Main headlines

May 12, 2014

“The first challenge, or the big one, is how to restore the political stability,” the minister said, but said it was an issue where the country is on the right track.
03:55 GMT

El-Araby stressed that the private sector “has always been and will continue to be the main player in the Egyptian economy.”

Eight of KSE’s sectors ended last week in the red zone, three recorded increases, whereas the Health Care sector’s index closed with no change from the week before
03:55 GMT

Kuwait Stock Exchange (KSE) ended last week in the red zone

May 11, 2014

Qatar’s bourse has officially reported that the combined first-quarter net profit of all but two companies amounted to QR11.1 billion, up 8.6 per cent year on year.
20:25 GMT

Dubai’s bourse has outpaced other Gulf markets by a wide margin in terms of companies’ first-quarter profit growth,

The Qazvin-Rasht-Astara railway is estimated to carry 1.4 million passengers and 5-7 million tons of cargo per year.
17:57 GMT

Russia has agreed to build the Rasht-Astara railway which stretches 167 kilometers in northwestern part of Iran.

Iran's vice president for legal affairs Elham Aminzadeh said "some sanctions have been lifted. But problems continue."
17:33 GMT

Iran's deputy oil minister for petrochemicals, said "nothing has changed compared with last year" in terms of petrochemical sales to the EU.

Lebanon’s primary budget turned negative in 2012 and deteriorated further in 2013 to 141 percent of GDP as the government came under pressure to spend and economic activity dropped, the IMF report said.
06:00 GMT

Political jockeying and sectarian tensions have slowed or stalled action needed to tackle Lebanon’s financial problems.

Fawry is a bilingual Arabic-English platform which allows customers to pay for services either online, via mobile phone, or at a point of sale machine.
05:55 GMT

Launched in Egypt in 2009, the payment service has since taken off fast in a country where under 10 percent of the adult population have an account at a formal financial institution, according to the World Bank.

Over the years, GE has developed several successful co-op programs with leading Saudi institutions
04:55 GMT

As part of its $1 billion investment commitment to the Kingdom, GE has joined hands with Saudi Aramco and Tata Consultancy Services (TCS) to launch the first all-female business process services center in Riyadh, Kingdom of Saudi Arabia.

The new system will save time and money and speed up completion of accident reports.
03:55 GMT

The programme will have electronic maps linked to satellites to determine accident sites and will allow the reconstruction of the accident scene.

Emirates announced earlier this year that it would reduce flights to 41 destinations during the 80-day airport runway upgrade programme, which began on May 1.
03:55 GMT

Dubai-based Emirates Airline will lose Dhs1 billion (272 million USD) in revenues due to runway upgrade work at the Dubai International Airport in 2014, but the amount will be recovered within the year, the carrier’s chairman has said.

“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.