to the UNESCO Intangible World Heritage List, hoping this...
- Jordan has 11 million olive trees in groves that make up 20 percent of all cultivated land in the country
- They produce 50,000 tons of olives and 25,000 tons of olive oil annually, contributing $169 million to the economy