December 11, 2013
With its new property regulation laws, Dubai's government might be sticking its nose in your holidays
With the expo 2020 lined up, there is not such option as "going cheap" with accommodation when making a trip to Dubai.
On the second day of the Riyadh Economic Forum (REF) on Tuesday, three major initiatives were proposed to make the Saudization drive a great success as well as to overcome the hurdles in this regard.
UAE telecoms operators have dropped BlackBerry’s new social media service, BBM Channels, just two weeks after it was launched.
Marriott International is planning to operate 10,000 rooms in Dubai, four times its current number, in time for Expo 2020.
Doing what they did with the pharaoh's artefacts? UK stalling the return of Mubarak's frozen assets to the Egyptian people
UK officials warn it is not a straight forward process and the repatriation of the stolen monies could take years.
The company also plans to invest in other fashion retail businesses and is hoping to create employment opportunities for around 1800 to 2000 people.
It was last year that the first realty fund was launched and generated 35 per cent to investors when it was liquidated at the end of 2012.
With rising demand for power in KSA, the Gulf country is building the largest electrical supply expansion in the Middle East.
From Dubai with Love: James Bond's Aston Martin to be auctioned off Wednesday to raise money for Syrian refugees
Watch out Dubai! James Bond...or rather his coveted customized Ashton Martin Vanquish car, will be the main feature of a Dubai charity auction that has been planned to raise money for Syrian refugees
How far are MENA companies willing to bend? Flexible workplaces linked to increased productivity, says report
Sixty-seven percent of Middle East workers have identified flexible working conditions as critical to easing work-related stress and decreasing absentee rates from the office.
Gender equality programs are sorely needed in the Middle East.
The Pacific Alliance, a new Latin American economic bloc that accounts for 26 per cent of Dubai’s overall trade with the region, made its Gulf debut with an official launch in Dubai on Tuesday.
While talks and news is focusing on how the Geneva deal may be the best bet to save Iran's economy, a broader look at the Persian country's economy may be a better route to create a pragmatic, sustainable economic policy suitable for today's conditions, as well as tomorrow's.
Deutsche Bank AG reduced its crude price forecasts for 2014 by about $10 a barrel from this year on booming US production and the prospect of an easing in supply disruptions in the Middle East and North Africa.
Bahraini customers will be using a 5G mobile network, 100 times faster than 4G, by 2017.
Up to last year, the expected time to register a company in Iraq was about six months, and the costs were something close to $10,000,” the owner said.
Kuwait's bank credit increased by KD391 million ($1.37 billion) in October, pushing year-on-year growth to 7.8 per cent and marking the largest monthly gain in five years, a report said
December 10, 2013
Egypt’s annual urban consumer inflation rose to 13 percent in November
This curious “marriage of convenience” has been through rough times before and it survived many odds, but is it in for a break-up.
It is noteworthy that Jordan , Palestine and Israel signed in Washington yesterday a memorandum of understanding for the implementation of the first phase of the project carrier Red Sea - Dead , which is one of the most vital strategic water projects in the Kingdom.
The UAE will add 29.2 million passengers at a Compound Annual Growth Rate (CAGR) of 6.6 per cent in the next five years,
Saudi consumers are increasingly the target of cyber attacks, with three out of 10 KSA residents reporting that they have experienced cybercrime within the past year.
Lebanon's tobacco regulatory authority has allocated $39 million to increase the country's cigarette production due to rising demands from domestic consumers---as well as Syria.
Saudi Arabia increased its share in the Islamic Development Bank's subscribed capital this week, with KSA now holding a total share of $6.85 billion
Julius Baer announced Monday that it will take over the Merrill Lynch International Wealth Management businesses in Lebanon, Bahrain and UAE.
Need your Amazon purchase within the hour? No worries...CEO Jeff Bezos plans to have orders to customers within thirty minutes by 2015. How? Drone delivery.
Students in UAE schools are much happier than their counterparts in the UK and USA, according to the results of a new global study.
The new capacity will help meet Dubai’s own target of generating half the additional power needed to run the Expo from renewable resources
Losing one’s job in the Gulf is more than just a loss of income; it translates to the loss of everything — accommodation, car, friends and a safe, secure country adopted as home.
December 9, 2013
If you feel you are not being paid as much as you deserve, here are some ideas to help you.
London Bridge Holdings had originally planned to refinance More London by next summer but decided to sell the asset due to the attractive offer made by St Martins, which already owns property in London.
Who said peace is dead? In historic moment, Jordan, Palestine, and Israel come together to save the Dead Sea
But don't get too carried away with the idealistic title, the deal is also all about guarding their strategic interests.
Arab conspiracy theorists, be thrilled: the US pentagon has spent $8 trillion to guard Gulf oil and destabilize the Middle East
"The US is destabilizing the region, not stabilizing it. That would not be necessary if we weren’t dependent on petroleum."
Sony's 3G project with Al Jazeera worth a whole lot more "Gs": historic deal signed for $143 million Monday
Sony signed a historic $143 million deal with Qatar-based Al Jazeera to build a hitech 3G broadcast infrastructure for the media network.
Why is Jordan's inflation rate as high as 5 or 6 percent?
The sixth edition of the Riyadh Economic Forum will commence in KSA's capital Monday evening. The three-day conference will discuss the future of the Saudi Arabian economy and outline strategies to boost the country's development overall.
Approximately 82 per cent of organisations in the Middle East said they are not confident that they could recover from an IT disaster, but only 37 percent of participating businesses are doing anything about it.
Egypt's foreign reserves fell for the third consecutive month in November by 4.8 percent amidst growing economic struggles within the country.
Dubai’s non-oil foreign crossed the Dh1 trillion (USD $272 billion) threshold during the first nine months in 2013
Over 360 exhibitors from more than 30 countries showcased their exclusive jewellery collections, precious gemstones and cutting-edge designs at the Middle East’s most prestigious and influential jewellery event of its kind.
Electronics giant Samsung has announced the UAE launch of the Galaxy Tab 3 Kids, a tablet designed specifically for children.
The agreements are for exploration in Egypt's eastern and western deserts and the Gulf of Suez, it reported.
December 8, 2013
After cleaning the grave and collecting his compensation, he rushes back to a football game being played between the graves.
In addition to a lack of a ‘savings culture’, government public pensions are under duress. Our
“I am sure at the end of the day that football will be the winner. At the end of the day we will show the world that we can create good working conditions,” he said to reporters.
Saudi Arabia will begin using a new electronic system in early January to monitor and control all imported foods in the country.
Airline carriers in the Middle East exhibited the strongest year-over-year traffic growth based on its October figures, according to the International Air Transport Association.
Lebanon is looking to import liquefied natural gas to cut the country's energy costs in upcoming years.
Kuwait's inflation reached a nine-year low in October at a modest 2.7 percent, despite excessive consumer spending in recent months.
Abu Dhabi and Dubai are in the process of expanding their ports in efforts to cater to more cruise tourism.
In 2008, the Abu Dhabi Commercial Bank suffered a spectacular collapse. How it pulled itself out of the quagmire of bad loans and high risk investments is a lesson for financial institutions everywhere.
Abu Dhabi General Services “Musanada” has signed two contracts for the implementation of the Abu Dhabi-Dubai Road Project.
Initial public offerings are set to be revived in the Middle East and North Africa (MENA) as conditions in the capital markets improve, a new report by Ernst and Young said.
Crossing a fine line between optimism and delusion? 'Arab investments in Egypt reach $50 billion'-says Minister
For private Gulf Arab investors, whose businesses in Egypt faced legal challenges after Mubarak's overthrow, a return will only come with guarantees that their money will be safe.
Iran has named seven Western oil companies it wants back in its vast oil and gas fields if international sanctions are lifted and said it would outline investment terms in April next year.
The draft budget for 2014 shows an increase in spending by JD920 million over the 2013 budget, taking government spending to JD8.096 billion.
December 7, 2013
The report unveiled by the Arab Thought Foundation on "Enabling Job Creation in the Arab World," followed an extensive survey undertaken across the region.
December 5, 2013
Egyptian business activity returned to growth in November, putting an end to a 13-month downturn as the country moves towards a constitutional referendum and elections, a survey showed on Wednesday
Emiratisation quotas won’t help boost the number of Emiratis in the labour market, a leading Oxford-based professor has warned.
“We have rolled it over,” Saudi Arabia’s Ali al-Naimi told reporters after three hours of closed-door talks finished in Vienna. “We are all satisfied.”
Abu Dhabi’s Khalifa Fund for Enterprise development has signed an agreement to provide $200 million to Egypt’s Social Fund for Development (SFD) to support the development of small enterprises.
A region-wide bankruptcy protection law may help regional Small and Medium Enterprises (SMEs) development, says the region's leading economists.
A senior official from Dubai Electricity and Water Authority (DEWA) told reporters Thursday that electricity and water consumption in the country's largest city is expected to increase by 20% as the Emirate begins to prepare for the 2020 World Expo.
Yemen joined the World Trade Organization Wednesday after 13 years of negotiations with the global trade group.
Qatar foreign workers sent nearly $200 million less remittances in 2013.
UAE Ministry of Economy Sultan bin Saeed Al Mansouri called on delegations at the World Trade Organization meeting Thursday to deliver a balanced deal that "servers the interests of developed, developing and least developed countries alike."
Middle East carriers, driven mainly by Qatar Airways, Emirates and Etihad, recorded the “fastest growth” in air freight in October, a trend International Air Transport Association expects to continue.
Just how much money are Middle Eastern small businesses leaving on the table?
A totally green economy otherwise? Kuwait to receive $744 million in compensation for environmental damage caused by 1990 Iraqi invasion
Kuwait is due to receive approximately $744 million in a few days from the United Nations Compensation Commission (UNCC) for disbursement in environmental rehabilitation
Asked how soon after Dec. 10 Libya could get production back to normal, the minister said: "From one week to 10 days."
Al-Sabah was quoted in the statement as saying that in the coming period, Kuwait would give priority to the projects that affect Egyptian citizens.
The pace at which Nokia has developed and launched new devices since adopting the Windows Phone platform continues to impress.
December 4, 2013
Framed by the three-pronged credo fostering sustainability, mobility, and opportunity, Dubai had clearly placed green principles firmly at the heart of its bid to host the World Expo 2020.
“Country assistance strategies have lacked tailoring to fragility and conflict drivers and realism, and do not currently have contingencies based on political economy and conflict risks,” the study concluded.
Sudan, Libya, Iraq, Yemen and Iran were the worst in the region.
e-SERVICES is trending in the region, and Kuwait is not lagging far behind.
Damac Real Estate Development on Tuesday raised $348 million from its London share offer by pricing its global depository receipts, or GDRs, at $12.25 each.
Global Islamic banking assets with commercial banks are expected to reach $1.72 trillion in 2013
No sun on MENA's economic horizon? How today's political turmoil is crushing region's future edge in the global economy
Political turmoil in the Middle East has had mixed results on the region's economy, but as such turmoil continues, MENA's future economic prospects and competitiveness in the global arena are deteriorating.
The International Monetary Fund warned Saudi Arabia Tuesday that failing to expand its private sector may hurt its economy dramatically in the future.
Kuwait awarded Spain-based Isolux Corsan a contract worth $105 million to develop cable infrastructure in the Gulf country.
Iran's Oil Minister Bijan Zanganeh announced Tuesday that it will "immediately" export more crude oil once sanctions are lifted.
Real estate buyers in Dubai can now bid for properties online.
Saudi Basic Industries Corporation (Sabic) has opened its state-of-the-art Sabic Technology Center (STC) in Shanghai, built with an initial investment of $100 million.
But amid investors’ fears of another property ‘bubble’ in the emirate ahead of the Expo 2020 exhibition, experts point to other cities in the region that have potentially lucrative, underexposed housing markets.
It’s claimed that the army has control over as much as 40% of the Egyptian economy. It owns football grounds and restaurants and provides services such as managing petrol stations.
The landmark flight, crossing the Russian Federation, the North Pole and Eastern Canada, has a published duration of 16 hours 20 minutes, more than enough time to delve into over 400 hours of in-flight Hollywood movies.
December 3, 2013
In the three years since he bought Oceanco from Greek shipping magnate Theodore Angelopoulos for an undisclosed sum, Al Barwani has helped make the company into one of the world's most reputable luxury-boat makers.
MENA shoppers spent $9 billion online in 2012, and that number is projected to reach $15 billion by 2015 as the region increasingly moves towards the title of the world's top eCommerce hot spot.
Kuwait Airways is considering issuing sukuk to finance an Airbus deal involving the purchase of 25 new planes and 12 leased aircrafts.
More than 2.2 million people checked into Abu Dhabi's 148 hotels during the first 10 months of 2013, representing a record breaking 26 percent increase in hotel occupancy in UAE's second largest city.
Working in neighbouring Saudi Arabia has been a way for Yemenis to escape their country’s chronic unemployment; more than half of Yemenis aged 18 to 24 are unemployed.
Reports from Monday announced that 4 Gulf countries were expected to release a common GCC currency by the end of the year. However, the Gulf Monetary Council dismissed media reports Tuesday, saying that no common currency is scheduled to be released anytime soon.
Egypt returned $500 million to Qatar December 2 after the Gulf peninsula "refused" to renew a former deposit it had made in Egypt's central bank. The December 2 transfer represents the second deposit return to Doha in the last month.
Public-private partnerships are key to unlocking the potential of the healthcare industry in the Middle East.
The roadshow will involve discussions over the nature of contracts that the Islamic Republic is willing to offer in return for investment to drill new wells.
In order to survive, the province needs at least 7,000 Saudi workers for the region's 4,000 salons and beauty shops, she said.
The demand for pilots in the Middle East is soaring after estimates showed that 40,000 will be needed over the next 20 years
The annual Economic Freedom of the Arab World report published by the Fraser Institute has ranked Arab nations in terms of economic freedom.
The NBK said the near-term outlook for exports looked solid