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
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.
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
The report added that 2014 can be labelled as the “beginning of stability and economic growth”.
When it comes Dubai’s property market, euphoria may not necessarily be a good thing.
December 24, 2014
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 Tuesday ordered the closure of food and medicine storage warehouses at Beirut's airport, citing poor hygiene and expired items during an inspection.
When helping NGOs does not pay off: Police arrest Israeli deputy minister Fania Kirshenbaum on charges of funneling funds to non-profit organizations
Israeli Police have arrested more than 30 people in a probe of suspected illegal transfers of public money to NGOs.
For the first time, a study of Internet users in Qatar has explored the usage of emerging social media channels, alongside more established networks.
Lebanon's Labor Lull: Lebanese youth feel pinch of unemployment crisis, not helped by Syria refugee influx or Gulf blocks
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 on the straight and narrow, complying with international law - World Union of Arab Bankers
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.
The State will now require the companies to sell their holdings in one of the fields.
Does this spell the end for the tax haven dream? Crisis looms for the GCC as the rich Gulf could be in financial jeopardy
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.
Is the Syrian crisis boosting Jordan's agricultural exports? Kingdom sees more than Dead Sea product exposure with 2014's increased fruit, veg, sheep trade abroad
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.
Sharjah on a power high! Smartens up its act with 'smart meters' to read electricity and water consumption
The power consumption reading meters in Sharjah will soon be replaced by smart meters to ensure that accurate readings are recorded.
Dubai losing grip as global rental growth supremo, seeing end-of-year prime rentals growth stagnation
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
The Central Bank of Jordan (CBJ) on Sunday closed down a major currency exchange company for administrative and financial violations.
Project to provide technical and financial support to industrial facilities in line with environmental laws for pollution reduction
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.
Is it a bird, is it a plane? It's Etihad's first superjumbo jet! Airway's Airbus A380 takes off next week
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.
Forget fossil fuels, it is high time that Arab countries looked to nuclear power, suggests AAE chief
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.
Previously, media had said the ministry was expected to make its 2015 budget statement on Monday afternoon
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.
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.
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
British trader Waitrose set out its stall to take over Dubai! Latest shopping complex 'Circle Mall' rapidly filling out
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.
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 Arabian Airlines (Saudia) received another Boeing 777-300ER, a state-of-the-art aircraft with advanced facilities, on Monday.
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.
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, average home prices in Israel rose 6.43%, the eighth largest rate of home price rises of any country surveyed.
December 22, 2014
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.
On-demand streaming has surpassed traditional TV viewing in the UAE, according to a new report by technology firm Ericsson.
Where did all the good Egyptians go? 2014 sees off over half a million workers, leaving to work abroad
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.
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.
Saudi minister dismisses conspiracy theories on oil price, but the world's still speculating.
The recent oil price collapse may bring on a recession for the UAE in 2015.
Halal tourism now represents 13% of the global market and will be showcased at the World Islamic Travel Summit in Abu Dhabi next year.
Egypt goes against the local grain, buys 300,000 tonnes of Russian and French wheat to feed its masses
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 has parternered with Du to offer a direct operator billing facility that will avoid the need for customers to use their credit cards online.
Debunking the sleepy Arab myth! Almost 90% of MENA employees work their holidays down the drain-- report
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.
Oman Air won the title of World´s Leading Airline for Economy Class in 2014 in a ceremony in Anguilla.
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.
Hint: it's not the iphone 6
The amount is equal to Syria’s GDP in 2007, according to the World Bank.
December 21, 2014
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.
The declining oil prices are positive for the Egyptian economy, according to a statement issued by Egypt’s Citadel (Qalaa) Holding on Thursday.
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.
John Sexton, the president of one the world’s top universities, explains why he decided to expand to Abu Dhabi.
US weapons maker Raytheon has won a contract valued at $2.4 billion to supply 10 Patriot missile defence systems to Qatar,
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 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
Almost three quarters (72 per cent) of Mena respondents state that they are employed in a mixed gender workplace.
First Saudization, now 'womanization'? More women to occupy top government jobs, says Saudi government
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.
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.
The consumer has been and remains a key driver of growth in Kuwait, even as growth in the sector has moderated somewhat.
Bahrain could start importing gas from Russia in 2017, Russia’s ambassador to the Gulf Arab kingdom told a local newspaper.
The "investment window" will officially be launched in mid-April 2015, Jordan Investment Commission (JIC) President Montaser Okla said Thursday
High housing prices are preventing an average Israeli family from making ends meet.
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
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
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.
Qatar’s index tumbled 3.5 percent and Kuwait lost 2.1 percent.
Stubborn, delusional, or both? Saudi Arabia to keep up 'massive' public spending package despite oil price crash
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
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,
The airline industry is set to reap the benefits of lower oil prices, which could fall to as low as $30-a-barrel.
A total of 6.2 billon malicious attacks on user computers and mobile devices were blocked by Kaspersky Lab antivirus products in 2014,
The most searched queries in Google in the UAE were World Cup 2014, iPhone 6 and Malaysian Airlines.
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 residential rents have stabilised in the second half of 2014, growing seven per cent year-on-year in 2014.
The decline in fuel prices comes against the background of Brent oil falling to a new five-year low.
From travel guides to shopping portals, new Internet ventures aim to capitalise on the growing "Muslim lifestyle" market.
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
Turkish military electronic defense systems corporation ASELSAN launched a production plant via a joint partnership between the Turkish firm and a Jordanian company.
Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, chairman of Kingdom Holding Company (KHC), and owner of Alarab News Channel.
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.
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
Minister of Industry and Trade Mounir Fakhry Abdel Nour issued a decree Monday stipulating the formation of the Egyptian-Chinese Business Council
Matein Khalid warns on the effects of a strengthening US dollar to other currencies
December 16, 2014
“It will be a positive effect starting from next year. We will see a drop in ticket prices,”
Betting on the counterintuitive? Understanding Saudi Arabia's logic, or lack thereof, behind not cutting oil output
The world assumed that, despite a surge in US shale oil, Saudi Arabia world cut output to keep prices above $100 Brent.
Kurdistan’s Regional Government (KRG) has failed to pay $100 million to a Dana Gas consortium as instructed by a London arbitration court
The FBI has warned US businesses to be on the alert for a sophisticated Iranian hacking operation.
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
Businesses and organisations in the Middle are failing to create professionals equipped with the necessary skills to head industry.
December 15, 2014
OPEC will stand by its decision not to cut crude output even if oil prices fall as low as $40 a barrel.
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”.
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.
Every year, nearly 250,000 students from the Mena flock to universities overseas to pursue higher education.
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.
"It is a strategic threat to the country; not only poverty, but also wage gaps."
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.
The Dubai index wiped off gains registered in 2014, since it fell another 7 per cent for a second straight session.
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
More like the ‘gold’ lining? Oil price fall a golden opportunity to switch to clean energy, says IEA
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).
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
Following repeated delays, it was generally understood that full completion of the project would take place in 2015.