August 4, 2013
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.
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.
Showing growth and dynamism, tourist arrivals from Australia into Oman grew by 71.2 per cent in 2012.
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 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
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.
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 and Iran inked a banking agreement to arrange for a $3.6 billion oil credit line, the Syrian Arab National News Agency reported Tuesday.
Kuwait has sent two oil tankers carrying crude and diesel worth $200 million to Egypt.
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.
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
Saudi Arabia’s benchmark stock index (TASI) recorded a handsome gain of 0.90 percent, closing at 7,863.83.
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.
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.
Gas production will start in two phases of the South Pars gas field in the near future.