November 13, 2012
Joining an initiative launched by President His Highness Sheikh Khalifa Bin Zayed Al Nahyan to settle the debts owed by UAE citizens, four more banks operating in the country signed on agreements with the Debt Settlement Fund for UAE nationals
November 12, 2012
Apple and Taiwanese smartphone maker HTC have settled all of their outstanding patent disputes, they said.
Jordan is looking set to cancel its planned foray into nuclear power. The Kingdom, which imports 96 per cent of its energy, has been looking at ways to become self-sufficient, but the cost of the nuclear option in prohibitive for the relatively poor nation.
Former Egyptian Finance Minister Samir Radwan warned of a severe financial crisis to hit the country if serious steps are not taken to salvage the collapsing economy, as foreign investment drops sharply.
Saudi Arabia and oil-producing Gulf states are ready should there be any drop in the oil supply in world markets, with Saudi's oil minister saying the Kingdom "its output on demand, not prices'.
Kuwait celebrated the 50th anniversary of the country's constitution with a large fireworks display, but also rising high in to the sky was the bourse - the stock exchange - as Kuwait gears up for elections in early december.
Yemen's Aden Refinery Company and the UKs Department for International Development (DFID) have held meetings to discuss the redevelopment of Aden refinery in the coming months.
Middle East Airlines CEO Mohammad Hout said he hoped Lebanon’s flag carrier would post flat profits in 2012 amid a sharp drop in the number of tourists from the GCC.
Iran’s exports of gas condensates amounted to more than $1 billion in the last month, a customs official was quoted as saying, easing the impact of Western sanctions that are gripping the country.
The Egyptian government will cut subsidies on 95-octane gasoline in a few days, in part of a plan to reduce subsidies, as the country prepares for a new round of talks with the International Monetary Fund.
Egypt has recovered around $1.8 billion in funds and lands corruptly appropriated by Mubarak-era figures, the state-run daily newspaper Al-Ahram has reported
November 11, 2012
In an announcement that invoked the memory of Dickensian work houses for those who could not pay their debts, the UAE has released 290 Emirati defaulters in Abu Dhabi and called on other citizens in similar situations to ask for assistance.
As Kuwait struggles with the largest ever protests seen on its streets, inflation is beginning to eases, helped by a reduction in the cost of food, which had been a major source of upward pressure.
Saudi Arabia’s Grand Mufti has issued a religious edict prohibiting contact and cooperation with foreign media outlets that are seeking to “spread chaos and strife in Muslim lands”, adding that it is 'haram' to co-operate with foreign news organisations.
Saudi Arabia exported nearly 2.25 billion barrels of crude oil in the past 10 months of the current year valued at SR 921 billion ( $245 million), as domestic consumption also increases.