Main headlines

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.

Sidi Ould Tah, Mauritanian Minister for Economic Affairs and Development, said the educational output is not in harmony with needs of the labour market and this issue requires reconsideration into the educational systems.
10:38 GMT

Governments in the MENA need to create around one hundred million jobs

October 13, 2013

World Bank chief Jim Yong Kim has warned that the US was headed toward peril as politicians failed again to resolve a standoff over the budget and debt ceiling.
22:40 GMT

The global economic recovery continues with improvements in long-lagging advanced economies but moderating growth in emerging markets, the International Monetary Fund’s managing committee has said.

In April 2013, Jordan received the second tranche of the loan to finance projects under the programme, at a total of $385 million
10:40 GMT

The International Monetary Fund (IMF) executive board has agreed to dispense the third tranche of its “Stand-By Arrangement” (SBA) loan for Jordan to finance projects at a total of $258 million.

October 12, 2013

The meeting saw discussions on the international and regional maritime sector, as well as ways to strengthen maritime cooperation and integration between the two sides (Pictured: the Suez Canal).
15:33 GMT

Drydocks World and Maritime World, , and a high-level delegation from Egypt’s Suez Canal Authority, have agreed to discuss potential joint projects within the strategic plans for Suez Canal development.

October 10, 2013

On completion, the park will comprise a research and development centre, an educational institute, a museum of technology, exhibitions to help students in training.
13:19 GMT

The completed first phase of Dubai’s Dh12 billion Mohammed bin Rashid Al Maktoum Solar Park will be launched on October 22, the chief of the emirate’s utility company announced on Thursday.