Main headlines

June 26, 2014

The government may resort to using the old budget for the current fiscal year until the budget for the upcoming fiscal year, which begins on 1 July, is completed, according to a cabinet source.
14:54 GMT

The government is racing against time to complete the process of reviewing the budget for the next fiscal year, after President Abdel Fattah Al-Sisi refused to ratify it due to the growing deficit and heavy spending.

Despite efforts taken to stem the soaring prices in the emirate, evidence has indicated that property market is overheating.
13:51 GMT

However, house prices are expected to pick up as the real estate mortgage lending in the UAE rises.

 According to the figures, 16% of Israelis (822,000 people) ate less for economic reasons during the past year
12:10 GMT

About half of Israelis are dissatisfied with the economic situation, and more than a third are unable to pay their household expenses, according to the first section of the social survey published today by the Central Bureau of Statistics.

 Vinci said the contract includes the construction of 25 stations and the electric infrastructure surrounding the four-line network, which is expected to stretch 33 kilometres when finished.
11:59 GMT

The tramway in Qatar's newest planned city with a population of 200,000 is expected to open in 2018 with further lines added two years later

Bill Gates, co-chair of the Bill and Melinda Gates Foundation, expressed willingness to collaborate with  King Abdullah University of Science and Technology (KAUST) in research projects focusing on agriculture and food production.
04:55 GMT

On cooperation between Gates Foundation and Saudi Arabia, he said “Saudi Arabia is the most generous country in terms of overall philanthropy.

Oman has significantly increased state spending on healthcare in recent years, although it has also encouraged the private sector to take on a greater role.
01:14 GMT

Oman has set aside $3.38 billion in its 2014 healthcare budget, more than double the $1.3 billion spent last year, in part to sharpen its focus on combating non-communicable diseases, such as diabetes, hypertension and obesity, said a report.

June 25, 2014


The Business Insider World’s Best Airlines list was compiled using the criteria of the quality of the passenger experience and the airline’s punctuality
13:06 GMT

Oman Air achieved ninth place in the list, beating many of the best-known giants of the aviation industry, in areas such as its passenger experience.

Nakheel is able to prepay all of its bank debt ahead of schedule due to savings of around AED 23 billion on its business plan,
12:37 GMT

Dubai developer Nakheel will repay all AED 7.9 billion owed to bank lenders with an early repayment in August 2014, nearly four years before the final loan instalment due in March 2018, the company reported today.

FENDI Casa translates the FENDI savoir faire and creativity, as well as its distinctive materials, into elegant objects and cinematic ambiances that are timeless and exceptionally made
12:08 GMT

The 34 properties are located in a private-gated community in the 42 million sq ft Akoya by DAMAC master development off Umm Suqeim Road in Dubai.

“Investors get scared, but more than that, people who provide them leverage get scared,” Mohindra said.
11:56 GMT

Saudi Stock Exchange (Tadawul), the Middle East's largest bourse that is planning to go public, reported a 37 percent drop in 2013 net profit, its first ever financial disclosure showed on Tuesday

Economic researcher at Stanford University Amro Adly said that the establishment of a fund to collect donations is a “populist measure” that falls short of an economic solution/
11:50 GMT

Governor of the Central Bank announced the opening of a new bank account under the number 037037, a reference to the date on which President Abdel Fattah Al-Sisi declared the ouster of former president Mohamed Morsi.

Social Development Ministry Secretary General Omar Hamzah made the announcement on Tuesday during a visit by Prime Minister Abdullah Ensour to the ministry.
11:30 GMT

The Ministry of Social Development has started preparations to distribute JD100 in cash assistance to identified underprivileged families, under a Royal makruma, as the fasting month of Ramadan approaches.

June 24, 2014

Prime Minister Recep Tayyip Erdoğan has been voicing his disapproval of the central bank since late January,
23:26 GMT

The comments came a day before the central bank was scheduled to meet and decide upon a potential rate cut.

“The objective of the fund is to achieve a risk adjusted medium to long-term capital appreciation while generating a quarterly cash dividend to investors,” it added.
17:57 GMT

With a targeted size of $5 billion from a combination of equity and debt, the fund will focus exclusively on Airbus aircraft.

A market of 500 million people, the EU remained the world's biggest importer of farming and food products, though the level was mostly unchanged from 2012 at 101.5 billion euros.
04:55 GMT

The European Union (EU) beat out the United States to become the world's top exporter of agricultural and food products last year,