Main headlines

November 13, 2013

OPEC provides 35 percent of the world's oil supply and expects total demand to reach approximately 90.78 mbpd next year (Shutterstock)
06:17 GMT

The Organization of Petroleum Exporting Countries (OPEC) has increased its 2013 forecast for oil demand growth based on " expectations of better-than-expected improvement" within developed country economies

Revenues for Emirates Airlines reached $10.8 billion in 1H 2013. (Image credit: Shutterstock)
06:00 GMT

Dubai's Emirates Airline on Tuesday posted a two percent increase in half yearly profits, blaming high fuel costs and an “unfavorable” currency exchange environment for the slow growth.

The Qatari market has also met the quantitative requirements as defined for emerging markets. (Image credit: Shutterstock)
05:00 GMT

Qatar Exchange welcomed the decision of the Standard & Poors (S&P) Dow Jones to upgrade Qatar from a “frontier” to “emerging market”, describing it as a positive step that will attract further foreign investments to the Qatari stock market.

  The return of Iran to the international community would be beneficial for its neighboring countries including the Persian Gulf Arab states, the top international oil executive has said.
04:55 GMT

Total SA, Europe’s biggest oil refiner, will resume business with Iran if diplomatic talks lead to the removal of sanctions, Chief Executive Officer Christophe de Margerie said at a conference in Abu Dhabi.

Egypt and the IMF have had a sometimes tense relationship because of national pride and the international lender's efforts to persuade Cairo to undertake politically sensitive economic reforms such as subsidy cuts.
03:55 GMT

The International Monetary Fund remains ready to provide aid to Egypt when Cairo requests it, a senior IMF official said on Tuesday without elaborating on when that might happen.

November 12, 2013

The Q7 model is Audi's highest-selling vehicle in the Middle East (Courtesy of Audi)
14:28 GMT

German automobile maker Audi announced this week that 2013 will be the first time that the company sells more than 10,000 car units in the Middle East in one year.

Sotheby's Middle East headquarters in Riyadh is set to open before the end of the month (Courtesy of Bloomberg)
13:50 GMT

Sotheby’s International Realty Affiliates LLC announced Monday that it signed a 25-year agreement to develop Sotheby's brand throughout Saudi Arabia, Bahrain, and Kuwait opening its first office in Riyadh later this month.

The proposed Islamic corporate governance center represents one of the first times that Dubai has attempted to standardize Islamic guidelines for corporate behavior beyond bank and insurance institutions (Courtesy of Emirates 247)
13:28 GMT

The government of Dubai told reporters Tuesday that it is planning to establish a center that sets standards for corporate governance based on Islamic values.

Lower oil prices and decreases in global demand further serve as a "deficit threat" for many Arab states since oil export receipts currently account for 80 percent of government revenues throughout the GCC (Shutterstock)
13:06 GMT

The International Monetary Fund released a report Tuesday that states that energy exporting states in the Arab world are "not saving enough of their oil windfall" and may collectively face a fiscal deficit by 2016 if current policies do not change.

The South African-based MTN group has selected Etisalat SmartHub to extend its regional network reach in the Middle East (Courtesy of Ventures Africa)
11:37 GMT

Africa's leading telecommunications provider, MTN Group, will partner with Etisalat Smarthub to extend its regional network reach according to reports released Tuesday.

Inflation in Iran is at a staggering 39%. (Image credit: Shutterstock)
06:00 GMT

Senior officials at the IMF and Iran have met to discuss reforms needed to combat inflation and spike growth in the economy.

More people in the GCC will be swapping out their old bulbs for energy efficient LEDs. (Image credit: Shutterstock)
05:41 GMT

The inflow of infrastructure investments into the region due to an increasing population, and upcoming events such as the 2022 FIFA World Cup is creating such opportunities for the GCC LED lighting market.

Despite regional challenges, Air Arabia posted an impressive growth in revenue for the first nine months of the year. (Image credit: Shutterstock)
05:28 GMT

Air Arabia on Monday declared 14 per cent growth in its nine-month revenues despite continued political instability in regional travel market.

"No country is taking the lead, it is an Egyptian project," said the country's investment minister.
04:55 GMT

Egypt will finalise a tender for the development of the Suez Canal by the end of the month,

Ali stressed that the military institution has no intention of becoming involved in the economic policy of Egypt in the future.
04:55 GMT

“We do not influence the Egyptian economy in any way,” said Ali. “The Egyptian military does own several factories and companies, but their purpose is developmental rather than for profit.”