Main headlines

July 8, 2014

South Sinai’s 62,000 hotel rooms represent approximately 33% of Egypt’s total hotel capacity, according to Egypt’s Hotels Chamber.
16:53 GMT

According to the Egyptian Ministry of Tourism, travel advisories issued for the Sinai Peninsula led tourism revenues to decrease in the first quarter of 2014 to $1.3bn.

Investors appear to have anticipated the weaker results, which were flagged by a recent comment from Samsung’s financial director that the quarter’s earnings were “not that good”.
14:46 GMT

Samsung Electronics’ earnings fell by almost a quarter in the three months to June, after the South Korean group was caught out by unexpectedly low demand for its smartphones in China and Europe.

Adam did not expect additional financial assistance from Gulf countries in the next period.
04:55 GMT

Foreign reserves are now the lowest since the ouster of former president Mohamed Morsi in July 2013.

Jordan’s imports from Mexico reached $41 million compared with around $17 million of exports
04:55 GMT

His Majesty King Abdullah’s visit to Mexico has laid down the basis of improved economic relations between the two countries.

The search for gas has been a priority for Saudi Arabia as it struggles to keep pace with rapidly rising domestic demand.
00:44 GMT

Royal Dutch Shell is ending investments in a gas development project in Saudi Arabia, complicating the top oil exporter’s efforts to exploit its huge gas reserves.

July 7, 2014


A total of 10 consortiums are vying for the first phase of the project involving civil works.
19:42 GMT

"We have asked them to submit their bids for this project. We intend to sign the contract with the winning bidders in early October," he said.

Flight Search can be accessed on tablets, smartphones and desktop computers.
19:36 GMT

Once users are on the Google Flight Search tool, they are able to quickly and easily conduct searches for different flight routings

Another reason for the slowdown may be that households balance sheets are stretched after a surge in consumer borrowing over the past few years.
12:42 GMT

In the first quarter, growth in all three sectors that relied on cheap foreign labor — construction, retail and transport — slowed markedly from a year ago.

Dubai’s real estate market may also be overheating, as the country’s central bank issued a warning on the soaring property prices.
11:49 GMT

Gulf markets ended their worst quarter in many years, as almost all indices in the region ended the month on a negative note.

Yemen's income from oil exports tumbled by over 64 per cent to $73.4 million in May from a year ago,
04:55 GMT

Sanaa's finances have deteriorated as it has been caught in a nationwide fight against al Qaeda militants and other rebel groups.

Dubai is planning to build a temperature-controlled city featuring the world’s largest mall and an indoor park, as well as hotels, health resorts and theaters, the developer said.
02:24 GMT

Already home to one of the globe’s biggest indoor shopping complexes, Dubai Mall, the glitzy emirate known for its love of grandiose projects said it is now planning to build the “Mall of the World”.

The tax on other alcoholic beverages, such as wine and spirits manufactured locally or imported from abroad, has been increased by 150%.
02:06 GMT

The resolution replaces old amendments to the Sales Tax Act, which were not implemented and were postponed after facing broad popular opposition.

Disruptions linked to engineering or geopolitics have plagued global oil producers in recent years.
02:01 GMT

The US has overtaken Russia and Saudi Arabia to become the largest producer of crude and natural gas liquids (NGLs) in the past six months.

“But what has been significant for us has been the enthusiasm shown by visitors from the Middle East region despite not having a team competing."
01:48 GMT

Spending by GCC visitors has been quite robust since the start of the mega-football tournament.

July 6, 2014

French carmakers Peugeot and Renault look to be among the clearest beneficiaries of the interim deal that lifts some sanctions on Iran.
10:45 GMT

Iran itself counts car manufacturing as its second-biggest industry after oil, accounting for 10 percent of its gross domestic product.