Main headlines

March 27, 2014

The multi-million dollar contract will be a big investment between America and the UAE. (File/AFP)
15:28 GMT

American firms Parsons and Halcrow will begin next phase of construction plan, awarded by Dubai's Roads and Transport Authority.

Dubai hopes to welcome 20 million visitors annually by the year 2020 (Shutterstock)
08:59 GMT

Dubai's Department of Tourism and Commerce announced this week that it is on track to reach one of its key Dubai Vision 2020 objectives: to attract 20 million tourists annually.

According to the statement, the budget deficit rose LL444 billion at the end of last year
07:55 GMT

Lebanon’s budget deficit in 2013 rose slightly to 30.94 percent (or $4.2 billion) of spending compared to 29.47 percent (or $3.9 billion) in 2012.

The announcement came following a meeting between Egyptian Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour and Russian Minister of Industry and Trade Denis Valentinovich Manturov.
03:55 GMT

A Russian industrial zone focused on producing agriculture machinery and equipment will be established in Egypt.

Around 91 per cent of UAE residents strongly believe that the upcoming Expo 2020 in Dubai will push up the cost of living across the country, according to a new survey by Insight Discovery.
23:53 GMT

Out of 1000 residents polled, around 16 per cent of the respondents said they doubted if the event would deliver any benefits once it is over.

March 26, 2014

Centrepoint has enjoyed significant success particularly in Saudi Arabia and Kuwait where the concept has evolved into a popular fashion destination for families
22:34 GMT

With 100 stores in its retail portfolio, Centrepoint has earmarked a further AED1 billion ($270 million) towards the launch of 75 stores in the next five years across existing territories as well as new markets including Iraq, Libya and other African countries

Dubai recorded 1.8 million more passengers than Heathrow in January and February this year (File Archive)
13:00 GMT

Based on passenger records from the first two months of 2014, Dubai International Airport has outpaced Heathrow to top the list of the world's busiest airports.

Saudi Arabia aims to boost textile trade internationally. (Shutterstock)
12:55 GMT

Textile manufacturers from around the globe are gathering for the anticipated Textile Arabia exhibition in the Kingdom.

The UK's Maritime Component Command sits alongside the US Fifth Fleet Naval Headquarters in Bahrain (File Archive/AFP)
11:00 GMT

Britain is investing $97.7 million in Bahrain to expand its military presence in the Gulf country.

Banking has been a pioneer in this area and mobile banking is leading among many expatriates
09:55 GMT

Adoption of mobile banking is gaining traction in the UAE and it is expected to grow further with Dubai’s mobile initiative.

The total value of exports last year touched RO21.7bn, compared with RO20.05bn in 2012
08:55 GMT

The total value of exports from the sultanate increased by 8.2 per cent in 2013 from a year ago, according to recent statistics issued by the National Center for Statistics and Information (NCSI).

Strict air quality regulations were introduced in 2008 to stop quarries from generating pollutants, including dust and toxins,.
03:55 GMT

The bill would hold authorities responsible for regular monitoring of environmental impact of oil and gas exploration and extraction and for suggesting solutions for any threats to the environment

AFESD’s second agreement will contribute $162m to the Egyptian-Saudi electricity linkage project.
03:55 GMT

According to the cabinet’s Monday statement, the project is part of a larger electricity linkage system between Egypt and Gulf countries.

The International Monetary Fund, or IMF, urged GCC regulators to continue to ensure that banks maintain higher capital than required by minimum international standards.
00:25 GMT

The IMF team noted that GCC regulators are expected to follow the new Basel III liquidity requirements, but there may be challenges in agreeing on definitions of liquid assets and in developing market liquidity.

March 25, 2014

Overall, the Middle East’s online shopping is set for ‘exponential’ growth in the next three to five years, as more consumers embrace faceless transactions
22:58 GMT

Online sales in the Gulf Cooperation Council (GCC) countries are forecast to grow to $15 billion next year according to PayPal.