Main headlines

May 11, 2014

“However, there’s still a majority of companies that do not plan to make any increases this year, waiting to see what happens in 2014,” Gomes told Gulf News.
03:55 GMT

Workers have been hoping for a relief from rising rents, which rose on average by 22 per cent last year, and increasing cost of commodities and services.

May 8, 2014

“The WHO does not recommend the application of any travel or trade restrictions, including for upcoming pilgrimage travel to Saudi Arabia,” a statement issued by the organization said.
00:08 GMT

The World Health Organization said on Wednesday that there is no travel ban for Saudi Arabia as a result of increasing MERS cases in the country.

It is targeting global players in high-margin sectors such as oil and gas, power plants, infrastructure, and facility management of huge industrial plants, he said.
15:42 GMT

Dubai builder Arabtec said its first-quarter net profit more doubled on the back of a strong delivery of projects and growth in its Gulf businesses.

The signing of this agreement is based on the Foreign Account Tax Compliance Act (FATCA), which is expected to go into effect in two months
15:18 GMT

Former IRS senior district attorney Barbara Kaplan says US citizens who conceal funds in Israel could also face criminal charges.

Tenants have said that the law would displace thousands of families who rent in Beirut under an old law that governs lease contracts enacted before 1993.
05:28 GMT

President Michel Sleiman refused Wednesday to sign a controversial new rent bill into law, arguing that it was unfair, prompting a brief protest by a group of landlords.

Asked when Oman was going to decide on potential changes to subsidy levels, Balushi said: “It’s an exercise that is going on, it could be this year, it could be next year.”
05:20 GMT

Oman’s government is looking closely at cutting costly subsidies in the sultanate, with petrol an obvious target, the minister for financial affairs said on Wednesday.

Leaders of the six-nation GCC have set January 1 to implement the customs union, first launched in 2003 and delayed on several occasions to resolve hurdles.
05:13 GMT

The energy-rich Gulf states agreed on Wednesday to resolve hurdles obstructing implementation of a long-delayed customs union, particularly revenue sharing, Kuwait’s finance minister said.

Egypt is currently trying to reduce a budget deficit which hit 14 percent in the 2012-2013 fiscal year, bringing it down to 11-12 percent by the end of the current fiscal year.
04:58 GMT

Supposedly, the exceptional measure is designed to answer calls for social justice raised during Egypt's 2011 revolution.

Egypt has obtained billions of dollars in loans from other Gulf Arab states in recent months. Some of that money has been used to help Cairo fund energy costs.
04:49 GMT

Former army chief Abdel-Fattah El-Sisi, who is expected to win the presidency, has suggested he will take a cautious approach to Egypt's energy troubles, saying the government cannot get rid of costly subsidies overnight.

May 7, 2014

KIPCO’s first-quarter revenue rose 19 per cent to 137 million dinars.
00:59 GMT

Kuwait Projects Co (KIPCO), the Gulf state’s largest listed investment company, reported a 20 per cent rise in first-quarter profit on Wednesday.

Out of the total, 14,438 transactions were in Amman alone, accounting for 42 per cent, and 19,560 transactions were in other governorates, accounting for 58 per cent.
00:54 GMT

Real estate trading in the Kingdom went up by 26 per cent during the first four months of 2014.

“The cultural and historical background of the two nations indicate the close friendship between Iran and China, therefore, media collaboration in all technical and production fields can be developed,” Musavi said.
21:47 GMT

Speaking at the meeting, Musavi pointed to cultural commonalties between the two countries, which help deepen the ties.

One of the two largest gas fields in Israel, Tamar was discovered in the eastern Mediterranean in 2009 and holds an estimated 10 Tcf of gas.
21:36 GMT

The letter of intent (LOI) contemplates a contract term of 15 years and a total gross sales quantity of up to 2.5 trillion cubic feet (Tcf) of natural gas.

Kuwait has boasted a budget surplus in each of the past 14 fiscal years, helping its sovereign wealth fund to increase to over $400 billion.
04:55 GMT

The International Monetary Fund (IMF) on Tuesday called on OPEC member Kuwait to contain a rapid rise in public wages and subsidies to safeguard the economy against oil price shocks.

The Suez Canal is the fastest shipping route between Europe and Asia and brings around $5 billion a year.
03:55 GMT

The Suez Canal project was a main feature in the campaigns of the most prominent candidates in the 2012 election.