Main headlines

May 22, 2013

Kuwaiti Parliament
11:19 GMT

A number of MPs expressed mixed reactions over the massive reshuffle on Monday in the oil sector, with some welcoming it and others strongly criticizing it as politically-motivated, while the opposition made no reaction to the changes.

Fruits and vegetables market
11:13 GMT

The largest fruit and vegetable factory has opened its doors to Saudi women for the first time, hiring 100 female employees and aiming to hire 300 more in the coming two years.

It is expected that the rents of apartments in the south and east of Jeddah to drop
11:09 GMT

Experts say the rent hikes were due to rising costs of building and renovation, and the increase in the wages of workers in the construction and management of building.

The IMF said a drop in oil output and lower crude prices would likely result in smaller fiscal surpluses in 2013.
06:06 GMT

Saudi economic growth will slow to 4.4 percent in 2013 from 6.8 percent last year due to an expected fall in oil production, and cuts in government spending, the International Monetary Fund said Tuesday.

Average Egyptian household spends 40.6 percent of its expenditures on food
05:40 GMT

Poverty and malnutrition increased in Egypt between 2009-2011, with spikes expected as inflation increases

The Lamar Towers project occupies a 34,800sqm plot
05:00 GMT

Drake & Scull Construction (DSC) the General Contracting Arm of Drake & Scull International PJSC (DSI) has announced that it has been awarded a SAR 1.725 billion (some $460 million) contract by Lamar Investment and Real Estate Development Co. to complete the Lamar Towers project in Jeddah, Saudi Arabia.

Resolute policy action will be necessary this year
05:00 GMT

The International Monetary Fund (IMF) is not concerned about Dubai’s ability to repay its estimated $48 billion of debt obligations, according to the director of its Middle East and Central Asia department.

May 21, 2013

Brent crude rose 16 cents to $104.80 a barrel
11:46 GMT

Benchmark oil for June delivery gained 69 cents to close at $96.71 a barrel on the New York Mercantile Exchange.

The ministry will hand unskilled jobs to locals eventually
10:49 GMT

INJAZ Saudi Arabia said the country needs a number of qualified executives and skilled manpower to drive the economy and make the best of the current economic boom in the Kingdom.

The International Monetary Fund
10:03 GMT

Inflation in Egypt is expected to climb to 10.9 percent this year, the highest level since 2010, the International Monetary Fund said on Tuesday, more than it expected in April.

Abu Dhabi Corniche
06:00 GMT

A good part of the funds would be invested towards the development of the emirate’s Western Region.

Dubai Electricity and Water Authority (DEWA)
05:00 GMT

Dubai: Dubai Electricity and Water Authority’s conservation initiative saved Dh16 million in electricity and water, it was announced at the eighth Conservation Award for the educational sector.

Air Arabia
05:00 GMT

Air Arabia said on Monday it has signed a $350 million financing deal from a syndicate of two GCC banks — Qatar National Bank (QNB Group) and Commercial Bank International (CBI).

May 20, 2013

The road originally has seen the construction of 11 service projection lines
12:40 GMT

Work on a Dh267.5 million roads project will begin on an 80 kilometre two-lane highway that links Abu Dhabi’s third largest city with the Western Region.

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen at the headquarters building in Vienna on April 4, 2013 (ALEXANDER KLEIN/AFP/Getty Images)
11:51 GMT

The Organization of the Petroleum Exporting Countries (Opec) will need to pump slightly more oil than it thought in 2013 and expects global consumption to be much higher in the rest of the year.