Main headlines

December 18, 2014

The kingdom is the largest economy in the Arab world, and OPEC’s biggest crude producer.
04:55 GMT

Saudi Arabia will continue massive public spending despite a 50 percent drop in the price of oil which provides the bulk of the kingdom’s revenue.

December 17, 2014

He also said OPEC would need to see how badly the market was oversupplied and for signs of demand picking up.
18:18 GMT

Core Gulf OPEC oil producers signalled this week they are prepared to wait as long as six months to a year to see the market stabilise,

‘I’ve always said the realistic price for out-of-ground: $70. Should never, ever have been above that.
18:11 GMT

The airline industry is set to reap the benefits of lower oil prices, which could fall to as low as $30-a-barrel.

The Egyptian government has finished upgrading the airport in the resort town of Hurghada,
17:39 GMT

The airport in Hurghada, a major tourist hub on the coast of the red sea, will now be able to accommodate 13 million passengers annually.

Dubai’s real estate scene has also seen a number of new property launches over the year.
15:17 GMT

Dubai’s residential rents have stabilised in the second half of 2014, growing seven per cent year-on-year in 2014.

Last week, both 95-octane and 98-octane gasoline fell by LL800 and are now priced at LL26,400 and LL27,100 (17 USD and 18 USD).
14:26 GMT

The decline in fuel prices comes against the background of Brent oil falling to a new five-year low.

The lira's tumble comes amid concerns about wider emerging-market weakness
04:55 GMT

The lira weakened to a record low of 2.4140 against the dollar on Tuesday after a fall in the value of the ruble in Russia

Alarab will feature expert opinion from renowned guests and never-before-seen social media interaction with its viewers, it said.
04:55 GMT

Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairman of Kingdom Holding Company (KHC), and owner of Alarab News Channel.

ASELSAN, established by the Turkish Armed Forces Foundation at the end of 1975, is a Turkish corporation that produces tactical military radios and defense electronic systems for the Turkish army.
04:55 GMT

Turkish military electronic defense systems corporation ASELSAN launched a production plant via a joint partnership between the Turkish firm and a Jordanian company.

Abdel Nour is expected to hold the council’s first meeting tomorrow to review future plans and the most important proposals for developing bilateral relations.
01:36 GMT

Minister of Industry and Trade Mounir Fakhry Abdel Nour issued a decree Monday stipulating the formation of the Egyptian-Chinese Business Council

December 16, 2014

Oil prices have been going down since June due to weak demand and oversupply benefiting the airline industry in procuring cheaper jet fuel.
23:12 GMT

“It will be a positive effect starting from next year. We will see a drop in ticket prices,”

Dana warned the KRG could face sanctions if the autonomous region failed to pay the money to its consortium,
15:29 GMT

Kurdistan’s Regional Government (KRG) has failed to pay $100 million to a Dana Gas consortium as instructed by a London arbitration court

An FBI official did not provide further details, but said the agency routinely provides private industry with advisories to help it fend off cyber threats.
15:20 GMT

The FBI has warned US businesses to be on the alert for a sophisticated Iranian hacking operation.

Even at current oil prices, analysts estimate Qatar’s state budget might break even next year; it has huge fiscal reserves to cover any deficits.
04:55 GMT

Qatar predicted its economy would grow 7.7 percent next year, signalling the world’s top exporter of liquefied natural gas expects very little disruption to its finances

December 15, 2014

OPEC’s 12 members pumped 30.56 million barrels a day in November, exceeding their collective target.
06:55 GMT

OPEC will stand by its decision not to cut crude output even if oil prices fall as low as $40 a barrel.