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There has been a diversity of opinion expressed in public statements by oil ministers,
13:26 GMT
Oil analysts are putting down markers on the Organisation of the Petroleum Exporting Countries' (Opec) meeting on November 27.
The Brotherhood has been a source of friction between Gulf Arab states
13:22 GMT
On Saturday the UAE designated 85 organisations as terrorist groups including the Brotherhood, Islamic State.
 
Total cost would be between $1.5-$2 billion, the company said, and supplies to Egypt would start flowing in 2017
04:55 GMT
Israel's offshore Tamar gas field may get a $1.5-$2 billion upgrade, including the construction of an underwater pipeline to an export plant in Egypt.
The migration of the Lebanese private sector to the UAE, and especially Dubai, is a phenomenon that has grown in the last three years.
04:55 GMT
It seems that this is the economic [golden] age of Dubai

November 20, 2014

The demand has been unprecedented, locally and internationally.
16:25 GMT
“With all the tickets now sold out, we can officially say that the 2014 Formula 1 Etihad Airways Abu Dhabi Grand Prix is going to be bigger than ever before!”
How long will it take for aggressive and rich competitors like the top Internet companies to move into this space?
16:15 GMT
Internet platforms like Facebook, Google and Amazon are developing banking products that will probably become future foreign competition for the UAE banking sector.
An investment conference will be held in Egypt in December, to attract businessmen and investors.
16:01 GMT
Disney World shows in Egypt sends an important message to domestic and international investors to Egypt.
Large billboards reading “Qatar deserves the best” cover many construction sites, a few miles from where some World Cup stadiums are taking shape.
04:55 GMT
29,400 people, or 1.4 per cent of Qatar’s population, are estimated to be working as slaves, in forced labour or domestic servitude, a report said on Monday.
Çelik noted that the government plans to amend the existing law in order to give companies that have not yet acquired a specialist extra time to comply.
04:55 GMT
The number of hazardous workplaces in Turkey, especially those related to industries such as mining and construction, stands at 680,000.
Dubai, which also topped the global ranking for air connectivity, was acknowledged for its growing infrastructure and diversity.
04:55 GMT
Dubai has been ranked as the most attractive city in the world to work in, beating others such as New York and London, according to an INSEAD alumni survey.
The region's airlines are securing funds as they take delivery of what Boeing has forecast to be a need for 2,610 aircraft by 2033,
04:55 GMT
Gulf-based airlines have closed financing agreements for a total of 16 Boeing and Airbus aircraft,
Eighty-three per cent of world equity market cap is currently supported by zero interest rate policies.
04:55 GMT
While the year 2014 began with expectations of higher growth, higher yields and higher stocks, it is ending with the reality of lower inflation, lower yields and higher stocks
The bank directed PricewaterhouseCoopers to remove key warnings to regulators on illicit transactions in an independent report.
04:55 GMT
Bank of Tokyo-Mitsubishi UFJ was fined $315 million by a US banking regulator Tuesday for pressuring a consultant to water down a report on transactions with Iran.

November 19, 2014

Investment volume in the private hospitals sector in the Kingdom exceeds JD2 billion, Private Hospitals Association President Fawzi Hammouri said Monday.
04:55 GMT
Private hospitals employ 30,000 workers, 95 per cent of whom are Jordanians.
Global cocoa consumption has grown by an average of three percent every year from 2008 to 2012.
04:55 GMT
Rising demand from Asia and economic and environmental pressure on cocoa farms is threatening to make chocolate a rare delicacy in the next five years.
Being post-fear can be a disaster, because it makes you both complacent and overconfident.
04:55 GMT
Yet as an employee, being fearless is not obviously an advantage. It means the usual levers don’t work on you any more.

November 18, 2014

Libyan crude was two per cent of global oil supplies and valued because it played a key role in Italy, France and Spain’s downstream energy markets.
20:24 GMT
Libya was one of the Arab world’s leading oil exporters after Colonel Gaddafi’s bloodless coup in 1969
For the first time since the third quarter of 2009, the Israeli economy posted negative growth, with GDP dropping 0.4% on an annualized basis in the third quarter
20:12 GMT
The economy contracted for the first time since 2009 due to Operation Protective Edge.
Transportation from port to the retailer/buyer, how are the boxes placed: dedicated trucks for halal? Mixed with non-halal product boxes?
20:02 GMT
The halal industry and the certification bodies seem to have missed the boat on cross contamination challenges for halal certified products
Chehayeb also ordered an enhancement of inspection methods and called for all testing laboratories to be reactivated.Jumblatt tweeted at the weekend that he and Abou Faour (also from the PSP) would make a visit to the slaughterhouse sometime this week.
19:46 GMT
Officials from all levels of government took measures Monday to try to regulate the food industry, in response to the ongoing food scandal that has gripped the country since last week.
Elsalamawy said that he was unable to confirm the figures but stated that “Solar energy does not constitute a significant portion of the energy in Egypt”.
18:47 GMT
Egyptian electricity production generated from solar energy dropped by 48% in 2012/13 compared to the year 2011/12.
The helicopter can carry four people and is capable of flying up to 14,000 feet. It has a 300-horsepower engine.
18:38 GMT
Since 1992, Iran has begun a self-sufficient military program under which it produces everything from mortars to torpedoes and jet fighters to submarines.
India received $69 billion as remittances in 2012; a 2010 central bank study found Gulf nations accounted for 31 percent
18:19 GMT
India’s role as a top labor supplier means its drive cannot be totally ignored by recruiters, and it could have a big impact in some countries and industries.
China will double its investment in Iran's energy projects, an Iranian official said Sunday.
17:58 GMT
Faced with tough international financial penalties, Iran has turned in recent years to China, Russia and Turkey to finance major projects.
However, property rental prices in some areas of Dubai have risen 60 per cent over the last 12 months.
04:55 GMT
Soaring costs of housing and education have offset Dubai’s tax-free benefits that traditionally lures most expats to settle down in the emirate, a new study has found.
The proposed cloud will be built using capacity on international fibre optic cables incorporating geographical diversity and resilience.
04:55 GMT
The deal marks one of the largest and most significant implementations ever announced by a broadcaster.
 


November 17, 2014

The 12-nation OPEC group, including the world's biggest crude producer Saudi Arabia, will meet on November 27 in Vienna
22:32 GMT
He said he expected OPEC members to stick with the current output ceiling.
The project includes a new port, a new base for the Qatar Emiri Naval Forces and the Qatar Economic Zone 3.
22:19 GMT
One of the largest infrastructure projects,the New Port project will be built on a sprawling 26 km area at an estimated cost of $7.41 billion.
The definition includes indentured servitude, forced marriage and the abduction of children to serve in wars.
22:14 GMT
Qatar rose up the rank from 96th place on previous list to the fourth position in the latest index.
The objective of the report was to quantify the economic impact of the aviation sector and its subsequent Dubai-based supply chain
21:47 GMT
Emirates airline, Dubai Airports and the aviation sector as a whole contributed $26.7 billion to the economy of Dubai in 2013.
The new website, that will look very much like Facebook, will compete with professional social network LinkedIn, Google and Microsoft.
21:28 GMT
Facebook is secretly working on a new website called "Facebook at Work" that would allow users to keep their personal profile separate from their work profile.
The non-oil activity will be driving Oman’s growth in the coming years, according to the report by National bank of Kuwait (NBK).
16:46 GMT
The Omani government has opted to manage its crude oil reserves by limiting production, shifting its focus to diversifying its economy
Extracting and consuming more today means less is left for future generations who are not represented when choices are made.
04:55 GMT
The forces at work are more likely to be permanent rather than temporary and cyclical, suggesting low and/or a downward trend for oil and gas prices.
The UAE is a thriving export market for fake goods, usually exported from other parts of the world and shipped on other countries.
04:55 GMT
The Dubai index of intellectual property rights will monitor the level of intellectual property rights protection in the emirate.
Zanganeh visited Qatar and Kuwait last week, ahead of the meeting, in a bid to win support for action to stabilise oil markets.
04:55 GMT
Iran’s oil minister accused some countries on Sunday of making up excuses to justify their refusal to stabilise prices by cutting output.
Souq.com has also boosted its headcount to over 2,000 employees to cope with orders for the weekend, with additional warehouse space rented.
04:55 GMT
Online retailer Souq.com has announced plans to bring one of America’s biggest shopping days to the Middle East in a bid to boost e-commerce.

November 16, 2014

Non-sovereign debt capital markets could be an alternate way to fund the public sector. (AFP/File)
10:39 GMT
MENA non-sovereign debt capital markets make up a small part of financial markets but then again, have potential to replace private sector funding as an alternative source.
Innovation is the UAE Vision 2021 focus. (AFP/File)
10:03 GMT
The UAE is already a hub for development and excellence but the nation also pays a lot of attention to innovation, which is key for the economy.
Drake & Skull made profits of $4.38 million in Q3, according to a Reuters poll. (AFP/File)
08:45 GMT
Leading construction and integrated design firm Drake & Skull profits dropped by 10 percent in the third quarter of 2014.
Jordan Phosphate Mines Company was founded in 1949. (File)
08:17 GMT
Jordan Phosphate Mines Company profits rose by 217.3 percent in the first nine months of 2014 due to maximized operations.
Etihad is now the biggest shareholder in Alitalia. (AFP/File)
07:59 GMT
Etihad Airways became the largest shareholder in Alitalia in a €1.7 billion rescue bid, following talks over the last year.
The four-day event was held in Riyadh. (AFP/File)
07:30 GMT
Saudi Arabia's 26th International Construction Technology and Building Materials Trade Exhibition successfully concluded following the four-day run in Riyadh.
Tony Abbott makes a speech during the 2014 G20 summit. (AFP/File)
06:54 GMT
Tony Abbott vowed that countries would add $2 trillion to global GDP during the G20 summit in Brisbane.
Saudi Arabia has the potential to become a tech-saavy country with its growing manufacturing sector. (AFP/File)
05:25 GMT
Manufacturing is becoming one of the fastest growing industries in the Kingdom, with an average growth rate of 7.5 percent, according to a recent report.
Russia faces a 70 percent chance of recession in the next 12 months, economists project.
04:55 GMT
....and buy every Russian an iphone 6.
Shareholders' equity totalled JD771 million at the end of September 2014, higher than the JD762.3 million as of December 31, 2013.
04:55 GMT
Jordan Phosphate Mines Company (JPMC) maximised its operational profit by 217.3 per cent, or JD22.9 million, during the first nine months of this year.

November 14, 2014

Iraqi or Jordanian tourists are no substitute for Gulf tourists
00:49 GMT
bservers say the hotel sector has never experienced conditions as tough as the ones they are going through today.
Kuwait plans more than $40 billion of investment to significantly increase its capacity to produce oil and gas
00:39 GMT
The Gulf nation aims to raise the amount of crude oil it can pump by one-quarter, to 4.0 million barrels per day, by 2020.

November 13, 2014

Iran has said the steep fall in oil prices this year is the result of deliberate moves by some exporters who have kept production high to undermine Tehran’s sanctions-hit economy.
18:55 GMT
Zangeneh made a similar plea with the emir of Qatar, Sheikh Tamim bin Hamad al-Thani, during his stopover in Doha on Monday.
“Syrians will be given work permits in a coherent manner so that no harm is inflicted on the local system in Turkey.
15:39 GMT
The Turkish government is preparing to grant temporary IDs and work permits, among other privileges, to around 1.7 million Syrian refugees.
Oil in October fell below $83 a barrel and on Tuesday reached $80.46, its lowest since 2010.
04:55 GMT
Global demand for oil from Opec next year will be far below its current output level because of the US shale boom,
Arguments have raged over the risk footballers will face playing in Qatar’s extreme heat, but less attention has been paid to migrant workers.
04:55 GMT
Last week it was reported that thousands of migrant labourers from North Korea are toiling for years on construction sites in Qatar for virtually no pay.

November 12, 2014

The summit will focus on $50 billion worth of aviation projects across Iraq. (AFP/File)
10:08 GMT
Top global construction firms will attend a major summit in Iraq to boost the country's ongoing $50 billion aviation infrastructure projects.
In order to achieve sustainable growth in the GCC, there has to be more jobs in other fields. (AFP/File)
09:39 GMT
Oil prices have dropped to around $80 per barrel in the past few months, which will be a big test for GCC nations. Is it time to stop relying on oil to boost the economy?
Kuwait's real estate growth was supported by a strong performance in the investment sector. (AFP/File)
09:07 GMT
Real estate growth in Kuwait grew by 16 percent year-on-year to $1.27 billion in September after a slow summer, according to a report.
The initial start-up project is scheduled to be achieved by Q4 2018. (Image: Komec)
08:39 GMT
Abu Dhabi Marine Operating Company signed three big-scale contracts worth an estimated $3 billion for the widely anticipated Nasr Full Field Development Project.
Experts have given mixed opinions on the after effects of Dubai's newly launched tram service. (AFP/File)
08:19 GMT
With the launch of the Dubai Tram last night, will real estate firms be able to cash into the act between major commercial and residential areas or will it go off the rails?
Yahoo downplayed cutting down its operations in the MENA region. (Image: Fast Company)
07:57 GMT
International internet portal Yahoo denied rumors of closing down its Dubai headquarters following the closure of offices in Amman and Cairo.
Descon Engineering is a major Abu Dhabi firm. (File)
07:30 GMT
Leading Abu-Dhabi-based firm, Descon Engineering, will expand in the GCC and Iraq with $250 million worth of projects.
CEO of New Medical Center Group of Companies, B.R. Shetty, will invest millions in Saudi's new Jazan industrial city. (Shutterstock)
06:53 GMT
A top Indian billionaire will invest up to $266.5 million in Saudi Arabia's healthcare and pharmaceutical manufacturing sector.
Neither."
04:55 GMT
The Islamic State of Iraq and the Levant (ISIL) may have smuggled oil into Turkey with donkeys carrying it across the border.

November 11, 2014

Annual inflation reached its highest rate in nearly four years a year ago, then began falling until the fuel price hikes in July.
21:04 GMT
Egypt's annual urban consumer inflation quickened to 11.8 percent in October from 11.1 percent in September
Kuwait has no plans to cut its own crude production, which should increase to 4 million barrels from a current by 2020,
19:20 GMT
OPEC, which supplies about 40 percent of the world’s oil, meets Nov. 27 to debate supply.
Of course if you are rich enough to fall in love with a luxury product you will pay any price, but not if you are an investor
18:48 GMT
This seemed the right moment to ask whether precious stones and jewellery can really be considered a serious investment class or just an expensive indulgence for the rich
The building has featured in a number of films including boy wizard adventure “Harry Potter and the Half-Blood Prince.”The new purchase price was not disclosed Monday, though the Financial Times reported it had been sold for 726 million pounds, citing sources.
18:21 GMT
The new purchase price was not disclosed Monday, though the Financial Times reported it had been sold for 726 million pounds, citing sources.
“It’s Dubai’s ambition that seemingly means they stand out as a premium sports location,” he added.
17:58 GMT
“There are several places like Dubai, but perhaps Dubai has a better location than others, plus the fact that the weather during at least 8 or 9 months of the year is perfect for sports.
"We need to put policy on it. We need to put an order to it so we can do something regarding consumption."
14:01 GMT
"You need to do something about subsidies. Maybe a producing country can turn into a consumer country," Sabt said on the sidelines of an energy conference in Abu Dhabi.
“The Shah Gas Project is on track to commence production in 2014."
13:29 GMT
Adnoc, has so far invested $70 billion to develop new oil and gas fields and to boost the current output capacity of the UAE to 3.5 million barrels per day by 2017.
Shell reached an agreement with the Ministry of Petroleum on shale gas pricing for which Shell will begin production trials soon.
04:55 GMT
“Shell Egypt will not work in deep water research and exploration after its experience in the Mediterranean, which cost us millions of dollars.”
.Zain Iraq, the country's No.1 mobile operator by subscribers, will launch long-awaited high-speed 3G services in January
04:55 GMT
Iraq is one of the few Middle East countries still reliant on 2G networks.
Markets should not panic over the recent plunge of oil prices because the situation will resolve itself,
02:01 GMT
"Please do not panic, things will fix itself," Al-Badri said during a panel discussion at a major energy industry conference in Abu Dhabi.
Lower oil prices would lead to the reduction of the deficit incurred by Lebanon’s state-owned electricity company, improvement.
01:56 GMT
A decline in oil prices would benefit Lebanon in the short term, but the positive impact of a reduced energy bill would gradually fade.
It will hire more than 500 captains and first officers over the next three years as part of its large-scale global campaign.
01:21 GMT
“Etihad Airways will hire hundreds of pilots over the next three years to keep pace with the rapid expansion of our aircraft fleet."
On average, hydrocarbon revenues constitute 46 per cent of nominal GDP and three-quarters of total exports for the six GCC countries.
01:02 GMT
Therefore, the recent drop in hydrocarbon prices, if sustained, could have a significant impact on the region's economic and financial indicators.

November 10, 2014

Threats around banking will continue to become more severe as more unique cybercrime attacks against financial institutions also emerge.
17:37 GMT
Targeted cyber attacks will become rampant in the Middle East, as hackers from the usual suspects have found success targeting victims around the world
Penalties varied according to the different infringements, with some included the halt of e-services, fines and limiting the issuance of labor permits.
17:20 GMT
The Ministry of Labor fined more than 74,500 establishments with penalties over SR12.80 million (3.4 million USD) during 2014 so far.
Dubai’s rental market, which was overheating due to a strong recovery in the residential sales market, has now shown signs of a slow down.
04:55 GMT
Around 65 per cent of Dubai residents said that they plan to relocate to a new home upon their next lease renewal owing to large rental hikes.
The new feature has already generated widespread negative responses from users in Kuwait and on social media
04:55 GMT
Now WhatsApp, the most popular messaging app i in the whole world, will now tell users when a message has been read.
Iran’s relations with the West have thawed since relative moderate Hassan Rouhani was elected president last year seeking to end Iran’s international isolation.
00:47 GMT
With only two weeks to a deadline for a breakthrough deal, senior envoys of Iran, the United States and European Union met in Oman on Sunday.
The total number of cases brought against Egypt after the 25 January Revolution have reached at least seven involving demands totalling more than $20bn in compensation.
00:33 GMT
Hany Sarie-Eldin, head of Sarie-Eldin and Partners Legal Advisors, said the move will thwart the government’s efforts to revive confidence in the economy.

November 9, 2014

 S&P said that Oman and Bahrain were the most vulnerable to any drop in oil prices while Qatar and the UAE were the least vulnerable.
23:53 GMT
Dubai will remain insulated from the effects of an oil price slide as it is well diversified, while economic growth across the rest of the GCC could be affected.