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Egypt Air: LE10.11 billion in losses over the past three years
07:18 GMT
EgyptAir, the country’s state-owned airline company, accumulated LE10.11 billion in losses over the past three years, the company's chairman Sameh El-Hefny said on Thursday
Rising trade value shows that Dubai will cross the 2013 reported trade figures of Dh1.3 trillion in 2014
04:54 GMT
Dubai’s non-oil foreign trade witnessed steady growth during the first nine months of 2014 with nearly Dh1 trillion mark and set to cross last year’s trade value by the end of 2014, according to the data released by Dubai Customs on Saturday.
Power rental market in Qatar is projected to grow at a CAGR of 23.3 per cent over the next six years
04:40 GMT
Increasing infrastructure development activities due to the upcoming Fifa World Cup 2022, rising transportation network, surging investments, rising hospitality sector and changing economic reforms are anticipated to drive the growth of power rental business in Qatar.

December 25, 2014

Al-Sayed said the open-door policy of the seventies and the economic reform programme at the beginning of the nineties led to a rapid economic transformation.
04:55 GMT
The report added that 2014 can be labelled as the “beginning of stability and economic growth”.
Over the last 12 months, investor and developer sentiment about Dubai’s property market has swung from extreme exuberance to one displaying a more measured outlook.
03:55 GMT
When it comes Dubai’s property market, euphoria may not necessarily be a good thing.

December 24, 2014

Egypt, China to cooperate in coal power generation (Image Egyptian coal power plant).
17:46 GMT
The two countries will sign 25 agreements primarily within the realms of energy and transport with 7 of them focusing on coal-powered plants
Health Minister Wael Abu Faour inspects the warehouses at Beirut's airport, Tuesday, Dec. 23, 2014.
14:24 GMT
Health Minister Wael Abu Faour Tuesday ordered the closure of food and medicine storage warehouses at Beirut's airport, citing poor hygiene and expired items during an inspection.
Israel Police have arrested Deputy Minister of Internal Affairs Fania Kirshenbaum amongst others in a probe of suspected illegal transfers of public money to NGOs. (Image courtesy of Jerusalem Post)
13:43 GMT
Israeli Police have arrested more than 30 people in a probe of suspected illegal transfers of public money to NGOs.
A third of Qatari Internet users will harness WhatsApp to find out the latest news, compared to 21% of online expats.
13:26 GMT
For the first time, a study of Internet users in Qatar has explored the usage of emerging social media channels, alongside more established networks.
Youth unemployment surges across the Middle East. (Image: courtesy of Al Arabiya)
12:17 GMT
According to a recent report by the International Labor Organization, “World of Work Report 2014: Developing with Jobs,” there is a global job crisis, and the crisis is especially acute among the youth.
Lebanese banks are abiding by international regulations, according to the Union of Arab Bankers
12:04 GMT
Lebanese banks face no threat of any international penalties after the local lenders successfully complied with all anti-money laundering and other similar legislation, the chairman of the World Union of Arab Bankers said Tuesday.
Sources in the energy market believe that such a step will delay development of the Leviathan field by several years.
11:20 GMT
The State will now require the companies to sell their holdings in one of the fields.
It's all doom and gloom for the Gulfi dream as the GCC are bracing for tough times with vital oil revenues falling rapidly. (Image: Gulf man expreses grief via Shutterstock)
10:38 GMT
Gulf countries are bracing for tough times as vital oil revenues fall and after they missed a golden opportunity to diversify their economies in a decade of unprecedented windfalls, analysts say.
During the first 10 months of this year Jordan exported 822,000 tonnes of fruit and vegetables
06:02 GMT
The country’s fruit and vegetable exports during this year increased by 7 per cent, while its sheep exports increased by 15 per cent compared to last year.
Authority will soon replace power meters in all residential, commercial and industrial buildings in Sharjah
05:14 GMT
The power consumption reading meters in Sharjah will soon be replaced by smart meters to ensure that accurate readings are recorded.
The rate of rental growth in the UAE emirate is slowing with no change recorded in prime rents in the three months to the  end of September
04:40 GMT
Dubai held the global top spot for rental growth for the second consecutive quarter to September, recording a 12.4 per cent increase year-on-year, a report said. There is a marked third quarter slow-down.

December 23, 2014

Al Samhouri exchange
20:14 GMT
The Central Bank of Jordan (CBJ) on Sunday closed down a major currency exchange company for administrative and financial violations.
Mehleb Witnessed the Signing Ceremony
19:57 GMT
Project to provide technical and financial support to industrial facilities in line with environmental laws for pollution reduction
Hoshyar Zebari Iraqi Minister of Finance
19:37 GMT
The Iraqi cabinet Tuesday approved a 123 trillion dinar ($103 billion) draft budget for 2015 which envisions a deficit of 23 trillion dinars, Finance Minister Hoshiyar Zebari said.
The new Etihad A380
14:04 GMT
The maiden flight of Etihad Airways' long-awaited Airbus A380 superjumbo will take place next week, the Abu Dhabi carrier said Thursday, also announcing its first Boeing 787 Dreamliner route.
Arab Atomic Energy premises
12:57 GMT
Energy demand in the UAE is growing at an annual rate of about 9 per cent — three times the global average — making nuclear energy a growing necessity in the country’s energy portfolio.
Budget will be released after a special cabinet meeting
12:36 GMT
Previously, media had said the ministry was expected to make its 2015 budget statement on Monday afternoon
Marginal increase in gold market prices
11:50 GMT
Gold prices pulled away from a three-week low on Tuesday, but still remained below the $1,200 threshold as the strong U.S. dollar continued to weigh on the precious metal.
30 billion EGP in savings
11:16 GMT
The fall in oil prices is good news for the Egyptian government which in July slashed fuel subsidies, raising pump prices by up to 78 percent.
The white taxi of Egypt
10:41 GMT
Alex Bank promised to exempt white taxi owners from repaying interest rates that were supposed to be paid for three installments that go back to 2011
Nakheel the developer of the project
09:59 GMT
Almost a third of shop space at Nakheel’s new Circle Mall at Jumeirah Village in Dubai has been booked in less than two weeks after its launch, its developer Nakheel confirmed on Monday.
Saudi Investments in Oman
09:42 GMT
There is untapped potential for Saudi investments in Oman, officials said at the Omani-Saudi Investment and Trade Forum which began at the Bank Muscat headquarters on Monday.
Saudi Airlines (Saudia)
09:01 GMT
Saudi Arabian Airlines (Saudia) received another Boeing 777-300ER, a state-of-the-art aircraft with advanced facilities, on Monday.
FREG turns up the heat on grey transactions
07:31 GMT
UAE’s Foreign Exchange and Remittance Group (FERG) has turned up the heat on money laundering and frauds at its recent anti money laundering (AML) and combating terrorist financing (CTF) conference in Dubai.
Dubai Financial Market
06:55 GMT
The Dubai index extended gains for a third session on Monday as investors raised bullish bets triggered by recovering crude oil. The Abu Dhabi index, however, ended lower.
 In the year ending September 30 2014, "Global Property Guide" reports that average home prices in Israel rose 6.43%, the eighth largest rate of home price rises of any country surveyed (Thomas Coex / AFP).
05:00 GMT
In the year ending September 30 2014, average home prices in Israel rose 6.43%, the eighth largest rate of home price rises of any country surveyed.

December 22, 2014

Saudi Arabia is the only GCC state to allow private investment in the petrochemical sector (File Archive/ AFP).
20:00 GMT
Saudi Arabi plans to spend $91 billion to integrate refineries with petrochemcial units and expand plants over the next decade.
The one-trillion dollar cash pile, which only relates to companies rated by Moody’s, is predominantly held by cash-rich sectors like automotives, oil and gas and utilities (File Archive/ AFP).
18:00 GMT
The one-trillion dollar cash pile, which only relates to companies rated by Moody’s, is predominantly held by cash-rich sectors like automotives, oil and gas and utilities.
Qatar Airways CEO Akbar Al Baker poses near one of the two Airbus A350-900 aircrafts for his company on December 22, 2014 at the Airbus Group center in Toulouse, southern France (Eric Cabanis/ AFP).
17:00 GMT
On-demand streaming has surpassed traditional TV viewing in the UAE, according to a new report by technology firm Ericsson.
Egyptian workers can increasingly be seen scattered across the Levant and the Gulf (Image of 'Egyptian' working the gas station beat, courtesy of hurriyetdailynews).
16:39 GMT
Approximately 592,000 workers signed contracts to work abroad between January and November 2014, with over 400,000 of those signed between March and November, the Ministry of Manpower and Immigration revealed Sunday.
More than 4 in 10 Gen X and Gen Y professionals, as well as nearly 6 in 10 HR professionals, consider themselves to be a “Supertasker,” defined as an individual who can successfully do more than two things at once, and do them well (File Archive/ AFP).
16:00 GMT
Technological shifts will give rise to the “Supertasker” using four devices, and change the way workers and businesses view remote working according to the 2014 Cisco Connected World Technology Report.
Speculation on Saudi's role in global oil crisis still stirring. Why is Saudi holding its ground on its oil output? (Image Courtesy Lurie's News Cartoon)
15:34 GMT
Saudi minister dismisses conspiracy theories on oil price, but the world's still speculating.
With around one third of GDP coming from oil until the recent price collapse, the non-oil sector in the UAE is just not growing fast enough to prevent a recession in 2015 (File Archive/ AFP).
14:00 GMT
The recent oil price collapse may bring on a recession for the UAE in 2015.
The World Islamic Travel Summit will focus on the theme of  "driving the Halal tourism revolution" (File Archive/ AFP).
13:00 GMT
Halal tourism now represents 13% of the global market and will be showcased at the World Islamic Travel Summit in Abu Dhabi next year.
A glut of wheat for the throngs of Egyptians (Image courtesy of oregonstate.edu)
11:26 GMT
Egypt signed contracts for 240,000 tonnes of French wheat and 60,000 tonnes of Russian wheat, at an average price of $273.94 per tonne to be delivered in January, the minister of supply and internal trade, Khaled Hanafi, said Sunday.
Microsoft will offer a direct operator billing facility with Du that will negate the need for customers to use their credit cards online (Shutterstock).
10:00 GMT
Microsoft has parternered with Du to offer a direct operator billing facility that will avoid the need for customers to use their credit cards online.
The lines get blurred for many workers who might be out of the office for the holidays but are very much on call or online and staying on the grind from a different location. (Photo: woman working outdoors, Shutterstock)
09:57 GMT
Up to 86.5 per cent of employees in the Middle East and North Africa (MENA) region say they continue working even during holidays, according to a new survey by job site Bayt.com.
Mohammed Mubarak Al-Shikely (right), GM Marketing, Oman Air and Jamal Al Azki (left), UK Country Manager of Oman Air holding the Skytrax award (Photo courtesy of World Airline Awards).
08:36 GMT
Oman Air won the title of World´s Leading Airline for Economy Class in 2014 in a ceremony in Anguilla.
The new visa system would garner huge revenues for the regional tourism sector and help facilitate financial and administrative procedures.
04:55 GMT
Foreign expatriates residing in the GCC states should be allowed to travel within the six Gulf nations without requiring visas, a senior official has said.
Samsung Note4 was considered the best phone in terms of size and complexity.
04:55 GMT
Hint: it's not the iphone 6
The figure does not include the cost of services and infrastructure borne to accommodate refugees in the hosting countries.
01:51 GMT
The amount is equal to Syria’s GDP in 2007, according to the World Bank.

December 21, 2014

The big threat to the market is that lower oil revenues in the Gulf could slash the amount of money available to buy Dubai property
17:47 GMT
The plunge in oil prices may take more of the froth off Dubai's booming real estate market, but broad-based demand for property is likely to prevent any crash, said a report.
Citadel confirmed that aid from Gulf stated could be affected by the decline in oil prices over time.
17:43 GMT
The declining oil prices are positive for the Egyptian economy, according to a statement issued by Egypt’s Citadel (Qalaa) Holding on Thursday.
Israel has repeatedly refused to compensate Lebanon, despite the many calls by the General Assembly.
17:37 GMT
The U.N. General Assembly Friday asked Israel to pay Lebanon $856.4 million as compensation for the oil slick the Jewish state caused during the July 2006 war.
This drive has seen NYU collaborate with Abu Dhabi, for an educational a programme designed to find the leaders of tomorrow.
13:58 GMT
John Sexton, the president of one the world’s top universities, explains why he decided to expand to Abu Dhabi.
The long-awaited contract, announced late Friday by the US Department of Defense, includes spare parts and is due to be completed by April 30, 2019.
13:48 GMT
US weapons maker Raytheon has won a contract valued at $2.4 billion to supply 10 Patriot missile defence systems to Qatar,
Economists are warning that even with the huge reserves many have built up, a prolonged drop in oil prices will hit Gulf states hard.
04:55 GMT
Gulf countries could lose at least half their oil revenues or around $350 billion a year as crude prices plunge, according to senior analysts.
The market is expected to continue to grow fast driven by a large number of mall openings throughout the GCC region the coming five years.
04:44 GMT
The Middle East ranks in the top 10 list of global luxury markets, a report said, adding that regional consumption increased by 11 per cent in 2014,

December 19, 2014

For 45 per cent of respondents, taking a job is a means to broaden their perspectives on life.
14:05 GMT
Almost three quarters (72 per cent) of Mena respondents state that they are employed in a mixed gender workplace.
According to the report, there were 998,100 government employees in the Kingdom consisting of 991,000 Saudi men and women.
13:51 GMT
A total of 5,298 expatriate government employees were sacked in 2011 while 4,380 Saudi female government employees left their jobs in the same year, a study revealed.
The Dreamliner has been delayed by “one to two weeks” due to “certification issues,” Hogan said.
13:45 GMT
Etihad Airways is not interested in ordering any more Airbus A380s, while the launch of its first Boeing 787-9 Dreamliner into service has been delayed.
Implementation of the government’s development plan has been picking up, and momentum is expected to improve further in 2015 and 2016.
00:38 GMT
The consumer has been and remains a key driver of growth in Kuwait, even as growth in the sector has moderated somewhat.
No details were given in the report on how much gas Bahrain could potentially import.
00:29 GMT
Bahrain could start importing gas from Russia in 2017, Russia’s ambassador to the Gulf Arab kingdom told a local newspaper.
He added that JIC will cover the entire Kingdom through specialised employees with offices in the governorates.
00:24 GMT
The "investment window" will officially be launched in mid-April 2015, Jordan Investment Commission (JIC) President Montaser Okla said Thursday
The report also found that the poverty rate among Israelis past retirement age was declining, compared with a rise in the incidence of poverty in the general population
00:16 GMT
High housing prices are preventing an average Israeli family from making ends meet.
The rating comes as brent crude price dropped below $60 per barrel on Tuesday
00:07 GMT
Fitch Ratings has issued a stable outlook for all banks in the GCC in 2015, largely driven by the probability of sovereign support in times of trouble.

December 18, 2014


Kuwait Energy holds a 49.5 per cent revenue interest in the East Ras Qattara development lease
23:58 GMT
This is a very important discovery as this is the first time that the Jurassic formation is proven to be a hydrocarbon producer in the East
Bassil reiterated that the size of trade between Lebanon and Latin America, which has about 12 million Lebanese and their descendants, has not exceeded $14 million per year during the last five years.
04:55 GMT
Foreign Minister Gebran Bassil signed a free-trade agreement with the Mercosur countries of Latin America, stressing the importance of maintaining good relations with the bloc.
he Gulf stock market losses came on top of over $200 billion of value already destroyed since the end of October
04:55 GMT
Qatar’s index tumbled 3.5 percent and Kuwait lost 2.1 percent.
The kingdom is the largest economy in the Arab world, and OPEC’s biggest crude producer.
04:55 GMT
Saudi Arabia will continue massive public spending despite a 50 percent drop in the price of oil which provides the bulk of the kingdom’s revenue.

December 17, 2014

He also said OPEC would need to see how badly the market was oversupplied and for signs of demand picking up.
18:18 GMT
Core Gulf OPEC oil producers signalled this week they are prepared to wait as long as six months to a year to see the market stabilise,
‘I’ve always said the realistic price for out-of-ground: $70. Should never, ever have been above that.
18:11 GMT
The airline industry is set to reap the benefits of lower oil prices, which could fall to as low as $30-a-barrel.
Three quarters of attacks targeting users’ money were carried out using banking malware but these are not the only financial threats.
18:04 GMT
A total of 6.2 billon malicious attacks on user computers and mobile devices were blocked by Kaspersky Lab antivirus products in 2014,
Globally, the most trending search topics were about Robin Williams, World Cup, Ebola, Malaysian Airlines and ALS Ice Bucket Challenge.
17:57 GMT
The most searched queries in Google in the UAE were World Cup 2014, iPhone 6 and Malaysian Airlines.
The Egyptian government has finished upgrading the airport in the resort town of Hurghada,
17:39 GMT
The airport in Hurghada, a major tourist hub on the coast of the red sea, will now be able to accommodate 13 million passengers annually.
Dubai’s real estate scene has also seen a number of new property launches over the year.
15:17 GMT
Dubai’s residential rents have stabilised in the second half of 2014, growing seven per cent year-on-year in 2014.
Last week, both 95-octane and 98-octane gasoline fell by LL800 and are now priced at LL26,400 and LL27,100 (17 USD and 18 USD).
14:26 GMT
The decline in fuel prices comes against the background of Brent oil falling to a new five-year low.
Travel is one area of opportunity; Muslim consumers spent an estimated $140 billion on travel and tourism in 2013.
13:57 GMT
From travel guides to shopping portals, new Internet ventures aim to capitalise on the growing "Muslim lifestyle" market.
The lira's tumble comes amid concerns about wider emerging-market weakness
04:55 GMT
The lira weakened to a record low of 2.4140 against the dollar on Tuesday after a fall in the value of the ruble in Russia
ASELSAN, established by the Turkish Armed Forces Foundation at the end of 1975, is a Turkish corporation that produces tactical military radios and defense electronic systems for the Turkish army.
04:55 GMT
Turkish military electronic defense systems corporation ASELSAN launched a production plant via a joint partnership between the Turkish firm and a Jordanian company.
Alarab will feature expert opinion from renowned guests and never-before-seen social media interaction with its viewers, it said.
04:55 GMT
Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairman of Kingdom Holding Company (KHC), and owner of Alarab News Channel.
Oil prices have been falling – and plummeting, spiraling, nose-diving and just generally heading downwards – over the past few months.
04:55 GMT
Here is a look at three of the Middle East’s most affected economies – some of which are already on the brink of a serious crisis.
The EIU predicts China will be the largest export market for the GCC by 2020.
02:27 GMT
Developing countries in Asia - particularly China and India - are rapidly becoming the biggest trading partners with Gulf Cooperation Council (GCC) countries ahead of other regions
Abdel Nour is expected to hold the council’s first meeting tomorrow to review future plans and the most important proposals for developing bilateral relations.
01:36 GMT
Minister of Industry and Trade Mounir Fakhry Abdel Nour issued a decree Monday stipulating the formation of the Egyptian-Chinese Business Council
The GCC currencies are pegged or linked to the dollar, yet with local inflation rates that are five to eight times higher than the two per cent US CPI rate,
00:56 GMT
Matein Khalid warns on the effects of a strengthening US dollar to other currencies

December 16, 2014

Oil prices have been going down since June due to weak demand and oversupply benefiting the airline industry in procuring cheaper jet fuel.
23:12 GMT
“It will be a positive effect starting from next year. We will see a drop in ticket prices,”
However, the Syrian civil war exposed deep splits within the Opec, notably between Saudi Arabia and Iran.
15:45 GMT
The world assumed that, despite a surge in US shale oil, Saudi Arabia world cut output to keep prices above $100 Brent.
Dana warned the KRG could face sanctions if the autonomous region failed to pay the money to its consortium,
15:29 GMT
Kurdistan’s Regional Government (KRG) has failed to pay $100 million to a Dana Gas consortium as instructed by a London arbitration court
An FBI official did not provide further details, but said the agency routinely provides private industry with advisories to help it fend off cyber threats.
15:20 GMT
The FBI has warned US businesses to be on the alert for a sophisticated Iranian hacking operation.
Even at current oil prices, analysts estimate Qatar’s state budget might break even next year; it has huge fiscal reserves to cover any deficits.
04:55 GMT
Qatar predicted its economy would grow 7.7 percent next year, signalling the world’s top exporter of liquefied natural gas expects very little disruption to its finances
Companies in the region are struggling to identify future leaders and lacking strong and deep leadership pipelines,
04:55 GMT
Businesses and organisations in the Middle are failing to create professionals equipped with the necessary skills to head industry.

December 15, 2014

OPEC’s 12 members pumped 30.56 million barrels a day in November, exceeding their collective target.
06:55 GMT
OPEC will stand by its decision not to cut crude output even if oil prices fall as low as $40 a barrel.
Prices are set to remain under $100 oil a barrel
06:55 GMT
Zawaneh told The Jordan Times the “government should play it smart” and build the law based on an average price, “not to go for $30 and not to keep it exaggerated as $100”.
Iran is considered one of the world's most corrupt places.
04:55 GMT
Iranian authorities have arrested 12 people for syphoning off more than $4.5 billion (3.6 billion euros) from one of the country's main banks over several years.
There are several factors ranging from global exposure to availability of the desired course that prompt students to choose foreign universities over local ones.
04:55 GMT
Every year, nearly 250,000 students from the Mena flock to universities overseas to pursue higher education.
Their expansion reflects the determination of the energy-rich Gulf states to develop new sources of income to reduce their dependence on oil.
04:55 GMT
With deep pockets and hundreds of new planes on order, Qatar Airways is one of a trio of fast-growing Gulf carriers seeking to further muscle into European markets.
“We have a real problem with growth. There has been a real slowdown in the economy."
04:55 GMT
"It is a strategic threat to the country; not only poverty, but also wage gaps."
The company had been producing around 200,000 barrels a day.
03:26 GMT
Libya's eastern Es Sider oil export port, the country's biggest, has been shut due to fighting nearby between forces representing the country's competing governments.
Dubai’s stock market was the world’s best performing this year until it was caught up in a regional sell off amid tumbling oil prices.
03:16 GMT
The Dubai index wiped off gains registered in 2014, since it fell another 7 per cent for a second straight session.
Going forward, the impact of declining oil prices on Egypt's economy is less clear.
03:05 GMT
Egypt's stock market plunged by 22 billion Egyptian pounds (just over $3 billion) in a single day of trading Sunday as low oil prices dragged down regional economies.

December 14, 2014

"We're putting $550 billion into fossil fuel subsidies," per year, she said. "Use this opportunity to phase them out!", she added.
18:28 GMT
World leaders have a "golden opportunity" with plunging oil prices to put a price on carbon emissions since cheaper fuel makes the move less risky politically, said the International Energy Agency (IEA).
On Wednesday, Naimi shrugged off suggestions that Saudi Arabia might cut production to reverse the deepest price slump in years.
18:17 GMT
Crude oil supplies from Saudi Arabia inched up in November from a month earlier, an industry source said, signalling no change in the kingdom's supply
The summit adopted other resolutions with economic implications, notably continuing the work of unified guiding principles for the Gulf’s financial markets
17:56 GMT
Following repeated delays, it was generally understood that full completion of the project would take place in 2015.