INSEAD Day 4 - 728x90

Economy

TECOM profit up 9%

Revenue, occupancy drive earnings higher

DAE H1 profit $229m

Growth triggered by higher earnings, stron cash flow

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

Saudi women’s unemployment drops to 13.7% by 4Q 2023

Riyadh, Saudi Arabia - The unemployment rate among Saudi women witnessed a historic decline, plummeting to 13.7 percent in the...

Economy

Gulf nations embark on defense industry localization

Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports...

Economy
Economy

World food prices fall slightly from record high over Ukraine war: FAO

World food prices fell slightly last month after hitting a record in March but remain high due to the Ukraine...
  • International sanctions against Russia as well as export flow disruptions resulting from the February 24 invasion have sparked fears of a global hunger crisis.
  • Russia and Ukraine, whose vast grain-growing regions are among the world's main breadbaskets, account for a huge share of the globe's exports in several major commodities.
Economy

US economy adds 428,000 jobs in April: govt

The United States saw another strong month of hiring in April, with the economy adding a better-than-expected 428,000 jobs and...
  • Major industries including leisure and hospitality, manufacturing and transportation added positions last month, the Labor Department reported
  • With the US economy facing its highest inflation level in decades, the data showed the pace of average hourly wage growth slowing last month
Economy

ECB rate could turn positive by year’s end: France

ECB interest rates could be back in positive territory by year's end, the head of the French central bank said...
  • Any hike would be the ECB's first in over a decade and would lift rates from their current low levels
  • But pulling the trigger too soon risks hurting growth at a sensitive time for the European economy because of the war in Ukraine

Jordan’s central bank raises interest rate ‘to curb inflationary pressures’

The Central Bank of Jordan (CBJ) on Thursday decided to increase the interest rate on its various monetary policy instruments...
  • The bank also decided to extend the bank’s refinancing program that targets 10 sectors of economy.
  • It decided to keep the refinancing programs’ interest rates unchanged to stand at 1 per cent for projects located in Amman and 0.5 per cent for projects in other governorates.
Economy

190k tourists visit Jordan during Eid al-Fitr, says official

Jordan witnessed active tourist movement during the vacation, Ministry of Tourism and Antiquities spokesperson Ahmad al-Rifae said.
  • Jordan witnessed active tourist movement during the vacation, Ministry of Tourism and Antiquities spokesperson Ahmad al-Rifae said.
  • The country prepared shift programs in archaeological and public sites, and provided services to tourists and visitors during their stay
Business

Adidas’s Q1 profit dips

German sportswear giant was hurt by China lockdowns.
  • The group's net profit from its continuing operations fell to 310 million euros, from 502 million euros in the same quarter last year
  • The setback was accompanied by a three-percent drop in sales across the board, the group said in a statement
Economy

Turkey sees April inflation hit 69.97%, near 20-year high

Turkey is experiencing the highest inflation among major emerging markets and industrialized G20 economies.
  • The inflation rate rose from 61.1 percent in March
  • On a monthly basis, prices rose by 7.25 percent
Economy

Fears mount for China’s economy as leaders dig in on zero-Covid

Mass testing of China's vast population could bring fresh misery to the economy, experts warned Friday, after Beijing vowed to...
  • Authorities have refused to bend to mounting public outcry at food shortages and spartan quarantine conditions
  • China's government has brandished the strategy as proof that it values human life above material concerns
Economy

Lebanon expatriates cast votes in parliamentary election

Expatriates began voting at 7 am (0500 GMT) Beirut time on Friday in nine Arab countries and in Iran, while...
  • This is the second time in the country's history that citizens residing abroad are able to vote for their 128 representatives
  • The elections are the first since protesters took to the streets in 2019 against the ruling elite, blamed for its economic collapse
Economy

Saudi-US cooperation to spur growth of digital content market in KSA

Saudi Arabia and United States Minister of IT, Eng. Abdullah bin Amer Al-Sawaha who is on a visit to the...
  • Saudi Arabia and United States Minister of IT, Eng. Abdullah bin Amer Al-Sawaha who is on a visit to the US met the president and COO of Omnicom Media Group Daryl Simm
  • The meeting also included several specialized technological companies in the fields of FinTech, software, and administrating alternative investments

Saudi women’s unemployment drops to 13.7% by 4Q 2023

Riyadh, Saudi Arabia - The unemployment rate among Saudi women witnessed a historic decline, plummeting to 13.7 percent in the...
Economy

Company News

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Saudi Arabia to host CAF Super Cup match between Al Ahly and USM Alger

Johannesburg, South Africa--The 2023 CAF Super Cup match between Al Ahly of Egypt and USM Alger of Algeria will be staged...
Economy

COP28 to help green transition in developing nations

"International reports indicate that the countries in the Middle East and North Africa region are most vulnerable to climate change...
Economy

Space Economy: Saudi Arabia targets stars and beyond

From the establishment of the Saudi Space Authority to Serco Middle East's new space division in Riyadh, the Kingdom is...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Economy

Jordan oil bill falls in H1 2023 compared to H1 2022, says government

AMMAN, JORDAN  - The value of the Kingdom's oil bill decreased during the first half of 2023 by 15.6 percent,...
  • The value of Jordan’s imports of crude oil, its derivatives and mineral oils went down in the first half of 2023, to reach about JD1.531 billion.
  • In the first half of 2022, the value of imports of crude oil, its derivatives and mineral oils was about JD1.813 billion.
Economy

Saudi Arabia’s foreign trade rises to $172bn in a year

Riyadh, Saudi Arabia - Saudi Arabia’s foreign trade soared to $172 billion last year, the Saudi Minister of Commerce and...
  • The volume of non-oil exports witnessed a 40% growth between 2018 and 2022 reaching a total of $28.7 billion
  • The Saudi Export-Import Bank played a vital role by providing loans amounting to $4.6 billion
Economy

Jordan secures US$1.9bn in foreign aid amid dire global economic conditions

Amman, Jordan--Jordan has succeeded in securing US$1.9 billion in foreign aid and negotiations are underway to ramp it to $3.2...
  • Speaking at a forum, Jordan's minister of planning spoke of the kingdom's financial landscape and how it interacted with global economic trends
  • The minister also underscored the kingdom's collaboration with international financing entities that offer affordable funding to Jordan's private sector