INSEAD Day 4 - 728x90

Economy

FAB profit edges higher

Income growth supports steady earnings.

UAB H1 profit climbs

Income, lending drive first-half growth

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

Domestic worker visa applications in UAE up 66% in June 2024, says a report

The UAE, relying on domestic workers (5% of the population), invests $3 billion annually, highlighting the rising demand for domestic...

Economy

China manufacturing contracts for fourth straight month

While some sectors have largely regained their strength -- including tourism and the auto industry -- others are struggling, particularly...

Economy
Economy

Eurozone inflation hits new record 9.1 percent on soaring energy prices

Driven by soaring energy prices caused by Russia's invasion in Ukraine, the yearly inflation rate in the 19-country single currency...
  • The president of Germany's powerful federal central bank, Joachim Nagel, immediately declared that the ECB should plan for a "strong rise in interest rates for September".
  • France, which has moved to cap energy prices saw the lowest rate within the eurozone, with 6.5 percent in August, according to Eurostat.
Economy

Palestinian economy facing formidable challenges: IMF team

The fiscal situation, high political, security and social tensions, rising inflation, movement and access restrictions and an unfinished structural agenda...
  • The Palestinian Authority and Israel disagree on the amounts of revenue that the latter should transfer to the former, the statement said.
  • The IMF team said that overcoming these challenges will require ambitious reforms spanning several years of cooperation between PA, Israel and donors.
Economy

CBUAE imposes sanctions on ‘exchange house’ for violations

The Central Bank of the UAE (CBUAE) has imposed sanctions on the owner and general manager of an exchange house...
  • According to a CBUAE statement, the sanctions came as a result of the examination conducted by it, revealing that the exchange house had rented out its license
  • The CBUAE also prohibited the general manager from undertaking any designated function at any licensed financial institution in the country
Business

ADNOC awards $1.83 billion framework agreements for drilling-related services

The awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further...
  • The awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further two years
  • The framework agreement awards will support ADNOC’s requirement to drill thousands of new wells to expand its production capacity
Economy

Gazprom halts pipeline gas flow in new jitters for Europe

Gazprom said supplies via Nord Stream 1 were "completely stopped" for "preventative work" at a compressor unit, shortly after the...
  • Germany, which is heavily dependent on Russian gas, has accused Moscow of using energy as a "weapon."
  • But Gazprom has said the 3-day maintenance work was "necessary" and had to be carried out after "every 1,000 hours of operation."
Economy

China’s August factory activity weakens for second straight month

The Purchasing Managers' Index (PMI), a key gauge of manufacturing activity in the world's second-biggest economy, came in at 49.4...
  • Sporadic Covid-19 lockdowns around China have dampened consumer enthusiasm and business confidence
  • China's manufacturing Purchasing Managers' Index has been in contraction territory for five out of the past six months
Economy

Realty, banking blue chips continue to power UAE markets

Among other stocks, Emirates NBD, DEWA, and TECOM increased 0.74 percent, 0.77 percent and 1.25 percent respectively.
  • Among other stocks, Emirates NBD, DEWA, and TECOM increased 0.74 percent, 0.77 percent and 1.25 percent respectively
  • Driven by Emaar, Dubai General Index (DFMGI) advanced 0.79 percent to 3,463.5927.16 pts, with the property blue chip closing higher at AED4.80
Arts & Culture

Sharjah Chamber set to organise ‘Al Maleh and Fishing’ Festival

The Sharjah Chamber of Commerce and Industry (SCCI) has announced it will be organizing "Al Maleh and Fishing" Festival in...
  • The SCCI added that all preparations are in place, and the festival is scheduled to begin on September 8, 2022, in Dibba Al Hisn City.
  • The four-day event will involve the participation of several government entities and private sector companies.
Economy

Saudi bank loans to public and private sectors grow 14% by July end

Riyadh, Saudi Arabia - Saudi bank loans granted to public and private sectors grew 14 percent by the end of...
  • The total loan granted by Saudi banks amounted to SAR 2.324 trillion ($620bn) by July end.
  • Private-sector lending also increased by 14 percent year-on-year (YoY) to SAR 2.213 trillion ($590bn).
Business

Amazon Web Services unveils the AWS Middle East (UAE) region

Abu Dhabi, UAE - Amazon Web Services (AWS) announced Tuesday the launch of its second Region in the Middle East,...
  • AWS estimated its projected spending on the construction and operation of new Region will support an average of nearly 6,000 full-time jobs.
  • The AWS Middle East (UAE) Region will also add an estimated $11 billion over the next 15 years to the UAE’s gross domestic product (GDP).

Domestic worker visa applications in UAE up 66% in June 2024, says a report

The UAE, relying on domestic workers (5% of the population), invests $3 billion annually, highlighting the rising demand for domestic...
Economy

Company News

Latest News

Jazan City for Primary and Downstream Industries exports first shipment to US

JAZAN, SAUDI ARABIA - The Jazan City for Primary and Downstream Industries has marked a significant milestone with the departure...
Geostrategy

Yemen economy tanks as peace talks make no headway, say NGOs

"While economic challenges are rife across the country, rising inflation and the deterioration of public services are making life unbearable,"...
Economy

Qatar begins construction on North Field gas expansion

RAS LAFFAN, QATAR - Qatar's state-owned energy giant began construction on Tuesday on a project to expand production from the world's...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Business

Global energy demand to rise 25% by 2045: OPEC chief

Abu Dhabi, UAE - Global demand for all forms of energy is forecast to rise by 25% through 2045, according...
  • No single energy source can meet the world's growing needs as the economy expands and the population increases, Al Ghais said
  • He added that despite some setbacks, global growth continues, and he was optimistic about future oil demand

Turkey’s inflation hovers near 60% after policy U-turn

The data suggest that Turkey's inflation rate is starting to peak after Erdogan signed off on a series of sharp...
  • The TUIK state statistics agency said consumer prices rose by 61.5 percent over a 12-month period ending in September
  • The month-on-month increase in prices also slowed to 4.8 percent from 9.1 percent in August and 9.5 percent in July
Economy

UAE to generate 19.8 gigawatts of clean energy by 2030: Al Mazrouei

Abu Dhabi, UAE-- The UAE will produce 19.8 gigawatts of clean energy by 2030, Suhail bin Mohamed Al Mazrouei, Minister...
  • The minister informed the audience at ADIPEC 2023 that the UAE intends to work towards producing 1.4 million metric tonnes of low-carbon hydrogen per annum by 2031
  • He told a global audience of energy leaders at the opening of the event in Abu Dhabi that an International collaboration is crucial to addressing energy challenges