Main headlines

July 18, 2013

Tax exemption up to 80 percent are being offered to investments in the industry and mine sector
10:55 GMT

Iran’s tax revenues are forecasted to amount to 450.8 trillion rials (about $18.1 billion) in the current Iranian calendar year.

Currently, only 940 drugs from the registered 6,868 are made in the UAE
09:55 GMT

More generic, cheaper medicines for common conditions like hypertension and cholesterol will be available within two years following a landmark decision by the UAE Ministry of Health.

Growth in the depositary base continues to provide opportunities to expand the financing capabilities of the banking system
08:55 GMT

Deposits in the Saudi financial system reached SR1.3 trillion by the end of May, adding SR70.5 billion YTD.

Iraq also plans to build a refinery in the city of Nassiriya
08:17 GMT

Iran is fully prepared to build small oil refineries in other countries should they show interest, Oil Ministry spokesman says.

Iraq also plans to build a refinery in the city of Nassiriya
08:05 GMT

Iran is fully prepared to build small oil refineries in other countries should they show interest, Oil Ministry spokesman says.

Saudi Arabia topped the list of importers of Egyptian food products during the first half of 2013
06:52 GMT

Egypt succeeded in exporting 300 food products to the US, with annual sales of Egyptian food exports in US exceeding EGP 500m.

July 17, 2013

The search engine giant believes Streetview enhances users’ knowledge of landmarks and helps boost overall navigation, given that 40 per cent of all its searches are location oriented
15:55 GMT

Burj Khalifa has become the first skyscraper globally and first major landmark in the MENA region to be mapped out by Google Streetview.

The virus, first detected in Saudi Arabia last year, has infected 81 people and killed 45 worldwide
13:55 GMT

Travel to the UAE will not be affected at the moment by the Middle East Respiratory Syndrome, or MERS-CoV, industry experts said.

UAE financial system must be strengthen by the Central Bank and the Banks Federation
12:55 GMT

It is essential for the health of the economy that banks extend credit to businesses and governments that can be used for investment and to expand their services.

Rents in Dubai have recently gone up on the back of renewed confidence in the economy and the real estate sector.
11:55 GMT

Although a lot of landlords are asking for more money this year, residential rental prices in Dubai, particularly in prime locations, are showing signs of letting up.

The current serrated gas cylinder valve (horizontal) has been changed to the new vertical self-closing valve powered by a safety valve to reduce the pressure inside the cylinder to prevent possible damage
09:55 GMT

Cooking gas consumers in Jeddah are experiencing difficulties getting a refill after GASCO notified consumers that they should switch over to the new safety valve, commonly known as a regulator, which was introduced recently.

Boeing had earlier announced that world air cargo traffic will grow 5.2 per cent annually
08:55 GMT

Boeing has 649 purchase orders in the Middle East region as of June 2013 of various models with a main focus on 787s-Dreamliners and 777s.

Power cables
06:29 GMT

Oman Cables Industry has signed a contract for the supply of power cables worth an estimated RO27.36mn with a customer in Saudi Arabia, the company said in a filing to the Muscat Securities Market.

July 16, 2013

GCC states depend heavily on desalinated water
15:55 GMT

Efforts are under way to link the Gulf Cooperation Council states with a water pipeline at a cost of $1 billion.

The Kingdom has so far spent SR100 billion to develop Makkah into a modern city with improved services to meet the needs of millions of pilgrims
13:55 GMT

A tourism official in Makkah has confirmed that the prices of hotels have undergone radical change and returned to their normal rates.