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“We are close to an agreement on holding a Parliament session on July 17 to pass laws adopting the new salary scale and government expenditures,” the source said.



Read more: http://www.dailystar.com.lb/News/Lebanon-News/2014/Jul-11/263496-wage-hike-breakthrough-expected-next-week.ashx#ixzz377kRp4Ue 
(The Daily Star :: Lebanon News :: http://www.dailystar.com.lb)
03:42 GMT
Breakthrough in the long-running crisis over public workers’ salaries is expected next week, a ministerial source revealed to The Daily Star Thursday.
The world’s most expensive cities for expats are both in Africa. Luanda in Angola is ranked first for the second year, followed by N’Djamena in Chad.
03:38 GMT
Rising housing costs has pushed Dubai up the rankings in an annual survey of the most expensive cities in the world for expatriates to live in.
The 10 highest earning chief executives in the UAE make several million dirhams a year, taking home a total of Dh78.14 million in salaries and bonuses in 2013 alone,
03:33 GMT
Seven out of the ten highest paid officials work for companies based in Abu Dhabi, while the rest are based in Dubai.
Egypt, one of the world's largest wheat importers, said on Thursday it had enough wheat to last for six months.
03:21 GMT
Egypt purchased 3.7 million tonnes of local wheat and also bought 5.46 million tonnes of wheat from abroad during the 2013-2014.
Reorganizing the shipments thanks to delayed efforts to secure a terminal will add to headaches.
03:16 GMT
Egypt has missed a window to avert gas shortages this year as plans to secure a floating import terminal from a Norwegian firm hit snags.
After that deal, shipments from Zueitina were delayed because of damage from the blockade, while Hariga has seen only a few tanker loadings.
02:42 GMT
Libyas oil sector took another big step back to normality with the restarting of an oil field that could double its current meagre crude output
Boeing expects airlines to buy 25,680 new single-aisle planes over 20 years,
02:11 GMT
Boeing’s annual forecast, released in conjunction with the airshow, said single-aisle airplanes such as the 737 and A320 will garner the most orders.

July 10, 2014

In the meantime, Riyadh Municipality officials closed 23 restaurants in the capital for violating health regulations.
13:31 GMT
Security officers in Saudi Arabia have arrested nearly 2,200 foreign workers in Madinah and Hail and Baha this month for allegedly violating the country’s residency and labor regulations.
The price spread between the two benchmarks touched the narrowest point in almost a month at $5.20 on Wednesday, driven by speculators dumping Brent.
03:40 GMT
Brent crude oil traded at a one-month low below $109 a barrel on Wednesday after a Libyan oilfield restarted and supply worries faded
Discussing other factors that may potentially influence Arabian oil, Anderson said he did not expect political disruptions to affect oil passage through the Strait of Hormuz.
03:32 GMT
The shale oil revolution in the United States is not expected to present a threat to the Middle East, according to Duncan Anderson, chief executive officer at Gulf Marine Services (GMS).
With Dubai’s property market booming, analysts warn that several signs of excesses, reminiscent of pre-crisis years, are returning to the market
03:24 GMT
Dubai’s Damac Properties has announced that it will be offering luxury cars to select property buyers as part of its Ramadan promotion.
The UK capital recorded €32.2 billion (around $44.2 billion) worth of transactions in 2013, with the Middle East contributing roughly $7.5 billion.
03:14 GMT
London’s property market has always been a favourite for investors from the Middle East.
DP World, which has a portfolio of about 65 terminals across six continents, owns one-third of Djibouti’s Doraleh Container Terminal, the company’s annual report says.
02:58 GMT
Djibouti said it had started legal action against DP World, seeking to rescind the Dubai-owned port operator’s concession in Africa’s largest container terminal in a row over how the contract was awarded.

July 9, 2014

However food waste is not unique to Saudi Arabia, low income and developed countries face problems in waste.
18:47 GMT
Saudi Arabia is the world’s top food importer, and also rated as one of the worst wasters.
The value of the deal could increase to $75 billion at list prices if Emirates firms up its right to purchase the additional planes, Boeing said in a statement issued in Dubai.
16:33 GMT
Boeing said the 777X will introduce the latest technologies including "the most advanced commercial engine ever".
The source, who opted not to be named, said a surefire reason for inclusion on the blacklist is physical abuse and sexual harassment against their housemaids.
16:05 GMT
The recruitment application of any Saudi who has a history of maltreating Filipino housemaids would never be accepted.
The scars left by the Arabtec saga on both the company and the stock market may heal with time.
04:55 GMT
Married with four children, Ismaik has been spending some of his time since he quit watching World Cup soccer, rooting for Germany; he owns part of German soccer club TSV 1860 Munchen.
"This is a long-term project and we are betting strongly on Dubai," he said, adding that the size of the entire project would be in the range of 48 to 50 million sq ft.
04:55 GMT
By the way: Dubai is still recovering from its 2009 debt crisis.
The global energy mix is shifting toward cleaner fuels such as natural gas
04:55 GMT
This year, energy markets have been marked by geopolitical motivations and pragmatism to an extent never seen before.
Iran imported $153 million worth of products from the U.S. in January-May 2013 and exported $1.6 million worth of products to the U.S. in the mentioned time span
04:55 GMT
Iran transacted non-oil goods with 177 countries in the past Iranian calendar year.
Dubai Marina and Shaikh Zayed, where a studio apartments costs about Dh80,000 a year on average are less-pricey options.
00:42 GMT
Affordable places to rent can be found in Deira, Discovery Gardens and Jumeirah Village,

July 8, 2014

The stock market is also down, with the Tel Aviv 25 Index currently off 0.58%.
19:43 GMT
The shekel has weakened against the dollar this morning, as the security situation in the south of Israel escalated overnight.
South Sinai’s 62,000 hotel rooms represent approximately 33% of Egypt’s total hotel capacity, according to Egypt’s Hotels Chamber.
16:53 GMT
According to the Egyptian Ministry of Tourism, travel advisories issued for the Sinai Peninsula led tourism revenues to decrease in the first quarter of 2014 to $1.3bn.
Bullish comments about Arabtec and its shares by then-chief executive Hasan Ismaik, who resigned in June, helped to fuel investor interest in the stock.
15:34 GMT
in a statement after its chief executive met with heads of the central bank, the economy ministry and the Dubai and Abu Dhabi stock exchanges.
Investors appear to have anticipated the weaker results, which were flagged by a recent comment from Samsung’s financial director that the quarter’s earnings were “not that good”.
14:46 GMT
Samsung Electronics’ earnings fell by almost a quarter in the three months to June, after the South Korean group was caught out by unexpectedly low demand for its smartphones in China and Europe.
The consultancy expects some 7 million square feet of new malls with a size of over 1 million square feet to enter the market over the next two years.
14:32 GMT
Mall of the World, the latest addition to Dubai’s retail, hospitality and leisure offering, is expected to boost visitor numbers and further strengthen the emirate’s mall development pipeline.
Adam did not expect additional financial assistance from Gulf countries in the next period.
04:55 GMT
Foreign reserves are now the lowest since the ouster of former president Mohamed Morsi in July 2013.
Expanding the foreign trade of the transition countries is the most effective way of raising growth and creating employment, along with massive investment in infrastructure and development projects.
04:55 GMT
In particular, GCC governments wanting to provide aid should orient it towards Aid-for- Trade enabling and facilitating reforms and investments.
Jordan’s imports from Mexico reached $41 million compared with around $17 million of exports
04:55 GMT
His Majesty King Abdullah’s visit to Mexico has laid down the basis of improved economic relations between the two countries.
A majority of the 3,189 suicides committed last year in Turkey were by men, who accounted for 72.7 percent, while women accounted for the remaining 27.3 percent.
01:01 GMT
Financial problems were listed among the reasons for suicide in Turkey last year, according to figures from the Turkish Statistics Institute (TurkStat) released last month.
The search for gas has been a priority for Saudi Arabia as it struggles to keep pace with rapidly rising domestic demand.
00:44 GMT
Royal Dutch Shell is ending investments in a gas development project in Saudi Arabia, complicating the top oil exporter’s efforts to exploit its huge gas reserves.

July 7, 2014


A total of 10 consortiums are vying for the first phase of the project involving civil works.
19:42 GMT
"We have asked them to submit their bids for this project. We intend to sign the contract with the winning bidders in early October," he said.
Flight Search can be accessed on tablets, smartphones and desktop computers.
19:36 GMT
Once users are on the Google Flight Search tool, they are able to quickly and easily conduct searches for different flight routings
As development across the city ramps up in the lead up to the 2020 World Expo and the Emirate's vision of playing host to 20 million tourists annually.
18:53 GMT
“The unveiling of Dubai Holding’s proposals for The Mall of the World will form part of a strengthening mall development pipeline that is critical to unlocking Dubai’s vision,” says Cluttons.
Another reason for the slowdown may be that households balance sheets are stretched after a surge in consumer borrowing over the past few years.
12:42 GMT
In the first quarter, growth in all three sectors that relied on cheap foreign labor — construction, retail and transport — slowed markedly from a year ago.
Dubai’s real estate market may also be overheating, as the country’s central bank issued a warning on the soaring property prices.
11:49 GMT
Gulf markets ended their worst quarter in many years, as almost all indices in the region ended the month on a negative note.
The UK prime minster, David Cameron, in his Ramadan message states: “Ramadan is about charity, contemplation and community.”
04:55 GMT
In the context of Islamic economy contemplation, here are three thoughts for consideration during the holy month of Ramadan.
Yemen's income from oil exports tumbled by over 64 per cent to $73.4 million in May from a year ago,
04:55 GMT
Sanaa's finances have deteriorated as it has been caught in a nationwide fight against al Qaeda militants and other rebel groups.
Dubai is planning to build a temperature-controlled city featuring the world’s largest mall and an indoor park, as well as hotels, health resorts and theaters, the developer said.
02:24 GMT
Already home to one of the globe’s biggest indoor shopping complexes, Dubai Mall, the glitzy emirate known for its love of grandiose projects said it is now planning to build the “Mall of the World”.
Reduction in public expenditures has prompted the government to increase the prices of automotive petroleum products.
02:13 GMT
Since his inauguration a month ago, President Abdel Fattah Al-Sisi has adopted several economic measures that have shaped Egypt’s economic climate.
The tax on other alcoholic beverages, such as wine and spirits manufactured locally or imported from abroad, has been increased by 150%.
02:06 GMT
The resolution replaces old amendments to the Sales Tax Act, which were not implemented and were postponed after facing broad popular opposition.
Disruptions linked to engineering or geopolitics have plagued global oil producers in recent years.
02:01 GMT
The US has overtaken Russia and Saudi Arabia to become the largest producer of crude and natural gas liquids (NGLs) in the past six months.
“But what has been significant for us has been the enthusiasm shown by visitors from the Middle East region despite not having a team competing."
01:48 GMT
Spending by GCC visitors has been quite robust since the start of the mega-football tournament.

July 6, 2014

Not to be outdone, French firms are also preparing for their return to Iran
10:56 GMT
Competition for the Iran market is fierce. Businesses across the world, but most notably in the U.S., are keen to fill the space left by the likes of Renault and PSA Peugeot Citroën and gain access to Iran’s 78 million consumers
French carmakers Peugeot and Renault look to be among the clearest beneficiaries of the interim deal that lifts some sanctions on Iran.
10:45 GMT
Iran itself counts car manufacturing as its second-biggest industry after oil, accounting for 10 percent of its gross domestic product.
A report has shown that the country saw 946 workers die in work-related accidents in the first six months of the year.
07:51 GMT
Turkey already has a bleak record for workplace deaths, and health and safety standards are often neglected in the country.
"The people won't like that, this could turn the people angry and against the state," he added.
04:55 GMT
Egypt had overnight on Friday slashed its subsidies for car fuel and natural gas, increasing their prices by more than 70 per cent.
Many citizens have objected to the price increase, which was approved by the government yesterday.
04:55 GMT
Anger is mounting against recent petroleum price increases after government reductions in subsidies for the sector came into effect on Saturday.
E-government is “entering a new episode” with all 193 UN member countries using national websites for the first time.
04:55 GMT
In the 2012 report, Jordan ranked 98th out of 190 countries.
“EDL will limit the network’s productive capabilities to a fixed amount of 1,550 Megawatts from July 1 to Sept. 10," the statement said. “We call on citizens to understand need to achieve balance between the need for electricity production and the sensitive situation of the public budget,” the EDL said.
03:55 GMT
Lebanon’s state-owned electricity company announced Friday that it would limit its production this summer, providing only 13 hours of electricity per day.

July 4, 2014

The spending figure of 23.21 billion dinars is 10.5 percent higher than estimates in the past fiscal year of 21 billion dinars.
15:28 GMT
he OPEC member has projected a deficit in each of the past 14 fiscal years but ended each year in the black, accumulating more than $300 billion in budget surpluses.
For those concerned about consumption and commercialization in Ramadan, the month of fasting threatens to be turned into the month of overeating and excessive prices.
15:15 GMT
With petrodollars in the Gulf, splashing cash at luxury hotels is not an issue for those who can afford it, but the true meaning of Ramadan is being lost in the process
The project has envisaged that about 250 megawatts (MW) of electricity will be generated per day from burning 1,500 tons of solid waste.
13:56 GMT
The project will create 650 direct jobs and 2,000 indirect jobs, and will be implemented in four phases over the course of 24 to 36 months.
Etihad joins Emirates, which sponsors Old Trafford cricket ground and Durham County Cricket Club, in bolstering its English brand profile through cricket.
02:21 GMT
“Cricket enables Etihad Airways to create strong synergies between the key cricket playing nations and our major flight networks across the Indian subcontinent, Australia and the UK."
Political unrest in Egypt is not affecting work on the mall, confirms George Kostas, CEO of UAE-based retailer Majid Al Futtaim Properties.
02:14 GMT
Mall of Egypt, the 160,000-square metre mega-mall being developed by Majid Al Futtaim (MAF) Properties in Cairo, is proceeding on track despite unrest in the country, a senior official confirmed.
Buoyed by a growing population of both locals and expats, the total number of schools in the region is expected to grow at a compound annual growth rate (CAGR) of 2.4 per cent from 2013 to 2020.
02:09 GMT
However, the sector also faces a number of challenges such as the shortage of skilled teachers and regulation of fees that obstruct the growth of the education industry in the long term.
Taking back the two major eastern oil terminals could make around 500,000 more barrels per day (bpd) of crude available for export
01:59 GMT
Thinni said the ports had been reclaimed after an agreement with Ibrahim Jathran, whose fighters had seized the terminals almost a year ago to demand more regional autonomy.

July 3, 2014

More people are classified as poor on a quarterly than on an annual basis as many households face temporary spells of poverty.
16:39 GMT
Economist Yusuf Mansur explained that the study simply shows that some Jordanian households are poor during a certain period of the year, while not poor for the rest of the year.
Forgery of educational certificates constituted around 40 per cent of all document fraud cases during the first half of this year,
14:43 GMT
Suspects face charges of forging an official document, faking a stamp, and attempting to use the fake document.
Regarding President Abdel Fattah Al-Sisi’s plan to provide the market with citizen’s needs for oil and sugar produced by the army, she said this plan is “illogical in economic terms and impossible to implement.
14:32 GMT
The government is unlikely to succeed in controlling anticipated price jumps in markets, goods, and services vulnerable to such abnormalities in the wake of petroleum subsidy cuts in the new budget.
The government also lowered the target deficit ratio in the new budget to 10%, compared to 12% in the FY 2013/2014 budget, according to Dimian.
03:10 GMT
Economic experts have voiced scepticism over the government’s ability to meet the finance ministry’s revised GDP target for the 2014/2015 fiscal year (FY).
“It [the company] was also acquitted of any violation of Egypt’s tax laws, and thus did not take this decision into consideration,” the company added.
03:00 GMT
AhramOnline reported Tuesday that the construction tycoon has been sentenced in absentia to three years imprisonment on charges of tax evasion.
KPC has said previously that the existing pipeline linking the two cities, also built by Zakhem International in 1973, has outlived its 30-year lifespan and was prone to ruptures.
02:54 GMT
Family-owned Zakhem International has also carried out oil pipeline, refinery and fuel storage projects in Libya, Iraq, Nigeria, Qatar, Italy and Tanzania, according to its website.
"Less religiously-linked branding could be useful for the industry if it wants to attract non-Muslim clients," he pointed out.
02:43 GMT
Islamic banking is based on core principles of the religion. So it is striking that some banks are removing the word "Islam" from their names.
“The facility scope of work is similar to other facilities built in the past by the US Army Corps of Engineers in other Middle Eastern countries,” it added.
02:14 GMT
The US government has announced plans to build a new military hospital in Kuwait at a cost of $1.7 billion

July 2, 2014

The survey noted that 44.5 percent of those surveyed said employer efficiency is not affected, and 55 percent claim that important decisions and vital meetings are not postponed till the holy month is over.
23:23 GMT
The survey noted that 44.5 percent of those surveyed said employer efficiency is not affected
The new complex will create significant value to Ma’aden shareholders.
19:42 GMT
The estimated cost of the project is approximately SR28 billion ($7.5 billion), and production at the new facility is expected to commence in late 2016.
An estimated 20 million visitors are expected to attend Expo 2015, of which 7.6 million will travel to Milan by air, the two airlines said in a joint statement.
15:23 GMT
Etihad Airways and Italy’s Alitalia have been named as the Official Global Airline Carriers for Expo 2015 in Milan.
The new route departs Doha at 8.10am and arrives in Dallas the same day at 3.35pm.
14:54 GMT
Airline begins daily services to Dallas, Texas, from Hamad International Airport
A similar visa policy is already in place for nationals from 38 countries, and once implemented, it will be available to 102 countries in total, EDB stated. The new policy was presented in a cabinet meeting earlier this week by Crown Prince Salman bin Hamad Al Khalifa, Bahrain’s first deputy PM and chairman of the EDB.
14:38 GMT
Bahrain is mulling the implementation of a new visa policy, under which nationals from 64 countries will be provided a one-month visa on arrival.
Turkish Energy Minister Taner Yıldız said last month that Turkey will begin exporting an additional 4,000 tons of refined oil products to Iraq daily
04:55 GMT
According to Moody's, Turkey's exports could decline by 15 percent if the fighting between the Islamic State of Iraq and the Levant (ISIL) and Iraqi military forces continues.
A preliminary Reuters poll estimated a decline of 2.3 million barrels.
04:55 GMT
Brent oil held steady above $112 per barrel as upbeat manufacturing data in China pointed to demand growth while conflicts in Iraq and Ukraine continued to underpin supply concerns.

July 1, 2014

The fee for this aviation adventure starts from Dh270 ($73 USD). The first realistic A380 simulator landed in April at the Dubai Mall, where a 30-minute experience costs Dh350
16:19 GMT
Budding pilots and curious daredevils can fly the prestigious Airbus A380 in Dubai, within a realistic flight simulator, at a second location in Dubai.
There are 204 domestic Haj companies serving the local pilgrims. Around 60 percent of them transport their pilgrims on Saudia's domestic flights.
15:56 GMT
Saudia had refused to respond to the requests of the domestic Haj companies for meetings to discuss the problems they had been experiencing," he said.
The advertisement targets Saudi investors and invites them to apply for Canadian and Greek citizenship through an investment program.
14:11 GMT
A Canadian immigration company has, in violation of Saudi citizenship laws, posted an advertisement on the newspapers encouraging Saudi citizens to apply for Greek and Canadian citizenship, Makkah daily reported.
Fast-growing Middle East airlines such as Qatar and Emirates have said that European governments were seeking to restrict fair competition by giving airlines based closer to home preference when awarding airport slots.
13:31 GMT
"If they (European airport slots) are limited further, we will stop buying European aircraft. We have 186 orders at Airbus. What impact would that have on German jobs?"
Saudis and expats have welcomed the move to close retail shops at 9 p.m., saying it would have a positive impact on social life and productivity.
11:46 GMT
The higher committee for regulating the working hours of retail shops has completed a draft law that will force all shops and sales outlets across the Kingdom to work anywhere between 6 a.m. and 9 p.m.
The finance minister said the budget would push debt down from 94% of GDP, registered in the FY 2013/2014 budget, to around 90% of GDP
11:23 GMT
“The wages system in Egypt is closer to randomness than to being organised,” the minister said, adding that “a project for income law will be submitted to the cabinet during the coming period.”
Activity in Qatar's construction sector soared 19.6 per cent from a year ago in January-March, faster than a 13.6 per cent rise in the whole last year,
04:55 GMT
An expansion of Qatar's gas facilities helped fuel breakneck GDP growth averaging 17 per cent a year between 2006 and 2011.
S&P noted that hydrocarbon revenues constitute almost 46 per cent of nominal GDP and three-quarters of total exports of the six GCC nations.
04:55 GMT
Increasing dependence of the GCC states on oil revenues poses a rising credit risk, a new survey by S&P says.
Change requires a figurehead or a face of the change, one that represents hope in a ‘better’ future.
04:55 GMT
Regardless of what the real business issue was behind the scenes of Arabtec, confusion reigned publicly, and undoubtedly privately also, resulting in an unhealthy knee-jerk reaction in the market.
Accommodation at five-star hotels skyrockets to anywhere between SR31,000 to SR40,000 for a 10-day period near the end of Ramadan.
04:55 GMT
Travel operators in Riyadh will increase the prices of weekend Umrah packages from SR90 ($23) per head to SR160 ($42) from Wednesday thanks to the influx of pilgrims during Ramadan.
The Iranian carmaker Iran Khodro has resumed automobiles exports to Russia, which it halted in 2009 when Russia adopted stricter Euro-4 emission standards.
01:55 GMT
The resumption of car exports to Russia comes at a time of greater openness to trade with Iran in the wake of an interim nuclear deal.

June 30, 2014

The Saudi banking system capitalized on reforms implemented during the financial crisis and posted record profits in 2013.
16:09 GMT
Evidently, the extended maturity will provide a pricing benchmark for longer-tenor sukuk and energize an alternative venue for financing infrastructure projects.
After swinging wildly this month in response to Arabtec’s gyrations, the Dubai index is down 22 percent from its multi-year peak in mid-May
14:09 GMT
The collapse marks a continuation of the builder’s downward trend on the Dubai bourse
He added that comparative studies about plans implemented in other countries should be made, but Iran’s domestic capacities and necessities should not be ignored as a result of these studies.
13:59 GMT
The government views the revival of the lake as a criterion for simultaneously reviving other bodies of water in the country, he added.
“All non-productive expenses have been trimmed down,” Alkaffas said, but declined to go into details pointing to a statement due to be issued later.
13:36 GMT
Boosted by aid worth billions of dollars from Gulf Arab countries after Sisi deposed Islamist president Mohamed Morsi last July, Egypt’s 2013/14 budget deficit was set to shrink to around 11 per cent of GDP from some 14 per cent the year before.
Meanwhile, Israeli manufacturers see further expansion of their overseas activity.
04:55 GMT
Monthly analysis by the economic division of the Israel Manufacturers Association presents worrying figures showing a continued decline in Israel's industrial exports
An increase of approximately EGP 10bn ($1.4 billion) for fuel subsidies will be stipulated in the budget for the 2014/2015 fiscal year to offset the increase in global prices of oil, according to a senior petroleum ministry official.
04:55 GMT
The escalation of violence in Iraq threatens investments in one of the world’s most important oil reserves, as Iraq was expected to become the world’s largest oil exporte
The regulations will be issued before the end of the year and a six-month grace period for its implementation will be put in place.
04:55 GMT
A high commission set up to develop the regulations ensuring retailers close at 9 p.m. has completed its task.
The estimated size of the proposed deal is the supply of seven BCM (billion cubic meters) of gas annually for 15 years.
04:55 GMT
The value of the agreement is estimated at some $30 billion.

June 29, 2014

Since the 70’s, crude oil is not allowed to be shipped outside the country, but that is about to change.
20:13 GMT
Whether the decision allowing the export of ultralight, condensate, marks the beginning of the end of the ban on American crude oil exports or not is being debated ferociously within the energy fraternity.
The new system will enhance the quality of services, safety and environmental sustainability for citizens in the country.
20:03 GMT
The Qatar Public Works Authority 'Ashghal' has awarded IBM the contract to provide a smarter road and drainage infrastructure in the gas-rich country.
 Family-owned businesses in the Middle East face a range of challenges that affect not only the success of the business itself, but also the professional and personal goals of their owners and their stakeholders at large.
16:03 GMT
Deloitte recently conducted a survey on family-owned businesses to assess two specific areas that have an impact on their companies’ operations and growth: governance and succession
Quantitative easing on an extraordinary scale — as perpetuated in the US, Japan and potentially now Europe — has distorted not only the entire global economy through rock-bottom interest rates but also investment and its returns.
14:09 GMT
In the Gulf, there is a hybrid case in the operations of sovereign wealth funds, which plainly are governmental, but are viewing the international markets with this same awareness and considerable dependency.
Arabtec, which remained among the top losers last week, shed 27.23 per cent.
13:52 GMT
Fund managers and analysts do not expect major movements and said investors have already been liquidating their positions before Ramadan.
In addition to the initiative, the GCC is also ramping up its port facilities to attract global cruise liners.
04:55 GMT
With such massive untapped potential, the Gulf’s Arab countries are now joining hands to promote the region as a winter cruise destination
The Jordan Customs Department and the three telecommunications companies for landline, mobile and Internet (Umniah, Zain Jordan and Orange Jordan) have also linked to the system.
04:55 GMT
The Central Bank of Jordan (CBJ) on Saturday officially launched e-FAWATEERcom system to help citizens check and pay their bills electronically via different paying outlets.
Gulf oil produces who are members of the monetary union are talking to the UAE and Oman in a bid to persuade them to join the union, Kuwait’s finance minister said in press comments on Saturday.
04:55 GMT
The UAE and Oman opted out of the proposed monetary union before it was launched in 2010
“Income equality is important for sustainable growth. We can't fight income inequality with only macroeconomic policies. Turkey should increase its production capacity,” Dinçer added.
04:55 GMT
Turkey ranks third among the countries with the highest levels of income inequality.