Main headlines

December 11, 2012

Ministers agreed not to separate the issue of the salary scale in principle and the means to fund it
07:02 GMT

The Cabinet failed again Monday to pass the controversial salary scale as both the private sector and labor groups remained deeply divided on whether to raise the salaries of civil servants and teachers substantially.

December 10, 2012

China and other countries in Asia, including South Korea continue to buy Iran’s oil
16:23 GMT

Western pressure that forced foreign ship classifiers out of Iran has increased safety risks including the danger of an Iranian vessel spilling oil on another country’s coast, the chief executive of Lloyd’s Register said.

The World Bank forecast a $1.5 billion Palestinian budget deficit for 2012, with donor funds expected to cover only $1.14 billion of this shortfall
13:16 GMT

Arab states agreed to provide the Palestinian Authority with a $100 million monthly “financial safety net” to help President Mahmoud Abbas’ government cope with an economic crisis after the UN granted de facto statehood to Palestine, Reuters reported.

Wage hike would increase inflation by 2 to 3 percent and would push the balance of payments deficit above $2 billion each year
10:07 GMT

Economy and Trade Minister Nicolas Nahas said that the Cabinet is still delaying mobilising on passing the proposed wage hike to Parliament, despite mounting pressure from both labor organizations and the private sector to address the issue.

Cyber-attacks cost the economy Dhs1.5 billion ($422 million) a year
10:00 GMT

Cyber-criminals and hackers promise to make next year a tough one for the UAE’s wired-up business and personal users, a cyber-security firm has warned.

Jordan’s credentials in hosting the largest number of Palestinian refugees and other waves of refugees are well known
07:41 GMT

Jordan’s foreign minister has denied allegations that the Gulf Cooperation Council (GCC) has tied its financial assistance to the kingdom with stipulations including strings that bind them into accepting all Palestinian refugees from Syria.

December 9, 2012

OPEC survived the day, despite penalties imposed on Iraq in terms of cutting off its oil flow to the market
13:10 GMT

This week may not be a good one for the Organization of Petroleum Exporting Countries (OPEC). It should decide on a new secretary general to succeed Abdalla Badri.

Saudi total oil exports in the current year are predicted to yield SR 1.089 trillion in revenues
12:51 GMT

Saudi Arabia exported nearly 2.68 billion barrels of crude oil in the past 11 months of the current year that has yielded SR 1.005 trillion, an economic expert said.

The global Islamic financial services industry continues to experience double digit growth, with recent estimates indicating that global Shari’ah-compliant assets now stand between $1.1- 1.3 trillion
12:17 GMT

The banking world gets set for the three day event, held under the theme: 'Islamic Finance: Adapting to the New Dynamics of Global Finance'.

The announcement of the union would be at a special summit to be held in the Saudi capital
07:31 GMT

The Gulf Cooperation Council (GCC) Summit this month in Bahrain will not announce the union of the six member states, Bahrain’s foreign minister has said.

A well-established port and transport infrastructure is critical to drive the economic competitiveness of any nation by promoting cross-border trade and enhancing investment inflows
07:22 GMT

Khalifa Port will be officially opened on December 12, 2012 amidst expectations that over the next few years the UAE will become a vital link in the chain which connects emerging and more established markets.

December 6, 2012

The African Development bank is set to sign off an a loan for Egypt
12:37 GMT

The African Development Bank (ADB) is on its way to approve a request to grant Egypt $1 billion loan to support the country’s budget, the bank’s director said during a press conference in Cairo on Wednesday.

One million Saudis are unemployed
11:39 GMT

Unemployment in Saudi has reached one million people, as the Kingdom plans a new policy of 'Saudization'.

Jordan's rail project is to be adopted  by the 'Union for the Mediterranean'
11:20 GMT

The Union for the Mediterranean (UfM) announced on Tuesday that it would adopt the Jordanian National Railway Network Project as one of the UfM's regional projects.

Stocks are almost in freefall mode after a night of violent protests
10:57 GMT

Egypt stocks tumbled Thursday morning in the aftermath of violent clashes between pro and anti-Morsi supporters that left at least five dead and some 500 injured Wednesday night.