Main headlines

August 4, 2013

Saudi Arabia's construction sector has been hit the hardest by its ongoing correction to visa statuses affecting the country's expatriate workers.
13:25 GMT

The construction industry has possibly been the hardest hit. Before the start of April’s grace period for illegal workers there were an estimated 250,000 construction contracts in motion. The 575,000 corrections to visa statuses has not been enough to stall the labour market and the reverberating aftershocks have rocked the sector.

Glass demand is an excellent reflection of a country’s per-capita growth
12:19 GMT

The GCC glass industry is witnessing a period of unprecedented growth driven by a significant acceleration in new construction and infrastructure projects announced by regional governments.

Whilst the growth in number of tourists was impressive, the actual number could be even higher
12:06 GMT

Showing growth and dynamism, tourist arrivals from Australia into Oman grew by 71.2 per cent in 2012.

Dubai s Tourism Vision 2020 seeks to position the emirate as the foremost destination for leisure and business travellers
09:56 GMT

Dubai s plans for growth in the tourism sector seem to be on the right track as evidenced by the surge in number of visitors, 55 million, up by 111 per cent from last year, in the first half of this year.

Iran plans to increase its cement output up to 85 million tons by the end of the next Iranian Calendar year
08:20 GMT

Iran produced 25.65 million tons of cement in the first four months of the current Iranian calendar year, which began on March 21, according to the secretary of the union of cement industry employers.

August 1, 2013

According to the IFC, the $3 billion committed during the 2013 fiscal year, which ended June 30, includes $914 million mobilised from other investors
14:55 GMT

The International Finance Corporation announced in a press statement on Wednesday that it committed $3 billion last year to support economic development in the Middle East and North Africa.

Total housing stock in the Saudi housing market is expected to expand by 2.2 million units during the next 8 years
13:55 GMT

A long-awaited mortgage law approved by Saudi Arabia in 2012 will have a limited impact on the housing market in the short term as the law mainly addresses demand not supply.

Syria would repay the Islamic Republic for the oil supplied by allowing Iranian investments in various fields in Syria
12:55 GMT

Syria and Iran inked a banking agreement to arrange for a $3.6 billion oil credit line, the Syrian Arab National News Agency reported Tuesday.

Saudi Arabia and the United Arab Emirates had earlier pledged a total of $8 billion in aid to Egypt
10:55 GMT

Kuwait has sent two oil tankers carrying crude and diesel worth $200 million to Egypt.

Daily consumption by power plants rose to 89 million cubic meters of gas and 17,000 tons of fuel oil
10:11 GMT

Egypt’s state gas company EGAS will cut back on the amount of gas it supplies to factories to keep electricity plants running instead during the peak summer months, Al-Borsa newspaper reported Wednesday.

The occupancy rate for hotel apartments stood at 85.8 per cent, an increase of 6.5 per cent
07:36 GMT

Dubai attracted more than 5.5 million visitors during the first half of the year, increasing by 11.1 per cent year-on year.

July 31, 2013

13 sectors showed a collection of 656.3 points for the day
14:55 GMT

Saudi Arabia’s benchmark stock index (TASI) recorded a handsome gain of 0.90 percent, closing at 7,863.83.

Iraqi tourists topped the list of visitors to the country, comprising 36 percent of tourist arrivals to Lebanon
13:55 GMT

Faced with an immense decline in tourists over the past two years, Lebanese hotels are resorting to discounts and promotions to lure in more visitors from Iraq and Syria.

Several countries experiencing socio-political upheaval at worst, and fragile economies at best
11:55 GMT

Confidence amongst business leaders in the Mena region rose more than two points in the second quarter of this year to 62.6, its highest level in more than a year, according to a report.

The South Pars gas field holds 8 percent of total gas reserves of the world and half of the country's proven gas reserves
10:55 GMT

Gas production will start in two phases of the South Pars gas field in the near future.