Main headlines

March 30, 2014

Tourism receipts plummeted 65 percent, depicting a $2 billion drop in revenues in the first quarter of the current financial year in comparison to the prior year.
22:19 GMT

Despite falling tourism revenues, the current account was able to achieve a surplus due to grants received from Gulf states in the three months following the removal of Muslim Brotherhood president Mohamed Morsi.

Oil exports are expected to decline as market loosens, bringing the price down this year.
22:03 GMT

NBK estimated the country’s trade balance will shrink further in 2014 but stated that it will still remain substantial

The rise in expenditure is primarily driven by official initiatives to offer more government services online and on mobile platforms
10:51 GMT

Business IT spending in the UAE is forecast to reach $4.36 billion in 2014, increasing 8.3 per cent year-on-year, according to a report from International Data Corporation (IDC).

What will the future hold for a post-sanction Iranian economy? (Image: Innoverto)
10:49 GMT

Companies around the world are eager to find out what the temporary relaxation of sanctions, in addition to the future expected lifting of sanctions, could mean for accessing the Iranian market.

Lukoil is Russia's second largest oil producer (File Archive)
10:00 GMT

Russia's Lukoil has started its commercial production operations near Iraq's Basra this week.

UAE's government seeks to become an entirely Smart Government by mid-2015 (File Archive)
08:19 GMT

Etisalat is now upgrading smartphone service up to 3g for Emirati customers for whopping $82.

The success of Souq.com and the promising survey results of MasterCard and PayPal have raised more positivity about the acceptance of such e-commerce web portals
06:11 GMT

Souq.com, an aptly named domain for the Arabic term for ‘shopping markets’, was started nearly around a decade ago in 2005 and formed one of the major revolutionising business paradigm for the Middle Eastern region.


“Either this target is not realistic or new quantum leaps will have to be made to reach it,” Arıtak said.
04:26 GMT

Ambitious economic goals, like making Turkey one of the world's 10 largest economies are now less likely than ever before, according to market analysts.

March 28, 2014

It said 12 of these would be transport helicopters and the other 10 would be the frigate version. Qatar will also acquire two Airbus-made refueling tankers.
23:58 GMT

Qatar will buy 22 NH90 military helicopters from a unit of European aerospace group Airbus worth nearly two billion euros ($2.8 billion), the French defense ministry said Thursday.

The store features over 100 smart applications developed by the UAE local and federal agencies to provide services to about 700 customers in a single location.
23:43 GMT

Shaikh Mohammed said: “The aim is to make smart services part of the daily life of the society. The smarter the services are, the happier people become.”

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.