INSEAD Day 4 - 728x90

Economy

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Burjeel profit nearly doubles

Healthcare demand drives stronger earnings.

Salik profit slips in H1

The company said traffic recovery supported resilience.

Alpha Dhabi profit jumps 48%

AI and technology investments boost earnings.

Dubai economy would grow 5 percent this year: Al Ghurair

Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair,...

Economy

Saudi Arabia’s trade surplus remains stable at $26bn

Riyadh, Saudi Arabia - Saudi Arabia's trade surplus remained stable at SR97 billion ($25.8 billion) in the fourth quarter of...

Economy
Economy

Cyprus becomes safe haven for fleeing Lebanese

Since the start of the crisis in 2019, several thousand Lebanese have emigrated, many of them to Cyprus.
  • Since the start of the crisis in 2019, several thousand Lebanese have emigrated, many of them to Cyprus
  • According to the United Nations, 78% of Lebanese now live below the poverty line -- up from less than 30% before 2019
Economy

As economy slumps, Turkey turns on migrants

Turkey turned into the home of one of the world's largest migrant populations when it struck a deal with Brussels...
  • Turkey turned into the home of one of the world's largest migrant populations when it struck a deal with Brussels to help resolve Europe's 2015-16 refugee crisis
  • President Recep Tayyip Erdogan says the nation of 84 million now hosts five million migrants and refugees
Economy

Egypt’s foreign reserves leap up to $40.67bn in July

Egypt's net foreign reserves have risen to $40.672 billion in August from $40.609 billion in July, the central bank said...
  • Egypt's net foreign reserves have risen to $40.672 billion in August from $40.609 billion in July
  • Foreign reserves have been rising since June 2020, after dropping to around $36 billion
Economy

Iran gives free electricity to 10m users

This happened as part of a program aimed to change the attitudes of household consumers towards the proper use of...
  • This is part of the Power of Hope program, which entails rewarding efficient subscribers with a 100 percent discount on their bills
  • The Iranian Energy Ministry program has reduced the number of high-consuming subscribers across the country by 6.1 percent
Economy

Oman launches laboratory for food security

The laboratory falls within the framework of the "Invest in Oman" program.
  • The lab is aims to design of a strategic investment program for the food security sector in Oman
  • This will happen in partnership with relevant governmental and private institutions, businessmen, and investors
Economy

1.8 million Saudis employed under Nitaqat program

Nitaqat is a nationalization scheme implemented, which requires Saudi companies to fill up their workforce to certain levels with Saudi...
  • About 1.6 million establishments in the Saudi employment market are registered under the program.
  • Under Updated Nitaqat, the number of economic activities will be reduced to 32 from 85.
Market Report

GCC equity markets shine in H1 2021

The growth was spurred by abundant liquidity created by easing monetary and fiscal policies besides a rebound in oil prices.
  • The pharma and biotech index topped performance during H1 2021 with returns of 24.3 percent and 50.4 percent.
  • Abu Dhabi Exchange topped the region’s equity markets by gaining as much as 35 percent.
Economy

UAE posts fastest job growth in three years

The UAE has recorded a sharp growth in employment for the first time in more than three years, with a...
  • Output levels increased in August due to an improvement in demand as the economy recovered from COVID-19 restrictions
  • The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, dipped to 53.8 in August from 54.0 in July
Interview

Hyperinflation imminent in Lebanon: Nasser Saidi

A crushing economic crisis, a sharp collapse of the local currency and a bankrupt banking sector are adding to the...
  • Lebanon's banking sector must reduce the size by at least 50 percent if not more, says senior economist Nasser Saidi
  • Lebanon, he says, will take 5–7 years to recover if it agreed to an IMF program within the next three months
Geostrategy

Syria agrees to help Lebanon get gas, electricity

The country has said it is ‘ready’ to help Lebanon with ‘transit for Egyptian gas and Jordanian electricity via Syrian...
  • Lebanon’s fuel shortage has reached such proportions that millers have warned they might have to stop making bread
  • Meanwhile, Unicef has said 4 million Lebanese could lose access to water as pumps run out of fuel

Dubai economy would grow 5 percent this year: Al Ghurair

Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair,...
Economy

Company News

Latest News

Equities, ruble sink as traders eye Russia after failed uprising

While the advance by the Wagner mercenary force led by Yevgeny Prigozhin was called off before it reached Moscow, analysts...
Economy

EIB to finance Jordan’s upgrade of water-supply system with US$66.52mn

Amman, Jordan--The European Investment Bank (EIB) has approved the provision of $66.52 million for Jordan to upgrade the water supply...
Economy

Remittance flows to Egypt to surge by 3.1% in 2023: World Bank

Cairo, Egypt - The remittances to Egypt, the biggest recipient of such flows in the MENA region, are set to...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Economy

Dubai Customs thwarts 2,600 attempts in last three years to smuggle drugs

Dubai, UAE-- Dubai Customs has scuttled nearly 2,600 attempts during the last three years to smuggle drugs, combating a concerted...
  • The traffickers attempted to smuggle 36.76 kilograms of marijuana through the airport, and in another seizure a big haul of 75,000 Captagon tablets was seized
  • Dubai Customs has installed a state-of-the-art system at Jebel Ali Customs Center and TECOM allowing for inspection of large vehicles, yachts and containers
Economy

Germany gears up for continued recession after years of bloom

BERLIN, GERMANY - On his many visits to semiconductor factories and electric car plants, Germany's Chancellor Olaf Scholz bangs the drum...
  • Having dipped into recession at the beginning of the year, Germany looks set to finish the year in the red - and at the back of the pack among its eurozone competitors.
  • The government is the only one left still predicting GDP will grow this year, while the main economic institutes and the IMF are looking at a drop of 0.2 to 0.4 percent.
Geostrategy

India’s Modi, Egypt’s Sisi pledge to deepen strategic partnership

Indian Prime Minister Narendra Modi met Egypt's President Abdel Fattah al-Sisi in Cairo on a rare visit during which both...
  • New Delhi and Cairo have pledged to boost bilateral trade as India is also stepping up investment in Egypt, particularly in renewable energy.
  • India is already Egypt's seventh-largest trading partner, according to data from Cairo's central bank, with trade reaching $7 billion last year.