INSEAD Day 4 - 728x90

Economy

Alpha Dhabi profit jumps 48%

AI and technology investments boost earnings.

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

Saudi Arabia takes the lead in global road connectivity rankings: minister

Riyadh, Saudi Arabia - Saudi Arabia has earned the distinction of being the world's most connected country in terms of...

Economy

UAE vital to enhancing global economic growth: Officials

Abu Dhabi, UAE-- The UAE has expanded its network of trading partners around the world through comprehensive economic partnerships, contributing...

Economy
Economy

Lira plunges as Turkey cuts interest rate again

The Turkish lira on Thursday hit fresh lows after the central bank fired the latest salvo in President Recep Tayyip...
  • The reduction of the main rate to 14 from 15 percent comes in the face of an annual inflation rate that has surged past 20 percent and is expected to climb even higher.
  • A dollar could buy three liras in 2016 and 7.43 liras on January 1. It was worth 15.50 liras on Thursday after opening the week at around the 13.80 mark.
Economy

Sheikh Mohammed launches largest tourism campaign ‘World’s Coolest Winter’

UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum launched the second season of the World’s Coolest...
  • The campaign highlights the diversity of the UAE’s tourism and recreational attractions.
  • With an occupancy rate of 64 percent, the UAE outperformed the top 10 tourist destinations in the world.
Economy

Nearly 14,000 Bahraini nationals invested in UAE companies in 2020

A total of 13, 978 Bahraini nationals have invested in UAE public shareholding companies in 2020 and 331 licenses for...
  • Trade between the UAE and Bahrain in 2020 was valued at AED20.1 billion and more Bahraini nationals were entering the Emirates real estate market.
  • In 2020, the value of real estate deals signed by Bahraini citizens in the UAE reached AED228 million.
Economy

Jordan to engage private sector in enacting investment laws

Jordan’s Investment Minister, Khairy Amro, said the investment law, which the government is currently working on, will cope with the...
  • Jordan’s Investment Minister, Khairy Amro, said the investment law, which the government is currently working on, will cope with the most developed international laws in this field
  • To facilitate transactions, Amro said, the ministry seeks to be the core reference for investment and the sole authority to follow up on investor issues
Economy

Saudi Arabia among five countries bidding for World Expo 2030

King Mohammad bin Salman bin Abdulaziz recently announced that the kingdom would bid for the expo.
  • King Mohammad bin Salman bin Abdulaziz recently announced that the kingdom would bid for the expo
  • The other four countries competing to hold the event are South Korea; Italy; Ukraine and Russia
Economy

Iraq economy outlook bleak after droughts and war, says study

The United Nations says about one-third of Iraq's population lives in poverty, despite the country's oil wealth. The effects of...
  • Experts have warned that record low rainfall is threatening social and economic disaster in Iraq
  • The situation in the war-scarred country is said to have been compounded by climate change
Economy

World Bank unveils $93 billion boost for poorest nations

The package includes $23.5 billion of contributions from 48 high- and middle-income countries as well as financing raised in the...
  • The World Bank said the funds will help countries better prepare for future crises, including pandemics, financial shocks and natural disasters
  • The funds will support countries globally, resources are increasingly going to Africa, which will receive about 70 percent of the funding
Business

ADQ establishes office in Cairo to boost its investment in Egypt

Abu Dhabi Development Holding Company (ADQ) has established a new office in Egypt to build on its commitment to investing...
  • The opening of ADQ’s new office complements the $20 billion strategic investment platform launched in 2019 between ADQ and TSFE.
  • The platform aims to help advance Egypt’s economic development through joint strategic investment projects, specialized funds and investment tools.
Economy

Syria approves $5bn budget for 2022 as economic crisis hits finances

Syrian lawmakers have approved a draft budget for 2022 of $5.3 billion, down from $6.8 billion this year, as a...
  • A decade of war, Western sanctions and the coronavirus pandemic have devastated the Syrian economy, pushing most of the population into poverty.
  • Government spending has been cut by more than 40 percent over the past two years, with cuts threatening a critical social support program.
Economy

UAE taps Harvard lab to help build its economy

The new partnership between Harvard university’s Growth lab and the UAE’s Ministry of Economy is in line with the government’s...
  • The UAE signed agreement with Harvard’s Growth Lab, specialized in theoretical and empirical research on determinants of growth
  • The two-year program under the agreement will see academic experts conduct evidence-based economic analyses and research

Saudi Arabia takes the lead in global road connectivity rankings: minister

Riyadh, Saudi Arabia - Saudi Arabia has earned the distinction of being the world's most connected country in terms of...
Economy

Company News

Latest News

Israeli court orders government to release seized Palestinian boat

GAZA CITY, PALESTINIAN TERRITORIES - Israel returned a boat to a Gaza fisherman it had seized for allegedly breaching the limits...
Geostrategy

Prices for utilities, fuels rise 9 percent in June in Saudi Arabia

RIYADH, SAUDI ARABIA – Prices for housing, water, electricity, gas and other fuels in the Kingdom rose by 9.1 percent...
Economy

UNDP says over US$14bn needed to mitigate global surge in poverty

NEW YORK, US – In the last three years, poverty rates in low-and lower-middle-income countries have surged, with the number...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Morocco, Shell sign 12-year natural gas deal: ministry

Morocco has sought to diversify its energy sources particularly since neighbouring Algeria stopped supplying natural gas via the GME in...
  • The agreement includes the annual delivery of 500 million cubic meters of LNG to Morocco, the value of the 12-year deal has not been disclosed
  • In the initial years, the gas will be delivered through Spanish ports and the Maghreb GME, It will eventually be delivered through planned Moroccan LNG terminals
Economy

Modi’s visit: India, UAE sign pact to trade in local currencies

Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) and the Reserve Bank of India (RBI) on Saturday...
  • CBUAE and RBI aim to develop the foreign exchange market, facilitate bilateral trade, encourage direct investment, and facilitate financial transfers
  • The pact enables acceptance of local cards in both countries for ATM cash withdrawals and direct point-of-sale purchases without relying on external payment networks
Economy

UAE, India join forces to bolster new economy sectors

"The Emirati-Indian economic cooperation is gaining increasing momentum in sectors of the circular economy, tourism, aviation, entrepreneurship, small and medium...
  • The collaboration between India and the UAE aims to boost the GDP of both countries by empowering startups, says UAE's Minister of Economy Abdullah bin Touq Al Marri
  • The countries vow to expand cooperation in areas such as the circular economy, aviation, SMEs, renewable energy, technology, digital transformation, and transportation, he adds