Main headlines

December 4, 2013

In a statement on Tuesday, the Berlin-based organization said that the annual report represents a warning against the abuse of power, secret deals and bribes which are ongoing problems that ruin societies across the world.
12:39 GMT

Sudan, Libya, Iraq, Yemen and Iran were the worst in the region.

Damac Properties was established in 2002, as a private, residential, leisure and commercial developer in Dubai. (Image credit: Shutterstock)
12:23 GMT

Damac Real Estate Development on Tuesday raised $348 million from its London share offer by pricing its global depository receipts, or GDRs, at $12.25 each.

Qatar, Indonesia, Saudi Arabia, Malaysia UAE and Turkey represent 78 percent of the international Islamic banking assets with commercial banks (File Archive)
11:59 GMT

Global Islamic banking assets with commercial banks are expected to reach $1.72 trillion in 2013

Approximately 60-70 percent of the Saudi population does not participate in the labor force at all (Reuters)
08:45 GMT

The International Monetary Fund warned Saudi Arabia Tuesday that failing to expand its private sector may hurt its economy dramatically in the future.

Isolux Corsan will work on installing the cable lines in three distinct stages (Shutterstock)
08:12 GMT

Kuwait awarded Spain-based Isolux Corsan a contract worth $105 million to develop cable infrastructure in the Gulf country.

Iran's Oil Minister Bijan Zanganeh said that Tehran has "no technical difficulties to expand our exports and to return to four millions barrels a day" once political obstacles, referring to sanctions, are lifted (Courtesy of Press TV)
06:59 GMT

Iran's Oil Minister Bijan Zanganeh announced Tuesday that it will "immediately" export more crude oil once sanctions are lifted.

Real estate auctions have taken the leap to the online world. (Image credit: Shutterstock)
06:00 GMT

Real estate buyers in Dubai can now bid for properties online.

The centre significantly enhances Sabic’s R&D footprint in Asia, building on the existing infrastructure of its application centers – one in Moka, Japan, and the other in Sungnam, South Korea.
03:55 GMT

Saudi Basic Industries Corporation (Sabic) has opened its state-of-the-art Sabic Technology Center (STC) in Shanghai, built with an initial investment of $100 million.

Passengers in all cabins have access to WiFi, 1,500 channels of in-flight entertainment and gourmet-chef prepared meals, served by highly trained multi-lingual cabin crew.
03:55 GMT

The landmark flight, crossing the Russian Federation, the North Pole and Eastern Canada, has a published duration of 16 hours 20 minutes, more than enough time to delve into over 400 hours of in-flight Hollywood movies.

December 3, 2013

Shoppers from the Middle East spent a total of $9 billion through eCommerce in 2012 alone (Shutterstock)
15:57 GMT

MENA shoppers spent $9 billion online in 2012, and that number is projected to reach $15 billion by 2015 as the region increasingly moves towards the title of the world's top eCommerce hot spot.

Kuwait Airways plans to purchase 25 new planes and lease 12 aircrafts from Airbus, representing the airline's largest overhaul in more than twenty years (Courtesy of Paul Thomas/Bloomberg)
15:30 GMT

Kuwait Airways is considering issuing sukuk to finance an Airbus deal involving the purchase of 25 new planes and 12 leased aircrafts.

Abu Dhabi tourism is on the rise all around, with India representing the largest overseas source market. Nearly 150,000 individuals from India checked into Abu Dhabi hotels in the first 10 months of 2013 (Courtesy of Indian News and Times)
14:37 GMT

More than 2.2 million people checked into Abu Dhabi's 148 hotels during the first 10 months of 2013, representing a record breaking 26 percent increase in hotel occupancy in UAE's second largest city.

GCC ministers met late last month in Kuwait and are scheduled to return to Kuwait City December 10 to hold their annual 2-day summit (Yasser Al Zayyat/AFP)
13:37 GMT

Reports from Monday announced that 4 Gulf countries were expected to release a common GCC currency by the end of the year. However, the Gulf Monetary Council dismissed media reports Tuesday, saying that no common currency is scheduled to be released anytime soon.

Qatar had originally given Egypt $7.5 billion when former president Mohammed Morsi was in office, but since his oust, relations between Qatar and Egypt have deteriorated dramatically (Reuters)
13:18 GMT

Egypt returned $500 million to Qatar December 2 after the Gulf peninsula "refused" to renew a former deposit it had made in Egypt's central bank. The December 2 transfer represents the second deposit return to Doha in the last month.

Previously, Iran has dealt with foreign companies through “buybacks”. According to sources, the meetings in London will allow Iran to present the findings of a review of these contractual terms.
10:53 GMT

The roadshow will involve discussions over the nature of contracts that the Islamic Republic is willing to offer in return for investment to drill new wells.