Main headlines

May 28, 2014

Output from the hydrocarbon sector was a key driver of growth from 2011 onwards when benchmark oil prices were $100 per barrel or above. This is in contrast to world GDP growth, which is recovering at quite a slow pace — below three per cent for the third year in a row — and downside risks fail to subside.
06:47 GMT

The report suggests that the Middle East is expected to post a GDP growth of 3.6 per cent in 2014 and 4.2 per cent in 2015 against 2.6 per cent in 2013.

The move comes in line with the UAE vision that calls for effective and advanced settlement system of disputes so as to make the country a first destination to attract businesspersons and capitals.
06:40 GMT

The authority enjoys autonomous legal status, and exercises its functions and powers without any interference from other bodies of DIFC.

Fully 60 per cent of trading on the Dubai market went to the property giant
06:24 GMT

Arabtec bounced back from days of losses with trading so intense that a market expert said it restricted trading in other Dubai shares.

Under Jordanian labour laws, an unlicensed change of activity is considered a violation of the law, and the number of Egyptian workers in violation of the law is unofficially estimated to be between 750,000 and one million workers.
05:59 GMT

Until now they have not been deported despite the decision having been made in the hopes that their affairs can be reconciled and the problem solved by paying the fine.

May 27, 2014

Qatar's emir has instructed all companies listed on the country's stock exchange to raise their limit for foreign ownership to 49 percent in a move that could attract more liquidity to the buoyant bourse.
23:26 GMT

The order announced in a bourse filing on Tuesday comes days before index compiler MSCI upgrades Qatar to emerging market status.

Passenger traffic through Dubai’s main airport, one of the world’s busiest, rose 13.7 per cent from a year earlier to 6.16 million people in April, the airport operator said on Tuesday.
22:39 GMT

During the first four months of 2014, traffic at Dubai International Airport climbed 11.9 per cent to 24.52 million passengers.

David Haigh, who until March was deputy chief executive of Dubai-based GFH Capital, a unit of Bahrain’s Gulf Finance House, has been referred to Dubai’s public prosecutor for trial.
22:26 GMT

A former managing director of English Championship club Leeds United has been arrested in Dubai on charges of embezzling Dhs23.7 million ($6.45 million)

A sewage plant is also being constructed, also part of infrastructural development in the UAE, and the first phase of the plant has already been completed, said Al Nuaimi.
03:55 GMT

Ajman is allocating 40 per cent of its 2014 budget to increase work on new development, economic and social projects, that aim to boost tourism in the emirate.

The prime minister has repeatedly called for an emergency rate cut, while the central bank has vowed to maintain its policy as long as inflation is high
03:55 GMT

Erdoğan has expressed extreme distaste for the central bank on multiple occasions in recent months, on this occasion adding that the small decrease was “a shame and a sin” and that he definitely did not like the central bank's interest policies.

The agreement was signed by Saif Mohammad Al Suwaidi, Director General of the UAE General Civil Aviation Authority, during his visit to the Caribbean island country.
03:55 GMT

Agreement stipulates that all national carriers of both parties will have right to perform scheduled air services between the countries.

May 26, 2014

The Jaguar F-TYPE Coupé launch in Saudi Arabia follows a 42 percent jump in Jaguar sales recorded for MYNM in the last fiscal year
23:12 GMT

Immediately recognizable, the vehicle was built on the design of the stunning C-X16 concept sports Coupé and the F-TYPE Convertible – winner of the 2013 World Car Design of the Year award.

The statement added that inspectors also discovered that the vessel’s piping arrangement had been modified in a prohibited manner so as to allow oil sludge to be pumped directly overboard.
22:19 GMT

“The defendant violated environmental laws that protect our marine environment from harmful pollution,” said US Attorney for the District of Delaware Charles M. Oberly III.

Construction contracts for a new crude oil pipeline between Saudi Arabia and Bahrain are expected to be tendered by the end of the year.
21:57 GMT

The 115km-long pipeline would run overland for 74km, with the remaining 31km being sub-sea.

Saeed said the highest level the stock market has witnessed occurred in 2008, when it registered 12,000 points, followed by a slump for five years.
20:17 GMT

The Egyptian Stock Market witnessed a significant rise in its main index EGX-30 index on Monday, recording 8,736.28 points, its highest level since 2008.

The bank should leave the currency floating and expose it to the market’s supply and demand, Younes said.
11:26 GMT

The Egyptian pound unexpectedly fell to record EGP 7.14 against the dollar after the Central Bank of Egypt (CBE) held an “exceptional foreign exchange auction” on 14 May