Main headlines

September 26, 2013

Describing the performance of the sector as good so far, he credited Syrians in Jordan for higher sales.
12:03 GMT

Jordanian expatriates and Arab visitors boosted clothing sales in summer, offsetting a slowdown in domestic consumer spending, according to a leading merchant.

The collaboration of the three companies underscores their strong commitment to support Saudi Arabia’s localization strategies to diversify the Kingdom’s economy and enable the growth of a viable employment sector.
11:10 GMT

The new venture is estimated to create up to 3,000 jobs for Saudi professional females.

"We have pretty much the same strategy for the next financial year as this year. It's going to be a diversified structure," Brian Jeffery, senior vice president for corporate treasury at Emirates said in an interview.
10:20 GMT

The airline company has to raise $22 billion over the next four years to finance its aircraft deliveries, an average of $5.5 billion a year.

According to the ITF, a standard hiring contract for thousands of the airline’s female workers reads: “You are required to obtain prior permission from the company, in case you wish to change your marital status and get married.
09:26 GMT

Qatar Airways has come under scrutiny on Wednesday after it was accused of forcing its female workers to seek permission from the company when they decide to get married and notify them of pregnancy.


The agreements were signed during His Majesty King Hamad's visit to the Asian country.
09:09 GMT

"It [the visit] has created connections between the private sectors of the two countries which will hopefully be transformed into new joint ventures."

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.