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

Saudi Business Council established to strengthen Eastern European partnerships

The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries,...

Economy

Oil falls by more than $2 a barrel on Gaza ceasefire talks and weak Chinese economy

Oil prices fell by more than $2 a barrel Monday on the prospect of successful Middle Eastern peace talks reducing...

Economy
Geostrategy

UN session on high seas biodiversity ends without pact

United Nations member states ended two weeks of negotiations without a treaty to protect biodiversity in the high seas, an...
  • Many had hoped the session would be the last and yield a final text on "the conservation and sustainable use of marine biodiversity beyond national jurisdiction.
  • It will now be up to the UN General Assembly to resume the fifth session at a date still to be determined.
Economy

Saudi Fund to finance building of Cameroon hospital

The hospital will help tackle chronic disease and reduce mortality rates and also alleviate overcrowding in other hospitals of the...
  • The agreement was signed by SFD CEO Sultan Al-Marshad, and the Cameroonian Minister of Economy, Planning, and Regional Development, Alamine Ousmane Mey
  • The agreement will help to build and equip the hospital with 200 beds and develop specialized medical departments, centers, and buildings
Economy

Energy crisis pushes nuclear comeback worldwide

Investment in nuclear power declined after Japan's 2011 Fukushima disaster, the world's worst nuclear accident since Chernobyl in 1986, as...
  • Governments face difficult decisions with rising gas and electricity bills and scarce resources threatening to cause widespread suffering this winter
  • One of the countries reconsidering nuclear energy is Japan, where the 2011 accident led to the suspension of many nuclear reactors over safety fears
Economy

Taming inflation will inflict ‘pain’ on Americans: Fed’s Powell

Addressing the annual gathering of central bankers in Jackson Hole, Wyoming, Powell did not hold back or leave room for...
  • The Fed this year launched an aggressive campaign to raise interest rates and Powell made it clear that the fight against inflation is not over
  • Powell doused hopes of a policy pivot, making it clear that Fed policy and the benchmark borrowing rate would have to remain "sufficiently restrictive."
Economy

Agreement signed to implement Abu Dhabi Agri Genome Program

The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) signed a collaboration agreement with the Khalifa Centre for Genetic Engineering...
  • The program aims at applying the best international practices related to agricultural genetic research.
  • It aims to develop local spices of plant, animal and fish, to improve agricultural production and address the emirate's climatic and environmental challenges.
Economy

Stocks slump after Fed chair vows tough inflation fight

Stock slumped on Friday after Federal Reserve boss Jerome Powell pledged to act "forcefully" against soaring inflation in a battle...
  • Modest signs of slowing in the world's largest economy, easing price pressures spurred hope in financial markets the central bank might ease up on its interest rate hikes.
  • Powell made it clear that Fed policy and the benchmark borrowing rate would have to remain "sufficiently restrictive" to return inflation to its two percent target.
Business

DEWA organizes virtual seminar, 90 Turkish firms participate

Dubai Electricity and Water Authority (DEWA) has organized a virtual seminar with 90 leading Turkish companies in the energy and...
  • DEWA has a clear strategy and specific goals to increase the share of clean and renewable energy in Dubai’s energy mix
  • The company has launched pioneering projects and initiatives to diversify clean energy sources
Business

German govt to relook huge gas levy amid outrage

German ministers vowed to reexamine a planned gas surcharge imposed on consumers after it emerged that some energy companies seeking...
  • The levy, to be imposed from October 1, had been grudgingly accepted as a compromise to help prevent the energy market from collapsing.
  • The levy sparked outrage after it emerged that some energy firms which have doubled their revenues in H1 2022, have registered to receive a share.
Geostrategy

Turkey plays down US sanctions threat over Russia ties

Turkey's finance minister told businesses on Friday they should not be concerned by the threat of sanctions that Washington warns...
  • The value of Ankara's trade with Moscow shot up by nearly 50 percent between May and July this year as NATO member Turkey has refused to join the international sanctions.
  • US Deputy Secretary of the Treasury had warned Turkish banks and companies they would face secondary sanctions if they cooperated with sanctioned Russians.
Economy

Egypt’s central bank cancels maximum cash deposit limit in banks

During the COVID-19 crisis, the bank set a maximum limit of cash deposits as part of measures to face its...
  • During the COVID-19 crisis, the bank set a maximum limit of cash deposits as part of measures to face its global economic impact
  • The bank decided to increase the maximum limit of cash withdrawals in banks from $2605 to to $7,814

Saudi Business Council established to strengthen Eastern European partnerships

The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries,...
Economy

Company News

Latest News

Saudi Arabia issues 162 licenses to companies relocating hqrs to the Kingdom

Riyadh, Saudi Arabia - Saudi Arabia has so far issued 162 regional center licenses to the companies relocating their headquarters...
Business

Oil-reliant Saudi revises budget, projects deficit

The Gulf kingdom, the world's biggest crude exporter, had planned for a surplus of 16 billion Saudi riyals ($4.27 billion)...

‘Cooperation key in establishing global work agenda’

"The Summit acts as a nexus, uniting government officials, international organizations, business magnates, community institutions, scholars, and innovators. This collective...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Economy

Saudi Arabia’s coffee production exceeds 800 tons annually

Riyadh, Saudi Arabia - Saudi Arabia is among the top 10 countries in the world in coffee consumption, leading the...
  • The Kingdom hosts more than 2,535 coffee farms in the Southern Region, including over 500 model coffee farms
  • The country has also signed an agreement for the establishment of the Kingdom's first coffee city
Geostrategy

Saudi Arabia, Pakistan ink pact on digital transformation, innovation

RIYADH, SAUDI ARABIA - The Kingdom of Saudi Arabia signed a memorandum of understanding (MoU) with Pakistan here on Sunday...
  • Under the terms of the MoU, Saudi Arabia and Pakistan will strengthen their SME and start-up ecosystems.
  • They will cooperate on policies, regulations and legislation in the digitization and electronic manufacturing sectors.
Business

Saudi Arabia’s consumer spending up 8% to reach $30bn in Aug

Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia grew 8 percent to SAR 115.4 billion ($30.76 billion) in August 2023, from...
  • Consumer spending includes total cash withdrawals, point-of-sale (POS) transactions and e-commerce sales through "Mada".
  • E-commerce sales through Mada cards increased 27 percent YoY to SAR 14.4 billion in August, marking the highest-ever sales value.