Main headlines

August 20, 2013

More than 50 local and international companies have signed agreements with KAEC,
13:01 GMT

The labour complex project is expected to have a maximum capacity of 5,000 residents upon completion.

Goldman Sachs said Monday it expected tighter oil markets to propel Brent to $115 “in the very near term.”
08:00 GMT

“Bloodshed and unrest in Egypt and the disruption of oil supplies from Libya have put a floor under oil prices.”

Total state spending came in slightly below the initial plan of 178.6 billion riyals for the fiscal year that ended in March.
07:33 GMT

This is the first time that the government’s annual spending undershot its budget plan since 1990 – a sign of the difficulties which Qatar is having in pushing forward huge and complex infrastructure projects.

At least five companies are competing to design a major expansion of Bahrain International Airport, which includes a new terminal and could cost up to BD20 million ($52.8 million), a report said.
07:10 GMT

The expansion will rise the airport's passenger capacity by 50%.

August 19, 2013

Estimates reveal that the largest sector to benefit from this investment is likely to be the construction industry, dominated by the newly-sanctioned hospital projects and infrastructure in Kuwait.
13:42 GMT

Long-term investments in infrastructure have led to an increase in new business opportunities for Kuwait's construction and machineries sector.

Samsung has the second largest market share of 13.8 per cent, followed by Blackberry with 10.7 per cent and Apple with 7.4 per cent, said the TRA's ‘Smart Phone and Mobile Operating Systems’ review.
13:18 GMT

Nokia currently enjoys the largest market share with 56.4 per cent in the UAE mobile phone handsets market, according to a study by the Telecommunications Regulatory Authority (TRA).

The insurance industry in the GCC region is catching up with the global trend and has witnessed a CAGR of about 18 per cent between 2006 and 2012.
13:03 GMT

The lack of awareness and the transient nature of expatriates are key factors linked to the very low levels of insurance penetration.

Ramsay will select head chefs for the new venture to re-locate to Dubai and develop menus that will cater to regional demands.
11:30 GMT

British celebrity chef Gordon Ramsay has signed an agreement with Gates Hospitality to bring a selection of his restaurant brands to Dubai.

About 332 million Egyptian pounds ($48 million) of shares were traded, compared with a one-year daily average of 391 million pounds.
08:46 GMT

The stock market closed Aug. 15 in the first unscheduled shutdown since January 2011, when it suspended trading for almost two months.

August 18, 2013

The formal framework of the Central Bank’s policy remains unchanged with the exchange rate fixed at QAR 3.64/$1.
15:47 GMT

"The riyal's (QAR) peg to the dollar is the cornerstone of the country's monetary policy," The Peninsula newspaper reports the Qatar Central Bank (QCB) as stating.

No official statement has yet been issued evaluating the cost of damages and sector losses (Sources: Getty images).
15:33 GMT

The Daily News Egypt spoke to a number of Egyptian economists to explore how the economy will be affected by the recent political turmoil and resulting violence.

“Saudi inflation has eased over the course of this year, in spite of fairly robust domestic demand.
14:54 GMT

The banks appear to be in a healthy condition and the government’s fiscal position is strong enough that it can respond to any sharp deterioration in the economy by ramping up spending.

Syrians will be able to buy dollars at 175 Syrian pounds, higher than the official rate but still cheaper than the black market – where the rate often reaches 200.
11:05 GMT

Syrian authorities have shut down a money exchange office in Damascus and made several arrests as a part of a campaign to curb illegal currency trading.

The TEPIX surpassed 60,000 on Saturday.
09:10 GMT

The total value of Iran’s capital market is half of the gross domestic product (GDP).

The 35 existing lounges on the Emirates network will be refurbished according to the new design in a phased plan during the next 18-24 months.
08:55 GMT

The 35 existing lounges on the Emirates network will be refurbished according to the new design in a phased plan during the next 18-24 months.