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November 10, 2011

Dr Bandar Hajar, deputy chairman of the Saudi Shura Council, said the UAE began with a strong determination shown by its leadership and people in promoting the nation’s development
15:12 GMT
In an exclusive interview with Gulf News, they pointed to the giant achievements the country is witnessing under the leadership of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, which they said complemented the unprecedented success which started under late Shaikh Zayed Bin Sultan Al Nahyan.
OPEC estimated its spare capacity would double from that level and reach 8 million bpd in the medium term to 2015 as Libyan supply recovers and as a result of investments by other OPEC countries to expand output
09:37 GMT
World oil demand is expected to rise to 92.9 million barrels per day by 2015 in OPEC’s reference case presented in the report, up 1.9 million bpd from last year’s forecast.
Finance Minister Mohammad Safadi presented his 2012 draft budget to the Cabinet two weeks ago which is yet to be discussed and approved by the ministers
09:03 GMT
The merchant associations in Hamra and Burj Hammoud warned Tuesday that raising the VAT from 10 to 12 percent would have catastrophic results on businesses.
They work for Tawafa organizations, the Makkah Metro, and as security guards at the hundreds of tents housing millions of pilgrims
07:46 GMT
Young Saudis make the most of the pilgrimage season and try to acquaint themselves with the cultures and traditions from where the pilgrims come from.

November 9, 2011

Saudi Arabia will continue to supply the market with what it needs
15:40 GMT
Saudi Oil Minister Ali Al-Naimi said in early June the kingdom would produce all the oil needed after OPEC talks over a coordinated output increase to make up for the shutdown of Libyan oilfields collapsed in Vienna.
The decline in the stock market is a normal reflection of the weakness in the Lebanese economy where real GDP growth projections have been revised downward several times this year
15:32 GMT
Regional uprisings and lackluster economic growth in Lebanon are likely to continue weighing heavily on Lebanese stocks this week, after the bourse performed dismally last week, analysts told The Daily Star.
Most markets either return to positive growth or at least slow down the decline, as tourism kicks back into gear following the slow period during Ramadan
15:27 GMT
Hotels across the Middle East and North Africa (MENA) are reporting a bounce-back in occupancy following a slow Ramadan according to a recent report conducted by MKG Hospitality.
The project will be linked to the Madinah-Jeddah-Makkah train service and the Mashair Railway
10:25 GMT
The project’s infrastructure strategy will have the Grand Mosque as its focal point,” the prince said. An essential part of Haj and Umrah services is the transport facilities, the prince added.
Illegal roadblocks and disruption have decimated reservations and left many too afraid to attend the weddings of their family members
09:32 GMT
Numerous wedding halls have been badly affected by illegal roadblocks and disruption caused by anti-government protesters and extra security measures brought in to stop them.
Most hotels in the capital and many in the mountains were fully booked during the past five days
08:41 GMT
Restaurants, cafes and shops in Beirut’s Central District, which has experienced slow business in the past few months, saw a steady rise in the number of customers during the Eid.

November 5, 2011

Pilgrims buy jewelry and gold with no concern about the quality. They trust the gold quality in Saudi Arabia more than the quality in their countries
05:15 GMT
The Ministry of Commerce too has noticed an increase of fraud cases against jewelry shops in the Kingdom. Some of the tricks that traders use are easily detected, while others are quite sophisticated and cannot be discovered quickly.

November 3, 2011

Online transactions in the Middle East are often for travel and hotel reservations, such tasks are usually taken care of by males due to socio-economic and cultural factors, researchers noted
15:53 GMT
One of the factors contributing to this disparity can be attributed to the higher ownership of smartphones among males versus females in the region, with these devices offering easy, anytime access to social media.
Growing per capita GDP and disposable income, expanding population base and consistent inflow of tourists will boost the region’s retail sector going forward
15:24 GMT
Retail sector sales in the Gulf states are expected to grow at a CAGR of 8.3 percent between 2010-2015, reaching $240.3 billion by the end of the forecast period, a report said.
The political environment in any country is a vital bridge between the social aspirations and reality
15:08 GMT
Millions of unemployed youths, with little hope of work, and no education, and a possible inclination to radical answers would indeed be a serious threat to any society. But millions of well-educated 20-somethings, heading for 21st century jobs in new technologies, would be a terrific asset to any Arab state.
Islamic Agricultural and Rural Finance can bring the genuine green revolution to an economy
09:12 GMT
As Islamic Finance has made a lot of progressive research in Agricultural finance bringing a number of pragmatic and useful choices which if implemented can bring revolutionary development to the economy.