INSEAD Day 4 - 728x90

Economy

EasyLease H1 profit $12.2m

Revenue rises on stronger operations.

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.

Egypt hikes subsidized bread price for first time in decades

Cairo, Egypt - Egypt's cabinet decided Wednesday to raise the price of subsidized bread for the first time in 30 years,...

Economy

Qatar banking on AI with nearly $2.5 bn in investments

Qatari Prime Minister and Minister of Foreign Affairs H E Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani delivered on...

Economy
Economy

Supply risks still haunt market despite high oil prices: IEA

The Paris-based agency cautioned that the global economic recovery could be derailed unless governments take measures to reduce consumption and...
  • The IEA now expects oil demand to rise this year to 99.2 million barrels per day (mbd) and to 101.3 mbd next year.
  • Meanwhile, supply climbs to 100.1 mbd this year. But even if it hits an expected record of 101.1 mbd next year, it will fall below demand.
Economy

Libya’s National Oil Corporation lifts force majeure at key terminals

Force majeure is a legal measure allowing companies to free themselves from contractual obligations in light of circumstances beyond their...
  • Its latest such move had been in late June, when the NOC said Libya had foregone some $3.5 billion due to a blockade of eastern oil facilities since mid-April.
  • The blockade on the oil facilities was enforced by groups demanding Dbeibah's departure and a handover to the rival administration of Fathi Bashagha.
Economy

UAE economic activity spikes in 1H22 on back of easing pandemic, high oil prices

Confidence in the positive short-term economic outlook increased despite the current decline in the Purchasing Managers' Index, the MOMR noted.
  • Confidence in the positive short-term economic outlook increased despite the current decline in the Purchasing Managers' Index, the MOMR noted
  • The June PMI declined to 54.8 from 55.6 in the prior month, marking the 19th-straight month of growth in non-oil private economic activities, the report added
Economy

Sri Lanka president takes refuge in Maldives, expected to resign

Sri Lanka's embattled president flew out of his country to the Maldives early Wednesday, in a probable prelude to his...
  • Gotabaya Rajapaksa had promised at the weekend to resign on Wednesday and clear the way for a "peaceful transition of power" after fleeing his official residence in Colombo
  • Rajapaksa is accused of mismanaging the economy to a point where the country has run out of foreign exchange to finance even the most essential imports
Economy

Euro slides to be at par with dollar as recession fears rise

The euro struck parity with the dollar for the first time in nearly 20 years on Tuesday as a cut...
  • The European single currency hit exactly one dollar -- its lowest level since December 2002 -- before bouncing back somewhat
  • But Wall Street stocks weakened as the session progressed, as investors nervously await Wednesday's consumer price report
Economy

Russia and Ukraine seek to break grain impasse in Turkey

The four-way meeting in Istanbul comes with Russia's invasion of Ukraine showing no sign of abating.
  • The four-way meeting in Istanbul comes with Russia's invasion of Ukraine showing no sign of abating
  • Ukraine is a vital exporter of wheat and grains such as barley and maize and supplies nearly half of all the sunflower oil traded on global markets

Brent oil closes under $100/barrel for first time since April

Brent oil futures closed Tuesday under $100 a barrel for the first time in three months as recession worries cloud...
  • The US benchmark, West Texas Intermediate, fell 7.9 percent to finish at $95.84 a barrel
  • The drop in the currency market is "raising concerns that Europe is going into recession
Economy

Closing the gender gap in MENA may take 115 years

Closing gender gaps remains a critical driver of national prosperity. Countries that invest in all of their human capital and...
  • At 63.4%, Middle East and North Africa have the second-largest gender gap yet to close, with the UAE, Israel and Lebanon being the highest performing countries
  • After a big COVID hit, the gender gap hasn’t bounced back across the globe, according to the World Economic Forum’s Global Gender Gap Report 2022
Infographics

Gulf countries witness dip in unemployment rates

The Gulf countries have taken several measures to increase the local employment, especially in UAE and Saudi Arabia. This week's...
  • The Gulf countries have taken several measures to increase the employment, especially in the UAE and KSA. This week's TRENDS Infographic looks at job situation in the region
  • The measures have led to an increase in employment in most of the GCC countries, but the Ukraine-Russia crisis, global economic turbulence and Covid-19 may pose challenges
Interview

GCC expects moderate impact of global recession

The region is better placed to deal with global slowdown as oil and gas prices will stay high due to...
  • The region is better placed to deal with global slowdown as oil and gas prices will stay high due to supply restrictions, Jean Claus, CEO of Allianz Trade Middle East, tells TRENDS
  • Regional GDP growth is expected to be +2.7 percent in 2023 in an 'adverse scenario', slightly lower than the +3.1 percent expected in the baseline scenario, Claus adds

Egypt hikes subsidized bread price for first time in decades

Cairo, Egypt - Egypt's cabinet decided Wednesday to raise the price of subsidized bread for the first time in 30 years,...
Economy

Company News

Latest News

Inclusive policies key to greater global cooperation

“By placing an emphasis on inclusive policies, embracing digitalization and fostering stronger international collaboration, we can establish a trade landscape...
Economy

Saudi ministry inks economic pact with Alfaisal University

RIYADH, SAUDI ARABIA - The Kingdom's Ministry of Economy and Planning signed a deal with Alfaisal University to promote economic...
Economy

Sharjah Social Security Fund offers service period purchase option

SHARJAH, UAE - The Sharjah Social Security Fund (SSSF) has allowed the possibility of acquiring the service period for insured...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Economy

IMF to exhort China to shift growth model toward consumption

Washington, US--The International Monetary Fund plans to tell China to boost weak domestic consumption, address its troubled real estate sector,...
  • The IMF intends to exhort Beijing to shift its growth model away from debt-fueled infrastructure investment and real estate
  • In July the IMF forecast China's 2023 growth rate to hover at 5.2% and 4.5% in 2024 but warned it could be lower
Economy

Aid groups warn of outbreak of disease in Libya after floods

Several aid organizations have warned of the outbreak of disease in the port city of Derna, after Sunday's flood submerged...
  • Islamic Relief has warned of a second humanitarian crisis from water-borne diseases and shortages of food
  • The UN has made an appeal for more than $71 million to assist hundreds of thousands in need
Geostrategy

Libya flood toll is partly due to years of division, say analysts

TRIPOLI, LIBYA - Over a decade of bloody power battles in Libya have resulted in vital infrastructure falling into disrepair, culminating...
  • Libya has been wracked by conflict and division ever since a NATO-backed uprising toppled and killed longtime dictator Moamer Kadhafi in 2011.
  • Tripoli-based prime minister blamed the tragedy on the absence of adequate development plans and the "effect of the years" on the dams.