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

$2bn earmarked for Saudi real estate by Muslim global HWNIs

Riyadh, Saudi Arabia - Muslim global high net worth individuals (HNWI) are prepared to spend US$ 1.96 billion on real...

Economy

UAE and Greece hold talks to widen economic cooperation

Athens, Greece-- The UAE and Greece have held talks in Athens on a wide range of economic and strategic issues...

Economy
Economy

UAE and UK look to upgrade economic ties

The United Arab Emirates and the UK have agreed to develop trade and economic relations between the two countries.
  • The two parties highlighted the high level of bilateral relations between the UAE and the United Kingdom, and the joint desire in constantly developing these ties
  • The two sides also praised the progress made in countering illicit financial flows
Economy

India announces digital currency and ‘crypto tax’ in budget

India will have its own digital currency starting 2022-23, Finance Minister Nirmala Sitharaman said while announcing the country’s budget for...
  • India is launching a digital currency that is expected to use blockchain and other technologies
  • The country is also levying a 30 percent tax on all virtual digital assets, which could mean cryptocurrencies
Business

Lebanon power cuts turn cafes into coworking spaces

For the patrons filling Beirut's cafes these days, the most important things are good lighting and stable wi-fi.
  • The power cuts have left many already with no option but to plant themselves in cafes all day
  • The 23-hour power cuts and the falling quality of many internet connections have complicated matters
Economy

IMF and World Bank delay annual meet again

The annual meetings set to take place in Morocco will be held in Washington.
  • The 2020 meeting of IMF, World Bank was held virtually and the 2021 meeting in a hybrid format
  • Marrakesh was scheduled to host in 2020, will be the site of next year's event
Business

Egypt finalizes pact with Siemens to run high-speed train line

Egypt’s Ministry of Transport will sign a contract with Siemens to implement the second high-speed train line in the country....
  • The new line will extend from 6th of October city to Aswan, with a length of 925 kilometers (575 miles approx).
  • The cost of this project will be financed through a soft foreign government loan and the state's general budget.
Economy

IACE President warns Tunisia as a state can collapse

The President of the Arab Institute of Business Leaders (IACE) Taieb Bayahi has warned that Tunisia as a state could...
  • He added that it is necessary to save the remaining urgently, stressing that "the current economic situation does not allow us to waste any more time
  • In a report published this month, the forum ranked Tunisia among the five countries threatened by the spectre of the collapse of the state
Business

dnata of Dubai to invest $233m in Amsterdam Airport

dnata, the global air and travel services provider, will invest more than $223.22 million in a fully automated cargo center...
  • dnata Cargo City Amsterdam will significantly enhance cargo capacity in The Netherlands and create new, direct jobs with dnata
  • It will enable dnata and its customers to substantially expand operations and business, stimulating local economy and trade
Economy

UAE to levy 9% tax on business profits from next year

The UAE’s Ministry of Finance will start levying a 9 percent tax on business profits from June 1, 2023 thereby...
  • The ministry has confirmed that it will impose no tax on profits of up to AED375, 000
  • The tax will be levied on all corporations and commercial activities in the country, except for the "extraction of natural resources"
Economy

High gas prices to hit demand in 2022: International Energy Agency

IEA said the demand for natural gas is expected to fall sharply in Europe and slow in Asia. Gas demand...
  • Consumption grew by 4.6 percent last year, more than double the decline experienced as the pandemic emerged in 2020, said the agency.
  • How demand will fare in the short-term will depend on the weather during the northern hemisphere's heating season, the IEA said in a report.
Economy

Portugal re-elects PM Antonio Costa with majority

Under PM Costa's watch, Portugal has the highest immunization rate against Covid-19 in Europe, maintained fiscal discipline, increased the minimum...
  • The Socialists received 41.7 percent of the vote giving it 117 seats in the 230-seat parliament, up from 108 in the outgoing assembly
  • The early election came as the nation of around 10 million people tries to boost its tourism-dependent economy

$2bn earmarked for Saudi real estate by Muslim global HWNIs

Riyadh, Saudi Arabia - Muslim global high net worth individuals (HNWI) are prepared to spend US$ 1.96 billion on real...
Economy

Company News

Latest News

Saudi Arabia’s oil exports fell by nearly 38 percent in May

The share of oil exports in total exports decreased from 80.8 percent in May 2022 to 74.1 percent in May 2023, according to...
Economy

Jordan and Iraqi PMs renew pledge to boost economic ties

Baghdad, Iraq-- Jordan and Iraq have renewed pledge to strengthen economic cooperation in a meeting between the kingdom's Prime Minister...
Economy

KNPC exports first shipment of 95 octane motor fuel to Europe

Kuwait City, Kuwait--The Kuwait National Petroleum Company (KNPC) has exported the first shipment of 95 octane motor fuel and low-sulfur...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Economy

COP28 urges governments to make ‘food systems’ central to climate change

Dubai, UAE-- Calling on governments around the world to demonstrate leadership by signing the "Leaders Declaration on Food Systems, Agriculture...
  • The presidency exhorted stakeholders in the food and agriculture sectors to speed up existing initiatives across food systems, agriculture, and climate action
  • It also pleaded for action to ramp up innovation in the sectors in order to drive both development and climate action, leveraging mechanisms
Business

Saudia Cargo signs deal with Jan de Rijk

It will enable Saudia Cargo to widen network in Europe.
  • As per the terms of the deal, Saudia Cargo will use Jan de Rijk's extensive trucking network to shore up its operations in Europe
  • Set up in 1971, Jan de Rijk Co, is a leading provider of European transportation, distribution services, and supply chain management solutions
Economy

Eurozone witnesses steepest downturn in eight months in July

The painful PMI data comes as the European Central Bank is eyeing a further rate hike this week in its...
  • "The eurozone economy will likely move further into contraction territory in the months ahead, as the services sector keeps losing steam."
  • The eurozone's struggles were fueled by steep downturns signaled by surveys from economic powerhouses France and Germany.