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

‘UAE offers an economic model for all to emulate’

"This underscores our role in fostering development and regional and global cooperation, aiming to provide an economic model for all...

Economy

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
Business

Dubai Maritime City launches $38 million infrastructure project

DP World’s purpose-built maritime hub, Dubai Maritime City (DMC), has launched an infrastructure project at a cost of AED140 million...
  • The infrastructure project includes developing networks for deep sewage, stormwater, fire, irrigation, potable water, telecommunication, and roads.
  • The new infrastructure will integrate DMC with the Mina Rashid area that includes the QE2 Hotel, P&O Marinas and Marina Cubes.
Business

Egypt sets up $50m venture capital fund for startups

The World Bank and MSMEDA is eager to review and develop the needs of startups.
  • The World Bank is supporting the operation of the program, aimed at tech-based startups
  • The fund was announced by Egypt's Minister of Trade and Industry, Nevine Gamea
Business

Ras Al Khaimah provided $1.9m package to local businesses during pandemic

The Ras Al Khaimah Department of Economic Development (RAK-DED) offered AED 7 million ($1.9 million) in economic stimulus package to...
  • The package was provided to support the local economy and ensure business continuity during the COVID-19 pandemic.
  • RAK said the package included licenses registered with RAK-DED and affected by the pandemic such as infrastructure projects and SMEs.
Infographics

SWIFT: The Russia sanctions threat for Ukraine invasion

Ukrainian President Volodymyr Zelensky called on world powers on Thursday to cut Russia off from SWIFT, after Russian forces invaded...
  • Founded in 1973, the Society for Worldwide Interbank Financial Telecommunication, actually doesn't handle any fund-transfers itself
  • But its messaging system, developed in the 1970s, provides banks the means to communicate rapidly, securely, and inexpensively

Ukraine crisis challenges oil industry caution at high prices

As oil prices have risen over the last year companies ranging from giants like Chevron to mid-sized players such as...
  • As oil prices have risen over the last year companies ranging from giants like Chevron to mid-sized players like Devon Energy have chosen to only lift capital investment modestly
  • That approach has reflected the clear preference within the investment community for producers to steer extra cash to debt reduction and shareholder givebacks
Economy

UAE aims to increase economy to more than $800bn by 2030

This goal requires adopting new economic diversification strategies, in addition to supporting new economic sectors, said Minister of Economy Abdullah...
  • The UAE aims to increase the size of its economy from AED1.4 trillion ($ billion) to AED3 trillion ($816.88 billion) by 2030
  • In 2020, the UAE attracted FDIs worth some $20 billion, which was an increase of 17 percent compared to the previous year
Economy

US Fed official sees big hike at March meeting, warns of Ukraine impact

Russia’s invasion of Ukraine threatens to drive up global commodity prices and disrupt the US recovery at a time of...
  • Russia’s invasion of Ukraine threatening to drive up global commodity prices and disrupt the US recovery at a time of high inflation
  • The central bank typically increases by a quarter percent, but Waller said an increase at the March 15-16 meeting of half a percentage point
Geostrategy

North Africa-Europe migrant deaths at sea up 155%: UN

The surge in deaths came alongside evidence of both increased arrivals in at least one key destination and rising interceptions.
  • The central Mediterranean route, running from Tunisia and Libya to Italy and Malta, has claimed more than 18,000 migrant lives since 2014
  • The Western Africa-Atlantic crossing to Spain's Canary Islands was the second most deadly during the first half of last year, with 250 fatalities
Economy

New US sanctions hit Russian banks, elites; spare energy

Washington said the penalties will be severe, and will have lasting impact on Russia's economy.
  • The US Treasury added five more Russian banks to the sanctions list, including the country's two largest
  • Western allies banned exports of key high-tech goods aimed at choking off the Russian military's capabilities
Economy

IMF, World Bank warn of global impacts as Russia invades Ukraine

The World Bank and IMF warned on Thursday that Russia's invasion of Ukraine would have repercussions for the global economic...
  • IMF Managing Director Kristalina Georgieva said the conflict ‘adds significant economic risk for the region & the world’
  • World Bank President David Malpass warned that ‘the devastating developments’ would have ‘far-reaching economic and social impacts’

‘UAE offers an economic model for all to emulate’

"This underscores our role in fostering development and regional and global cooperation, aiming to provide an economic model for all...
Economy

Company News

Latest News

UAE’s real estate market remains strong in the first half of 2023: CBRE

Dubai, UAE--The UAE's real estate market has recorded a strong performance across all sectors in the first half of the...
Economy

US equities up as major firms set to unveil economic reports

New York, US - Wall Street stocks edged higher early Monday ahead of major economic reports and earnings releases later in...
Business

Federal Reserve open to alter interest rates, says official

Washington, US - A Federal Reserve official left open the possibility on Monday of pausing or stopping interest rate hikes at...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Geostrategy

UK to issue hundreds of new oil and gas drilling licenses in North Sea

The announcement has angered environmental groups and comes amid an internal debate within the ruling Conservative party on green policies....
  • "Investment in the North Sea will continue to unlock new projects, protect jobs, reduce emissions and boost UK energy independence," PM Rishi Sunak's office said.
  • "The government is taking steps to slow the rapid decline in domestic production of oil and gas, which will secure our domestic energy supply," it said.
Geostrategy

UAE oil giant ADNOC pledges to ‘accelerate’ zero-carbon plan

ADNOC "is accelerating its decarbonization plan to advance its net-zero ambition to 2045, compared to its previous target of 2050,"...
  • ADNOC said it has "reduced its greenhouse gas emissions" by about 5m tons in 2022, mostly through the use of solar and nuclear energy, to power all of its onshore operations.
  • ADNOC CEO Sultan Al Jaber, who will head up COP28, has argued that fossil fuels will continue to play a key role, and that carbon capture technologies will contain emissions.
Business

National Leasing’s profits hit $2.37m

A jump of 28 percent in net profit vis-a- -vis H1 2022.
  • National Leasing Holding was established in 2003
  • It was listed on QSE in 2003 with a capital of $135.9 million.