Main headlines

September 25, 2013

Gross sports spending totaled GBP 630m, 29 per cent up on the equivalent 2012 figure of GBP 490m and GBP 130m more than the previous record of GBP 500m set in 2008.
14:00 GMT

"Some of the highest net spenders this summer have been clubs with Middle East based ownership. Both the financial backing of the ownership, as well as the impressive revenue growth achieved in recent years, have allowed clubs such as Manchester City and Paris Saint-Germain to again compete at the very top of the market to attract leading talent".

Prince Fahd said that some 65 million domestic and foreign passengers use the Kingdom’s air traffic sector in a year (Pictured: Riyadh's King Khaled International Airport).
12:23 GMT

“Those who prove their efficiency would survive and those who fail to do so will be removed from their posts.”

On its current trajectory, the airport is well on track to displace Heathrow as the world’s second busiest airport
12:06 GMT

“The results have been very satisfying so far this year with the airport achieving traffic growth rate well over the projected figures.

 The debt comprises $10 billion from the UAE Central Bank, which is due to mature in February 2014 and $5 billion each from two state-owned banks in Abu Dhabi — National Bank of Abu Dhabi and Al Hilal Bank — maturing in November 2014.
10:44 GMT

Dubai is not in negotiations with Abu Dhabi to refinance a $20 billion debt that will be due next year, a top government official said on Tuesday.

Shale oil production reached about 2 million barrels a day last year, pushing overall US output to 6.4 million barrels of oil per day, the most in 15 years and 32 per cent above the level five years ago.
09:56 GMT

The US shale boom is raising the prospect of energy independence in the world's biggest oil consumer.

"For example, if you are dressed in a formal suit, you will get a kilogram (kg) of tomatoes for LE5, but if you send your doorman in his robe to buy some, he will get it for LE3.5 or LE3," Diab added.
08:26 GMT

"Investors might be anxious and will think before pumping their money into our local market when they see governmental interference by setting prices of goods," Abu Basha said.

September 24, 2013

The UAE is among those economies most rapidly moving away from being predominantly cash-based society.
14:05 GMT

UAE is among the faster changing payments ecosystems.

Mafraq Governorate's population has increased by 70 per cent since the crisis started, which created extra pressure on its infrastructure and services.
13:59 GMT

Responding to a question about Jordan receiving $5 billion from international donors in assistance for the refugee crisis, Majali said "promises are one thing and implementing them on the ground is another".


Jazeera emerged out as the leading airline serving the Kuwait-Beirut route with a 40 per cent market share, and grabbed a 36 per cent market share on the Kuwait-Amman route, the report added.
13:06 GMT

On the Kuwait-Dubai route alone, Jazeera Airways saw a 55 per cent increase in flown passengers from August last year.

Share of the oil sector to the Kingdom’s GDP dropped from 29.5 percent to 22.2 percent in the two periods, which is a good indication that the Saudi economy has been increasingly supported by the private and nonoil sectors.
10:28 GMT

Saudi Arabia's GDP registered a record growth in the last five years to reach SR2.66 trillion ($580 billion) in 2012 compared to SR1.95 trillion in 2008, according to a government report.

The preliminary deal, subject to a six-week period of due diligence, which is expected to be completed by November 4, values the sinking smartphone manufacturer's at 9 dollar-a-share.Watsa further said that they can deliver immediate value to shareholders.
10:05 GMT

Watsa said that this transaction will open an exciting new private chapter for BlackBerry, its customers, carriers and employee


According to the report, Apple said that its fourth-quarter revenue will be at the high end of its estimated 34 billion dollars to 37 billion dollars in total revenue.
08:46 GMT

Apple has revealed that its latest iPhone5S hit 9 million unit sales record since its launch on Friday and that demand is exceeding supply.

September 23, 2013

Around 100 tons of black oil are planned to be exported through the port of Anzali to Russia
11:55 GMT

Iraq is exporting black oil to Russia through the Iranian port of Anzali in the Caspian Sea, Gilan Province Port Management Head Farhad Montaser Kuhsari said today.

Consumer loans capture nearly 80 percent of Saudi local banks’ retail loan portfolio
11:26 GMT

The volume of consumer loans given by Saudi local banks rose by 22 percent to reach SR321 billion in the second quarter of the current year compared to the same period last year.

Lebanon’s tourism sector contributed more than $8 billion in 2009 and 2010 to Lebanon’s GDP
10:38 GMT

The number of tourists to Lebanon dropped by 10 percent in the first eight months of 2013 compared to the same period last year, with European visitors topping the list ahead of Arabs for the first time in years.