Main headlines

July 1, 2014

Accommodation at five-star hotels skyrockets to anywhere between SR31,000 to SR40,000 for a 10-day period near the end of Ramadan.
04:55 GMT

Travel operators in Riyadh will increase the prices of weekend Umrah packages from SR90 ($23) per head to SR160 ($42) from Wednesday thanks to the influx of pilgrims during Ramadan.

The Iranian carmaker Iran Khodro has resumed automobiles exports to Russia, which it halted in 2009 when Russia adopted stricter Euro-4 emission standards.
01:55 GMT

The resumption of car exports to Russia comes at a time of greater openness to trade with Iran in the wake of an interim nuclear deal.

June 30, 2014

After swinging wildly this month in response to Arabtec’s gyrations, the Dubai index is down 22 percent from its multi-year peak in mid-May
14:09 GMT

The collapse marks a continuation of the builder’s downward trend on the Dubai bourse

He added that comparative studies about plans implemented in other countries should be made, but Iran’s domestic capacities and necessities should not be ignored as a result of these studies.
13:59 GMT

The government views the revival of the lake as a criterion for simultaneously reviving other bodies of water in the country, he added.

Meanwhile, Israeli manufacturers see further expansion of their overseas activity.
04:55 GMT

Monthly analysis by the economic division of the Israel Manufacturers Association presents worrying figures showing a continued decline in Israel's industrial exports

The regulations will be issued before the end of the year and a six-month grace period for its implementation will be put in place.
04:55 GMT

A high commission set up to develop the regulations ensuring retailers close at 9 p.m. has completed its task.

The estimated size of the proposed deal is the supply of seven BCM (billion cubic meters) of gas annually for 15 years.
04:55 GMT

The value of the agreement is estimated at some $30 billion.

June 29, 2014

The new system will enhance the quality of services, safety and environmental sustainability for citizens in the country.
20:03 GMT

The Qatar Public Works Authority 'Ashghal' has awarded IBM the contract to provide a smarter road and drainage infrastructure in the gas-rich country.

 Family-owned businesses in the Middle East face a range of challenges that affect not only the success of the business itself, but also the professional and personal goals of their owners and their stakeholders at large.
16:03 GMT

Deloitte recently conducted a survey on family-owned businesses to assess two specific areas that have an impact on their companies’ operations and growth: governance and succession

Arabtec, which remained among the top losers last week, shed 27.23 per cent.
13:52 GMT

Fund managers and analysts do not expect major movements and said investors have already been liquidating their positions before Ramadan.

The Jordan Customs Department and the three telecommunications companies for landline, mobile and Internet (Umniah, Zain Jordan and Orange Jordan) have also linked to the system.
04:55 GMT

The Central Bank of Jordan (CBJ) on Saturday officially launched e-FAWATEERcom system to help citizens check and pay their bills electronically via different paying outlets.

Gulf oil produces who are members of the monetary union are talking to the UAE and Oman in a bid to persuade them to join the union, Kuwait’s finance minister said in press comments on Saturday.
04:55 GMT

The UAE and Oman opted out of the proposed monetary union before it was launched in 2010

“Income equality is important for sustainable growth. We can't fight income inequality with only macroeconomic policies. Turkey should increase its production capacity,” Dinçer added.
04:55 GMT

Turkey ranks third among the countries with the highest levels of income inequality.

June 26, 2014

EDL has written to the Finance Ministry that the allocation for fuel oil not be slashed from $1.8 billion to $2.2 billion.
23:28 GMT

An official at the state-owned Electricite du Liban said Wednesday that power plants have been shut down to limit fuel consumption, warning

Sultan Qaboos, who has been ruling Oman since 1970, responded by suspending the rules based on his understanding of the needs of the public, ONA reported.
22:57 GMT

Oman’s ruler Sultan Qaboos bin Said has put on hold the government’s decision to scrap price controls for most products after a public uproar triggered an intervention by his consultative council, state news agency ONA said.