Main headlines

October 21, 2013

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.

Although the outlook for the Saudi economy in the next 18 months is relatively bullish, a sudden and persistent downturn in the price of oil would represent a key downside risk to our growth forecasts.
21:22 GMT

Although a contraction in the oil sector has affected real GDP growth, the consumer continues to be buoyed by gains made in the non-hydrocarbon sector as well as by high governmental expenditure.

Hosting Expo 2020 would inject “billions” into the Dubai economy, Andrew Scott, Professor of Economics at the London Business School.
11:23 GMT

A successful Dubai Expo 2020 bid would be a ‘major game changer’ for the regions burgeoning real estate sector, according to Danube Founder & Chairman Rizwan Sajan.

According to the economists, the consumption expenses of Kuwaitis are higher than their savings and investments.
11:09 GMT

Kuwaitis and expatriates spent around KD280 million over the last seven days as part of preparations for the Eid Al- Adha holidays, reports Al-Kuwaitiya daily quoting sources.

Jordanian customers look for luxury but with more reasonable prices these days; they want to look trendy, luxurious and fashionable, but with lower price tags, Dahleh told The Jordan Times.
10:48 GMT

Although the commercial sector in the Kingdom is facing a slowdown due to a drop in consumer spending, suppliers of luxury goods describe the demand for the expensive items as “good” and even surging.

October 14, 2013

“Gold sales have really taken a hit. I would say the market is down by more than 50 percent compared to the last Haj season,” Mohammed Al-Himms, store manager at MS jewelry outside Makkah’s Grand Mosque, said.
11:09 GMT

While restaurants and food stalls near the Grand Mosque remain busy, gold stores remained empty, with shopkeepers looking bored, flicking through magazines and playing with mobile phones.

Other favorable destinations for the Saudis included Malaysia, Turkey and some European countries.
10:55 GMT

Hotel prices in Dubai are now considered the highest worldwide.