INSEAD Day 4 - 728x90

Economy

2PointZero reports strong H1

Expansion drives earnings, revenue growth.

Borouge profit climbs 23%

Prices, recovery boost quarterly earnings

e& posts 11.6% revenue growth

The H1 net profit hits $1.63 billion.

TECOM profit up 9%

Revenue, occupancy drive earnings higher

DAE H1 profit $229m

Growth triggered by higher earnings, stron cash flow

COP hosts UAE, Azerbaijan, Brazil pledge stronger climate action

Paris, France--Past and future hosts of the UN climate negotiations the United Arab Emirates, Azerbaijan and Brazil announced Wednesday they would...

Science

Gulf nations transition from oil to solar powerhouses

The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing, with...

Economy
Economy

Ukraine conflict could cut global economic growth by one point: OECD

Those countries "that have a common border with either Russia or Ukraine" would be particularly affected, while bearing the brunt...
  • Growth in the eurozone risked being cut by up to 1.4 percentage points, according to the OECD.
  • It also warned against the risk of a "sharp increase in poverty and hunger", particularly in developing economies.
Business

KSA is Austria’s main trading partner in Gulf: Official

The commercial exchange between Saudi Arabia and Austria has grown from around SAR 1.8 billion ($479 million) in 2005 to...
  • The commercial exchange between Saudi Arabia and Austria has grown from around SAR 1.8 billion ($479 million) in 2005 to almost SAR 3.3 billion in 2020.
  • An Austrian delegation of companies specialized in various economic, industrial, agricultural, tourist and other sectors visited the Asharqia Chamber.
Interview

GCC retail electronics set for boost as buyers return

The retail electronics sector has proliferated in GCC countries, with demand rising not only due to the urge to own...
  • In 2020, the global consumer electronics market was expected to generate revenues of $1.4 bn, with a CAGR of 4.6%
  • The retail electronics market reached over $1 bn globally in 2022, and is expected to grow by 1.82% annually
Economy

Saudi Central Bank hikes interest rates by 0.25 percentage points

The bank said the policy rate adjustments are consistent with its objectives of maintaining monetary stability.
  • The repo rate is being changed by 0.25 percentage point from 1 percent to 1.25 percent
  • The reverse repo rate is being raised by 0.25 percentage point from 0.5 percent to 0.75 percent
Business

Binance awarded specialist license by Dubai’s Virtual Asset Regulatory Authority

Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, Binance will be permitted to extend limited exchange products and...
  • Under the Virtual Asset Regulatory Authority (VARA) initial regulatory phase, Binance will be permitted to extend limited exchange products and services to pre-qualified investors
  • The VARA issued Virtual Asset Exchange License ensures Binance will be able to operate its regional business from Dubai in the newly announced regulatory ecosystem
Economy

CBUAE raises base rate by 25 basis points on Fed cue

The new rates are said to be effective from Thursday, March 17.
  • The base rate is anchored to the US Federal Reserve’s IORB
  • It signals the general stance of the CBUAE’s monetary policy
Economy

US Fed raises interest rate in battle against high inflation

Markets are expecting a total of seven rate hikes this year, and while the US Federal Reserve’s Open Market Committee...
  • At the conclusion of its two-day meeting, the Fed’s Open Market Committee announced a quarter-point rate hike
  • This is the first increase in interest rates since 2018 and since it cut the rate to zero at the start of the Covid-19 pandemic
Economy

OPEC projects UAE economy to grow rapidly in 2022

OPEC Monthly Oil Market Report has predicted the UAE's economic growth to quicken in 2022.
  • OPEC released the reports on Tuesday where it credited tourism as one of a factor for the economic growth
  • Further, the rise in crude oil prices would also be a reason for rapid economic growth, said the OPEC reports
Economy

IEA cuts oil demand outlook, fears Russia supply ‘shock’

The International Energy Agency cut its world oil demand forecast for 2022 on Wednesday, warning that sanctions against Russia over...
  • Russia, the world's biggest exporter of oil, has been hit with a slew of international sanctions over the war in Ukraine, which sent oil prices soaring.
  • While the measures exclude the energy market, the IEA said major oil companies, trading houses, shipping firms and banks have "backed away from doing business with the country".
Business

Fintech opens center in Riyadh

It is a first-of-its-kind center in King Abdullah Financial District.
  • This follows an increased number of fintech companies in the region
  • Saudi had witnessed a massive jump in venture capital investments in the fintech sector

COP hosts UAE, Azerbaijan, Brazil pledge stronger climate action

Paris, France--Past and future hosts of the UN climate negotiations the United Arab Emirates, Azerbaijan and Brazil announced Wednesday they would...
Science

Company News

Latest News

Iraq streamlines imports, focuses on strengthening domestic industries

In a move to fortify the local market, Iraq's Ministerial Council of Economy has taken decisive steps, including the removal...
Economy

Dubai Municipality parks attract more than 15m visitors in H1

Dubai, UAE-- More than 15 million people visited Dubai Municipality public parks, neighborhood parks, lakes, and recreational facilities for the...
Business

World’s largest cruise ship all set to sail

TURKU, FINLAND - With cruise bookings seeing a resurgence after the Covid pandemic caused luxury liners to mothball, a Finnish shipyard...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Geostrategy

ADFD finances $105.4m energy security project in Tanzania

ABU DHABI, UAE -  The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
  • The project’s objective is to fully connect the Kagera administrative region with the national electricity grid.
  • It will reduce dependency on energy imports from Uganda and provide sustainable electricity source.
Economy

CBUAE revokes licenses of currency exchange house, commercial broker company

Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) has revoked the license of Dirham Exchange, an exchange...
  • The administrative sanctions followed after the entities were found in violation of the UAE laws on combating money laundering crimes, the financing of terrorism, etc
  • The findings showed that the entities had a weak compliance framework and failed to comply with their regulatory obligations and to report regulatory breaches to the CBUAE
Economy

Global stock markets slip as European banks’ shares hit

The dollar remained steady with talk of yet another US interest rate hike, while oil prices retreated following disappointing Chinese...
  • The US trade deficit narrowed in June to $65.5 billion, compared with $68.3 billion in May, on a bigger pullback in imports than exports.
  • Another weak batch of trade data compounded worries about the struggling Chinese economy. Sales of Chinese products to foreign markets sank 14.5 percent on-year last month.