INSEAD Day 4 - 728x90

Uncategorized

AD Ports Group acquires CLI

CLI is Brazilian agri-bulk terminal operator.

$1.59bn Makkah project awarded

A consortium will develop two districts in the Holy City.

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.

Saudi Arabia, Qatar sign high-speed rail deal to link capitals

The train would reach speeds exceeding 300 kilometers per hour and the trip would take roughly two hours between Riyadh...

Geostrategy

US private sector lost 32,000 jobs last month in surprise drop

President Donald Trump has been touting the economy's health, and forecasts had incorrectly predicted the monthly data would show a...

Geostrategy
Geostrategy

Planet ‘on the brink’, with new heat records likely in 2024: UN

The annual State of the Climate report by the UN weather and climate agency confirmed preliminary data showing 2023 was by...
  • "Earth's issuing a distress call," UN chief Antonio Guterres said in reaction to the report, pointing out that "fossil fuel pollution is sending climate chaos off the charts".
  • One especially worrying finding was that marine heatwaves gripped nearly a third of the global ocean on an average day last year.
Business

ACWA Power refinances Al Dur debt

ACWA was the sole financial advisor to Al Dur Phase II IWPP project company.
  • The $1 billion project uses sea water reverse osmosis (SWRO) technology to produce 227,000 cubic meters per day of desalinated water.
  • The list of lenders to the project include Ahli United Bank, APICORP, Al Rajhi Bank, Arab National Bank, Banque Saudi Fransi and Gulf International Bank.
Business

UAE first: Islamic banking assets by 2023 end cross $190bn mark

Abu Dhabi, UAE -- The assets of Islamic banks operating in the UAE exceeded AED 700 billion ($190 billion) for...
  • Deposits in Islamic banks rose to AED 495.5 billion at the end of last December, an annual increase of about 12.6 percent, compared to about AED 440 billion in December 2022.
  • The total investments of Islamic banks reached AED 132.7 billion at the end of last December, an annual increase of 27.1 percent or AED 28.3 billion.
Geostrategy

Russia working to establish visa-free travel with Gulf nations: Bogdanov

Moscow, Russia -- Russia is working to establish a visa-free regime with all Gulf countries, said Mikhail Bogdanov, Russia's deputy...
  • "In principle, such work is going on systematically. Because, of course, I think it is in the interests of our countries," said Mikhail Bogdanov, Russia's deputy foreign minister.
  • In September last year, Russia offered the complete cancellation of tourist visas to Kuwait, Oman, Bahrain, Saudi Arabia and Malaysia.
Business

Digital surge: UAE’s e-commerce eyes $17bn milestone

Widespread internet and smartphone use is the key driver of online shopping growth, with nearly two-thirds of the UAE's population...
  • E-commerce revenues are predicted to reach $9 billion by 2024, reflecting a market penetration rate of 66.1 percent and a CAGR of 6.54%.
  • Flexible payment options such as "Buy now, pay later" are gaining traction, with predictions stating that by 2024, almost 90 percent of sellers will offer these plans.
Business

Arabian Drilling to pay $60m dividend

The firm said the total dividend for 2023 will be S120 million.
  • The company posted a net profit SAR 605 million in 2023, up 8 percent compared to SAR 558 million in 2022.
  • The fourth-quarter net earnings jumped 34 percent to SAR 183 million from SAR 137 million in Q4 2022.
Economy

World Bank plans $6 billion in financial assistance for Egypt

The financial assistance includes "$3 billion for financial support to Government’s programs and $3 billion for the private sector (including...
  • The World Bank Group is comprised of five separate agencies which deal with a range of issues, including investment. Its current portfolio with Egypt is above $8bn.
  • Earlier this month, the IMF agreed an expanded $8bn loan package after Cairo implemented reforms that included moving towards a flexible exchange rate and hiking interest rates.
Geostrategy

ByteDance’s dilemma: Defending TikTok’s ‘secret sauce’ from US interference

Seoul, South Korea - As a US campaign to sever TikTok from its Chinese parent heads to the Senate, analysts say...
  • Under new legislation, TikTok could be banned in the United States if it does not cut all ties with Chinese tech giant ByteDance
  • US lawmakers and security agencies say TikTok presents a threat because China can access and use the vast troves of data the app collects for influence and espionage
Business

$37.30 million Saadiyat Island penthouse sets new Abu Dhabi record

Abu Dhabi, UAE -- A three-bedroom penthouse at Nobu Residences on Saadiyat Island was sold for a record AED137 million...
  • Aldar said the sale represents the highest price per square meter achieved in the emirate, at more than AED96,000 per sqm.
  • The record sale of the Nobu Residences Abu Dhabi penthouse follows a recently sold four-bed duplex sky villa at the same development for AED130 million.
Business

EITC to offer fintech services

The company has been licensed for fintech services by the CBUAE.
  • The licenses granted by CBUAE enable du to introduce innovative financial solutions that will contribute to the development of an advanced financial ecosystems in the UAE.
  • The licenses will also enable du to offer a range of digital financial services that align with the evolving needs and preferences of customers in the digital era.

Saudi Arabia, Qatar sign high-speed rail deal to link capitals

The train would reach speeds exceeding 300 kilometers per hour and the trip would take roughly two hours between Riyadh...
Geostrategy

Company News

Latest News

Turkey’s Pegasus Airlines says to buy 200 Boeing 737 aircraft

Istanbul, Turkey -- Turkey's Pegasus Airlines said Thursday it would buy 200 Boeing 737 MAX 10 aircraft in its largest-ever order...
Business

Saudi tourism sector employee number rises by 5.1 percent in second quarter

Riyadh, Saudi Arabia – The number of employees in tourism-related activities in Saudi Arabia increased by 5.1 percent in the...
Business

Coal use at record high in 2024, the world’s hottest year: IEA

Paris, France -- World coal use is set to reach an all-time high in 2024, the International Energy Agency said Wednesday,...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Geostrategy

TikTok under fire: Espionage claims, election influence campaigns and controversies

The platform faces accusations of espionage in the United States, while the European Union has launched an investigation into claims...
  • The United States in April passed a law obliging TikTok's Chinese owner ByteDance to sell off the platform by January 19 on the grounds it allowed China to access data on US users.
  • Its editing features and powerful algorithm have kept it ahead of the game, attracting an army of creators and influencers as well as creating many of its own.
Business

World’s rarest coffees to be auctioned for first time in Dubai

Dubai, UAE -- Coffee aficionados and industry leaders will converge in Dubai this February at World of Coffee (WOC) Dubai...
  • Some of the rarest coffees in the world include Black Ivory from Thailand, which sells for approximately $1,500 per kg.
  • The coffee industry has experienced a significant rise in value and demand, with coffee prices reaching a 47-year high.
Business

US stocks mostly rise ahead of expected rate cut, bitcoin hits new record

The Fed is widely expected to cut its key lending rate for a third straight time, reducing it by a...
  • Bitcoin hit a new record high at $106,493.43 as it continues to gain support from Donald Trump's backing of cryptocurrencies.
  • Investors are turning their attention to Wednesday's US Federal Reserve decision on borrowing costs at its last policy meeting of the year before Trump takes office next month.