Main headlines

July 18, 2013

the Kingdom is aiming to generate 18 GW of nuclear energy, 3 GW of waste to energy, 1 GW of geothermal and an additional 9 GW of wind power, specifically for water desalination plants
15:55 GMT

Saudi Arabia aims to become the world’s foremost market for renewable energy with an aggressive investment budget of $109 billion.

Cyprus has agreed to cut its budget deficit to 2.4 percent of gross domestic product in 2016, from an estimated 5.9 percent this year
13:55 GMT

Cyprus’ international lenders began reviewing how the island is meeting the conditions of its 10 billion euro bailout Wednesday, looking to see whether it should get the next tranche of aid.

It wasn’t too long ago when a number of consumers started ditching their credit cards for fear of incurring massive debt
11:55 GMT

Bank sources confirmed that the uptake of credit cards in the UAE is on the rise as more people have come to the UAE for work and the economy gets better.

Tax exemption up to 80 percent are being offered to investments in the industry and mine sector
10:55 GMT

Iran’s tax revenues are forecasted to amount to 450.8 trillion rials (about $18.1 billion) in the current Iranian calendar year.

Currently, only 940 drugs from the registered 6,868 are made in the UAE
09:55 GMT

More generic, cheaper medicines for common conditions like hypertension and cholesterol will be available within two years following a landmark decision by the UAE Ministry of Health.

Growth in the depositary base continues to provide opportunities to expand the financing capabilities of the banking system
08:55 GMT

Deposits in the Saudi financial system reached SR1.3 trillion by the end of May, adding SR70.5 billion YTD.

Iraq also plans to build a refinery in the city of Nassiriya
08:17 GMT

Iran is fully prepared to build small oil refineries in other countries should they show interest, Oil Ministry spokesman says.

Iraq also plans to build a refinery in the city of Nassiriya
08:05 GMT

Iran is fully prepared to build small oil refineries in other countries should they show interest, Oil Ministry spokesman says.

Saudi Arabia topped the list of importers of Egyptian food products during the first half of 2013
06:52 GMT

Egypt succeeded in exporting 300 food products to the US, with annual sales of Egyptian food exports in US exceeding EGP 500m.

July 17, 2013

The search engine giant believes Streetview enhances users’ knowledge of landmarks and helps boost overall navigation, given that 40 per cent of all its searches are location oriented
15:55 GMT

Burj Khalifa has become the first skyscraper globally and first major landmark in the MENA region to be mapped out by Google Streetview.

The virus, first detected in Saudi Arabia last year, has infected 81 people and killed 45 worldwide
13:55 GMT

Travel to the UAE will not be affected at the moment by the Middle East Respiratory Syndrome, or MERS-CoV, industry experts said.

UAE financial system must be strengthen by the Central Bank and the Banks Federation
12:55 GMT

It is essential for the health of the economy that banks extend credit to businesses and governments that can be used for investment and to expand their services.

Rents in Dubai have recently gone up on the back of renewed confidence in the economy and the real estate sector.
11:55 GMT

Although a lot of landlords are asking for more money this year, residential rental prices in Dubai, particularly in prime locations, are showing signs of letting up.

The current serrated gas cylinder valve (horizontal) has been changed to the new vertical self-closing valve powered by a safety valve to reduce the pressure inside the cylinder to prevent possible damage
09:55 GMT

Cooking gas consumers in Jeddah are experiencing difficulties getting a refill after GASCO notified consumers that they should switch over to the new safety valve, commonly known as a regulator, which was introduced recently.

Boeing had earlier announced that world air cargo traffic will grow 5.2 per cent annually
08:55 GMT

Boeing has 649 purchase orders in the Middle East region as of June 2013 of various models with a main focus on 787s-Dreamliners and 777s.