September 17, 2012
Egypt’s cash-strapped government owes foreign energy producers at least $3 billion, as cancelled oil import tenders and lengthening queues at petrol stations point to fresh strains on fuel supplies.
Bank deposits increased the in the first quarter of 2012,it has been revealed, due to the ECB's shoring up of the European financial system.
Lebanon will enter recession in the third quarter of this year, if analysts are proved correct. Citing the Syrian conflict for a stagnating economy, the Institute of International Finance says that the economy is likely to contract by a further 0.5% in the third quarter, after a 0.3% contraction in the second.
September 16, 2012
The business in environment in Dubai is continually improving, with 8,699 new businesses starting in the last eight months alone, but industry insiders claim that more could be done to enhances the Emirate's position on the world stage
As sanctions begin to bite in Iran, over it's alleged nuclear programme, South Korea becomes the latest country to cease trading as its ships can no longer gain the required insurance after the implementation of a EU ban.
Al Baraka Turk Participation Bank, the Turkish subsidiary of Bahrain-based Al Baraka Banking Group, has concluded a record Islamic finance deal in Turkey worth $450 million with the participation of a group of major international banks.
Saudi's leading indicator purchasing manager's index (PMI) which measures manufacturing and services sectors' performance rose to 58.3 points in August 2012 from 58.1 points in July 2012.
Turkey is to give Egypt $2 billion dollars in aid, to support the economy, which has suffered since the 2011 Arab Spring uprising, forcing Hosni Mubarak from office.
Iraq has ambitious plans to increase oil production, to six million barrels a day, up from the current level of 2.6 million barrels a day.
September 13, 2012
A controversial law currently with the Jordanian Senate could send sound the death knell for the burgeoning IT sector in the Kingdom
Jordanian King Abdullah II has accused Israel of disrupting the country’s nuclear program to meet its dire energy needs.
The price of crude oil rose this week, reaching the highest level for three and a half months. The cost increase has been put down to a potential strike on Iran by Israeli along with a global economic outlook that remains poor.
The Lebanese Prime Minister, Najib Mikati, will suggest that planned pay increases for senior officials will be reconsidered after a series of protests, including strikes by government-baked industries.
Tourism to Egypt is increasing, but numbers are still down on the levels seen before the revolution in 2011, according the the government statistical agency.
Saudi Arabia's annual inflation eased to 3.8 percent in August, its lowest level since October 2009, although the monthly increase was the fastest in 10 months