Economy & Trade
May 23, 2013
Egypt's central bank kept the price of the country's currency steady against the dollar at a special $800 million foreign exchange auction on Wednesday, called to help importers pay for wheat, meat, cooking oil and other essential imports.
The World Bank has proposed a $150 million loan for Jordan to help it with the cost of thousands of Syrian refugees fleeing the civil war in Syria, Jordanian and World Bank board sources said on Wednesday.
May 22, 2013
Chevron Corp is in advanced talks to sell most of its downstream assets in Egypt and Pakistan, three sources said, with the planned disposals seen raising around $300 million for the U.S. oil major.
The auction will be the central bank's second exceptional sale of foreign exchange. In April, it sold $600 million to pay for wheat, meat, cooking oil and other essential imports.
RTS Realtime Systems Group announced plans to open its newest data center in Dubai, the first Middle East site in its global data center network.
Saudi economic growth will slow to 4.4 percent in 2013 from 6.8 percent last year due to an expected fall in oil production, and cuts in government spending, the International Monetary Fund said Tuesday.
Poverty and malnutrition increased in Egypt between 2009-2011, with spikes expected as inflation increases
The International Monetary Fund (IMF) is not concerned about Dubai’s ability to repay its estimated $48 billion of debt obligations, according to the director of its Middle East and Central Asia department.
May 21, 2013
Department of Economic Development hosted a seminar to create awareness among Emiratis working in the public and private sector using the 2013 EFQM Model.
Inflation in Egypt is expected to climb to 10.9 percent this year, the highest level since 2010, the International Monetary Fund said on Tuesday, more than it expected in April.
Dubai Customs hosted a gala dinner to honour government entities and sponsors that contributed to the meticulous planning and seamless coordination of the event.
A good part of the funds would be invested towards the development of the emirate’s Western Region.
May 20, 2013
Bahrain's real gross domestic product (GDP) is estimated to have expanded 3.9 per cent last year from the 1.9pc growth seen in 2011.
Yields on Egyptian three- and nine-month treasury bills climbed on Sunday and the auction's size was reduced after a new central bank decree limited the amount of funds that banks can channel into money market funds to buy T-bills.
The World Bank has approved a $30 million soft loan aimed at supporting a government initiative to improve access to basic services in impoverished parts of the country.