INSEAD Day 4 - 728x90

Economy

2PointZero posts profit surge

Growth driven by merger consolidation.

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

Emirates Stallions Q1 revenue up 11%

The rise helped by strong demand in real estate

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

S&P affirms Saudi Arabia’s A/A-1 credit rating

Riyadh, Saudi Arabia - The international credit rating agency S&P Global Rating affirmed its foreign and local currency sovereign credit...

Economy

UAE, Hungary ink pact to enhance trade, investment ties

ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...

Geostrategy
Economy

Chinese cities and factories lock down as outbreak spreads

China cannot relax its zero-Covid policy just yet despite the low fatality rate of Omicron, say medical experts.
  • Authorities in China have reported 2,300 new covid cases across the country on Monday
  • China cannot relax its zero-Covid policy just yet despite the low fatality rate of Omicron, say medical experts
Economy

Post-Covid retail outlook bright in GCC

Saudi Arabia and UAE, two biggest economies in the Gulf Cooperation Council region, rely heavily on retail industry.
  • UAE and Saudi Arabia witnessed growth, albeit low, in the retail sector even during the pandemic.
  • Professional services network Deloitte has said that 2022 offers an opportunity for the long-overdue retail reset.
Business

Jordan’s trade deficit with EU expands 12.9% to $3.77bn

Jordan’s trade balance deficit with the European Union countries expanded by 12.9% in 2021 compared to 2020.
  • Total trade deficit reached about JD2.671 billion ($3.77 billion) in 2021
  • The value of national exports to EU countries increased by 29.9 per cent during 2021
Economy

DEWA completes first stage of world’s largest aquifer project

Dubai Electricity and Water Authority (DEWA) has completed the construction of the first stage of the Aquifer Storage and Recovery...
  • The full scale of the ASR project can store up to 6,000 million imperial gallons of water once completed by 2025 as a strategic reserve.
  • The production capacity of desalinated water of DEWA is currently 490 MIGD, including 63MIGD using Sea Water Reverse Osmosis (SWRO) technology.
Geostrategy

Jordan to receive $1.65bn in US aid in 2022

Jordan has seen several factors affect its economy, such as the conditions brought on by the Covid-19 and the Syrian...
  • The US Congress has approved a new aid package for Jordan for 2022, estimated at $1.65 billion
  • The aid is expected to support Jordan’s development and reform programs during 2022
Business

Governor chairs meeting to turn Makkah into a smart region

The meeting was attended by the Minister of Communications and Information Technology Abdullah Al-Sawaha, as well as the heads of...
  • During the meeting, the governor was reportedly briefed on the work carried out by the Ministry of Communications to contribute to the transformation
  • Chief of these is the development of digital infrastructure, as the number of 5G towers reached around 4,000, and the average speed reached 155 Mbps
Economy

Tens of thousands march in climate protests across France

"When are we going to talk about it?" read a sign at demonstration in France where thousands came out to...
  • Around 80,000 protesters took to the street of France to call for more attention to the climate crisis
  • During the election campaign in France, climate crisis took up only 1.5 percent of talking points in media coverage
Business

Egypt nixes reports that Suez Canal traffic is falling

The key trading link is setting new records, said the government, quoting the Suez Canal Authority.
  • About 10 percent of global trade, including 7 percent of the world’s oil, flows through the Suez Canal
  • First opened in 1869, the canal is a source of national pride and foreign currency to Egypt
Economy

Rising food prices shake North Africa as Ukraine war rages

Tunisia, Morocco, and Libya, along with several other Arab countries, import much of their wheat from Ukraine and Russia.
  • Tunisia imports almost half of the wheat used to make bread from Ukraine, and authorities say it has enough supplies to last three months
  • Oil-rich Libya gets about 75 percent of its wheat from Russia and Ukraine, and Morocco too relies heavily on the same source for supplies
Economy

Too early to dismiss oil’s role in energy market

Saudi Arabia, the world's second-largest oil producer that produced more than 10 million barrels of crude per day before the...
  • Saudi Arabia, the world's second-largest oil producer, plans to produce 13.5 million barrels by 2027, as well as 23 billion cubic feet of gas by 2030
  • Despite its national policy to diversify the economy and lessen reliance on fuel, the Kingdom continues to increase its oil and natural gas production

S&P affirms Saudi Arabia’s A/A-1 credit rating

Riyadh, Saudi Arabia - The international credit rating agency S&P Global Rating affirmed its foreign and local currency sovereign credit...
Economy

Company News

Latest News

Dubai Investments net rises to $157m

Real estate sector remains one of the key business verticals.
Business

UAE 2023 growth prospects face least risk in Middle East, Africa

Lower oil production, high inflation, tighter monetary policies, increased borrowing costs, and the rising cost of servicing debt continue to...
Economy

Saudi capital market institutions post record 2022 net income

Riyadh, Saudi Arabia -- Capital market institutions authorized by Saudi Arabia's Capital Market Authority posted a record 29.8 percent increase...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Burjeel Holdings H1 net profit $61m

Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.
  • Burjeel Holding reported revenue of US$599 million, up 13.9 percent y-o-y during H1 2023.
  • The net profit was attributable to robust topline growth and significantly lower finance costs.

Eni, British Petroleum, Sonatrach say resuming operations in Libya

Crude oil is the main revenue source for Libya, which has been torn by more than a decade of stop-start...
  • The NOC said in a press release it "received official notifications from the Italian company Eni and the British company British Petroleum regarding the lifting of force majeure
  • NOC had also been notified by Algeria’s Sonatrach that "exploration and fulfilment of contractual obligations in blocks 065 and 96/95 in the Ghadames Basin" had resumed
Economy

Central Bank of Egypt raises interest rate to 100 bps to combat inflation

Cairo, Egypt – In a surprising move, the Central Bank of Egypt (CBE) announced on Thursday that it has raised...
  • The lending rate was increased to 20.25 percent, and the deposit rate to 19.25 percent
  • The decision marks the second interest rate hike in Egypt this year, following a 2 percent rise in late March