A multi-plural world that embraces diversity and contradictions is crucial for peaceful coexistence free of conflicts, Prof Subramanian Rangan of INSEAD tells TRENDS.

The bank’s net profit in 2022 surged 26 percent.

ABU DHABI, UAE - Bharat Dynamics Limited (BDL), a Defense Public Sector Undertaking under India's Ministry of Defense appointed EDGE's GradeOne as an official channel partner. The handing over of the Authorization Letter occurred during the International Defense Exhibition (IDEX) held in Abu Dhabi from February 20-24. Khalifa Al Ali,...

"I think large banks are properly supervised and therefore the risk that some people see, I don't see," Finance Minister Mohammed al-Jadaan said, a day after Credit Suisse's shares closed 24% lower after Saudi National Bank, its main shareholder, said it would not raise its stake due to regulatory constraints.

Doha, Qatar -- Qatar's Industrial Production Index (IPI) hit 103 points in Jan 2023, rising by 3.5 percent compared to Dec. 2022, but decreased by 2.1 percent when compared to the corresponding month in 2022. Issued by the Planning and Statistics Authority, the IPI is a short-term quantitative index that...

The firm's revenue rose 14 percent to nearly US$2.4 billion.

AMMAN, JORDAN -  The Jordan Chamber of Commerce (JCC) took part in the fourth Arab-French Economic Summit 2023 in Paris. A statement issued by the JCC on Thursday said that the summit , jointly organized by the French-Arab Chamber of Commerce (CCFA), the Union of Arab Chambers, Business France, the...

The EBITDA increased by 31 percent to $5 billion.

The company also announced new dividend policy for 2023-25

The ultimatum to TikTok came from the US interagency board charged with assessing risks foreign investments represent to national security. Western powers, including the European Union and the United States, have been taking an increasingly tough approach to the app, citing fears that user data could be used or abused...

While many women still believe they are not adequately compensated, men, in contrast, have a different view, with many saying women are paid the same as men.

In February 2021, Credit Suisse shares were worth 12.78 Swiss francs, but since then, the bank has endured a barrage of problems that have eaten away at its market value. Wednesday's plunge also came amid fears of contagion brought on by the failure of the US-based Silicon Valley Bank.

Riyadh, Saudi Arabia -- Saudi Arabia's new national airline plans more aircraft orders as it prepares to operate its first flights in early 2025, its CEO told AFP on Wednesday. The carrier, Riyadh Air, was officially unveiled on Sunday, and on Tuesday announced an agreement to purchase 39 Boeing Dreamliners, with...

Riyadh, Saudi Arabia -- As uncertainty in the global economy is limiting clarity about the outlook for oil markets, the OPEC+ should stick to the production pact agreed last October, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman has said. SPA reported that Prince Salman said that sticking to the...

Iran has been under renewed US sanctions since then president Donald Trump abandoned a landmark nuclear agreement between Tehran and major powers in 2018. Saudi Arabia, a longtime US ally, has said it supports the sanctions, which target key areas, including oil.

The Saudi utility company will pay $774m cash dividend.

GPT-4 has been widely awaited ever since ChatGPT burst onto the scene in late November, wowing users with its capabilities that were based on an older version of OpenAI's technology, known as a large language model. The company said the new update of ChatGPT is "more creative and collaborative than...

The shareholders approved dividend after record growth.

Zara owner is the world's biggest fashion retailer.

Damascus, Syria--His medical studies in Syria keep Mohammed Shasho busy enough but whenever he can he also pores over German vocabulary and grammar points in hopes of a move to Europe. Like many youngsters in the war-ravaged country, he dreams of joining the almost one million Syrians already in Germany to...

Dubai, UAE - Apple has lost ground in the Middle East smartphone market during 2022 to main rival Samsung, according to research by Canalys.  Samsung has enhanced its share in the smartphone market in the Middle East to 40 percent in 2022, up from 34 percent in 2021, while Apple...

Tokyo, Japan--The UAE and Japan are looking to increase economic, trade and investment cooperation, and explore new economic opportunities of common interest. This came at the Abu Dhabi Business Forum, which was organised by the Abu Dhabi Department of Economic Development following the conclusion of the 9th session of the...

Morocco has joined the bid by Spain and Portugal to host the centenary World Cup in 2030, according to its ruler, King Mohammed VI. The king said in a message delivered as he was named the winner of the African Football Confederation 2022 Award of Excellence in Kigali, where FIFA...

Riyadh, Saudi Arabia -- Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has announced three key initiatives aimed at supporting and enabling the private sector. These initiatives include the Local Content Growth Program, called MUSAHAMA, which seeks to increase the share of local content spend in PIF's domestic...

The firm also announced 5,000 other roles would remain unfilled.

The profit increased by more than 440 percent compared to 2021.

Dubai, UAE -- Mashreq Bank, the oldest privately-owned bank in the UAE, has facilitated $15.5 billion in sustainable finance, Joe Van Dusen, Group Head of Corporate & Investment Banking at Mashreq, said on Tuesday. In a statement in January, the bank said that the finance was facilitated between Jan 2021...

Consultations to prolong Ukrainian grain exports deal are continuing, the UN said, after a Russian proposal for just a 60-day extension cast doubt over its fate. "The United Nations will do everything possible to preserve the integrity of the agreement and ensure its continuity," Jens Laerke, spokesman for the United...

DUBAI, UAE - The UAE Regulations Lab has issued a license for an electric cargo aircraft to promote eco-friendly transportation and enhance the sustainability of the air cargo industry in the country. The license is aimed at reducing carbon emissions by encouraging the adoption of clean energy and leveraging technology...

Riyadh, Saudi Arabia--Saudi Arabia’s banking sector grew in 2022 on the back of potent revenue growth and is set for further gains, according to the Boston Consulting Group.   Analysis by the US-based firm reported the Kingdom’s banking profits after taxes have grown an average of 7.9 percent per year since...

Crypto companies were taking out TV adverts, sponsoring sports teams and touting their technology as world-changing as they sought new investors among the general public. But the sector has been shredded by a severe economic downturn, rampant criminality, crackdowns from regulators and the collapse of high-profile companies.

Volkswagen is also setting up a series of battery plants in Europe - one will open in 2023 in Sweden, followed by one in Salzgitter, Germany in 2025 and the company has chosen Valencia, Spain for a third. Volkswagen said last year it planned to open a total of six...

Washington, United States--President Joe Biden sought to reassure Americans over the country's financial system Monday as more US banks and leading European lenders were hammered amid contagion worries. Silicon Valley Bank -- a key lender to startups across the United States since the 1980s -- collapsed after a sudden run on...

Banking experts have been among those alarmed at the rapid collapse of SVB, the country's 16th biggest bank by assets and how its demise became a harbinger of Sunday's failure of another lender, Signature Bank. The failures have "exposed the inadequacy of regulatory reforms that have been made since the...

Riyadh, Saudi Arabia--Saudi Arabia and South Korea have signed multiple memorandum of understandings aimed at supporting SMEs, along with enabling entrepreneurs to enter the field with more confidence and emphasis. The two countries also looked at ways to enhance cooperation in the fields of entrepreneurship and innovation, as the Kingdom’s...

The bank has lost 81% of its value since Greensill bankruptcy.

Brussels, Belgium - The European Union must urgently lower energy prices and ease regulations to stop industry fleeing the continent, European businesses said on Monday, as Brussels prepares plans to stimulate the green economy. The European Union is racing to make Europe more attractive for the companies that could be tempted...

The 2022 Corruption Perception Index says corruption is undermining democratic processes and fueling violence in the Middle East and North Africa region.

The company has paid a total of $975m in dividends for 2022.

Dubai, UAE -- Saudi ports handled 7.76 percent more containers in Feb 2023, compared to the same period last year, due to expansion and development works that increased container handling capacities and enhanced operational efficiency, the kingdom's General Authority of Ports (Mawani) said Monday. The ports handled 622,837 TEUs in...

Dubai, UAE -- The Middle East fragrances market is expected to reach $4.41 billion in 2027, from $2.85 billion in 2019, growing at a CAGR of 7.4 percent from 2020-2027, a report said. Over the past couple of years, however, the traditional mass-market fragrance business has witnessed a decline in its...

Vienna, Austria -- The OPEC Fund for International Development (OFID) will provide a $40 million loan to Vietnam Maritime Commercial Joint Stock Bank (MSB) for on-lending to small and medium-sized enterprises (SMEs). The loan will support at least 80 local businesses, providing financing to meet critical needs to grow their...

Treasury Secretary Janet Yellen said the government wants to avoid financial "contagion" from the SVB implosion, as it ruled out a bailout. With the bank's future, and its billions in deposits up in the air, officials from the three agencies, The Fed, the Federal Deposit Insurance Corporation (FDIC) and Treasury,...

In a rescue deal, it bought SVB for a nominal price of $1.2.

Cairo, Egypt--Egypt’s export to China increased by 20.8 percent to $1.7 billion in the first 11 months of 2022, compared to $1.4 billion in the same period in 2021, according to Egypt’s Central Agency for Public Mobilization and Statistics, also known as CAPMAS.  Egypt’s imports from China totaled $13.2 billion...

Shares in ADNOC Gas were heavily oversubscribed even after the offering was expanded from 4.0 to 5.0 percent of issued share capital in response to strong interest.

The price drop is seen as a direct response to cuts by Tesla.

The Gulf kingdom is pursuing ambitious aviation goals as part of Crown Prince Mohammed bin Salman's wide-ranging "Vision 2030" reform agenda, including more than tripling annual traffic to 330 million passengers by the end of the decade. It also wants to move up to five million tons of cargo each...

New York, United States -- Silicon Valley Bank's stunning collapse has led to the freezing of tens of billions of dollars stored there by startups and their private equity backers, raising fears of a wider tech sector fallout. The company, whose website says it is "the financial partner of the innovation...

Riyadh, Saudi Arabia -- The Small and Medium Enterprises Bank of Saudi Arabia's National Development Fund said Sunday it has allocated SAR 10.5 billion ($2.79 billion) to finance programs and products for the SME sector. The Bank's direct and indirect lending programs, financing guarantee programs and investment programs will be...