Main headlines

October 22, 2013

The bank allocated additional net provisions of $61 million in the first nine months of 2013 with gross doubtful loans accounting for 2.2 percent of gross loans.
14:36 GMT

Bank Audi posted net earnings of $261 million in the first nine months of 2013 compared to $277 million in the corresponding period of 2012, according to a statement released Sunday.

The solar park will ultimately have a capacity to generate 1,000 megawatts of power when it is completed in 2030.
14:11 GMT

The solar project is part of the emirate's plan to diversify its energy mix and reduce dependency on oil and gas.

The Central Bank of Jordan (CBJ) has decided to reduce the interest rates on key monetary policy tools by 25 basis points (0.25 per cent) from Tuesday signaling lower rates at commercial banks.
12:06 GMT

According to economists, the move is a sign of sound confidence in the local currency and an indication of a high level of foreign currency deposits at Jordan's central bank.

“Population growth, increasing income per capita and a booming tourism industry are the main drivers of food consumption in the GCC region, while food is currently the largest segment of consumer expenditure in the entire region." said the report
08:56 GMT

According to Alpen Capital’s revised 2013 GCC Food Industry Report, the GCC region will consume 49.1 million tonnes of food annually by the end of 2017, with the UAE to be the largest consumer in per capita terms.

October 21, 2013

Finance Minister Umayya Toukan on Sunday said that the government is set to issue the US-guaranteed eurobonds on international markets on October 28, the Jordan News Agency, Petra, reported.
12:48 GMT

Finance Minister Umayya Toukan on Sunday said that the government is set to issue the US-guaranteed eurobonds on international markets on October 28, the Jordan News Agency, Petra, reported.

Oil-rich Arab states Saudi Arabia and the United Arab Emirates are keen on delivering petroleum products to the Egyptian government as scheduled.
11:47 GMT

Egypt’s petroleum products supply is sufficient until the end of the current year due to Arab Gulf aid and available funds for imports, state-owned Al-Ahram daily newspaper reported Sunday.

There are several expat workers in the private sector who have been suspended by their employers and they hope to transfer their sponsorships before the end of the amnesty period.
11:27 GMT

Human resource supervisors in private companies told Arab News that their companies will transfer sponsorships of expat workers who are crucial to them, while releasing other part-timers due to difficulties in changing their sponsorships.

Last week, Global Telecom Holding announced that its Algerian subsidiary Orascom Telecom Algerie has been awarded one of three provisional 3G licenses offered in Algeria at a cost of $40 million.
10:33 GMT

Egypt’s stocks hit a two-year high during Sunday trading as investors resumed their optimistic outlook on the political situation in the country.

The law a includes protection of digital data which has already become public property.
09:01 GMT

A major government crackdown on people who bribe public officials is underway in Bahrain, a report said.

At the governorate level, the data indicated that the inflation rate in August 2013 showed that prices fluctuated, rising in some governorates, falling in others and remained stable in other governorates.
08:29 GMT

Oman’s inflation rate in August 2013 is the lowest compared to other GCC countries.

The contract is estimated to be in the range of 100 to 250 million euros. ($136 to $342 million), said a statement from the company.
08:16 GMT

Paris-based Technip, a world leader in the energy management industry, said it has won a key engineering, procurement, installation and commissioning contract for a strategically important offshore project from Qatar Petroleum.

October 20, 2013

Messages sent warn companies and individuals against providing cover to the undocumented expatriates and those overstaying their visa period.
09:28 GMT

Ministries of Interior and Labor have started sending text messages to citizens, companies and establishments warning them against employing illegal expatriates and having financial dealings with them.

Around 1.98 million pilgrims performed hajj this year, a 37.3 percent drop compared to last year.
08:49 GMT

Pilgrims spent around 18 billion Saudi riyals across all sectors, compared to around 26bn riyals during hajj 2012.

According to ministry estimates, nearly 1.5 million foreign workers are currently residing in the country, with Syrians and Egyptians composing the majority.
08:11 GMT

According to a ministry statement e-mailed to The Jordan Times, the violators were mainly Egyptians (7,296) and Syrians (5,229).

October 18, 2013

The survey also noted a general preference towards defensive investments. Around 34 per cent of respondents indicated a preference towards retail and consumer businesses including food and beverage.
21:31 GMT

Around 65 percent of private equity professionals investing within the MENA region expect an increase in investment activity over the next year, according to a Deloitte private equity confidence survey.