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.

Bitcoin surpasses $57,000 as crypto rally remains strong

Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...

Business

‘WTO champions global trade stability, prosperity’

"It is contributing to raising living standards, improving employment opportunities and enabling the expansion of trade in goods and services"...

Economy
Economy

Saudi non-oil exports leap up 28% to $18.48bn in Q3

Saudi Arabia recorded a 28.4 percent rise in non-oil exports in the third quarter of 2021 to $18.48 billion thanks...
  • The ratio of non-oil exports to imports increased to 48 percent in Q3 2021 from 44 percent in the year-ago period
  • Overall, exports increased by 72 percent year-on-year to 276 billion riyals, mainly due to higher oil exports, which rose by 100 billion riyals, or nearly 94 percent
Business

UAE banks waive $313 million in debts of 4,511 Emirati citizens

Debts of 4,511 Emirati citizens, amounting to AED1.15 billion ($313 million), have been waived by 20 banks and financial institutions,...
  • 20 banks and financial institutions provided debt relief on the direction of Sheikh Khalifa bin Zayed Al Nahyan.
  • First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates NBD, Abu Dhabi Islamic Bank were among the banks that waived debts.
Economy

China’s birthrate plummets to lowest figure in decades

Last year, China recorded 8.52 births per 1,000 people according to the 2021 Statistical Yearbook released in the past week...
  • Last year, China recorded 8.52 births per 1,000 people according to the 2021 Statistical Yearbook released in the past week - the lowest figure since 1978
  • The unbalanced ratio of male and female population have become the major reason which causes the lowest birthrate in China
Economy

Algeria’s poor fret over plan to slash subsidies on basic goods

During Algeria's transition to a market economy in the 1990s, subsidies replaced the fixed prices of a planned economy that...
  • The North African country, heavily dependent on oil and gas exports, has for decades subsidised everything from bread and milk to fuel and electricity
  • The income from energy exports has fallen for years, especially during the downturn driven by the Covid-19 pandemic, heightening the strain on public finances
Interview

Fintech fuels MENA startup scene

It is vital for the economic development of the Middle East by fostering innovation, entrepreneurship and creating large-scale employment opportunities...
  • According to a recent Forbes report, there are at least 2,800 FinTech startups in the Middle East and Africa
  • In Saudi Arabia, startup funding topped US$168 million in the first half of 2021, 65% more than it did in H1 2020
Geostrategy

Iraqi delegation to visit Geneva, discuss country’s WTO accession

Iraq is making efforts towards joining the World Trade Organization and its Minister of Trade will visit Geneva to discuss...
  • The delegation is likely to reach an agreement with European trade ministers.
  • Iraq needs to pass laws and legislation on many topics, including the economy and customs, a trade ministry spokesman said.
Economy

Oman inflation up by 3.35 percent as transportation, education prices surge

The inflation rate in Oman rose by 3.35 percent in October 2021 compared to October 2020. Local media reports, citing...
  • Prices of fish and seafood group rise by 14.82 percent in October compared to Oct. 2020.
  • While the prices of restaurants and hotels fell by 0.21 percent, the prices of tobacco, health and communication remained unchanged.
Economy

Omani finance ministry issues government treasury bills worth $194 million

Oman's finance ministry has issued government treasury bills worth Omani Riyal 75 million ($194 million). Treasury Bills are short-term highly...
  • Treasury bills are short-term highly secured financial instruments that provide licensed commercial banks the opportunity to invest their surplus funds.
  • The bills have a maturity period of 91 days, from 24 November 2021 until 23 February 2022.
Economy

Iraqi PM’s advisor outlines measures to sustain growth

The financial advisor to Iraqi Prime Minister, Madher Muhammad Salih, has stressed the need for beginning  a set of measures...
  • "What matters today is the accelerated growth in the energy sector, whose contribution to the to GDP constitutes approximately 45%"
  • "the growth rate in the gross domestic product exceed the growth rate of the population, which is a positive indicator towards the welfare of society"
Economy

Turkey lira crashes to new record low against dollar

The Turkish lira plunged to record lows against the dollar on Tuesday after President Recep Tayyip Erdogan said policymakers have...
  • The currency fell by 13 percent to almost 13 lira against the dollar
  • Turkey is facing the worst currency crisis since August 2018 when the value of the lira hit historic lows

Bitcoin surpasses $57,000 as crypto rally remains strong

Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...
Business

Company News

Latest News

UAE bolsters AI integration to boost competitiveness

"The UAE government prioritizes keeping pace with global advancements to proactively address opportunities and challenges," adds Al Olama. "This priority...
Economy

Abu Dhabi to provide UAE nationals with 5,000 jobs in health sector

Abu Dhabi, UAE-- Some 5,000 new jobs have been opened up in the healthcare facilities by the Department of Health,...
Economy

AI ‘disrupts economy’ but Middle East optimistic

The Boston Consulting Group survey found that 58 percent of Middle East employees, managers, and leaders believe that AI will...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Economy

Kuwait 2023-24 draft budget estimates $22.2 billion deficit

Lower oil prices and volumes attributed to the estimated deficit, according to a newspaper report. MP Osama Al-Zaid said the...
  • Al-Zaid said non-oil revenues were estimated at 2.2 billion dinars, an increase of 10 percent over the previous budget.
  • He said these were only estimates, not real deficit, and Kuwait "will be able to avoid it by maximizing state revenues, controlling expenditures, and preventing financial waste".
Economy

UAE per capita income rises to 7th rank globally

ABU DHABI, UAE - The UAE ranked seventh in the world in terms of per capita national income, according to...
  • According to the Atlas method, the per capita national income in the UAE, in current US dollars, increased to US$48,950 in 2022.
  • The expression of Gross National Income (GNI) in US dollars is done using the Atlas method, which was introduced in its current form in 1989.
Business

East Pipes, Banque Saudi Fransi ink pact

Funds will be used to finance working capital for projects.
  • The agreement is worth US$293 million (SAR 1.1 billion).
  • A promissory note of $306 million was provided to guarantee the credit facility.