Main headlines

October 29, 2013

The loss of Egyptian gas supplies, which used to account for over 80 per cent of Jordan’s electricity generation needs, has driven generation costs to over 187 fils per kilowatt hour (kw/h).
10:56 GMT

Ongoing cuts in Jordan’s Egyptian gas supplies are set to cost the country over $2 billion by the end of the year, officials revealed on Monday, calling for greater efforts to diversify the country’s energy mix.

In its program, the government said that it was not possible to continue with the current generous welfare system and there is a need to review subsidies and charges on public services.
10:14 GMT

The government dropped a bombshell with its program that explicitly told Kuwaitis that cheap or free services are things of the past.

“This is a licensed technology that has a proven safety record in several European countries and elsewhere, which was important in our decision,” Toukan said.
08:43 GMT

According to Toukan, the government will seek out local public and private investors to take part in a joint utility and shareholding company to be established by the government and Rosatom to maintain the reactors as a “Jordanian national venture”.

Average room rate in Abu Dhabi in the first nine months of this year has fallen 2 per cent on last year and now comes in at Dh419 ($114).
08:29 GMT

Visitors from India and Britain are making the most check ins.

No matter the economic statistics, the real cost of the war must always be measured in human suffering.
05:55 GMT

According to the report, “the Syrian economy experienced massive de-industrialisation as a result of business closure and bankruptcy, capital flight, looting and destruction.”

October 28, 2013

"Holding Expo 2020 in Dubai will remind the world that the Middle East is a region with potential and dynamism, a source of innovation for generations past, present and future," wrote Cameron.
10:09 GMT

"On November 27, delegates from around the world will meet to decide the venue for Expo 2020. I believe they should choose Dubai. Let me explain why," said Cameron.

“As a country that has witnessed destruction, there is nothing better for me than to talk about building homes for our people,” said AlAbaar, making reference to the similarities between Dubai and Kurdistan. (Pictured: Erbil, Kurdistan).
09:56 GMT

Downtown Erbil, estimated to cost more than $3 billion, promises to be a fully-integrated, mixed-use facility, offering a hub for both business and entertainment.

As part of the stimulus, LE2.5 million will be allocated to renovating roads and bridges, LE1.6 billion to paving roads nationwide, and LE557 million to complete 15 roads under the supervision of Egypt's Central Agency for Reconstruction.
09:43 GMT

Egypt's new economic stimulus package will include billions of pounds in infrastructure and sanitation investments, according to a breakdown released by Finance Minister Ahmed Galal in a meeting with economists from Egyptian political parties.

According to reports circulated through social networking sites, the seized money include currencies of Iran, Iraq, Turkey, India, Indonesia, Bangladesh, Egypt and Morocco.
07:59 GMT

He said that the citizens told police that they were engaged in money exchange business during Haj and the collected money was being taken to a Gulf bank.

Zain KSA continued to build on the strong positive momentum in the first half of 2013 with further improvements in the company’s financial performance for the third quarter of 2013.
07:22 GMT

Mobile Telecommunications Company Saudi Arabia (Zain KSA), announced on Sunday its third quarter financial results for the period ended Sept.30, 2013.

October 27, 2013

CBE added that gross domestic debts amounted to 87.5 percent of the GDP for the same fiscal year.
12:27 GMT

Egypt's total budget deficit reached LE240 billion ($34.8 billion), or 14 percent of the GDP, in FY 2012/13, the finance ministry announced in September.

Saudi investments were in the second place after those from the UAE during Q4 at $62.2 million.
11:52 GMT

Investments of the European Union (EU) countries topped the overall foreign investments in Egypt in Q4 which grew by 59 percent to $1.51 billion compared to $954.9 million in Q3.

The future aviation super hub was originally slated to open in mid-2009 but after failing to secure an operating license from the General Civil Aviation Authority (GCAA), Dubai Airports pushed back the launch date.
11:05 GMT

Dubai’s highly anticipated second airport, Al Maktoum International (DWC), opens to passenger traffic on Sunday - four years behind schedule.

The London-based bank can help increase Jordanian businesses’ use of renewable energy.Describing the Kingdom as a role model for social and economic reform in the region, Harmgart added that Jordan can become a leader in terms of innovation and economic transition.
09:20 GMT

The bank’s activities in Jordan will focus on overall economic growth, developing the private sector, promoting energy efficiency, supporting renewable energy, and improving infrastructure and municipal services

Ithmaar Bank has provided nearly $450 million for the project that brings together public and private entities to deliver social and affordable housing solutions.
08:14 GMT

It is the largest housing project ever to be developed in Bahrain in partnership with the private sector.