Main headlines

June 1, 2014

Earlier this month, international rating agency Standard and Poor’s affirmed Egypt’s long term and short-term foreign and local currency sovereign credit ratings, putting the country’s outlook at “stable”
03:55 GMT

“A very high turnout might have enhanced the legitimacy of the return to military rule in domestic and international eyes,” the credit agency says

May 29, 2014

A study released on Wednesday by global real estate consultancy CBRE put the emirate ahead of 187 other global cities based on the number of international retailing brands operating in the market.
13:13 GMT

Dubai has retained its number two spot worldwide as a retail destination, just behind London and well ahead of New York, Moscow and Shanghai.

Falih said Aramco’s refining capacity would be between 8 million to 10 million barrels a day (bpd) in the coming years, a figure exceeding the goal cited by Aramco in 2012 of 8 million bpd.
12:35 GMT

Saudi Aramco said its downstream investments would exceed $100 billion over the next decade, as global demand for oil rises by a quarter in the next 25 years.

Promised aid from the GCC has so far amounted to $20 billion, Sisi revealed in an interview earlier this month.
11:43 GMT

Following the landslide win, Sisi now faces the daunting task of reviving Egypt’s flailing economy and creating jobs for the rising numbers of unemployed youth in the country.

Losses were estimated at $143.8 billion, a figure the report said was based on estimated damage to residential and state buildings.
11:09 GMT

Syria's economy, rocked by four years of civil war, is shrinking fast as industrial and agricultural output falls, leaving almost two thirds of the population in extreme poverty.

May 28, 2014

Earlier on Wednesday, Reuters cited an anonymous source in the Egyptian government as saying they were studying imposing new taxes on capital gains in the bourse as well as on dividends.
19:56 GMT

Egypt’s main index fell on Wednesday as voting in the presidential elections continued and reports surfaced of a possible capital taxes.

Greenbox has purchased the centerpiece of the exhibition, entitled The Question, which was created by Al-Othman with the intent to provoke personal engagement.
19:38 GMT

The Greenbox Museum displays its art collection by Saudi Arabian artists in a single space in Amsterdam, in a similar way to the methods of display found in the earliest museums in Europ

The price of oil inched higher above $104 a barrel Wednesday as the conflicts in Ukraine and Libya posed renewed risks to crude supplies.
19:15 GMT

Brent crude, a benchmark for international oils, was up 13 cents to $110.15 on the ICE exchange in London.

Output from the hydrocarbon sector was a key driver of growth from 2011 onwards when benchmark oil prices were $100 per barrel or above. This is in contrast to world GDP growth, which is recovering at quite a slow pace — below three per cent for the third year in a row — and downside risks fail to subside.
06:47 GMT

The report suggests that the Middle East is expected to post a GDP growth of 3.6 per cent in 2014 and 4.2 per cent in 2015 against 2.6 per cent in 2013.

The move comes in line with the UAE vision that calls for effective and advanced settlement system of disputes so as to make the country a first destination to attract businesspersons and capitals.
06:40 GMT

The authority enjoys autonomous legal status, and exercises its functions and powers without any interference from other bodies of DIFC.

Fully 60 per cent of trading on the Dubai market went to the property giant
06:24 GMT

Arabtec bounced back from days of losses with trading so intense that a market expert said it restricted trading in other Dubai shares.

Under Jordanian labour laws, an unlicensed change of activity is considered a violation of the law, and the number of Egyptian workers in violation of the law is unofficially estimated to be between 750,000 and one million workers.
05:59 GMT

Until now they have not been deported despite the decision having been made in the hopes that their affairs can be reconciled and the problem solved by paying the fine.

May 27, 2014

Qatar's emir has instructed all companies listed on the country's stock exchange to raise their limit for foreign ownership to 49 percent in a move that could attract more liquidity to the buoyant bourse.
23:26 GMT

The order announced in a bourse filing on Tuesday comes days before index compiler MSCI upgrades Qatar to emerging market status.

Passenger traffic through Dubai’s main airport, one of the world’s busiest, rose 13.7 per cent from a year earlier to 6.16 million people in April, the airport operator said on Tuesday.
22:39 GMT

During the first four months of 2014, traffic at Dubai International Airport climbed 11.9 per cent to 24.52 million passengers.

David Haigh, who until March was deputy chief executive of Dubai-based GFH Capital, a unit of Bahrain’s Gulf Finance House, has been referred to Dubai’s public prosecutor for trial.
22:26 GMT

A former managing director of English Championship club Leeds United has been arrested in Dubai on charges of embezzling Dhs23.7 million ($6.45 million)