November 12, 2012
Iran’s exports of gas condensates amounted to more than $1 billion in the last month, a customs official was quoted as saying, easing the impact of Western sanctions that are gripping the country.
The Egyptian government will cut subsidies on 95-octane gasoline in a few days, in part of a plan to reduce subsidies, as the country prepares for a new round of talks with the International Monetary Fund.
Egypt has recovered around $1.8 billion in funds and lands corruptly appropriated by Mubarak-era figures, the state-run daily newspaper Al-Ahram has reported
November 11, 2012
In an announcement that invoked the memory of Dickensian work houses for those who could not pay their debts, the UAE has released 290 Emirati defaulters in Abu Dhabi and called on other citizens in similar situations to ask for assistance.
As Kuwait struggles with the largest ever protests seen on its streets, inflation is beginning to eases, helped by a reduction in the cost of food, which had been a major source of upward pressure.
Saudi Arabia’s Grand Mufti has issued a religious edict prohibiting contact and cooperation with foreign media outlets that are seeking to “spread chaos and strife in Muslim lands”, adding that it is 'haram' to co-operate with foreign news organisations.
Saudi Arabia exported nearly 2.25 billion barrels of crude oil in the past 10 months of the current year valued at SR 921 billion ( $245 million), as domestic consumption also increases.
Jordan's Prime Minister has tried to calm fears over fuel price increase saying that 70 per cent of Jordanian citizens will not be affected, as the country grapples with and imminent IMF loan that will require the reduction in subsidies.
Bahrain’s economy is expected to grow at four to five per cent despite the unrest and global developments, as the government's paramilitary wing, the National Guard, is deployed at "strategic locations".
Egypt’s inflation rate grew to seven per cent in the 12 months to October 2012, marking a significant rise on September’s rate, official data showed Saturday.
Iraq has cancelled a billion-dollar arms deal that would have made Russia the second-largest importer of weapons to the country after the USA. Baghdad has cited potential corruption in the contract, which was worth $4.2 billion.
Iran's rate of inflation rose by 1.4 percent in the Iranian calendar month of Shahrivar (from August 22 to September 21) and reached 24.9 percent as Tehran struggles with Western sanctions and a currency crisis.
Internet connection speeds in Lebanon have increased significantly, according to the Telecoms Ministry. Speeds are now 15- 18 times faster than 2011, as the country plans to move to 4G connectivity, announcing "The new network is 4G-ready".
November 8, 2012
Blueprints for a Gulf union to replace the existing Gulf Co-operation Council (GCC) are still under review.
Djibouti is planning to establish Islamic finance institute to home grow its human capital, its Central Bank Governor revealed to Islamic Business Finance.