January 6, 2013
Output from the OPEC group of twelve oil-producing nations is at its lowest level for more than a year after western sanctions against Iran take hold and top producers Saudi Arabia and Iraq productions levels dip.
Gulf investment is usually focused on Europe and the US, but the slowing global economy is seeing Gulf-based investors to start in invest in Africa.
Economists have estimated the Kingdom’s revenues from Haj and Umrah services in 2012 at more than SR 62 billion ($ 16.5 billion), 10 percent up from 2011 figures.
The country’s biggest bank has urged a rethink of the Central bank’s plan to cap local and expatriate mortgages reports.
The Jordan Chamber of Commerce (JCC) on Saturday called on the government to address illegal commercial activities conducted by foreign workers in the local market.
A huge increase in GCC population to just under 55 million by 2020 will force the region to develop new and more sustainable energy sources.
January 3, 2013
Global banks are scaling back operations in the Middle East, as companies begin to question if the region is value for money as they cut bank on staff and sell-off operations.
The United Nations Development Programme is set to launch new new initiatives in Yemen, which it hopes will ease the chronic youth unemployment rate, which is currently at sixty per cent.
The pharmaceutical market of Saudi Arabia, one of the largest in the Middle East region, is forecast to expand by 4.7 per cent a year to reach $4.7 billion by 2016, a report said.
Lebanon's tourism and hospitality sector received a brief respite over the festive period, but 2013 looks set to be a tough year for the industry.
The number of guest workers in Jordan with valid work permits stood at 235,258 at the end of 2012, the Ministry of Labour’s end-of-year statistics showed.
The government debt of Saudi Arabia shrunk to SAR 98.85 billion by the end of 2012, and the Kingdom is directing resources at stimulating economic growth, and not just debt payments.
January 2, 2013
Smartphones, not laptops, are the most desired device among 18-30 year olds in the Middle East as they are seen as the most versatile and compact, according to a recent survey by Cisco.
The value of Abu Dhabi's foreign trade increased by 37.6 per cent in 2011 to AED532.9 billion ($145.09bn), accounting for 66 per cent of its GDP for the year, the Department of Economic Development (DED) revealed, reports The National
As Jordan and other developing countries struggle with growing youth populations and limited job opportunities, experts and officials say that solving the problem of youth unemployment is among the Kingdom’s top policy challenges.