The value of new infrastructure projects across the Gulf Cooperation Council (GCC) region is poised to hit $86 billion in 2014, up 77.8 per cent compared to last year, said a report.
The Mena region’s appetite for applications and services being delivered to devices irrespective of geographic location is evident from the region's growing interest in cloud computing
Since the bank introduced this service on September 7, more than 8,000 customers have registered their ID cards with the bank to use them as ATM cards.
September 22, 2014
Of the total population, 78.5 percent reported not being able to take a one-week vacation away from home due to financial constraints.
A leading Egypt-based investment group has signed a deal to acquire a five-star hotel in the Business Bay area facing Burj Khalifa in Dubai, UAE.
The 2022 World Cup will not be held in Qatar because of the scorching temperatures in the Middle East country, Fifa executive committee member Theo Zwanziger said on Monday.
Whether you’re walking into a social gathering or a job interview, there are some universal things to keep in mind when introducing yourself.
One of the main challenges in the region is to reverse the outbound medical tourism trend, and provide specialised services in line with the required capacity and the prevalence of lifestyle diseases
reign investors are salivating at the prospect of investing in Saudi Arabia’s well developed but frontier market with a string of world-class companies that have remained largely out of the portfolio of global fund managers.
In a countersuit filed in the Delaware Court of Chancery on Thursday, Al Jazeera is seeking to keep the money that Gore and his former partner Joel Hyatt had sought in a lawsuit filed in August.
One of Dubai’s top government officials said on Sunday that he expects state-owned conglomerate Dubai World to reach a deal on renegotiating its debt repayment schedule in the near future
September 21, 2014
The Middle East’s largest and most influential property show is also co-located with three dedicated and expert-led conferences.
“We got around 200 pieces on Friday afternoon and it was sold out within 20 minutes. Around 40 pre-booked customers flew in from Saudi Arabia, Qatar, Oman, Jordan and Kuwait to collect their devices,” he said.
Fertilizers that can combat nutrition deficiencies will be a major opportunity for GCC producers.
In a country where most residential towers have their own gym facilities, Gold’s Gym is looking to lure members with the promise of a larger range of equipment, more floor space and a better atmosphere.
The Mongol Tower and WOO City developments will be highlighted at Cityscape Global as part of Nikken Sekkei’s extensive showcase of global design projects
Exploration companies have been hesitant to develop untapped gas finds in Egyptian waters partly because the amount the government pays them barely covers their investment costs.
That marks the dollar’s longest rally since the index was created in 1973 - and could pose significant headwinds to dollar-sensitive sectors of the market.
The Al Sejeel petrochemical project, one of the world’s largest mixed-feed steam crackers, was scheduled for completion in 2018 as part of Qatar’s large-scale expansion of the petrochemicals sector.
The maker of luxury leatherware and Miu Miu-brand dresses said it was hit by sluggish consumer demand amid an uncertain economic outlook and unfavourable exchange rates.
September 19, 2014
Prince Abdulaziz Bin Salman Bin Abdulaziz, Assistant Minister of Petroleum and Mineral Resources for Petroleum Affairs, dismissed arguments that lower oil prices will cause the collapse of GCC economies.
While major events were once the domain of Europe and North America, Asia is now viewed as a 'safe pair of hands' when it comes to hosting the world's biggest sporting competitions.
September 18, 2014
Not so healthy? Apple rolls out iOS 8 to iPhone users but detective bug delays HealthKit availability
Meanwhile, the California tech giant said a bug in its HealthKit health and fitness application platform prevented its release along with the launch of its iOS 8 operating system for iPhones and iPads.
It was only the second sukuk issue from a conventional bank outside a predominantly Muslim country; HSBC issued $500 million of sukuk in 2011.
The US investment bank appears to have learned from the fiasco of its first attempt to market a Sukuk in 2011.
That “dream” home can quickly turn into a nightmare if you’re constantly struggling to make payments on it.
Qatar has faced growing criticism, as the tiny Gulf state has used its hydrocarbon wealth to back a wide range of Islamists across the region.
Erdogan's ready to smear the banks: is Turkey about to face a financial crisis worse than that of 2001?
“You can't run a mill with a bucket of water,” Erdoğan said.
A European legacy of distrusting Gulf airlines? Global airlines alliance model 'fractured', says Etihad CEO
European airlines have finally opened up to Gulf carriers, forging partnerships and selling stakes, after decades of distrust and allegations of unfair competition.
Egypt's finance minister is predicting growth rates of up to 6 percent within three years, which would mark a major turnaround following three years of political turmoil that has crippled the economy.
September 17, 2014
The Middle East experienced a decline in its billionaire population over the past year.
German Chancellor Angela Merkel said she expected cooperation with Qatar in the energy sector to grow in the years ahead, saying progress was already being made in the area of liquefied natural gas (LNG)
The foundation work for the state-of-the-art school has begun at a cost of BD4.6 million ($12.2 million), it added.
Its report, issued three weeks after a truce, said a strong world response to rebuilding needs could ultimately spur economic growth.
The UAE is likely to remain top export destination for India till 2030, and China is forecast to emerge as the second largest export market, displacing the US.
İstanbul housing prices shot up 21.65 percent in August year-on-year, according to figures from real estate market analyst Reidin.
China’s foreign direct investment in August fell to a low not seen in at least two and a half years, underscoring the challenges to growth facing the world’s second-biggest economy.
The expansive Dubai Trade Centre-Jebel Ali complex features a centrepiece Dubai Expo 2020 gated facility spread across 150 hectares and a surrounding residential, hospitality and logistics zone.
"The economy is slowing down sharply," Carmeli warns, "and when you combine this with the fact that Israel is part of the global picture, it's likely that the shekel will continue to weaken."
Among the UAE HNWIs the report referenced a strong leaning towards religion, ethnicity, extended family and local community leading as being key drivers of their sense of nation.
How many investment certificates will it take? Suez Canal project to cost $220 billion over 15 years
The Suez Canal corridor project planned by a consortium led by Dar Al-Handasah will cost $220 billion over fifteen years, said Ashraf Salman, Egypt's investment minister,
The UAE has approved the construction of two additional nuclear power reactors at the Barakah site in the Western Region of the Abu Dhabi emirate by the Emirates Nuclear Energy Corporation (Enec)
September 16, 2014
The original in-absentia ruling had been appealed in July, but Sawiris, former CEO of construction and fertilizer producer Orascom Construction Industries, failed to attend the appeals court session on Sunday.
Arabtec "does not have the information" on such a deal, it said in a bourse statement.
How can a hotel possibly cost this much? UAE to direct sovereign wealth towards $1.5 billion hotel on Palm Jumeirah
Investment Corp of Dubai (ICD), the UAE emirate's sovereign wealth fund, will be developing a 800-room luxury hotel on Palm Jumeirah at a cost of $1.5 billion in partnership with Kerzner International Holdings.
This makes the kingdom the Middle East’s largest megaproject market by a wide margin,
That's more than a billion a day: Egypt raises $8.5 billion in total for Suez Canal expansion project
Fund-raising has closed and Egyptians will no longer be able to buy the investment certificates now that the initial goal of 60 billion pounds ($8 billion) has been exceeded, the governor said.
Apple said it received a record four million first-day pre-orders of its new iPhone 6 and iPhone 6 Plus, meaning many customers will have to wait until October for their new phones.
That signaled stronger growth of output across global emerging markets, led mainly by a sharper increase in Chinese service sector activity.
The offer is valid across the 60 participating hotels and resorts in the Middle East and Africa when booked before September 30
Downgrades and upgrades: Greece, Qatar, and UAE to be reclassified as Emerging Status starting Sept. 22
Constituents from Qatar and UAE will be included in the S&P Emerging BMI series for the first time.
The debate about the resurgence of the MENA region will take centre stage today at the Emirates Stadium as institutional investors from 27 countries with aggregate assets under management in excess of $8 trillion come togehther.
September 15, 2014
Forbes Middle East has unveiled its coveted 2014 ranking of The 200 Most Powerful Arab Women.
Only a week after hosting the ninth Internet Governance Forum (IGF), Ankara struck back at criticism of government Internet policies with full force.
Part of the country’s KD30 billion ($104.7 billion) economic development plan, the CleanFuels Project will upgrade and expand two of the Gulf Arab state’s largest existing refinerie
If only the quality rankings matched, the UAE comes as world's seventh most expensive place for university education
International university education in the UAE is highly expensive, with the country ranking sixth globally in terms of overall costs, according to a new report from HSBC.
Apple realises that a one-size-fits-all formula will not succeed in the watch segment, and with this in mind, the Apple Watch is extremely customisable,
The poll also noted that 72 per cent of firms in the region expect to provide an annual salary increase of more than five per cent.
Sources say that Hasan Ismaik has finalised the sale of stake in Arabtec to Aabar and the deal will be announced soon.
The cost of the lawmakers’ decision, which has enraged the public, is expected to reach around JD6 million a year, a figure that will increase every new parliamentary term, if the law is enacted.
The figure represents a 63.5 percent decrease compared to the same month in 2013, when the deficit stood at LE24.88 billion ($3.48 billion).
A Saudi plan to create an industrial city in the desert, an idea borrowed from China, is now wooing Chinese investors to set up plants there.
Qatar Development Bank and Social Development Center have officially announced the launch of the region's largest business incubator.
They are treading a fine line, having to reconcile the fact that their businesses mostly depend on conventional banking practices - interest payments, and to some degree monetary speculation - which Islamic principles forbid.
Running the country's economy from the outside? Libya's central bank chief fired amidst power struggle
There have been persistent rumours that Kabir had been running the central bank from Malta, after fleeing an upsurge in violence in the capital Tripoli, where the bank was based.
September 14, 2014
UAE Exchange, the single largest player in the remittance industry in the GCC, has over six per cent of share in the global remittance market, said a top official.
According to reports, Australia’s Qantas stopped flying over Ukraine months before the tragedy, while Korean Air also claimed that it rerouted cargo and passenger flights in early March.
Rebounding on shopping malls: Emaar expects to gain $1.58 billion from Gulf's biggest stock sale since 2008
Dubai's Emaar Properties is seeking to raise as much as Dh5.8 billion ($1.58 billion) from an initial public offer of shares in its shopping malls unit that is expected to be the Gulf's biggest stock sale since 2008.
Saudi Arabia and Oman based companies gave the highest salary increase projection among GCC countries.
Lebanon’s leading businesses and bankers warned Friday that the country could further face further economic deterioration if the president of the republic is not elected soon.
The housing and utility costs, which account for almost 44 per cent of consumer expenses, jumped 6.2 per cent year-on-year and 0.4 per cent month-on-month in August.
espite being on the brink of ruin, Misrata has become an entrepreneurial phoenix rising out of the ashes and is an example of the vast potential Libya holds as it slowly begins to open up economically to the world.
The drop in oil prices to their lowest in two years has caught many observers off guard, coming against a backdrop of the worst violence in Iraq this decade, heightened tensions between the West and Russia, and sanctions against Iran.
Suppliers to Apple were scrambling to get enough screens ready for the new iPhones as the need to redesign a key component disrupted panel production, supply chain sources told Reuters last month.
This marks the lowest reading since December 2008 when the economy was buffeted by the global financial crisis.
September 12, 2014
A piece of cake? Egypt's 'baseeta' e-service for completing government documents gains popularity despite legality concerns
The service aims to help Egyptians to extract or renew governmental documents including ID cards, passports, marriage documents and death certificates.
“The facility produced one pirated CD every five seconds. This is one of the largest raids conducted by the library in cooperation with the Criminal Investigation Department,” he added
September 11, 2014
This came during an expanded meeting held by Abdel Nour with a delegation from the US State Department.
There was no announcement, no solemn ceremony to mark its passing, but Apple has finally killed off its longest-serving gadget, the iPod Classic, just seven years after it was launched.
If you could pick the worst set of circumstances in which to start up a giant, export-oriented oil refinery, you might well have them right now.
Even with the rapid expansion of Islamic State and its need to pay a larger number of recruits, the group could still make an estimated $100-$200 million surplus this year, given the amount of money it is making.
"The recent slowdown in demand growth is nothing short of remarkable," the International Energy Agency (IEA) said in a monthly report, cutting its oil demand growth projections for 2014 and 2015.
The Turkish government has created an elite class of businesses that enjoy unfair advantages over their rivals despite being allegedly being involved in corruption, as well as negligence causing fatal accidents, observers argue.
Dubai has relaunched an ambitious project to develop its second airport, touted originally as the world's largest, to handle 120 million passengers a year, its airports chief said Monday.
A decade of rapid growth has fuelled a construction boom in Turkey but worker safety standards have failed to keep pace
International experts expect to see more organizations in Saudi Arabia take action to make existing buildings more efficient.
"Jordan is keen to diversify its sources of natural gas supply...We held several talks over the past few months with Cyprus and these are very fruitful and encouraging," said Hamed.
September 10, 2014
Time to invest closer to home? Why the GCC countries are urged to pump their money into an Arab 'Marshal Plan'
A post-World War II US initiative, the Marshall plan helped revive Europe's shattered economy and bring long-term stability to the continent.
Despite the IMF's lack of involvement: GCC aid will be 'enough' to keep Egypt afloat, says Merril Lynch
Sufficient aid will be available to Egypt through external bilateral assistance from the Gulf Cooperation Council (GCC), according to a Thursday report by the Bank of America Merrill Lynch.
The Group is dedicated to enriching the olfactory experience with a deeper understanding of international fragrances.
Since EBRD started its operations in the Kingdom in 2012, it has invested 203 million euros (around $262 million) in seven projects in Jordan covering various sectors, according to a statement released Tuesday.
Hajj season is almost upon us, and in October an estimated three million Muslims from around the world will congregate in Mecca, Saudi Arabia, to perform the Islamic pilgrimage.
In the report, OPEC cut its 2014 global oil demand growth forecast for a third consecutive month and also reduced its assessment of the requirement for its members’ crude oil.
“It is just a coincidence that iPhone 6 launching in Mena [Middle East and North Africa] at the same time. We wish Apple much success in the premium mobile device market,” said Sculley.
On a late-summer morning in northern Jordan, as the sun rose over the city of Irbid, perched high on a desert ridge, a young father prepared to die at sea.
Kuwait is suspending a programme under which foreign winners of big government contracts are required to invest in the local economy.
September 9, 2014
The launch of the new iPhone is expected to be one of the largest events this year.
The iPhone 6 will feature a larger 4.7 inch retina HD screen, while a 5.5 inch model also will be offered.
More than two thirds of young Iranian Internet users are using illegal software to reach websites that are officially banned, according to government research cited by media on Monday.
With 'boat season' coming to an end, Turkish coast guard see sharp rise in attempted migrant crossings
During the past three days alone, 424 people attempting to make the dangerous crossing to European territory were found during search and rescue operations off the Turkish coast.