Main headlines

March 26, 2014

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.

Arab foreign ministers on Sunday approved a draft resolution that paves the way for Egypt to host the Arab summit next year, and referred it to the Arab leaders for final endorsement.
22:20 GMT

The GCC rift, sparked after Manama, Riyadh and Abu Dhabi withdrew their ambassadors in Doha to protest against Qatar non-compliance with pan-Gulf agreements, has proved too formidable to be addressed at the summit.

Etihad will now have a 49 per cent stake in Air Serbia (File Archive)
16:00 GMT

Etihad Airways has received government and regulatory approval to move forward with its partnership deal with airline Air Serbia.

The new app is designed to curb the frequency of blackouts expected during Egypt's summer months (File Archive)
14:36 GMT

Egypt's Electrical Agency has launched an internet application that is designed to help Egyptians reduce their electricity consumption ahead of the summer blackout season.

Almost one million foreign workers left KSA between March and November 2013 ahead of Saudi's major labor deportations at the end of last year (File Archive)
13:45 GMT

Saudi Arabia's legislation over the past few months has forced more than 50 per cent of KSA contracting firms to close their doors.

China's exports and imports to and from Sudan, which totaled $11.5 billion in 2011, amounted to just $3.3 billion in the January-November period of 2012
09:55 GMT

The Sudanese ministry of finance of Sudan signed a number of agreements China in the fields of launching new oil exploration efforts, development projects in addition to the approval of additional loans.

The overall tourism strategy for Dubai is to double the number of visitors into the emirate between 2012 and 2020
08:58 GMT

While the business tourism sector currently accounts for 20 per cent of tourism in Dubai, experts project it will grow at the same pace as tourism in the emirate.

“This sector is beginning to make waves in the U.K. but needs to be nurtured from alternative investment to major league player,” Heaton said.
03:47 GMT

London has taken in over 11.7 billion pounds of Islamic investment in the last 10 years, making it the largest Islamic financial center in the Western world.

In a statement to The Jordan Times on Monday, the bank said the employees, who resigned in October 2013, have withdrawn the money from other banks' ATMs.
02:38 GMT

Bank al Etihad on Monday announced that its internal auditing process has unveiled an embezzlement case concerning withdrawal of JD207,000 using two fake credit cards.

The Middle East is a big market for technology and the growth of mobile in the region poses huge potential for us,” she said.
02:34 GMT

In the region, Yahoo has partnered with Egyptian comedian Ahmed Helmy and will be sending him to Brazil during the tournament to provide entertaining Arabic content around football, the firm confirmed.

March 24, 2014

Audi marks its 30th anniversary in Bahrain's market this month (Courtesy of Motor Authority)
14:00 GMT

The new Audi A8 L was released in the Bahrain market this week.

Saudi Arabia's IT market is the largest in the GCC (File Archive/Shutterstock)
13:00 GMT

Saudi Arabia is projected to be the most competitive economy by 2020 due to its integration and development of its IT sector and solutions.

There will be four cruise companies operating in Dubai next season (File Archive)
11:00 GMT

Dubai expects to attract one million cruise tourists by 2020.