September 11, 2012
The free market mantra claims the market sets fair prices for commodities. However, market failures are leading to the high cost of a barrel of Brent Crude and are not justified, according to Saudi Arabia's oil minister, Ali al-Naimi.
Egypt's current account deficit surged 30 per cent in the fiscal year that ended in June 30 to $7.9 billion, the central bank said.
Arab Bank, Jordan's largest lender, is seeking to regain access to its Al Wahda bank unit in Libya after last year's uprising forced it to exit the country.
The Finance Ministry is looking for new revenue streams to fund a wage hike for public sector employees, Economy Minister Nicolas Nahas said Monday.
September 10, 2012
Kuwait’s inflation edged up to 3.1 per cent in July and should remain contained this year, says Daniel Kaye, Senior Economist, for National Commercial Bank
Egypt's prime minister Hisham Kandil expects to conclude a $4.8 billion IMF loan deal within two months and is in talks for additional budget support worth about $1bn from the World Bank and the African Development Bank (AfDB).
Iraq has reached record breaking levels of oil production in August, and is now OPECs second-largest producer of oil. Plans to double output illustrate Iraq is attempting to recover from decades of conflict.
Companies that are Shari'ah compliant are doing well, accord to the Dow Jones Islamic Market GCC, which measure the performance of such companies, registering a 2.3% growth in August.
The Egyptian government is seeking to deal with its fiscal deficit, the equivalent of 7.6 per cent of economic output, by selling sukuk. This comes after new legislation is passed and in conjunction with other deficit reducing measures.
Shortage of fuel has severely affected the government’s business in South Sudan as towns are facing blackouts while hundreds of vehicles line up at gas stations to try to get fuel.
September 9, 2012
The total value of construction projects in the Gulf region has reached $1.68 trillion, according to a latest report by online project tracker BNC Network.
Lebanon’s balance of payment remained in the red this year as it registered a deficit of $321.7 million in July.
European Bank for Reconstruction and Development (EBRD) Vice President Varel Freeman will start this week a several-day visit to Jordan during which he will participate in the EU-Jordan Association Committee meeting.
The World Economic Forum listed Oman 32nd, out of 144 countries, in its Global Competitiveness Report. For the Middle East region, unemployment is likely to remain a significant challenge, despite high oil and gas revenues.
Saudi Armanco suffered a severe cyber attack from a hacking group, 'The Cutting Sword of Justice'. The hackers would have required a high level insider to help orchestrate an attack that is one of the most destructive against a single business.