May 23, 2013
The Union Coordination Committee Wednesday accused the Finance Ministry of intentionally submitting salary scale bills with errors in them in a bid to delay the ratification of a wage hike in Parliament.
The Egyptian government said on Wednesday it would supply more gas and diesel to power stations to deal with electricity shortages that have worsened in recent months after the cash-strapped country failed to import enough fuel.
South Sudan's oil minister said late on Wednesday that it had resumed oil production and flow to the international markets through the territory of neigbouring Sudan after a temporary blockage at Jebellen.
Egypt's central bank kept the price of the country's currency steady against the dollar at a special $800 million foreign exchange auction on Wednesday, called to help importers pay for wheat, meat, cooking oil and other essential imports.
The World Bank has proposed a $150 million loan for Jordan to help it with the cost of thousands of Syrian refugees fleeing the civil war in Syria, Jordanian and World Bank board sources said on Wednesday.
Bank Alkhair, a Bahrain-headquartered Islamic wholesale bank, has announced the successful closure of the first tranche of a $750 million sukuk programme by Saudi Arabia's Dar Al Arkan real estate development company.
Pakistan may get a bailout worth up to $15 billion from Saudi Arabia for its troubled energy sector, a Pakistani official told Dawn newspaper.
Crude oil prices fell below $100 for the first time since mid-2012 in April on seasonal factors and softening market fundamentals. This was followed by a small rebound in early May, according to NBK’s latest Economic Update.
The Islamic Development Bank Group has decided to increase its authorized capital from $ 45 billion (30 billion Islamic dinars) to $ 150 billion (100 billion dinars) on the recommendation of the two extraordinary Islamic summits held in Makkah.
Regional online advertising spend is growing at a rate of around 25-30 per cent every year.
A new bus depot that can accommodate around 500 buses will be built in Abu Dhabi soon.
Opulent devices provide guests with quicker access to services and part of wider technology push
Oman Air, the national carrier of the Sultanate of Oman, has placed an order for three A330-300s, growing its A330 Family fleet to a total of ten Airbus aircraft, according to a press release on Wednesday.
Newsweek re-launched the website in tandem with the US based design firm Huge, with three-to-five feature stories from Newsweek’s tablet edition (called Newsweek Global) will go live on the website.
May 22, 2013
Chevron Corp is in advanced talks to sell most of its downstream assets in Egypt and Pakistan, three sources said, with the planned disposals seen raising around $300 million for the U.S. oil major.
The auction will be the central bank's second exceptional sale of foreign exchange. In April, it sold $600 million to pay for wheat, meat, cooking oil and other essential imports.
US Secretary of State John Kerry arrived in Oman yesterday aiming to help finalize an estimated $ 2.1 billion deal to supply a US-made air-defense system to the Gulf nation.
Iranian carmaker Iran Khodro will establish an assembly line with the capacity of 30,000 units per year in the Iraqi city of Iskandariya by the next month.
A number of MPs expressed mixed reactions over the massive reshuffle on Monday in the oil sector, with some welcoming it and others strongly criticizing it as politically-motivated, while the opposition made no reaction to the changes.
The largest fruit and vegetable factory has opened its doors to Saudi women for the first time, hiring 100 female employees and aiming to hire 300 more in the coming two years.
Experts say the rent hikes were due to rising costs of building and renovation, and the increase in the wages of workers in the construction and management of building.
Saudi economic growth will slow to 4.4 percent in 2013 from 6.8 percent last year due to an expected fall in oil production, and cuts in government spending, the International Monetary Fund said Tuesday.
Poverty and malnutrition increased in Egypt between 2009-2011, with spikes expected as inflation increases
Hybrid cars are reaching the Gulf in limited numbers. But those who want to do their bit for the environment, or make a statement, will have to dig deep into their resources.
Drake & Scull Construction (DSC) the General Contracting Arm of Drake & Scull International PJSC (DSI) has announced that it has been awarded a SAR 1.725 billion (some $460 million) contract by Lamar Investment and Real Estate Development Co. to complete the Lamar Towers project in Jeddah, Saudi Arabia.
The International Monetary Fund (IMF) is not concerned about Dubai’s ability to repay its estimated $48 billion of debt obligations, according to the director of its Middle East and Central Asia department.
May 21, 2013
The UAE is increasingly becoming a preferred destination for foreign private capital as the country proved a safe haven for investors amid the political turmoil in the Arab world.
Benchmark oil for June delivery gained 69 cents to close at $96.71 a barrel on the New York Mercantile Exchange.
INJAZ Saudi Arabia said the country needs a number of qualified executives and skilled manpower to drive the economy and make the best of the current economic boom in the Kingdom.
Qatar’s banks’ credit is likely to grow by 14% to 17% year-on-year (y-o-y) in 2013, much lower than the average 27% expansion seen in the previous two years, according to a Barclays study.
Inflation in Egypt is expected to climb to 10.9 percent this year, the highest level since 2010, the International Monetary Fund said on Tuesday, more than it expected in April.
A good part of the funds would be invested towards the development of the emirate’s Western Region.
Air Arabia said on Monday it has signed a $350 million financing deal from a syndicate of two GCC banks — Qatar National Bank (QNB Group) and Commercial Bank International (CBI).
Dubai: Dubai Electricity and Water Authority’s conservation initiative saved Dh16 million in electricity and water, it was announced at the eighth Conservation Award for the educational sector.
May 20, 2013
The UAE is expected to be the biggest spender in the GCC on home interiors and fit-outs, with an estimated $1.5 billion (Dh5.5 billion) budget in 2013 as the country’s residential market continues to grow.
Work on a Dh267.5 million roads project will begin on an 80 kilometre two-lane highway that links Abu Dhabi’s third largest city with the Western Region.
The Organization of the Petroleum Exporting Countries (Opec) will need to pump slightly more oil than it thought in 2013 and expects global consumption to be much higher in the rest of the year.
Medical tourism has been brought to the fore with renewed optimism and a host of projects as announced by the Dubai Health Authority (DHA) on Sunday.
The arrival of PayPal promises to create a new landscape for online shopping.
The UAE wants more of its youth to be entrepreneurs.
Bahrain's real gross domestic product (GDP) is estimated to have expanded 3.9 per cent last year from the 1.9pc growth seen in 2011.
Yields on Egyptian three- and nine-month treasury bills climbed on Sunday and the auction's size was reduced after a new central bank decree limited the amount of funds that banks can channel into money market funds to buy T-bills.
Priding itself as the gateway between Asia and Europe, Turkey is successfully attracting Gulf nationals to its real estate sector.
Dubai’s benchmark stock index rose to its highest closing level in almost four years while the Abu Dhabi market general index surged to its highest level since October 2008 on Sunday on the back of a rally in real estate and banking shares.
Shura Council decision to raise taxes on loan loss provisions at nation's banks is met by anger; banking officials are slated to meet with newly-appointed finance minister to discuss issue.
The Governing Board at the American University in Dubai (AUD) approved Dh30 million (some $8.2) million in scholarships in its 2013-2014 annual budget.
The World Bank has approved a $30 million soft loan aimed at supporting a government initiative to improve access to basic services in impoverished parts of the country.
May 19, 2013
Boeing has delivered a 777-300ER extended range plane to Saudi Arabian Airlines (Saudia), marking the latest milestone in its longstanding relationship with the airline and the kingdom.
Gulf hydrocarbon producers emerged as the 13th most powerful economy in the world in 2011 while strong oil prices allowed them to become the fifth largest exporter with the highest trade surplus.
The UAE is the world’s 31st popular tourism destination and the most popular in the Arab World, ahead of Egypt — ranked 32nd and Saudi Arabia ranked 35 — in terms of tourism receipts.
Saudi Arabia's nonoil exports to the Arab countries had increased five-fold compared to the past seven years.
Oman Air has committed RO2mn ($5,2 million) to staff training in 2013, having already invested more than RO3.3mn (some $8 million) over the previous two years.
Both the Dubai Financial Market and Abu Dhabi Securities Market are trading at a nearly four-year-high, reflecting a return of investor confidence.
Gold prices yesterday dropped to their lowest level for the second time in almost a month, sparking a shopping frenzy at gold shops across the Kingdom.
The Ministry of Regional Municipalities and Water Resources (MRMWR) has floated as many as 11 tenders for the design and construction of internal roads in South and North Sharqiya.
The UAE economy growth is expected to lower to 3.9 percent in 2012 after a solid 2011, when the GDP expanded 5.2 percent led by high oil prices and a 10.2 percent increase in oil production.
While regional advertisers are aware that the industry is going 'mobile’, spend on digital advertising is still low.
The banking system in Qatar has been robust, with a compounded annual growth rate (CAGR) of 20 percent in assets from March 2008 - March 2012 and another 20 percent in the year to March 2013.
Omantel announced that it inked an agreement for another submarine cable, the 'Bay of Bengal Gateway' submarine cable system (BBG).
May 16, 2013
Saudi Arabia will continue to make the most of the competitive advantage presented by its hydrocarbon reserves despite rising US shale oil production.
The Saudi stock market recorded nominal gains yesterday, as the Tadawul All-Share Index (TASI) closed higher to 7,147.42, adding 8.11 points or 0.11 percent for the entire day.
Saudi banks continue to support the macroeconomic conditions by providing the necessary financing for local businesses.
The Middle East is facing a double dilemma over the global competitiveness for oil in the future.
When Lebanese graduates begin looking for jobs, what does it actually mean to employ personal connections to improve employment chances?
Dubai-based Skai Holdings plans to build a $1 billion (Dh3.67 billion) hotel with over 200 serviced apartments on Palm Jumeirah.
“Expect to hear a lot of noise on new search products like Google Now and voice search integration.“
Alfa unrolled the country’s first commercial 4G data service in certain areas of Beirut Wednesday and Lebanon’s second mobile operator, touch, is set to follow suit next week.
The firm in question has been keeping employees’ mobile phones under lock and key during working hours.
Dubai’s benchmark index continued yesterday from where it ended on Tuesday, as stocks maintained their upward trend to set new highs since October 2009.
“Abu Dhabi, I think, is expected to release a lot of work this year, including the building of the new Dh2 billion Khalifa hospital,” said Tabari.
Positive global equity markets rubbed off on the Muscat Securities Market general index, which closed Wednesday's trading up 0.53 per cent at 6,352.19.
May 15, 2013
Saudi Arabia’s real GDP is estimated to have expanded 6.8 percent in 2012.
People usually rush to the sales in January to snap up the bargains and across Asia it has been the same story for gold since the price crash last month.
The private placement amounting to 5.28 per cent shareholding stems from the bank’s overall capital augmentation plan.
Stocks seem to be rising for no apparent reason.
The Public Works Authority (Ashghal) will invest $30 billion in building and infrastructure projects in the next five to seven years.
Nine percent is the equivalent of adding USD 10 billion to the Bahraini economy every year
UAE researchers have discovered the oil extracted from microalgae as a promising alternative to diesel, saying it can run motor engines effectively without any modifications.
Revenue from the sale of hydrocarbons during the period was Dh557 million ($152 million).
Oman National Investment Corporation Holding (ONIC) has reported a net profit of RO3.08mn for the first quarter ended March 31, 2013.
Some companies are slowly warming up to the idea of establishing an employee savings plan as an alternative to a pension scheme.
May 14, 2013
The Central Bank of Oman has urged licensed banks operating in the Sultanate to show more interest in financing small and medium enterprises.
Kuwait’s GDP has been forecast to grow 1.1 per cent in 2013 as oil prices and production stabilises.
In its first stage, the factory will produce 500,000 tons of titanium dioxide and 250,000 tons of pure raw steel for local consumption.
The UAE’s economic growth is projected to moderate to 3.6 per cent in 2013 from an estimated growth of 4.8 per cent last year.
Air Arabia said on Monday its net profit for the first quarter of 2013 jumped 20 per cent to Dh59 million.
Central banks of the Islamic countries have been urged to adopt a separate set of regulation to reduce confusion among Muslim scholars
The UAE markets rose in tandem on Monday, with Dubai Financial Market gaining 0.50 per cent and Abu Dhabi Securities Exchange 0.43 per cent.
May 13, 2013
Dubai tops the list of cities with the brightest future, followed by the two North American cities of Calgary and Denver
Opec crude oil output rose in April from its lowest monthly level in more than a year due to the resolution of export disruptions in Iraq and Libya and a rise in Iranian sales
Libya will join its neighbours in tackling sensitive fuel market reforms and plans to do away with all subsidies within three years, Oil Minister Abdelbari Al Arusi said.
The Central Bank of Egypt (CBE) received a $3bn Qatari deposit for the purchase of Egyptian bonds on Thursday, confirmed Nidal Assar, the sub-governor of the CBE.
The UAE Cabinet has approved an agreement between the UAE and the International Air Transport Association (IATA)
RAK Petroleum’s assets include a 42.8 per cent holding in Norwegian oil company DNO International ASA.
The Tadawul All-Share Index (TASI) ended yesterday’s trading in the red at 7,195.17 points
Prime Minister Hesham Qandil stated that negotiations currently being held with the IMF to secure the country’s pending $4.8bn loan were ongoing
Khaleeji Commercial Bank (KHCB) has signed a three-way memorandum of understanding (MoU) with Bahrain Defence Force's Military Consumer Association (MCA) and its main supplier Glabrous International (GI).
Saudi Arabia’s energy minister said the kingdom has no plans to dramatically expand its oil production capacity to 15 million barrels per day
All the three indices at Muscat Securities closed in the green, as MSM edges up on positive global sentiment
Strength in global equity markets supported regional sentiment as most GCC stock markets ended Sunday in positive territory. The Muscat Securities Market general index inched up 0.20 per cent to close at 6,264.68.
The six member countries of the Gulf Cooperation Council (GCC) are home to four million smokers