Main headlines

June 16, 2013

Emirates Securities Market
14:00 GMT

Stock markets in the UAE and Qatar gained on Wednesday after the MSCI upgraded the two countries to emerging market status. This is likely to attract increased attention from foreign investors.

The board of the subsidy fund said subsidies burned up 53.36 billion dirhams in 2012
13:01 GMT

Morocco will cut subsidy spending by 20 percent to 42 billion dirhams ($5 billion) or less in 2013 - depending on international commodities prices, the general affairs minister said on Friday.

UDC is the developer of a man-made island in Doha
12:46 GMT

United Development Co (UDC) , the developer of a man-made island in Doha, said on Thursday that is raising a 1.56 billion riyals ($428.4 million) loan facility from Qatar National Bank.

The 489-seat Emirates A380 offers 14 Private First Class Suites, 76 lie-flat beds in Business Class and 399 spacious seats in Economy Class
12:43 GMT

Emirates on Wednesday announced an upgrade of service from Dubai to Los Angeles with the introduction of the A380 starting on December 2, this year.

Desktop PCs are projected to fall by 5 per cent for the year
12:40 GMT

Cannibalisation of tablet computers is again going to make a big dent in computer (portable and desktop) sales in the UAE in the second quarter.

Oil tanks
11:50 GMT

The UAE’s May oil output rose 1.1 per cent over April to 2.73 million barrels per day (bpd), latest data from the Paris-based International Energy Agency (IEA) showed.

The index trimmed its year-to-date gains to 7.25 percent.
11:42 GMT

It turned out to be largely negative for investors yesterday, as Saudi Arabia's benchmark stock index (TASI) recorded a decline of 4.32 percent, which is the biggest intra-day decrease in more than one year.

The Kingdom has this potential because it is located close to the equator
06:00 GMT

An expert here believes that the Kingdom is likely to spend all its oil on electricity in the country by 2031 if current consumption continues, and has called for an urgent program to harness solar energy.

The Saudi Industrial Development Fund (SIDF)
06:00 GMT

The Saudi Industrial Development Fund (SIDF) has approved more than 3,480 loans worth SR 106 billion for 2,475 projects, the SIDF chief has disclosed.

International Monetary Fund
05:30 GMT

The International Monetary Fund has warned that Dubai is risking another boom-to-bust business cycle by pushing up its debt to boost short-term growth at the cost of the medium term outlook, in a statement concluding its annual mission to the UAE.

June 13, 2013

Egypt bourse
10:43 GMT

Egypt's bourse tumbles to an 11-month low as investors fret about the possibility that it could eventually be excluded from the MSCI Emerging Market Index used by many international fund managers.

Sorouh and Aldar weigh $15 billion merger plan
10:39 GMT

Abu Dhabi property firms Aldar Properties PJSC and Sorouh Real Estate said the two companies expect to close their state-backed merger by June 30, pending a ministerial resolution approving the deal.

Dubai Expo 2020
10:31 GMT

The UAE on Wednesday announced a $150 million (Dh733.9 million) aid package to support developing countries’ participation at the Expo 2020, in addition to the $100 million Partnership Fund to support innovative ideas for creating opportunities, mobility and sustainability as part of Dubai’s Expo 2020 bid.

In Dubai, there are currently 11 plants varying from 400 megawatts to 1,400 megawatts
05:30 GMT

The GCC is on the threshold of a major power revolution, with investments in the sector estimated at $250 billion in the next five years, according to a new study.

Portable PCs are projected to fall by 16 per cent for the year
05:00 GMT

Cannibalisation of tablet computers is again going to make a big dent in computer (portable and desktop) sales in the UAE in the second quarter.