Main headlines

January 27, 2014

The draft budget projected a deficit of about 21 trillion Iraqi dinars
10:17 GMT

Iraq cannot finance its projected 2014 budget deficit unless the northern Kurdistan region pays its oil export revenue into the national treasury – or loses its share of state spending.

The government increased the special tax imposed on mobile phones from 8 per cent to 16 per cent
08:55 GMT

Revenues of the country’s telecom sector have dropped by 9 per cent since the government increased taxes on cellular phones and mobile subscriptions.

Hero is the number one motorcycle company in India and the world (File Archive)
08:28 GMT

The widely popular Indian motorcycle brand Hero has been launched into the Egyptian market.

Naguib Sawiris plans to invest $1 billion in Egypt during the first quarter of 2014 (Courtesy of the BBC)
08:00 GMT

Naguib Sawaris, the Egyptian billionaire icon, still wants to buy a stake in Telecom Italia, as long as Telefonica, the company's biggest stakeholder is out of the picture.

The 270,000-barrels per day (bpd) Mina Abdullah refinery was running at about 60 percent of capacity on Sunday.
03:55 GMT

The Jan. 22 power outage shut down all three of Kuwait's refineries.

Qatar Airways said on Tuesday it was named “Best Business Class” at the 25th Annual Best in Business Travel Awards, recently held in Los Angeles.
03:55 GMT

The airline was additionally honored as the “Best Business Class in the Middle East” and named “Best Airline in the World for International Travel” for the fifth consecutive year.

January 26, 2014

Around 1,500 saplings were planted at the university on Saturday as part of the initiative.
19:04 GMT

The initiative seeks to plant 1 million saplings over the next four years to increase the country’s green cover, a statement from the university said.

Saudi economists said the Kingdom’s strong position would help attract more foreign investors.
18:56 GMT

Saudi Arabia holds 15th position among the world’s leading economies in creditworthiness, said a survey conducted by S&P Capital IQ.

Dubai Marina neighbourhood has seen a rise in deal activity from the third quarter last year, according to Clutton’s winter property update.
18:48 GMT

Dubai’s new tramway will boost buyer demand in residential areas such as Dubai Marina owing to its proximity to the network,

Utico has called for the pre-qualifications for a 40MW solar power development project, the first-of-its-kind in the country, to be built at Ras Al Khaimah (File Archive)
12:00 GMT

UAE will build its first 40MW solar power development in Ras Al Khaimah.

The Lebanese economy has suffered greatly from decreasing tourism since the start of Syria's civil war in early 2011 (Shutterstock)
10:28 GMT

Tourism in Lebanon has dropped 40 percent since 2010, according to figures released by the Tourism Ministry Friday.

The Queen Alia International Airport launched its second expansion in mid January this month (Courtesy of Business Traveler)
10:18 GMT

Jordan's new Queen Alia airport welcomed a record number of visitors in December 2013, representing an 8.4 percent growth from the year prior.

Sales contracts came the second with its amount reaching OMR647.9 million by the end November 2013
09:28 GMT

The traded value of property grew by 21.5 per cent to OMR1,945.7 million for the first eleven months ending November 2013.

The fall in the lira seemed to worry investors, who pushed the main stock index Borsa İstanbul (BIST) down 1.8 percent.
03:55 GMT

The lira's steep decline comes amidst a similar free fall in other emerging market currencies against the greenback.

Arab Bank Group, posted a 43 percent rise in 2013 net profit to $501.9 million on the back of higher revenues.
03:55 GMT

"This was in spite of the challenging environment in the region with the solid growth in operating income reflecting prudent and conservative policies the bank preserved and the strategy it pursued," Al-Masri said.