Banking and Finance

Middle East businesses experienced significant growth in 2023, with a combined revenue increase of 6.2% year-on-year. This impressive performance was primarily driven by the energy sector, alongside strategic investments from private equity and sovereign wealth funds, particularly in the UAE and the Kingdom of Saudi Arabia. Reflecting this positive market...

Sanjay Singhal, formerly the Chief Operating Officer at ITC, has stepped into the role of Chief Executive Officer at Wagh Bakri Tea Group. While at ITC, Singhal oversaw various facets of the dairy and beverages division. Singhal acknowledged his new role by expressing that it was a significant and patriotic...

Estée Lauder Companies (ELC) reported a 2% decline in net sales, totaling $15.6 billion for the fiscal year ending June 30, 2024. This decrease reflects the ongoing struggles in the Chinese market for prestige beauty products, as well as other global challenges. Organic net sales, which exclude the impact of...

Media City Qatar has announced the appointment of Eng. Jassim Mohamed Al Khori as its new Chief Executive Officer, with the full backing of the Board Members. Al Khori brings nearly two decades of experience in project development and management to the role, positioning him to lead Media City Qatar...

Facing ongoing challenges, Victoria’s Secret has made a strategic move by appointing Hillary Super, the former CEO of rival lingerie brand Savage X Fenty, as its new chief executive. The announcement, made on August 14, indicated that Super would replace Martin Waters, who stepped down from his role as CEO...

Absa CEO Arrie Rautenbach is set to leave the group following a drop in the company's profits for the six months ending 30 June 2024 (H1 2024). Absa announced that Rautenbach and the board had mutually agreed on his early retirement, which will take effect on 15 April 2025. Additionally,...

A recent survey by Hong Leong Islamic Bank (HLISB) has found that a significant majority of Malaysian Muslims—about 65%—prefer to use banking and investment products that comply with Shariah law. The survey, which included 690 Muslims ranging from 18 to 77 years old, revealed a strong inclination towards financial products...

New Zealand’s central bank has unexpectedly begun reducing interest rates, signaling a shift towards easing monetary policy earlier than anticipated due to a slowing economy and declining inflation. This move caused the New Zealand dollar to tumble. The Reserve Bank of New Zealand (RBNZ) cut the Official Cash Rate (OCR)...

Kinepolis Group has announced the appointment of Pieter-Jan Sonck as its new Chief Financial Officer, succeeding Jeroen Mouton in the role. With over two decades of expertise in finance and operations, Pieter-Jan Sonck brings a wealth of experience to Kinepolis. Since 2017, he has served as the CFO of Beaulieu...

Home Depot, the largest home improvement retailer in the U.S., has reported that anxiety about the economy and elevated interest rates are dampening consumer spending, leading to a steeper-than-expected decline in sales. On Tuesday, the company announced that it expects a 3% to 4% decrease in sales at stores open...