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.

Oil may rise to $100, gold to hit $3,000 by 2025, says Citi

ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce...

Economy

Construction in China-Saudi Arabia ethylene project begins

FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...

Business
Economy

UAE to combat money laundering, terror financing

This is in line with the country's commitment to achieve full compliance to the International Financial Action Task Force (FATF)
  • This is in line with the country's commitment to achieve full compliance to the International Financial Action Task Force (FATF)
  • The country’s ministry of economy highlighted that the private sector is a strategic partner in its efforts to implement the country’s international obligations
Economy

Iran, Turkey anticipate refugee crisis as Taliban takes over Kabul

Both already host large refugee populations — 3.6 million Syrians in Turkey and 3.5 million Afghans in Iran
  • Both already host large refugee populations — 3.6 million Syrians in Turkey and 3.5 million Afghans in Iran
  • Both countries are battling the coronavirus pandemic and facing economic difficulties.
Economy

Bahrain’s deficit dips 35 percent to $1.38bn in H1

Bahrain has succeeded in lowering its deficit by 35 percent to $1.38 billion in the first half of 2021, compared...
  • "Strategic planning, along with the persistent dedication of Team Bahrain, has yielded tangible outcomes in the Kingdom's path to development”
  • According to the report, recurrent expenditure decreased by 2 percent year-on-year
Business

PIF ups Activision Blizzard holding in second quarter

The sovereign wealth fund is at the center of the kingdom's plans to transform the economy by creating new sectors...
  • During Q4 2020, PIF acquired 14.9 million shares of US video-game maker Activision.
  • Its other purchases last year included 7.4 million Electronic Arts shares and 3.9 million Take-Two shares worth about $1.1 billion and $826 million.
Economy

Bahrain eServices revenue up 257% to $532m in H1

The number of financial transactions in H1 2021 exceeded 1.6 million, double the number in the same period last year.
  • More than 1.1 million financial transactions were carried out on the national portal alone
  • This an increase of 76 percent compared to the same period of last year
Economy

Firefighters battle second day of blazes near Jerusalem

Police and local officials "began evacuating hundreds of families" from communities on the western outskirts of Jerusalem
  • Police and local officials "began evacuating hundreds of families" from communities on the western outskirts of Jerusalem
  • Fires have flared this summer around the Mediterranean basin, including in Greece, Turkey, Algeria and Morocco
Geostrategy

UAE, Iraq moot bilateral business council

Iraq and the UAE already conduct trade that was worth around $15 billion in 2019.
  • Abu Dhabi Chamber Chairman Abdullah Mohammed Al Mazrouei and Iraqi Ambassador discussed the setting up of this council
  • Abu Dhabi Chamber Director-General Mohamed Helal Al Mheiri also attended the meeting
Economy

Crisis-hit Lebanon reels from latest deadly explosion

At least 28 people were killed when the fuel tank blew up
  • At least 28 people were killed when the fuel tank blew up
  • The Lebanon grapples with an economic crisis described by the World Bank as one of the world's worst since the 1850s
Economy

Death toll in Haiti quake jumps to over 1200

In hard-hit cities on the southwestern peninsula most of the population spent the night sleeping outdoors in front of their...
  • In hard-hit cities on the southwestern peninsula most of the population spent the night sleeping outdoors in front of their houses
  • Rescuers faced new pressure with Tropical Depression Grace approaching, raising fears of torrential rainfall
Research

UAE on way to become cashless economy by 2025

According to World Bank, the UAE has about 61 automated teller machines (ATMs) per 100,000 adults, much more than the...
  • According to World Bank, the UAE has about 61 automated teller machines (ATMs) per 100,000 adults, much more than the world’s average of 43 ATMs
  • The central bank digital currency (CBDC) could be launched in the UAE and Saudi Arabia in the next two to five years

Oil may rise to $100, gold to hit $3,000 by 2025, says Citi

ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce...
Economy

Company News

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In policy about-turn, Turkey to raise rates to fight inflation, steady lira

The Turkish leader pushed the central bank to start slashing interest rates two years ago as part of a "new...
Economy

French envoy to hold talks with Lebanese leaders to end divisions

Amid continuous divisions plaguing the country, France's new envoy for Lebanon, Jean-Yves Le Drian, landed in Beirut to hold talks...
Geostrategy

UAE government unveils next generation of ‘future design tools’

Dubai, UAE--The UAE has unveiled what it calls as the next generation of future design tools, enabling government entities to...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Economy

Dubai International Chamber opens new office in Johannesburg

Dubai,  UAE - Dubai International Chamber, one of the three chambers operating under Dubai Chambers on Wednesday marked the official...
  • The new office further strengthens the UAE’s growing trade links with Africa and will seek to boost the level of bilateral investments between Dubai and South Africa
  • A total of 777 South African companies were registered with Dubai Chamber of Commerce by the end of 2022, representing growth of 77 percent since 2016
Business

TAQA to buy SWS Holding

The energy company will pay US$462 million for the buyout.
  • TAQA will pay 50 percent of the amount on completion of the deal and the remaining 50 percent will be paid a year later
  • The acquisition is expected to add some US$4.35 billion to TAQA's exisiting regulated asset value of approximately US$20.42 billion
Economy

Pakistan to hand over Karachi Port terminals to UAE 

Dubai, UAE - Pakistan has taken steps to finalize a deal with the United Arab Emirates (UAE) for the handover...
  • The decision was made during a meeting chaired by Finance Minister Ishaq Dar, held by the Cabinet Committee on Inter-Governmental Commercial Transactions
  • To facilitate the negotiation process, a committee has been formed to establish a commercial agreement between the Karachi Port Trust (KPT) and the UAE government