Main headlines

August 25, 2013

OPEC member Venezuela has the world's largest proven oil reserves and produces up to three million barrels a day.
13:51 GMT

"It is an agreement of cooperation and solidarity with our oil industry... a sale of fuel at a fair price," Jaua said at a press conference.

The study marks a shift in conventional economic thinking
13:34 GMT

Emerging must develop tools to control credit flows or risk relinquishing any independent monetary policy, a study shows.

Mcdonald's branches in the Kingdom now reached 59.
13:25 GMT

McDonald’s franchisee for the western and the southern regions of Saudi Arabia, has opened three new restaurants – one in each of Jeddah, Jizan and Mahyel Aseer

Forex trading is the business of making profits by speculating on the value of one currency compared to another.
12:56 GMT

“We want our money [back], we are going hungry. We have too many problems. We have to pay our rent, everything else,” said an Indian resident who invested $78,800.

Her comments come as the Fed is signalling that it could slow its bond purchases later this year if the U.S. economy continues to improve.
12:28 GMT

Any pullback should be determined by the strength of individual economies, said Christine Lagarde.

August 23, 2013

The high demand for education in the country is the reason behind the expensive school fees.
22:30 GMT

UAE is the fourth most expensive country for foreigners to study and live in, according to the latest research by HSBC.

The trading volume jumped to 781.17 million shares yesterday compared to 659.57 million shares on Wednesday.
17:37 GMT

Abu Dhabi and Dubai indices ended the week in positive territory compared to last week, when both closed lower.

August 22, 2013

Their stunning displays take center stage within the park and are able to entertain the public for hours as they relax by the fountains.
16:21 GMT

The water features were specially designed to convey the message of Constitution Gardens, which aim to tell the story of the state of Kuwait before and after its formation.

Oman has two full-fledged Islamic banks, Bank Nizwa and Al Izz Islamic Bank, as well as several Islamic windows from conventional lenders.
16:01 GMT

ODB, which had a net loan portfolio of 100 million rials ($260 million) as of August 2012, already offers interest-free loans of up to 5,000 rials but they are technically not sharia-compliant.

Expatriates’ remittances went up at the end of July by 2.6 per cent to $2.16 billion,
08:35 GMT

The drop was attributed to a decline in the number of tourists seeking therapeutic services in the past few months and the drop of tourists in general in July, 2013.

August 21, 2013

UAE-based importers of Indian products are reaping the benefits of the falling value of the rupee.
14:41 GMT

"Is someone playing foul? I do not know. But this is strange.”

Social media giant Facebook has launched an initiative to provide internet services to the four billion or so people worldwide who lack internet access.
12:51 GMT

With every one in seven people in the world using Facebook, its CEO Mark Zuckerberg said that the project will be good for the world rather than something that is going to be really amazing for their profits.

The European Commission has approved €20 million to go to Algeria.
12:32 GMT

The program comes in the framework of the Programme for the Support for Partnership, reforms and Inclusive Growth (SPRING).

This is while the Statistical Center of Iran had put the figure at 33.9 percent, according to the Fars News Agency.
12:27 GMT

€“ The Central Bank of Iran has announced that the inflation rate for the 12-month period ended the fourth Iranian calendar month of Tir (July 22, 2013) compared to the same period in the previous year hit 37.5 percent.

According to the law, the percentage should be reviewed every two years, and it can be decreased, increased, or left untouched depending on the economic situation.
12:06 GMT

"Kuwaitization" was created by the government a few years ago to encourage Kuwaitis to work in the private sector as there were no available vacancies in the public sector for fresh graduates