Main headlines

November 26, 2013

Since the global financial meltdown, European governments and investors have been more keen to develop Islamic finance within the Eurozone as a way to attract wealthy investors from the Gulf and southeast Asia (Shutterstock)
10:15 GMT

Private investors from the Gulf, including a royal family from UAE, told reporters Tuesday that plans are underway to establish the first full Islamic bank in the European Union.

Topaz will deploy boats to Azerbaijan's offshore fields during the last quarter of 2013 and the first quarter of 2014 (Courtesy of Shipbuilding Times)
09:46 GMT

Dubai-headquartered Topaz Energy and Marine has won 2 contracts with BP to begin operations in Azerbaijan's largest oil and gas fields.

KSA will use solar power energy to operate its proposed seawater desalination plant (Shutterstock)
09:29 GMT

Saudi Arabia is planning to build the world's largest solar-powered seawater desalination plant in Ras Al Khaimah

KSA hopes the new port in Al-Lith will ease pressure on the overcrowded Jeddah port (Courtesy of Arabian Business)
08:39 GMT

Saudi Arabia announced Tuesday that it will build a massive, 43 million square port on its west coast to "lure investment" and "ease pressure on Jeddah."

More than 10.8 million visitors have arrived in Bahrain thus far this year (Courtesy of Samba Samba)
08:32 GMT

In 2013 thus far, 10.8 million visitors have arrived in Bahrain, but confusing passport and visa procedures may discourage additional visitors in the future.

Turkish consumers spend $25 billion on Islamic fashion items annually, followed by Iran ($21 billion), Indonesia ($17 billion), Egypt ($16 billion) and Saudi Arabia ($15 billion) (Shutterstock)
08:02 GMT

Is Islamic fashion the new retail hub? Consumer spending in this clothing sector is projected to reach $322 billion by 2018.

She reaffirmed Qatar’s pledge to support Arab expatriate scientists and to provide the necessary resources to reputable centres across the world so as to advance research expertise locally, regionally and internationally.
03:55 GMT

Research in Qatar will focus immediately on three priority challenges of energy, water and cyber security, HH Sheikha Moza bint Nasser, chairperson of Qatar Foundation, announced yesterday.

November 25, 2013

The new Galaxy Note 10.1 (2014 edition) expands on the advanced productivity and creativity leadership delivered by the original Samsung Galaxy Note 10.1.
19:59 GMT

Samsung Electronics Co has unveiled the Galaxy Note 10.1, 2014 edition, an original approach to balancing productivity, powerful content creation and consumption.

Crude futures in New York have slumped 12% since Iranian President Hassan Rohani took office August 1, pledging to end the sanctions crippling his country’s economy.
16:38 GMT

Iran’s pledge to limit nuclear work in return for looser economic sanctions will have a “muted” impact on crude prices as the nation’s oil sales remain capped, said analysts including Societe Generale’s Mark Keenan.

Gulf Navigation was the biggest loser, plunging 5.65 per cent to Dh0.334.
16:24 GMT

Emaar Properties in Dubai and Aldar Properties in Abu Dhabi witness sell offs

Also as endorsed by the Cabinet, a one-year “free residence permit” will be granted to any investors who should deposit JD30,000 in the name of the interior minister.
10:58 GMT

Interior Minister Hussein Majali instructed on Sunday all concerned government agencies to ease residency and visa procedures for investors and businesspeople.

Dubai deserves to win the Expo 2020 as the business hub city of this region but if it does not get it we will all be a little richer for having tried.
10:17 GMT

The Dubai rumor mill is fairly confident that the city has won it. But the reality is far different. Nobody has a clue until the votes in the secret ballot are counted.

Khalid Barashid, a property dealer, said the raids have pushed down land prices by 30 percent in suburban areas and wiped out illegal dealers.
09:51 GMT

The government’s correction campaign has pushed land prices down by 30 percent and closed more than 80 percent of unlicensed real estate offices, local media said quoting property experts.

Solidere, which was set up to rebuild the Beirut Central District, has been hurt by lower demand for real estate due to the spillover from the Syrian crisis, and its shares have lost almost 13 percent since the beginning of 2013.
03:55 GMT

A financial analyst who spoke on condition of anonymity told The Daily Star that though long-term investors in Solidere were increasingly uneasy about the performance of shares, they would not be willing to sell at a heavy loss.

November 24, 2013

Iran exported over 132,000 tons of gasoline, valued at $134 million, in the past Iranian calendar year.
18:14 GMT

The country’s fuel storage capacity is projected to hit 15 billion liters by the end of the Fifth Five-Year Economic Development Plan (2015).