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.

Exports key target of GCC hydrogen strategies

Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...

Business

World Bank estimates damage to Gaza infrastructure at $18.5bn

The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output...

Economy
Economy

Russia to pay overseas debt in rubles as US exemption ends

Russia said Wednesday that it will start paying its foreign debt in rubles after the United States ended an exemption...
  • Punishing Western sanctions on Russia have largely severed the country from the international financial system.
  • Russian Finance Minister Anton Siluanov said the current situation was "artificially created by an unfriendly country".
Business

Sanctions hit Russia, Iran to boost cooperation in energy and trade

Tehran and Moscow are seeking to expand cooperation in energy and trade, officials said Wednesday, as Russian Deputy Prime Minister...
  • Both countries have huge oil and gas reserves but are constrained by sanctions imposed by the West.
  • The two countries vowed to increase the use of their national currencies in their trade exchange.
Economy

UAE non-oil foreign trade close to AED500bn in first quarter of 2022

According to the UAE’s Federal Competitiveness and Statistics Centre, this was a growth of 20.5 percent compared to AED414.6 billion...
  • Gold topped the list of leading commodities included in the UAE’s non-oil foreign trade, with a value of AED84.4bn
  • Diamonds stood second with a value of AED40bn, followed by telephone and communication devices with a value of AED37bn
Economy

Saudi non-oil exports hit $21 billion in the first quarter of 2022

Saudi Arabia’s non-oil exports in the first quarter of 2022 reached 77.8 billion riyals ($21 billion), growing nearly 29 percent...
  • Overall merchandise exports increased by 72.7 percent in Q1 2022 compared to Q1 2021, reaching 359.3 billion riyals, up from SAR 208.0 billion in Q1 2021.
  • This increase originated mainly from oil exports, which rose by SAR 133.6 billion or 90.3 percent in the same period, the General Authority for Statistics said.
Business

Seeking new start, Russian professionals set up shop in Dubai

Entrepreneurs, lawyers and art dealers are among those flocking to the financial hub in the oil-rich United Arab Emirates, which...
  • They are attracted by the ease of setting up a business, and the prospect of better opportunities as sanctions bite at home -- and a more welcoming environment.
  • The city, with its luxury hotels and tourist facilities, is well known to Russians as a high-end destination for the wealthy, particularly those interested in real estate.
Economy

More than 70 migrants missing after boat sinks off Tunisia: coastguard

More than 70 people are missing in the Mediterranean after a boat crowded with migrants headed for Europe from Libya...
  • Libya has become a major launchpad for migrants seeking to reach Europe on what has become the world's deadliest migration route
  • Last year, 15,671 migrants attempted to reach Italy from Tunisia, up from fewer than 13,000 in 2020, according to the Tunisian Forum for Economic and Social Rights
Economy

ECB warns of risks to financial markets from Ukraine war

Russia's invasion of Ukraine has put financial markets under renewed stress by driving up prices and impeding growth, the European...
  • Inflation in the eurozone has accelerated as costs for energy, agricultural goods and raw materials have risen sharply
  • The development in prices has prompted central banks in developed countries to turn to interest rate hikes to tamp down inflation
Economy

UAE invests Dh62.6b in Jordan development projects

Abu Dhabi Development Fund for Development has financed AED6.5 billion worth of development projects in Jordan.
  • Abu Dhabi Development Fund for Development has financed AED6.5 bn worth of development projects in Jordan
  • Jordan’s GDP has risen by 6.5 percent, with investment contributing about 13 percent to it
Business

Energy, technology and finance lead Gulf IPOs

Energy, utilities and natural resources account for 42% of the total IPO proceeds, TMT 27% and financial services 21%, Odin...
  • Overall, equities in GCC capital markets performed well, with deal volume and valuation up 369 percent in 2021 compared to 2020, bringing in $7.7 billion in new money. 
  • Energy, Utilities and Natural Resources accounted for 42 percent of the total IPO proceeds, TMT 27 percent and financial services 21 percent.
Economy

Saudi Arabia to form national land alliance: Minister at GLF

The forum will discuss issues like land decentralization, climate crisis, youth and land-based opportunities in rural areas, and building partnerships.
  • The Saudi agriculture minister Khaled Hneifat was speaking at the 9th triannual four day Global Land Forum.
  • The forum is organized by the Ministry of Agriculture, the SEEDS Jordanian youth organization and the EU.

Exports key target of GCC hydrogen strategies

Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...
Business

Company News

Latest News

At 5%, Middle East has highest GDP share from tourism: report

Dubai, UAE - The Middle East has seen the strongest rebound in the post-pandemic global tourism recovery, according to a...
Economy

Abu Dhabi to unveil one of world’s biggest airport terminal

Dubai, UAE - An airport terminal able to handle up to 45 million passengers a year will open in Abu Dhabi...
Business

Moody’s lowers Country Garden credit ratings

Beijing, China - Moody's further downgraded the credit ratings of Chinese property developer Country Garden on Thursday as the heavily indebted...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Economy

UAE economy expected to grow by 3.5 percent in 2023, says UBS

ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross...
  • The bank's positive outlook on the UAE’s medium-term growth prospects is supported by strong demand for its oil exports and energy investments.
  • The bank also expects a strong 4.5 percent expansion for the non-energy part of the economy for this year.
Business

UAE industrial, business sectors see 4% rise in cumulative credit balance by H1 2023

ABU DHABI, UAE - Credit facilities provided by national banks to the business and industrial sectors rose by US$7.7 billion...
  • Credit facilities by national banks to business, industrial sectors in UAE rose by US$7.7 billion in H1 2023.
  • As per CBUAE’s figures the two sectors saw a 4 percent rise in cumulative credit balance to US$203 billion by the end of June 2023.
Business

Global construction industry projected to reach $12.9 trillion by 2028

Dubai, UAE -- The global construction industry is projected to reach a staggering $12.9 trillion by 2028, with a robust...
  • The study says residential construction will continue to dominate, driven by rising per capita income and disposable income.
  • The Asia Pacific region is poised to retain its leadership position, attributed to increasing urbanization and robust infrastructural development.