Economy & Trade

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The downturn was mainly due to a 1.8 per cent drop in oil-related GDP as growth in the non-hydrocarbon sector accelerated to 2.8 per cent, the report showed.
Plans for subsidy cuts have received little publicity in the Kuwaiti media, perhaps because of their political sensitivity.

August 25, 2013

The Egyptian minister has approved getting assistance from the International Monetary Fund’s experts to help the government through the transformation process.
15:26 GMT

Egypt’s government mulls over switching to Value-Added Tax (VAT) as a backbone for financial discipline and social justice, the finance ministry said on Friday.

The study marks a shift in conventional economic thinking
13:34 GMT

Emerging must develop tools to control credit flows or risk relinquishing any independent monetary policy, a study shows.

Her comments come as the Fed is signalling that it could slow its bond purchases later this year if the U.S. economy continues to improve.
12:28 GMT

Any pullback should be determined by the strength of individual economies, said Christine Lagarde.

MoF organises recreational activities for children of the DHA Thalassemia Centre
11:06 GMT
(press release)

Ministry of Finance organised recreational activities for children of the Dubai Health Authority- Thalassemia Centre in its Dubai premises.

Department of Municipal Affairs
09:36 GMT

Department of Municipal Affairs in the Emirate of Abu Dhabi issued a decree to form a Work Team to create a sustainable capacity-building in the municipal system.

August 22, 2013

Handbags stuffed with opium
10:39 GMT

Inspectors of Dubai Customs in Dubai Cargo Village thwarted a smuggling attempt of around 4.2 kilograms of narcotic opium.

Expatriates’ remittances went up at the end of July by 2.6 per cent to $2.16 billion,
08:35 GMT

The drop was attributed to a decline in the number of tourists seeking therapeutic services in the past few months and the drop of tourists in general in July, 2013.

August 21, 2013

UAE-based importers of Indian products are reaping the benefits of the falling value of the rupee.
14:41 GMT

"Is someone playing foul? I do not know. But this is strange.”

The European Commission has approved €20 million to go to Algeria.
12:32 GMT

The program comes in the framework of the Programme for the Support for Partnership, reforms and Inclusive Growth (SPRING).

This is while the Statistical Center of Iran had put the figure at 33.9 percent, according to the Fars News Agency.
12:27 GMT

€“ The Central Bank of Iran has announced that the inflation rate for the 12-month period ended the fourth Iranian calendar month of Tir (July 22, 2013) compared to the same period in the previous year hit 37.5 percent.

According to the law, the percentage should be reviewed every two years, and it can be decreased, increased, or left untouched depending on the economic situation.
12:06 GMT

"Kuwaitization" was created by the government a few years ago to encourage Kuwaitis to work in the private sector as there were no available vacancies in the public sector for fresh graduates

Argentine Vice President, His Excellency Amado Boudou with Mohammed Sharaf, Group Chief Executive Officer, DP World, during the visit of a high level delegation from Argentina to DP World Headquarters in Jebel Ali
11:47 GMT

A high level delegation from Argentina led by the Vice President, His Excellency Amado Boudou, today visited DP World headquarters in Jebel Ali.

Hisham Ramez, Chairman of Egypt’s Central Bank, described the state of Egypt’s foreign currency serves as “reassuring”.
11:18 GMT

The government says it has put the final touches on the country's economic roadmap.

Dubai Electricity and Water Authority
05:50 GMT
(press release)

Dubai Electricity and Water Authority has issued a request for tenders for the new clean coal power plant, as part of its efforts to diversify Dubai’s energy mix, and use new sources to generate electricity.

August 20, 2013

The most attractive industries in the Kingdom are perceived to be construction (42 percent), telecommunications (33 percent), and banking and finance (32 percent).
16:07 GMT

More than half of the companies in the Middle East and North Africa (MENA) are considering hiring in the next 3 months.