Saudi Arabia was the world's second-largest arms importer in the period 2012 to 2016, with an increase of 212 percent compared with 2007-2011. (File photo)
February 21, 2017 - 08:30 GMT
The Stockholm International Peace Research Institute, or SIPRI, said Monday the arms import figures for the Middle East accounted for 29 percent of global imports during the 2012-2016 period.
The new merger, if agreed, would create an entity with total assets amounting to around QAR173bn ($48bn) and a market share of around 14 percent. (File photo)
February 21, 2017 - 07:30 GMT
The proposed merger between Masraf Al Rayan, Barwa Bank and International Bank of Qatar is currently at due diligence stage.
Jordan’s recent economic measures also increased fees for five-year passports for citizens from JD20 to JD50. (Pinterest)
February 21, 2017 - 06:38 GMT
Gazan holders of temporary Jordanian passports must now pay JD200 instead of JD25 to issue or renew a passport every two years, making it the most expensive passport in the world.
Rosneft is Russia's largest oil producer. For the fourth quarter, the company said its net production was up 11.8 percent year-on-year for a new record high. (Shutterstock)
February 21, 2017 - 05:24 GMT
Rosneft said it started a new exploration well in Iraq, which according to state news agency Tass should be completed by July.
Many candidates in the country’s November elections ran on an anti-austerity ticket after the previous parliament was dissolved due to disputes with the government over the fuel price increase. (Shutterstock)
February 20, 2017 - 13:00 GMT
Kuwait committee approves draft bill scrapping fuel and utility price increases, which will likely be debated in parliament in March.
The Chamber is planning to strengthen its international presence in 2017 with the opening of representative offices in India and Brazil.  (Shutterstock/Philip Lange)
February 20, 2017 - 12:00 GMT
Six initiatives are outlined under the Dubai Chamber of Commerce and Industry's new strategy, which aim to ensure that the Chamber supports the government in executing the Dubai Plan 2021.
February 20, 2017 - 11:00 GMT
While oil and gas spending globally is expected to continue to decline, Middle East producers are looking to buck the trend and maintain spending in order to meet production targets.
Performers at the opening ceremony for Medina Capital of Islamic Tourism 2017. (SPA)
February 20, 2017 - 10:00 GMT
Prince Sultan bin Salman, chief of Saudi Commission for Tourism and National Heritage (SCTH), kicked off the opening ceremony for “Medina Capital of Islamic Tourism 2017.”
Wider fiscal reforms such as subsidy reductions, fee increases, etc for 2017 announced so far have been substantially less than in early 2016.  (Shutterstock)
February 20, 2017 - 09:00 GMT
Analysts believe that fiscal consolidation over the coming years in the GCC will decelerate and is likely to rely more on mobilisation of additional non-oil revenue.
Economic associations warn that any increase in taxes will lead to economic slowdown and to heavy recession due to the crises that hit the country in the past five years. (Shutterstock)
February 20, 2017 - 08:00 GMT
Representatives of economic associations are the latest group to appeal against the Lebanese government's plan to raise taxes in the 2017 draft budget.
The project will be built over 700 sq km east of Cairo between Greater Cairo and the Red Sea and will be executed within five to seven years at a cost of $45 billion.  (File photo)
February 20, 2017 - 07:00 GMT
Dubbed as Egypt’s administrative capital, the Capital City development is one of President Sisi’s mega-projects that aims to kick-start Egypt’s economy.
The amount of the fees increase is dependent on the schools' rating by the Dubai School Inspection Bureau. (File photo)
February 20, 2017 - 06:00 GMT
Eligible schools in Dubai will now be allowed to increase their fees by between 2.4 -4.8 percent based on the a newly-approved fees framework.
IDEX, which runs to Thursday, is one of the largest arms fairs in the Middle East and is held biannually to showcase the latest in defence technologies and innovations.  (AFP/Karim Sahib)
February 20, 2017 - 05:32 GMT
The four-day International Defence Exhibition and Conference (IDEX) opened in Abu Dhabi with the UAE announcing 21 deals worth more than $1.2 billion.
Resort Hotel at Raouche in Beirut, Lebanon (Shutterstock/JPRichard)
February 19, 2017 - 12:42 GMT
Lebanon's tourism minister is hopeful that the country will see the fruits of President Aoun's recent visit to the Gulf states, Egypt and Jordan, in terms of higher visitor numbers.
In 2016, Brazilian exports to the countries of the GCC – Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain and Oman – totalled $6.04 billion, and the imports were $2.66 billion. (Shutterstock)
February 19, 2017 - 11:00 GMT
The meat and poultry sector is one of eight dedicated segments now housed within Gulfood, the world’s largest food and hospitality trade platform in Dubai.
Many of the reserves and energy facilities are located in the country’s south which has been hit by a wave of sandstorms in recent years. (File photo)
February 19, 2017 - 10:00 GMT
National Iranian Oil Company has revealed that a dozen new fields discovered over the last four years contain 4.7 billion barrels of recoverable oil.