Main headlines

October 15, 2014

Commercial and residential properties will be available after the multi-million dollar city is completed (Image: Seidco)
11:34 GMT

The UAE's government will commence work on the $381 million Sheikh Mohammed bin Zayed residential city in Fujairah, according to a report.

Around 85 percent of UAE households own a computer (File/AFP)
10:57 GMT

The UAE's IT market, which was worth an estimated $4.1 billion in 2013, is expected to grow by 8.47 percent until 2018.

October 14, 2014

Contracts will be worth $38 billon by the year's end (File/AFP)
15:07 GMT

Kuwait's government awarded over $20.7 billion worth of contracts by the end of August, almost doubling the amount compared to 2013.

The continuous and impressive climb by the dollar expresses a substantial change in the trend in the dollar in 2014."
14:24 GMT

"The shekel-dollar rate has risen for the tenth successive week, reaching a peak of NIS 3.738/$ last week."

Saudi and Dubai stocks plunged by 6.5 percent but are now recovering (File/AFP)
14:04 GMT

After a rocky Monday, most stock markets in the Middle East recovered with Saudi Arabia and Dubai leading the figures.

The budget allocated Dh1.8 billion (3.7 per cent) to the infrastructure and economic sector, Dh1.6 billion (3.2 per cent) to financial assets and Dh 1 billion (2.1 per cent) to federal spending.
14:03 GMT

Sheikh Mohammed also said that the federal budget for 2015 will go towards health, education and social services.

Egypt’s real GDP in FY 2013/2014 reached 2.2 percent, almost the same as in the preceding fiscal year.
13:47 GMT

The Egyptian Finance Ministry expects gross domestic product (GDP) to climb steadily and to reach 6 percent in FY 2017/18 as private sector investment rises to 15 percent of GDP.

Key issues are due to be discussed at the delegation in Kuwait, namely how to boost tourism in the region (File/AFP)
13:15 GMT

GCC ministers will meet Tuesday to discuss how to boost tourism in the region. The delegation is due to be lead by Saudi Commission for Tourism and Antiquities President Prince Sultan bin Salman.

Etihad profits rose by 29 per cent in Q3 (File/AFP)
12:36 GMT

The UAE's national airline, Etihad, reported profits of $1.8 billion in the third quarter of 2014, an increase of 29 per cent year-on-year.

The Central Bank chief also explained that he requested the IMF send a delegation to Lebanon "to evaluate the cost borne by the country as a result of receiving displaced Syrians."
00:14 GMT

“The IMF does not have any reservations about the performance of Lebanon, and it understands what the region is going through and its impact on us.”

October 13, 2014

Bourses in the region posted their biggest losses in years on Sunday as global markets' decline at the end of last week served as a trigger for aggressive profit-taking.
23:53 GMT

Stock markets in the Middle East appeared to be stabilising in early trade on Monday after falling sharply in the previous session in a broad sell-off.

Eligible patients can call Abu Dhabi Telemedicine Centre’s UAE toll free number 800-4959 any time of the day or night for a teleconsultation.
22:24 GMT

Abu Dhabi Telemedicine Centre joins Mubadala’s network of specialist healthcare facilities and is the first in the UAE to offer a 24/7 medical teleconsultation service, run by medical professionals.

Kuwaiti logistics firm Agility said on Monday that a wholly owned unit had won an $82.5 million contract from Britain’s Ministry of Defence.
13:16 GMT

The contract, secured by Agility Defense and Government Services, will run from October 2014 to April 2016.

Saudi Arabia has privately told oil market participants it can accept oil prices between $80 and $90 a barrel, sources briefed by OPEC’s biggest producer have told Reuters.
12:59 GMT

“$100 is no longer the ideal market price,” he said. “It’s good for producers but too high for consumers, leading to oversupply.”

In August, the capital market rose to the 9,000 points for the first time since 2008.
04:55 GMT

Discussing the trade behaviour, EGX noted that foreign and Arab investors were directed towards selling while Egyptian sought to buy