The dollar demand had pushed the Saudi riyal’s spot rate unusually far beyond its peg of 3.75 against the dollar.
The construction of all the galleries has also been completed structurally, along with the concrete work for the museum’s basement levels and the security screening facility.
The tablet world has a newcomer in the form of Apple’s new iPad Air 2, which includes a fingerprint sensor to provide increased personal security
The young demographic structure of the GCC region is creating a surge in demand for housing.
October 21, 2014
Warmer winter, warmer state-society relationship? Jordanians brace themselves for 'substantially' lower fuel prices
The drop in international oil prices is good news for Jordanians, if it is reflected “fairly” on domestic fuel prices.
The Kingdom’s oil shale reserves rank fifth worldwide in terms of quantity.
Mehleb says the project is as important as the Suez Canal expansion
The Ministry of Tourism is aiming for regional tourism to account for 20% of the total inbound tourism to Egypt, according
With his unique bushy mustache and outspoken manner, De Margerie was one of the most respected figures among the top oil executives in the world
Standard Chartered has notified thousands of UAE small and medium enterprise customers it is closing their accounts as it responds to pressure from US regulators
Boeing, a leading aircraft manufacturer, said today that commercial financial institutions in the Middle East are increasingly funding the region’s record number of airplane deliveries.
International rating agency Moody’s has changed Egypt’s outlook from negative to stable, attributing the upgrade to the stabilised political and security situation.
October 20, 2014
Saudi crude exports fell in August for the fourth month in a row to their lowest levels in three years.
Trouble getting them, trouble keeping them? Middle East firms challenged in attracting, retaining talent
Organisations in the Middle East are facing greater challenges than employers elsewhere in the world with 70 per cent of the firms admitting difficulty in attracting and retaining critical skill.
Military might alone won’t defeat Islamic State and its ilk. The US needs to promote economic empowerment
One's catastrophe, another's celebration: Middle East's oil importing states benefiting lower oil prices
The decline in oil prices will provide significant boost to the oil importing countries in the Middle East.
A Kuwaiti oil trade union on Sunday condemned the unilateral closure by Saudi Arabia of an offshore oilfield jointly operated by the Arab neighbours
Dubai’s real estate sector registered a slowdown in rents and sales prices during the third quarter of the year.
The train may carry more wealth than the annual economic output of some of the places it crosses.
Gulf Air, the national carrier of Bahrain, yesterday (October 18) announced the relaunch of flights to Shiraz, the capital of Fars Province in Iran.
October 19, 2014
CCC, one of the largest construction companies in the Middle East, was founded by Khoury in 1952 along with his cousin Hasib Sabbagh and Kamel Abdul-Rahman.
Indian refiners together owe about $6 billion to Iran.
Apple Inc’s faster, slimmer iPads come with modest improvements, such as a fingerprint sensor, but some analysts say it offers few other features to wow consumers ahead of a holiday shopping season
If Saudi Arabia no longer has the same influence on the markets it once had, what can explain the slumping prices observed today, at a rate that exceeds the relative downturn in the oil markets felt usually in autumn?
They said the US Internet giant’s decision to shut down its office in Amman before the end of the year — thus terminating 80 jobs and relocating some staff — is part of Yahoo’s efforts to cut down costs in its international operations.
he United States blacklisted Lebanese company DK Group for arranging to ship Syrian pound banknotes from Russia to the Syrian central bank, an allegation strongly denied by the company’s general manager.
An international website specializing in airport services has ranked King Abdul Aziz International Airport in Jeddah among the worst airports in the world with regard to services
The number of tourists arriving in Egypt increased by 15.8% in July compared with the same month a year ago.
“A lot of the Middle Eastern buyers are next generation. They went to university in the US and the UK....They don’t want to stay in dad’s house in Knightsbridge."
Oil-rich Kuwait tripled the prices of diesel and kerosene on Wednesday, ending decades of heavy subsidies, while putting off a similar decision on electricity and water charges.
It said that these steps will focus on the markets that have the “greatest scale and growth potential”.
Pregnancy and motherhood bring many changes — including some major ones to your bank account.
October 17, 2014
Saudi Arabian billionaire Prince Alwaleed bin Talal will join a financial bailout of the money-losing Euro Disney theme park, his Kingdom Holding Co said Tuesday.
There's no blaming 'outside forces' this time: Al-Assad loses supporters over $50 million glitzy mall investment
Even for some of the Syrian regime's staunchest supporters, this month's launch of a glitzy new shopping mall and tourism projects seems to have been a step too far.
Dubai Duty Free has regained its position as the largest single airport retail operation in the world, based on sales figures of $1.8 billion in 2013.
Tourism Ministry books 600 hotel rooms in Sharm El-Sheikh for participants, Finance Ministry offers 9 PPP projects
The UAE is the biggest market for Jordanian property investors, he said, indicating that the drive behind Jordanian investments in other markets is the incentives they are offered abroad.
As much as $145 billion worth of projects are currently under way or will be awarded in Oman, according to MEED projects, the region’s leading projects tracker.
The member said education authorities needed to find a solution to the problem because “education is a basic human right for everyone, whether they are a citizen or foreigner living in the Kingdom.”
A sell-off in European stocks accelerated on Wednesday, with a key index suffering its biggest one-day slide in nearly three years as investors slashed exposure to risky assets on mounting worries about global growth
Wishful thinking: is Saudi Arabia slowly, but maturely, winning the global oil price war against the US?
Saudi Arabia effectively started a global oil price war this month aimed at quickly denting U.S. oil output.
October 16, 2014
Istanbul’s Crystal Tower is a 35-story symbol of diverging fortunes. Due for completion next year,
The IEA again cut its forecasts for growth of global oil demand for the third month in a row.
October 15, 2014
Hundreds of migrant workers in the UAE face dire conditions and are being denied days off and overtime benefits, according to an XPRESS investigation.
A lawmaker in Kuwait has insisted that expats in "unskilled and semi-skilled" occupations should only be allowed to reside in Kuwait until the age of 50.
Leading Dubai developer Damac Properties has joined forces with Paramount Hotels and Resorts to open luxury hotels across Dubai, Abu Dhabi, Jeddah and Istanbul.
UAE-based startup Amanat Holdings will invest in up to six businesses over the next two years. The firm is looking at the GCC's healthcare and education sectors.
The UAE's government will commence work on the $381 million Sheikh Mohammed bin Zayed residential city in Fujairah, according to a report.
Saudis love using their phones! The kingdom's market is the largest in the Middle East with 53 million subscriptions in 2013 alone.
The UAE's IT market, which was worth an estimated $4.1 billion in 2013, is expected to grow by 8.47 percent until 2018.
Qatar is due to enter phase 3 of the newly opened $15.5-billion Hamad international airport with plans to accommodate over 50 million passengers by 2020.
October 14, 2014
Kuwait's government awarded over $20.7 billion worth of contracts by the end of August, almost doubling the amount compared to 2013.
His comments underlined the obstacles still faced by many economies in the region three years after the Arab Spring.
"The shekel-dollar rate has risen for the tenth successive week, reaching a peak of NIS 3.738/$ last week."
After a rocky Monday, most stock markets in the Middle East recovered with Saudi Arabia and Dubai leading the figures.
Sheikh Mohammed also said that the federal budget for 2015 will go towards health, education and social services.
Around 53 per cent of the Mena region's population subscribed to a mobile phone in 2013. This year, that number got even higher.
The Egyptian Finance Ministry expects gross domestic product (GDP) to climb steadily and to reach 6 percent in FY 2017/18 as private sector investment rises to 15 percent of GDP.
GCC ministers will meet Tuesday to discuss how to boost tourism in the region. The delegation is due to be lead by Saudi Commission for Tourism and Antiquities President Prince Sultan bin Salman.
It's a roller coaster ride! MENA has great theme parks but no appropriate hotels to go with them. Why?
With around 45 theme park attractions and waterparks across the GCC, there's no shortage of these entertainment centres. However, hotels and adequate lodging are lacking according to a recent report.
The UAE's national airline, Etihad, reported profits of $1.8 billion in the third quarter of 2014, an increase of 29 per cent year-on-year.
Not Iraq, not Iran: when it comes to oil rivalry Saudi Arabia's biggest contender is right next door
Last week, Saudi Arabia sharply cut its official oil prices for Asian customers in November, in the clearest sign yet that it is competing harder for crude market share.
After the success of Dubai Metro, now the Dubai Tram project could further change the dynamics of the real estate sector,
“The IMF does not have any reservations about the performance of Lebanon, and it understands what the region is going through and its impact on us.”
October 13, 2014
Stock markets in the Middle East appeared to be stabilising in early trade on Monday after falling sharply in the previous session in a broad sell-off.
The global ratings agency said banking credit stock in the GCC is also expected to climb by around 10 in 2014 and 2015.
Abu Dhabi Telemedicine Centre joins Mubadala’s network of specialist healthcare facilities and is the first in the UAE to offer a 24/7 medical teleconsultation service, run by medical professionals.
A long-anticipated fundamental shift in the market may now be under way, ending a four-year stretch when $100-plus prices were the norm
The contract, secured by Agility Defense and Government Services, will run from October 2014 to April 2016.
The $100 dollar days seem to be over: oil prices plummet to 4-year low and not even Saudi Arabia can do anything about it
“$100 is no longer the ideal market price,” he said. “It’s good for producers but too high for consumers, leading to oversupply.”
Discussing the trade behaviour, EGX noted that foreign and Arab investors were directed towards selling while Egyptian sought to buy
Stock markets in Saudi Arabia and the United Arab Emirates fell sharply on Sunday as declines on global bourses sparked a broad sell-off in the Gulf region.
Egypt’s agricultural exports to Russia have significantly increased and will increase further in the coming period.
Beyond the walls of a palace outside Casablanca owned by Saudi Arabia’s King Abdullah, Moroccans are buying housing plots that one of the Middle East’s biggest construction firms will fold into a new mini-city
Turkey and her Internet Law are still far away from what could make Turkey achieve its ambitions in the 100th anniversary of the Republic in 2023.
October 12, 2014
The proposed power plant, which would cost anywhere between $3 billion and $4.5 billion, will generate between 2,500 and 3,500 megawatts (MW) of power.
Bahrain Airport Company (BAC) said it has started the installation of new state-of-the-art passenger boarding bridges at the Bahrain International Airport (BIA).
As part of its bid the emirate has earmarked billions of dollars of infrastructure investment including an extension of the metro rail link, new hotels and roads.
At least one million vacancies must be created to tackle unemployment among Saudis and 300,000 jobs are needed annually to absorb new graduates entering the labor market,
The Sunni Muslim extremist group that has taken over the northern city of Mosul has a new source of income: real estate.
October 10, 2014
With the World Cup just eight years away, the likelihood is that the market is only going to become bigger.
Growth in the Middle East and North Africa is forecasted to average 4.2 percent in 2015, the World Bank reported in its latest Middle East and North Africa Economic Monitor.
The feeding frenzy driving a flurry of new stock listings in the United Arab Emirates could scupper the market's nascent revival if companies float too soon and expose the fragility of overstretched investors.
It was the sixth consecutive slip in the index, which FAO said was the longest period of continuous falls since the late 1990s.
The Oct. 15-16 conference, the largest gathering of Iranian commercial officials in London for years, aims to attract capital which the country badly needs due to its isolation under international sanctions.
October 9, 2014
The project will have 100 administrative and residential towers and 30 hotels, apart from the haj ministry headquarters, the haj secretariat, and the Madinah governor’s office.
The contract, which was initially agreed in December, has been under intense scrutiny for several months as negotiations between Paris and Riyadh over the deal have proved more complicated than first imagined.
"To break these things you have to put the country into misery for a long time," Beenstock said, and Netanyahu and Lapid are "not going to do it".
In May of last year, the Central Bank of Turkey paid the country's final loan installment, freeing Ankara of IMF debts for the first time in 19 years.
Increased output and a sharp rise in new orders last month, however, appeared to suggest that confidence was beginning to return
Shares in Sodastream, the Israeli maker of fizzy drink machines, crashed in pre-market trading after the company reported dismal preliminary earnings for the third quarter.
October 8, 2014
Qatar backed Egypt with $7.5 billion in deposits during the presidency of the Muslim Brotherhood's Mohamed Morsi,
The 2014 index results revealed that seven countries ranked higher than their 2013 index ranks; these are: Iraq, Bahrain, Tunisia, Algeria, Kuwait, Qatar and Lebanon.
The annual recruitment of nearly 1.2 million foreign workers has hampered the Kingdom’s nationalization initiatives, said Saudi economists and experts, while urging the government to review its recruitment policy.