January 26, 2015
Dubai's flagship airline, Emirates, is studying whether to cut the fuel surcharge it passes on to customers to reflect recent drops in oil prices, its president has been quoted a saying.
Can an agenda driven small vocal minority with social media savvy derail a trillion dollar industry?
Kuwait-based Al-Nasriyah Company has signed an agreement with Iraqi National Investment Commission (NIC) for the development of a new cargo airport in Diwaniya governorate of Iraq at a cost of $1.35 billion.
Russian shoppers caught in a currency crunch are staying away from the Dubai Shopping Festival (DSF) this year.
No one has a problem in agreeing that Dubai’s property sales and value gains have taken a bit of a softening in the last six months.
Business has been booming recently, albeit with the recent oil price crash the best times are probably now over.
Gold climbed towards a five-month high on Monday as an electoral win by Greece's anti-austerity party sparked fears of renewed instability in Europe.
Iran’s Government Spokesman Mohammad Baqer Nobakht says the administration can run the country with oil revenues below $40 billion in the next Iranian calendar year.
Egypt’s government has sent invitations to more than 6,000 businessmen and 120 countries to participate in the summit.
January 25, 2015
Iran ranked first in the Middle East and 14th in the world in terms of steel production in 2014, the World Steel Association (WSA) said in a recent report.
The passing of King Abdullah in the early hours of Friday led to speculation that a leadership transition could result in a change to the country’s oil policy and strategy.
Germany has decided to stop exporting arms to Saudi Arabia, the German newspaper Bild am Sonntag said on Sunday, citing government sources as saying the kingdom was “too unstable”
At the offices, dozens of women, most wearing headscarves, are busy at work, one group entering data on global trademarks for a company in the Netherlands.
The Yokne'am-based company, Amazon's first Israeli acquisition, is building an innovative semiconductor platform.
Mixed signals: why King Abdullah's passing could not have come at a worse time for Saudi's oil sector
King Abdullah's death could not have come at a worse time for Saudi Arabia's vital oil sector as the absolute monarchy seeks to reassert its leadership in a fast-changing industry.
Dubai real estate giant Nakheel, hit badly during the global debt crisis, said Wednesday its profits surged 43 percent on year in 2014 to $1.0 billion.
He said such recreational drones pose a serious risk to the safety of air navigation as well as passengers, he said.
The crackdown will be the largest operation ever, conducted by the authorities in Kuwait, an official said.
The proposed Arab Stabilisation Plan, ASP, would build a regional framework to promote infrastructure investment and create jobs.
January 24, 2015
Oil prices rose on Friday after the death of Saudi Arabia's King Abdullah added more uncertainty to an oil market that has more than halved over the last six months.
Saudi Arabia’s new king is expected to focus economic policy on creating jobs and multibillion dollar infrastructure projects to prevent tumbling oil prices from causing social tensions or undermining business confidence.
Saudi Arabia's new King Salman was quick to keep veteran oil minister Ali al-Naimi on Friday in a message aimed at calming a jittery energy market mindful of Naimi's powerful role.
January 22, 2015
“Our estimate is that the prices have reached the bottom. It is very difficult to drop lower than this,” Abdul Mahdi told a conference in Kuwait.
About 2.5 million expatriates are either illiterate or have little or no education at all, Makkah Arabic daily reported on Wednesday.
Almost 44 per cent of CEOs in the Middle East said that they are ‘very confident’ that their company’s revenues will grow in the next 12 months,
Television has fared positively in an increasingly digital Middle East, but should be conscious of the ever-changing digital environment and the power it can provide in advancing regional television, said an industry analyst, commenting on a new report.
Iran has entered into two partnerships with Chinese authorities in a move to set up an industrial park in the southern port city of Jask as well as expand cooperation in the agricultural sector, according to reports.
Rising from the sands on partly reclaimed land and jutting into the turquoise waters of the Arabian Gulf, this is Abu Dhabi’s cultural masterpiece in the making.
Hundreds of low-income Emirati families caught up in debt or unable to sustain their needs will be given new accommodation and have their needs addressed.
Losses from lower oil exports should sap up to $300 billion from economies of the Gulf Cooperation Council, the International Monetary Fund said on Wednesday.
January 21, 2015
Turkey's mutual trade volume with Israel reached over $5.6 billion in 2014, representing a nearly 50 percent rise over 2009 despite lingering diplomatic tension between the two.
Iraq and Turkey have agreed to build a new natural gas pipeline, technical analysis on which will commence soon, a report said
Alderley, a leading engineering company operating in the oil, gas, petrochemical and water industry, has won a contract to supply nine oil metering systems and small volume provers for a project in Saudi Arabia
Saudi Arabia is delaying by eight years its target of completing a clean-energy program that includes a $109 billion solar power project.
Organisers said the show has grown by four percent this year and was filled to capacity.
The price of OPEC's basket of twelve crudes stood at US$43.04 a barrel on Tuesday, compared with US$43.87 a barrel the previous day, according to OPEC Secretariat calculations.
Emirates was the UAE’s most positively perceived home-grown brand in 2014, according to a YouGov ranking.
The UAE ranks as the number one economy in the Middle East in attracting and retaining talent, according to the Second Global Talent Competitiveness Index released on Tuesday.
In a period of worsening employment figures and slower growth, as well as widening global income inequality.
With 1.35 billion users of its Internet social network, Facebook would rank as the world’s second-most populous nation if it were a country.
Oil prices have fallen by almost 60 per cent since June, crashing on worries over global oversupply and weak demand in a faltering world economy.
“The country’s period of miraculous break-neck growth is over, but let’s get over it.”
Brent crude oil prices steadied around $49 a barrel on Tuesday after the International Monetary Fund cut its forecast for global economic growth in 2015 implying lower demand for fuel.
January 20, 2015
Saudi Arabia can cope with low oil prices for "at least eight years", Saudi Arabia's minister of petroleum's former senior adviser has told the BBC.
The Arab Spring's success story: what will it take for Tunisia to unlock its full economic potential?
Four years after Tunisia sparked off the Arab spring uprisings, the country is seen as a rare regional success story, but its prospects hinge on it deepening reforms and attracting foreign investment.
A section of the channel Egypt is building parallel to the Suez Canal suffered leaks in the early hours of Monday, causing no injuries.
Qatar’s emir will attend an economic summit due to take place in Egypt in mid-March, sources from both countries said on Monday, in a sign of easing political tension between the Arab states
Tobacco consumption in the region is notoriously high. Smoking is everywhere. But who's running this powerful industry?
January 19, 2015
of talented and committed individuals. The project showcases the very best of what Dubai has to offer and we will continue to use the platform to demonstrate the progress the city makes," said Ismaeil Al Hashmi, Project Manager for Dubai 360.
Oman Drydock Company has handed over its 300th vessel since starting operations in 2011.
United Arab Bank, UAB, has made a contribution of AED250,000 to Al Thiqah Club for the Handicapped, another milestone in the Bank’s long-standing relationship with an organisation that provides invaluable support for people with special needs in the UAE.
The National Agricultural Development Company (NADEC) achieved net profits amounting to SR 107 million net profits in 2014.
A Dubai-based private firm is leading a consortium in bidding to develop solar and wind power plants for Egypt as part of the country's plans to diversify its power generation mix amid its worst energy crisis in decades, the company's chairman said.
The central bank let the Egyptian pound depreciate on the official market for the first time since July, allowing it to reach 7.19 pounds per dollar, its weakest level since auctions began in December 2012.
Saudi Basic Industries Corp (SABIC), one of the world’s largest petrochemicals groups, reported a 29 per cent plunge in fourth-quarter net income on Sunday.
The plant has a capacity for commercial export of 27 million cu ft per day of natural gas and 2,500 barrels per day of condensates.
Egypt gained notable improvements in confidence, exports and manufacturing, according to the World Bank’s report in January , which highlighted 1.2% growth for 2014.
January 18, 2015
Stock markets in the GCC have had a rough few weeks, following the recent drop in oil prices.
Oil plunged close to six-year lows last week on oversupply worries, before staging a slight recovery as the International Energy Agency (IEA) declared there were signs that “the tide will turn”.
Reliable aid: Japan to provide $360 million to Egypt's energy, infrastructure and technology sectors
The financial aid will include other sectors such as infrastructure and technology, part of a total aid package for the Middle East amounting to $2.5bn.
The Gulf region is one of the world's richest areas in sunshine, but its countries are way behind others in harnessing the energy
Education in Egypt has been further dented by the unrest that has engulfed the country since the start of the Arab Spring in January 2011.
Qatar is considering imposing penalties against firms that fail to pay migrant workers on time, one of the biggest complaints voiced by rights groups against companies in the Gulf state.
Russian oil company Lukoil on Friday predicted that oil prices, which have more than halved since June last year, could plunge as low as $25 per barrel.
January 17, 2015
Saudi Arabia's housing ministry is moving to tax undeveloped land, official media quoted the housing minister as saying, in a policy that could help to end a shortage of homes and spur economic growth.
Mohammad Reza Bahraman who was speaking in a press conference on Tuesday said that $00bn of the total figure had been defined for projects in oil and gas sector.
Iran, its oil exports curbed by sanctions, is lowering the crude price for this year’s budget to $40 a barrel as the energy slump affects governments and industry.
Meanwhile, an İstanbul court ruled in November of last year to halt the construction of a number of buildings in the coastal area of İstanbul's Ataköy neighborhood
January 15, 2015
Forty-two percent of health institutes issue sick notes for employees who are not really ill.
Shell, Europe's largest oil producer, and Qatar Petroleum say they are scrapping a planned petrochemicals project in the Gulf nation amid falling energy prices.
This is the 18th Sukuk to have listed on Nasdaq Dubai since the beginning of 2014, supporting Dubai’s rapid expansion as the global capital of the Islamic Economy.
January 14, 2015
Airbus clung to the top spot in commercial plane orders by confirming it outsold Boeing last year.
New research has found that it is cheaper to buy properties in certain areas of Dubai as compared to renting them.
Before everything gets out of control, here are 10 money-saving tips to consider for 2015, as suggested by financial advisors in the UAE.
Saudi Arabia’s plans of privatisation come amidst a flurry of negative feedback it received about one of its airports.
Consecutive Egyptian governments have vowed to develop the informal areas where millions of Egyptians live without basic services such as clean water and sewage.
The interviewee sees the plummeting prices a factor to force the American leadership to become diplomatically more active and negotiate with OPEC and other producers.
Gulf stock markets ran out of steam on Monday after several strong sessions as oil prices fell by more than $1 a barrel.
The collection of $1.5bn through the issuance of international bonds is expected by April.
The UAE, last week targeted illegal fuel agents in the country and, Kuwait has also moved swifly against those involved in these operations.
January 13, 2015
Oil tumbled to six-year lows Tuesday on global oversupply and after Saudi Arabia, kingpin of the Organisation of Petroleum Exporting Countries (OPEC) said the era of $100 crude was over.
The UAE is a country of “fantasy weekenders”, more prone to staying at home and making exaggerated claims later, according to research released by Hilton.
Britain has launched a trade mission to Egypt with more than 40 companies received in Cairo, the largest such effort in over a decade by the top foreign investor in the Arab world's most populous country.
"If Iran suffers from the drop in oil prices, know that other oil-producing countries such as Saudi Arabia and Kuwait will suffer more than Iran," he added.
Lebanon will likely reduce land transportation fees after a dramatic drop in the price of gasoline and diesel.
Tough foreign competition in the London commercial property market is forcing local investors to invest in regional cities in order to tap rising rents there.