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
After winning the World Cup bid, anything is possible: Qatar receives 'Oscar of the Travel Industry'
QTA representatives receiving the Qatar’s World’s Leading Sports Tourism Destination award at the WTA 2013
The debts remain from the borrowing binge by government controlled and owned companies in the 2003-8 boom, with around $13 billion added in the past year, according to Barclays Bank. Still the question remains: how does Dubai intend to pay for the $43 billion in infrastructure spending expected over the next seven years?
Many have argued that he was able to monopolize economic power – with a personal wealth estimated to reach into the billion dollar range – due to his familial ties with the regime, becoming one of the symbols of corruption and impunity.
December 2, 2013
The government revenues have forecasted to reach 800 trillion rials (about $32.1 billion), he said
Wiil they now be blamed for 'child unemployment'? Syrian minors now constitute majority of Jordan's working children
“When I work, I am less of a burden to my family; I am not another mouth to feed.”
Two truths and a lie? Qatari company sues Jordan's Social Security Fund over "non-existent" sell-off of Housing Bank
Describing the issue as “strange and shocking”, Odwan insisted that the alleged deal is a fraud.
After trapping the French Footballer Belounis, is Qatar about to be shamed by FIFA to abandon the Kafala system?
Qatar has been told by the world players’ union FIFPro to abolish the kafala system for footballers and respect international standards for their contracts.
The lack of Arab investment in Lebanon is plunging the country's economy into a dire situation.
Trade exchange between Saudi Arabia and Morocco will jump to $7 billion by early 2014.
Bahrain, Kuwait, Qatar and Saudi Arabia are planning to release and use a common currency by the end of December, according to reports in Manama from Sunday.
A senior official at the Ministry of Finance said Saudi Arabia would offer a new aid package to Egypt worth US$5 billion.
For the fifth year in a row, Etihad Airways received the titles of "World's Leading Airline," "World's Leading First Class," and "World's Leading Airline Crew," at this year's World Travel Awards.
Saudi's Minister of Water and Electricity told reporters Sunday that the government will spend $29 billion (SR 110 billion) on new projects to improve water and power infrastructure
MENA faces an urgent need to need to create a mechanism for cooperation between the private and public sectors so as to increase rates of work opportunities.
Driven by two primary factors, it's Abu Dhabi that is growing faster than you can say "Burj Khalifa."
Much can be gleaned from Milan, host city of the World Expo in 2015 from May 1 to October 31, with regards to the event buildup process itself.
At least 60 per cent of IT decision makers in GCC feel that not enough time or money is available to develop IT security policies.
The chief financial officer of Prince Alwaleed bin Talal’s investment vehicle, Kingdom Holding, is to leave the firm, two banking sources aware of the matter said.
December 1, 2013
Maersk Oil Qatar is looking to hire new employees and has launched a "Find Your Place" recruitment campaign to attract new hires accordingly.
Saudi Arabia's Monetary Agency released data this week that KSA's foreign assets hit a record high in 2013 as money supply growth reached a 14-month low.
The Abu Dhabi Fund for Development (ADFD) announced Sunday that it will give the the Islamic Republic of Mauritania a loan worth $29.9 million for infrastructural development in the African country.
Despite the US shale gas revolution, Qatar is unlikely to lose its leading role in the global energy market for many more years due to strong Asian demand, a new report has shown.
Saudi Prince Saud Bin Abdullah opened a $100 million technology center in Bangalore, India this weekend. The new center, which is part of Saudi Basic Industries Corporation (SABIC), will be used for R&D in sectors ranging from construction and clean energy to electronics and transportation.
Undeterred by the uncertain global market dynamics, the Islamic finance industry is set to explode in key markets around the world.
A recent report released by a Canadian public policy think tank suggests that Bahrain, Jordan and the UAE have the highest levels of economic freedom in the region.
How would the global markets be affected in the aftermath of an increased supply of Iranian oil?
Some flights will be operated from the new airport on a “trial” basis after the soft opening,
An inside view into Turkey's multibillion dollar deal with Kurdistan that is threatening to break up Iraq
Turkey and Iraqi Kurdistan signed a multi-billion-dollar energy package this week that will help transform the semi-autonomous region into an oil and gas powerhouse, but the deal infuriated the central government in Baghdad.
A leading hotelier warned Thursday of grave consequences to Lebanon’s hotel industry if the crisis in Syria persists.
Finding work as a freelancer can be hard – and doing it in the Middle East can be even harder.
November 28, 2013
Strobes of garish neon lights greet the visitor at the entrance of the Women’s Cafe in south Beirut, an ingeniously titled female-only establishment off Hadi Nasrallah Street that its customers say offers them an opportunity to be themselves, outside home.
Qatar's tourism is on the rise with the average hotel occupancy rate rose up to 7 percent in third quarter of 2013 alone.
UAE airline Etihad Airways will expand its flights between Abu Dhabi and Melbourne starting in December.
Can the EU's economic relationship with the GCC promote greater trade liberalization as well as region-to-region cooperation?
Qatar granted the Palestinian Authority (PA) $150 million to help its economy Wednesday according to reports from Thursday.
ICT "cloud" forecast: how will Middle Enterprises be affected by transformations in big data and storage?
ICT leaders globally are discussing how that the "changing face" of cloud, big data and storage, may affect enterprises and networks in the Middle East.
UAE announced Wednesday that it will participate in the World Trade Organization's December meeting in Bali.
Telecom operator Etisalat launched "Business MiFi" this week, which allows customers from large, small and medium sized enterprises to "enrich their clients with a connected drive experience on the move."
With Tuesday's announcement that the 2020 world expo will be held in Dubai, how will the emirate's economy transform over the upcoming years?
With a fast growing population in the GCC countries, with close to 60 per cent below 30 years old, the public sector is unable to sufficiently absorb school and university graduates as it could in the past; this presents an economic, education and social challenge for the region, says Deloitte.
Oil and gas exports account for around 97 percent of foreign currency earnings, despite the government’s long-stated commitment to developing the non-hydrocarbons sector.
Since he took office in August, Rouhani has made improving the country’s economy a priority.
November 27, 2013
Dubai is the first city in the Middle East and North Africa (Mena) region to host the World Expo, the highly celebrated international exhibition, the third largest global non-commercial event, following the Olympic Games and the Fifa World Cup.
Give me the gold! Why Middle East demand for the precious metal in the jewelry business is growing 25+ percent annually
Consumers' demand for gold jewelry
His Highness Shaikh Mohammad Bin Rashid Al Maktoum launched a $1.4 billion housing initiative Tuesday to benefit 10,000 citizens.
EU's bilateral grant funds to Jordan for 2011-2013 now exceed 330 million euros with Tuesday's announcement that the European Parliament has approved another 180 million euro package for Jordan.
Turkey has received backing for Izmir’s Expo 2020 bid from 60 countries, and is confident of winning the bid, the country’s transport minister Binali Yıldırım was quoted as saying by Turkish media.
Islamic banks may need to reorient their operation in order to "enter the next cycle of growth," according to some bank executives.
Qatar's telecommunications firm, Ooredoo launched its first sukuk Tuesday. The Islamic bond is worth $1.25 billion and will have a profit rate of 3.039 percent.
GCC and ASEAN voted Tuesday to name Bahrain's Manama the 2014 capital of tourism.
UAE-based EMS will release five new smartphones in the Emirates on December 10th.
Leaders of Saudi industrial companies are meeting with French counterparts this week to discuss nuclear supply chain development and collaboration.
The nuclear deal reached between Iran and world powers in Geneva on Sunday could also be a boon for the Jordanian fuel market in the coming weeks, an oil expert predicted Monday.
The world is changing rapidly and what is emerging is the need for countries like Oman to become more competitive. The nature of competitiveness is changing too.
With its shopping scene dominated by mega malls and shopping complexes, Dubai easily takes the cake as the region’s leading retail destination.
One in eight of those in poorly paid jobs said they were very happy in their work, compared with just 9 per cent of higher earners.
November 26, 2013
According to a Colliers International report, the healthcare sector in the region is forecast to grow significantly on the back of high population growth rates, introduction of compulsory health insurance by a number of regional governments, continued growth of regional medical tourism and heavy reliance on imported medicine and medical equipment, among others.