Main headlines

August 7, 2013

Syria’s economy has been hurt by depletion of foreign reserves that were estimated at around $16 billion to $18 billion before the conflict.under an article in the bloc’s regulations on Syria, “the release of frozen funds or economic resources may be authorized when this is necessary for humanitarian purposes.”
12:22 GMT

Syria is trying to tap frozen funds in foreign bank accounts to step up purchases of food stocks including wheat, as civil war and a deepening humanitarian crisis push President Bashar Assad to seek new ways to feed his people.

700,000 inhabitants of those areas will benefit from the project and will have their living conditions improved
11:10 GMT

The EU Delegation in Tunisia has made a grant of €32.9 million to Tunisia to renovate 119 neighbourhoods throughout the territory;

Real estate sales in the month of June in Kuwait increased by 27 per cent year-on-year, to reach KD339 million ($1.18 billion), an NBK report said.
09:18 GMT

A little over half of the approved loans, which came from 662 applications, were for new constructions. According to NBK, these figures are roughly double the amount approved during the same period in 2012.

August 6, 2013

Emirates, one of the world’s fastest-growing airlines, on Monday announced the launch of its luxury private jet service.
13:14 GMT

Customers seeking unsurpassed luxury in travel can book a tailor-made experience on Emirates Executive, the ultra-spacious Airbus 319 aircraft, and enjoy new technology and design to meet the most discerning traveller’s requirements.

Officials from Sharjah are to target Washington and New York next month on an investment roadshow (Getty images)
12:30 GMT

The first roadshow to the US hopes "open new avenues of cooperation in various areas, particularly with the huge participation of public and private sector in the delegation".

A healthy inflation target in stable economies ranges between 2-3%.
12:14 GMT

Iran's inflation rate hits 33.9 percent.

The country has run through more than $20bn in reserves, borrowed billions from abroad and delayed payments to oil companies to support its currency since its popular uprising in early 2011 (Getty images).
11:36 GMT

The figure is the highest since November 2011, but it nonetheless shows that Egypt continues to bleed foreign currency to defend the Egyptian pound.

Mosaic's cash investment is expected to be up to $1 billion, funded over a four-year period beginning in 2013.
11:05 GMT

The companies, which signed the shareholders’ agreement recently, have been working toward the agreement since a Heads of Agreement was signed in March.

The extra charge will be used to offset the operational expenditure incurred by the merchant and the acquirer.
08:11 GMT

The surcharge that UAE cardholders are now paying to petrol stations will be shared between the merchants and the acquirers or banks that process the transaction,

August 5, 2013

The initiative aims to shape a new learning environment in public schools through the launch of "smart classes’ that will provide every student with an electronic tablet and access to high-speed 4G networks by 2017.
12:01 GMT

The Smart Learning Program, to be completed by 2017, is set to revolutionize education in the UAE.

The Sharjah-based energy producer reported net income for the second quarter of Dh100 million, a decline of 44.7 per cent compared with the corresponding period last year.
11:31 GMT

Income at Dana Gas fell by almost half during the second quarter after lost production in the Kurdish region of Iraq and difficulties collecting debts from Egypt. Read more: Follow us: @TheNationalUAE on Twitter | on Facebook

The new law will come into force six months from the date of issuance and is part of a number of legislative developments designed to install international best practices and further enhance the economic development of Kuwait, said a press release from DLA Piper.
08:47 GMT

"The new law is part of a number of recent, positive legislative developments in Kuwait's investment sector designed to encourage foreign investors as well as align it with international best practices, as Abdul Aziz Al-Yaqout, Regional Managing Partner, DLA Piper Middle East, said,

The suspects had lured 400 individuals into investing in a non-existent project which they alleged will generate ⠀˜high returns’.
07:47 GMT

A father and son have been convicted of defrauding Dh100 million (around 27 million USD) in fake investments using the name of their deceased business partner, the Cassation court ruled.

Dubai will have its own chapter of the World Entrepreneurship Forum with the aim of promoting entrepreneurial idea exchange and networking in the region, the Department of Economic Development in Dubai announced yesterday.
07:35 GMT

Dubai will be the first city in the Middle East to host a local chapter of the forum in December and Dubai SME, the agency of the DED in Dubai mandated to develop the small and medium enterprise (SME) sector.

August 4, 2013

Year-on-year credit growth was as high as 19.4 per cent in the first half of 2012, which market experts expect to stay in the single digits this year.
13:52 GMT

Growth in total lending of Oman's six listed commercial banks declined to 7.5 per cent in the first half of 2013 as retail loans slowed down significantly due to regulatory restrictions.