Featured Articles

July 3, 2014

Forgery of educational certificates constituted around 40 per cent of all document fraud cases during the first half of this year,
14:43 GMT
Suspects face charges of forging an official document, faking a stamp, and attempting to use the fake document.
The government also lowered the target deficit ratio in the new budget to 10%, compared to 12% in the FY 2013/2014 budget, according to Dimian.
03:10 GMT
Economic experts have voiced scepticism over the government’s ability to meet the finance ministry’s revised GDP target for the 2014/2015 fiscal year (FY).
"Less religiously-linked branding could be useful for the industry if it wants to attract non-Muslim clients," he pointed out.
02:43 GMT
Islamic banking is based on core principles of the religion. So it is striking that some banks are removing the word "Islam" from their names.

July 2, 2014

The survey noted that 44.5 percent of those surveyed said employer efficiency is not affected, and 55 percent claim that important decisions and vital meetings are not postponed till the holy month is over.
23:23 GMT
The survey noted that 44.5 percent of those surveyed said employer efficiency is not affected
Turkish Energy Minister Taner Yıldız said last month that Turkey will begin exporting an additional 4,000 tons of refined oil products to Iraq daily
04:55 GMT
According to Moody's, Turkey's exports could decline by 15 percent if the fighting between the Islamic State of Iraq and the Levant (ISIL) and Iraqi military forces continues.

July 1, 2014

The fee for this aviation adventure starts from Dh270 ($73 USD). The first realistic A380 simulator landed in April at the Dubai Mall, where a 30-minute experience costs Dh350
16:19 GMT
Budding pilots and curious daredevils can fly the prestigious Airbus A380 in Dubai, within a realistic flight simulator, at a second location in Dubai.
The advertisement targets Saudi investors and invites them to apply for Canadian and Greek citizenship through an investment program.
14:11 GMT
A Canadian immigration company has, in violation of Saudi citizenship laws, posted an advertisement on the newspapers encouraging Saudi citizens to apply for Greek and Canadian citizenship, Makkah daily reported.
Saudis and expats have welcomed the move to close retail shops at 9 p.m., saying it would have a positive impact on social life and productivity.
11:46 GMT
The higher committee for regulating the working hours of retail shops has completed a draft law that will force all shops and sales outlets across the Kingdom to work anywhere between 6 a.m. and 9 p.m.
Change requires a figurehead or a face of the change, one that represents hope in a ‘better’ future.
04:55 GMT
Regardless of what the real business issue was behind the scenes of Arabtec, confusion reigned publicly, and undoubtedly privately also, resulting in an unhealthy knee-jerk reaction in the market.

June 30, 2014

The Saudi banking system capitalized on reforms implemented during the financial crisis and posted record profits in 2013.
16:09 GMT
Evidently, the extended maturity will provide a pricing benchmark for longer-tenor sukuk and energize an alternative venue for financing infrastructure projects.
“All non-productive expenses have been trimmed down,” Alkaffas said, but declined to go into details pointing to a statement due to be issued later.
13:36 GMT
Boosted by aid worth billions of dollars from Gulf Arab countries after Sisi deposed Islamist president Mohamed Morsi last July, Egypt’s 2013/14 budget deficit was set to shrink to around 11 per cent of GDP from some 14 per cent the year before.
An increase of approximately EGP 10bn ($1.4 billion) for fuel subsidies will be stipulated in the budget for the 2014/2015 fiscal year to offset the increase in global prices of oil, according to a senior petroleum ministry official.
04:55 GMT
The escalation of violence in Iraq threatens investments in one of the world’s most important oil reserves, as Iraq was expected to become the world’s largest oil exporte

June 29, 2014

Since the 70’s, crude oil is not allowed to be shipped outside the country, but that is about to change.
20:13 GMT
Whether the decision allowing the export of ultralight, condensate, marks the beginning of the end of the ban on American crude oil exports or not is being debated ferociously within the energy fraternity.
Quantitative easing on an extraordinary scale — as perpetuated in the US, Japan and potentially now Europe — has distorted not only the entire global economy through rock-bottom interest rates but also investment and its returns.
14:09 GMT
In the Gulf, there is a hybrid case in the operations of sovereign wealth funds, which plainly are governmental, but are viewing the international markets with this same awareness and considerable dependency.
In addition to the initiative, the GCC is also ramping up its port facilities to attract global cruise liners.
04:55 GMT
With such massive untapped potential, the Gulf’s Arab countries are now joining hands to promote the region as a winter cruise destination