INSEAD Day 4 - 728x90

Economy

Sanad posts record revenue

Growth driven by global demand for services.

Bank of Sharjah profit up 39%

Bank's total assets grow 10% to $14.4 billion.

DIB H1 net profit $1bn

Gross revenue increased 10% year on year

SIB H1 profit up 15.3%

Total operating income rises 20.5 percent.

flydubai Aleppo flights resumed

The flights were resumed after nearly 14 years.

Central & Southern Asia and Oceania region leads the world in cryptocurrency adoption

The fifth annual Chainalysis Global Crypto Adoption Index looks at both on- and off-chain data to determine which countries are...

Economy

China’s Xi promises US$50 billion for Africa over next three years

China, the world's number two economy, is Africa's largest trading partner

Business
Economy

OPEC+ to cut oil production to prop up prices hit by recession fears

The move could irk the United States as it has pressed the group to increase output in order to bring...
  • The group left the door open to holding talks prior to its next scheduled meeting on October 5 "to address market developments, if necessary".
  • Saudi Energy Minister Prince Abdulaziz bin Salman says the decision demonstrated OPEC+ was ready to adjust production in both directions to achieve objectives.
Economy

Dubai records over US$653m in realty transactions on Monday

DUBAI, UAE - Dubai real estate market recorded 568 sales transactions worth US$373 million (AED1.37 billion) on Monday, data released...
  • Dubai real estate market recorded 568 sales transactions worth US$373 million on Monday.
  • The sales included 503 villas and apartments worth US$283 million and 65 land plots worth US$88 million.
Business

ADNOC announces $548m contract for Lower Zakum field

Abu Dhabi National Oil Company (ADNOC) Monday announced the award of a US$548 million (AED2.01 billion) contract to build a...
  • The award will increase the Lower Zakum field’s gas production capacity from 430 million to 700 million standard cubic feet per day.
  • The project will see the construction of a new subsea pipeline that will run 85 kilometers from Zakum West Super Complex to Das Island.
Economy

Green hydrogen production in UAE to touch 5.7m tonnes in 2030

Innovative technologies to produce green hydrogen using clean and renewable energy are witnessing rapid developments and studies indicate that green...
  • The UAE aims to acquire 25 percent of the low-carbon hydrogen market which is expected to reach more than $400 billion.
  • The production of green hydrogen is mainly carried out through electrolysis using renewable energy sources.
Economy

Saudi Arabian government body launches strategy 2022-2025

The National Center for Government Resources Systems (NCGR) launched its comprehensive strategy (2022-2025).
  • The strategy is based on four main pillars which include raising the efficiency and effectiveness of the government in managing its resources.
  • It also involves maximizing benefit of NCGR's resources, superiority in providing and using data to support decision-making, excellence in risk management.
Economy

Euro hits 20-year low against dollar amidst economic uncertainties

The euro fell 0.70 percent to 0.9884 dollars Monday at 0535 GMT, its lowest since December 2002. The European currency...
  • Russian gas giant Gazprom said Friday the Nord Stream pipeline due to reopen at the weekend would remain shut indefinitely
  • Resumption of deliveries via the pipeline which runs from near Saint Petersburg to Germany under the Baltic Sea, had been due to resume on Saturday
Economy

Cryptocurrency sceptics look to bend the ear of regulators

A number of governments have expressed concerns over cryptocurrencies, but those behind the first Crypto Policy Symposium say they hope...
  • The conference comes as the price of bitcoin has plunged from a peak of nearly $69,000 last October to around $20,000
  • Many central banks and financial market regulators have warned about the dangers posed by cryptocurrencies
Economy

Turkey”s inflation stays at 80% in boost to Erdogan

The strategically important developing nation lurched into its latest economic crisis when President Recep Tayyip Erdogan launched an unorthodox experiment...
  • The TUIK state statistics agency said that consumer prices rose by 80.2 percent in August from a year earlier
  • The figure was fractionally higher than the 79.6 percent reported in July and only a small bump up from the 78.6 percent reading in June
Business

OPEC+ to meet in order to adjust quotas for October

Faced with a bleak global economic outlook, the OPEC+ countries are expected to agree a modest increase in oil production...
  • Far from their highs near $140 a barrel, Brent North Sea crude and US WTI crude prices suffered their third consecutive monthly decline in August
  • Matthew Holland of Energy Aspects said a cut in production would come up at the next meeting in October
Economy

ECB set to raise interest rate to tame runaway inflation

European Central Bank policymakers look set to hike interest rates again to tame runaway inflation amid a steep increase in...
  • Eurozone inflation hit 9.1 percent in August, a record in the history of the single currency and well above the two-percent rate targeted by the ECB
  • Alongside its policy decisions, on Thursday ECB will also share an updated set of economic forecasts for the eurozone

Central & Southern Asia and Oceania region leads the world in cryptocurrency adoption

The fifth annual Chainalysis Global Crypto Adoption Index looks at both on- and off-chain data to determine which countries are...
Economy

Company News

Latest News

Middle East economic growth to fall in 2023, says World Bank

WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall...
Economy

Qatar, Iran discuss cooperation in free zones, investment

DOHA, QATAR -  Minister of State and Chairman of the Board of Directors of the Free Zones Authority Ahmad bin...
Geostrategy

Largest climate fund seeks new funding for vulnerable

The Green Climate Fund (GCF) was set up as part of the landmark 2015 Paris Agreement to funnel grants and...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Farmers turn to solar power in Syria’s former breadbasket

Al-Haddadiya, Syria - At his farm in Syria's northeast, Abdullah al-Mohammed adjusts a large solar panel, one of hundreds that have...
  • Solar energy has offered a lifeline for the farmers amid drought and power shortages, but some warn the boom also has environmental costs in the once-fertile region
  • "We are trying to revive our land," despite dwindling groundwater reserves, said Mohammed, 38, as he oriented the panel towards the sun near his cotton fields.
Business

Saudi Arabia to continue voluntary oil cut until end of Dec 2023

The Kingdom's production in the coming months November and December will be approximately 9 million barrels per day, the country's...
  • Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
  • That decision riled the United States, which at the time accused Saudi Arabia, a security partner, of siding with Russia in the war in Ukraine.
Economy

UAE Vice President forms Board of Investment Corporation of Dubai

Dubai, UAE - Vice President and Prime Minister of the United Arab Emirates Sheikh Mohammed bin Rashid Al Maktoum has...
  • The board will be chaired by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai
  • Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, will serve as a Vice Chairman of the Board