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The report additionally forecast that Saudi oil reserves will rise to as much as 273 billion bbls by 2017.
04:55 GMT
The country has maintained high oil production and exports by historical standards in the first half of this year.
Exchange houses recorded a significant increase in remittances from the UAE during Ramadan as expatriates sent additional money to their home countries for Eid spending.
04:55 GMT
“There was an increasing trend of expatriates starting to save and send back more money from June onwards, to set the festive mood and bring smiles to their families and friends back home.”
There have been no electricity blackouts over the first two days of the Eid holiday
03:55 GMT
As a result of Egyptians heading to the coast to celebrate the holiday, hotels in resort cities have seen occupancies exceed 90 percent.

July 30, 2014

A Dh5,000 fine will be imposed on those who misuse the residency system or submit bogus reports to the residency departments across the country.
13:25 GMT
The new measures will include the issuing of a new array of entry permits and visas, such as multiple entry permits for visit or work; the activation of study visas, and entry permits for medical care and attending conferences.
Airlines rely on governments to provide them with the information from sources they don’t have access to, such as military or secret service information.
12:30 GMT
Airlines have been rethinking flight routes since the downing of Malaysia Airlines Flight MH17, killing all 298 people on board, earlier this month over a rebel-held area of eastern Ukraine.
The start of Eid Al Fitr sees tourists from the region flock to the UK with Worldpay’s data showing that they are set to exceed by a quarter the £152.40 ($258.83) per transaction registered in August last year.
12:19 GMT
Visitors from the Middle East are forecast to increase their spending in the UK by 25 percent post-Ramadan, according to card processing firm Worldpay.
The UAE capital is luring producers with juicy bait – the Abu Dhabi Film Commission offers first international projects a 30 per cent cash-back rebate on productions.
04:55 GMT
Abu Dhabi has been focusing on growing its media industry in the past few years – as part of its diversification away from an oil economy.
The line provides reassurance about Morocco's economic policies to foreign lenders, investors and rating agencies, allowing it to tap international capital markets at favorable borrowing terms.
04:55 GMT
The International Monetary Fund said on Monday it will provide Morocco a $5 billion credit line to help the North African country pursue a reform agenda to achieve rapid and more inclusive economic growth.
The start of Eid Al Fitr sees tourists from the region flock to the UK with Worldpay’s data showing that they are set to exceed by a quarter the £152.40 ($258.83) per transaction registered in August last year.
04:55 GMT
Visitors from the Middle East are forecast to increase their spending in the UK by 25 percent post-Ramadan, according to card processing firm Worldpay.
Despite finding success in the South American country, Lebanese-Brazilian industrialists interviewed by The Daily Star say doing business in Brazil has its own challenges.
00:35 GMT
It is a story repeated across Brazil, reportedly home to nearly 7 million people of Lebanese descent.

July 28, 2014

Stover added that the current Tamar pipeline has on several occasion reached its full capacity due to high demand in Israel.
04:13 GMT
"The third quarter estimate also included a reduced assumption for natural gas sales in Israel as a result of the ongoing conflict."
Flexible payment methods have facilitated this increase, upholds Zamzam, drawing attention to online payments and door-to-door donor collection facilities.
04:01 GMT
Egyptian charities, it seems, have not escaped the ramifications of the economic crisis triggered by the January 25 Revolution in 2011
Boeing also reported it had discussions with the flag carrier's subsidiary, Iran Air Tours, on the potential sale of similar goods and services.
03:47 GMT
Boeing has struck a deal with Iran Air to provide plane parts, the first time the US firm will be doing business with Iran since the US embargo of 1979.

July 27, 2014

 The artificial canal witnessed a passing of 50 ships carrying 3.8 million tonnes on the same day it celebrated its 58 anniversary of nationalisation
23:08 GMT
"The nationalisation of the canal ushered in a process of regaining control over the economic and political keys to national self-determination."
The government's allegations of 'immoral activities' in some hotels are believed to be a reference to prostitution.
22:57 GMT
In the past, Eid has meant an increase in customer numbers for the hotels in Bahrain classified as three-star.
He also pointed out an improvement by 3.8 percent in the business of travel agencies during the past six months compared to the same period last year.
22:45 GMT
Abboud noted that the airlines’ activity will remain this way until Sept. 10, expressing optimism for a great tourism season in August.
Many Muslims are concerned that Ramadan's aim to draw worshipers away from indulging in the material world is being eroded.
20:32 GMT
Ramadan, Islam's holiest month, is a boon for retailers in the Middle East, South Asia and beyond. And while some Muslims welcome it as a positive sign, others see it as commercialization of a sacred time of year.
“There is one major resource base in the world which could meet the growth in the global oil demand, which is the Middle East,” he said.
18:24 GMT
While euphoria over the ongoing shale revolution and the energy independence of the Americas continue, yet, there are people - cautioning and asserting - the phenomenon is short-lived and the world would continue to be dependent on the Middle East.
Another criticism of the THY board is that the company is forced to make large purchases that are difficult to afford in the long term.
05:40 GMT
The carrier currently flies to more country destinations than any other company in the world.
Located in the heart of Swiss Alps, the luxurious resort of Crans-Montana enjoyed the same trend with a remarkable increase of 42.86 percent in overnights produced by travelers from the Gulf
05:31 GMT
Switzerland and its prominent resort destinations continue to witness a steadily increasing influx of GCC travelers
Amman has dropped 14 places from 89 to 103 in Mercer’s 2014 Cost of Living Survey, which shows the most expensive expatriate destinations in the world.
05:16 GMT
But expatriates and an analyst said they find Amman “a city that gets more and more expensive every year”.
While such schemes are yet to become a reality, the financial consequences of not being adequately resilient are sure to see more enterprises take notice.
05:06 GMT
Despite billions of dollars spent every year, the global economy is still not sufficiently protected against the threat.
Considering its spread across the Syria-Iraq border, its grip over oilfields there and its growing economic activity, the Islamic State will “transform into an economic giant with assets of billions of dollars”, he added.
04:55 GMT
Larger shipments of crude, some of them from Najma, are also sold via smugglers to Turkish traders at vastly discounted prices of around $25 per barrel, they indicated.
US oil production has embarked on an unprecedented 50 percent rise over the past four years as new drilling techniques allowed oil to flow from vast shale reserves
04:54 GMT
If Exxon presses ahead, the investment would be a further indication that the American oil giant is breaking ranks with many of its big global rivals.

July 24, 2014

Dubai International saw a rise in passenger traffic despite a runaway refurbishment programme earlier this year (File/AFP)
14:27 GMT
Good news in time for Eid! Dubai International's passenger traffic has already topped expectations and is up by 6.2 percent in the first half of 2014.
Emirates NBD profits were helped by revenue growth in Retail Banking & Wealth Management, along with the Islamic banking subsidiary, Emirates Islamic (File/AFP)
13:55 GMT
The UAE's largest bank, Emirates NBD, reported a net profit growth of 30 percent for the first half of the year.
A bank assistant counts through money in Lebanon (File/AFP)
13:29 GMT
U.S. legislation to increase financial sanctions on any organization funding or channeling money to Hezbollah won't have any impact on Lebanon's banking sector, according to a report. A sigh of relief?
Saudi's Tadawul is currently dominated by local retail investors, but opening up to the international market will broaden horizons (File/AFP)
13:07 GMT
Saudi Arabia's decision to open its stock market to the outside world was a good choice and already garnered strong support across the MENA region.
Majid Al Futtaim is one of the leading shopping mall, retail and leisure pioneers in the Middle East (File/AFP)
12:39 GMT
Major retailer Majid Al Futtaim reported a 14 percent increase in revenue for the first half of the year, compared to 2013.
KIPCO is Kuwait's largest privately owned investment company (Image: URC)
12:22 GMT
Kuwait's largest privately owned investment company said it was on track to meet the target of a double-digit rise in revenue this year.
The low-cost airline will launch direct flights to Mumbai starting October 28 (Image: flydubai)
12:07 GMT
Low-cost airline flydubai announced a direct route to India's Mumbai, starting in late October. The carrier will also increase its flights to Delhi to five weekly.
The increase in tourism resulted from Lebanon’s “renewed openness to Gulf countries and the new dynamic in the tourism sector that accompanied the security plan
10:56 GMT
The Tourism Ministry said Tuesday the number of Arab tourists increased by 90 percent in June, compared with the previous year.
The overall OPEC share of total global production in 2013 averaged at 43.4 percent, slightly lower than in 2012, when it was 44.6 percent
10:22 GMT
OPEC member countries exported 4.5 mb/d of petroleum products in 2013, with the largest share devoted to Asian and Pacific countries (3.1 mb/d or 68.5 percent)
The kingdom is also expected to account for the second largest share of emerging ECM deal fees over the next 17 years (File/AFP)
08:48 GMT
Saudi Arabia will emerge as the world's seventh largest capital market by by 2030 according to a recent report.
The Dubai Real Estate market has become the focus of attention for an increasing number of investors from around the world
08:47 GMT
The launch of mega projects and renewed investor confidence have boosted real estate transactions in Dubai to Dh113 billion for the first half of the year
In the third quarter, Apple made a net profit of $7.75 billion and revenue of $37.4 billion, fuelled by healthy sales of Mac and iPhone
08:38 GMT
Consumer electronics giant Apple expects revenues to be flat in the fiscal fourth quarter ending September and predicts revenue to be between $37 billion and $40 billion.
ADPC’s commercial ports handled 6.4 million freight tonnes (FT) of general cargo in the first half of this year
08:31 GMT
General cargo moving through Abu Dhabi’s commercial ports increased by 37 per cent this year.

July 23, 2014

More than 65 percent of those participating in the survey said mobile banking is an important trend for the future (File/AFP)
13:09 GMT
The UAE is now ranked as one of the top three countries in the world's online banking sector, according to a technology study. Will it be virtual banking for all in the future?
Instability and civil wars in the MENA region had a recent impart on oil supplies and demand (File/AFP)
12:12 GMT
According to a report, oil supply growth will reduce over the next 18 months. This comes with many risks. Why is the Middle East's oil industry experiencing a downfall?
Dubai's airport handled 29.6 million passengers in the first five months of 2014 (File/AFP)
11:28 GMT
Dubai International Airport is expected to be the world's busiest airpot in 2014, beating London's Heathrow with a 9.2 percent rise in passengers.
Consumer confidence in UAE has dropped amid fears over rising rents
11:27 GMT
Many UAE consumers are spending less than they used to due to concerns about rising rents and living standards, findings of a new study suggest.
The Dubai Metro commuters will be able to avail its services for longer hours during the Eid Al Fitr holidays
10:57 GMT
Trains on the red line will begin at 5:30 am on Monday (July 28), Tuesday and Wednesday, and end at 1:00 am the next day. Green line trains will begin at 5:50 am, with other timings remaining the same.
The profit gains add to RAK Petroleum's fifth consecutive year of profitability (File/AFP)
10:48 GMT
Leading energy investment company, RAK Petroleum Public Company, posted $15.81 million net profit since December 2013, marking a fifth year of increased gains.
The Middle East’s share of gold consumption was 6 percent last year, compared with 7.8 percent in 2010
10:36 GMT
The Middle East will take a bigger share of gold demand as buyers from Kuwait to Saudi Arabia to the United Arab Emirates diversify investments and Dubai nears offering a contract for immediate delivery bullion.
Despite the trillion debt figure, the investment grade refinancing volumes in EMEA are manageable within the normal capacity of capital markets
10:29 GMT
Middle East investment grade companies are facing refinancing needs of about $91 billion from bank and bond debt due to mature over the next four years.
It is the sixth successive quarter of increases in sales prices for residential units, with a 7 percent rise over the April-June period
10:23 GMT
Sales prices in Abu Dhabi’s residential property sector have increased by average of 17 percent in the first half of 2014, according to JLL.
The department store will be the largest in the GCC region (Image: Aldar Properties)
10:19 GMT
Aldar Properties will join forces with Chalhoub Group to create the regions biggest department store in Abu Dhabi's Yas Mall.
The luxury hotel chain will open a branch in Dubai's Jumeirah Beach later this year (File)
09:30 GMT
Four Seasons Resort at Jumeirah Beach is aiming to open on December 1, the hotel chain announced.
Over 300 investors from across the globe visited Damac venues across the UAE (File)
08:38 GMT
Leading housing developer Damac Properties announced that all units from the luxury Loretto project sold out in one evening.
Economists hope the announcement will diversify Saudi Arabia's stock market (File/AFP)
08:21 GMT
Investors have welcomed a Saudi Cabinet decision to allow direct foreign investment in the country's stock market, with the move being seen as an attempt to diversify the economy away from oil.
The economist behind a plan to unlock at least $380 billion worth of assets from Egypt's black market says President Abdel Fattah Al Sisi.
04:31 GMT
He predicts such reforms could more than double economic growth rates within five years by giving people access to credit and the protections of legal status
 The new restaurant offers a fast casual dining experience from its build your own wraps, to its locally sourced salads and indulgent desserts
03:55 GMT
Just T Falafel, the number 1 Falafel franchise in the world, opens another chapter in its Australian expansion by opening its doors in the country’s largest railway station.
These included a number of petrochemical projects and research initiatives for the exploration of mineral wealth.
03:38 GMT
Egypt has proposed three petrochemical projects to the UAE for a total investment of $540m, according to a senior official at the Ministry of Petroleum.

July 22, 2014

Egypt is finalising the details of a long-awaited unified licence which will allow firms to offer both mobile and landline telecommunications.
16:22 GMT
Vodafone Egypt, which is also 45 per cent owned by fixed-line telecoms firm Telecom Egypt, is the leading communications player by customer numbers in the country of 86 million.
Seventy percent of Israel's exports to Turkey are chemical products, while rubber products and electrical equipment accounted for another 15.5 percent.
16:00 GMT
While calls increase on the government to review Turkey's trade relations with Israel in response to the humanitarian crisis in Gaza.
On April 20, Jahangiri said that Iran’s unemployment rate had reached a critical level.
05:55 GMT
Iran must create 8.5 million new jobs in the next two years.
 Major global stock markets fell and bond prices ralliedas worries over conflict in the Gaza Strip and Ukraine raised uncertainty for investors and kept them away from riskier assets.
04:55 GMT
Shocks to the system from Ukraine and Israel’s ground invasion of Gaza come at a time when markets have been worried about economic growth on both sides of the Atlantic and digesting second-quarter earnings reports.
Dealers in the hotels sector estimate the percentage of rented units according to the lease system at 5 percent of all housing units in the vicinity of the Grand Mosque.
04:55 GMT
New projects in the central area of Makkah has led Saudi and Gulf businessmen to renting out housing units in hotels overlooking the Grand Mosque for long-term lease of up to 15 years
“The people will go out ... to bring down the government if the price of fuel is raised.”
04:55 GMT
In the long run, reducing the subsidies would be good news for the state budget; they cost about $3 billion last year, or a third of state revenue.
The regulations also illustrated that maximum wages will be applied on administrative authorities that belong to the state, economic bodies and holding companies.
04:55 GMT
Debate over the maximum has been ongoing for the past several years with speculations on the exclusion of several sectors riding during the past several months.

July 21, 2014

The existing management of liquidity is limiting the growth of the global Islamic banking market, and how standardisation and innovation can offer a solution to this.
21:44 GMT
Traditionally, Islamic products have been designed by financiers from conventional backgrounds, who try to base them on conventional products
In the long-term, the project will see parks have playing equipment installed for children with special-needs.
21:28 GMT
Dubai Municipality has announced plans to make parks in the emirate more disabled-friendly by 2016.
The report states that the electricity tariff in Saudi Arabia is the lowest in the world because of governmental loans and support to electricity production companies through supporting fuel prices.
21:04 GMT
Saudis pay the cheapest electricity bills, according to one report, but seemingly not for long.
“Saudi businessmen who visit Jordan for investment and trade often fall victim to fraud,” he explained, adding: “We strongly advise our citizens to seek legal consultation here in the embassy free of charge.”
15:10 GMT
“Houses and farms are still being maintained and have been registered via official documents since the Saudi Embassy had been established in Damascus,” he said.
Other powerhouses in Dubai also crashed.
04:55 GMT
Arabtec was suspended from trade on Thursday due to ambiguity on share ownership by Aabar Investments.
The number of jobless Jordanians is expected to reach 400,000 in 2030 if the unemployment rate continues at its last year’s rate of 12.6 per cent
04:55 GMT
The official figures showed that unemployment among males who hold a bachelor’s degree or higher reached 20.8 per cent, while among university graduate females it was nearly 82 per cent.
Tim Clark, president of Dubai’s Emirates, the world’s largest international airline by number of passengers, said domestic regulators worldwide may decide to be more involved in giving their carriers guidance on where it is safe to fly.
04:55 GMT
The head of one of the world’s largest airlines has called for an international meeting of carriers to agree a response to the downing of a Malaysian airliner,
Nevertheless, Saudi continues to play the role of an emergency supplier and changes in its exports could be explained by changes in Chinese imports.
04:55 GMT
Although imports from GCC rebounded in May 2014, their pace is still below that of fuel imports, and therefore the GCC keeps losing share.
FBME was originally established in Cyprus in 1982 as a subsidiary of the Federal Bank of Lebanon SAL.
03:18 GMT
“The Central Bank of Cyprus announces that, under the powers conferred to it by the relevant legislation, [it] has taken over, as of today, the management of the operations of the branch of FBME Bank Ltd. in Cyprus."
Now with crude output in the country growing rapidly and the US emerging as the world's top producer, there seems growing emphasis in Washington on controlling the newly found resource
03:10 GMT
For years, rather decades, the US has been discouraging the very concept of resource nationalism, insisting instead to let free market forces control the global energy dynamics.
The report also stated that the ministry is finding it difficult to employ experienced expatriates due to the low salaries being offered to them.
03:00 GMT
The Ministry of Municipal and Rural Affairs has criticized the Saudization scheme of replacing expatriate employees with Saudi nationals, which has resulted in a shortage of experts in many positions.
In addition to six greenfield economic cities, efforts are being made to uplift cities such as Makkah toward Smart City status.
02:51 GMT
Saudi Arabia is all abuzz with excitement about ‘Smart Cities’ with social and technological factors converging to make the Kingdom ready for wide-spread Smart City developments.

July 20, 2014

Revenue generated through rents during the first half of the year increased by 39 per cent to Dh32.5 million, according to the company.
15:54 GMT
The Kuwait- and Dubai-listed company said the results were due to increased occupancy rates in recently completed residential developments and strong rental yields.
Dubai One will be re-launched on Sunday September 14, according to the statement on the DMI website.
15:23 GMT
Dubai One, the Dubai government-owned English-language television channel, confirmed on Friday it is no longer producing content locally.
He added that Africa was a very promising market for Sabic and the company was focusing on opening distribution centres in a number of African countries.
14:55 GMT
Sabic, which is 70 per cent state-owned, attributed the rise in profits to higher production and sales volumes as well as higher prices for products.
Shaikh Zayed Road is one of Dubai’s biggest highways, with six lanes in each direction.
14:20 GMT
The flow of traffic on the busiest highway in Dubai will not be impacted and the number of lanes will be kept the same, the RTA has said.
The performance of the Kuwaiti economy as benchmarked by global indexes is not commensurate with its potentials.
14:10 GMT
Sadly, Kuwait is regarded as the under achiever among Gulf Cooperation Council (GCC) countries by some key business and economy indexes.
A number of cities are seeking to benefit from the internationalization of the RMB by establishing themselves as financial hubs for RMB transactions.
04:55 GMT
China is the largest source of imports into Qatar.
Once a top recipient of US military aid, Egypt lost most of its $1.3 billion a year package after the 2011 popular uprising that toppled Mubarak.
04:55 GMT
"The contract is worth about 1 billion euros and was finalised last month," a French diplomatic source said. "It's the first big deal since we sold Mirage fighters (warplanes) about 20 years ago."

July 18, 2014

Exhausted after a long day of work under the blazing desert sun, the migrants spend the afternoon searching for a place to sleep on the streets of Doha.
00:42 GMT
Exhausted after a long day of work under the blazing desert sun, the migrants spend the afternoon searching for a place to sleep on the streets of Doha.
Launched at Farnborough on Monday, the neo plane is a revamped version of the A330, sporting engine upgrades to provide more economical long-haul travel.
00:32 GMT
Qatar Airways gave Boeing a lift on Wednesday, concluding a deal for 50 of the US planemaker's revamped long-haul passenger jets and proposing to buy the same amount again.
The report expects that if Qatar loses its hosting right of the World Cup, the infrastructure spending will lose execution focus and face potential delays.
00:18 GMT
The nominal effect of the World Cup cancellation is credit positive, as capital spending would be lower and more efficient, according to the bank.

July 17, 2014

Despite their recent upgrade to the more mainstream emerging market league, UAE and Qatar are considered risky enough by many investors that they still treat them like frontier markets.
16:33 GMT
Erratic price moves, difficulties of accessing the market, and deep political risks, alongside strong growth, are common characteristics of frontier markets
Arab Bank also owns 40 percent of Saudi Arabia's Arab National Bank ANB.
16:13 GMT
Arab Bank has been expanding across several Middle Eastern countries and has built a reputation for stability in a region shaken by conflict and political upheaval, partly thanks to diversified investments.
The $7 billion Kuwait Metro project is another vital project currently in the stages of design and supervision.
16:05 GMT
Kuwait’s construction sector has witnessed high growth at a steady pace, driven by the announcement of several infrastructure projects in recent times.