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November 27, 2014

The comments come amid a nationwide campaign against traffic accidents after recent deadly crashes brought the media to rail against poor traffic management.
23:23 GMT
75 percent of roads in Egypt are deficient and in urgent need of rehabilitation.
The plan is expected to come into effect very soon, however no time-frame was spelled out by the Directorate General of Passports, KSA.
23:16 GMT
The proposed move has sprung a wave of joy among over nine million expats community in the Kingdom who had to undergo mental and financial stress due to residency laws in Saudi Arabia.
It is a concern to see corruption and bribery become more widespread than ever in Turkey.
22:40 GMT
The Turkish Industrialists and Businessmen's Association (TÜSİAD) shared the results of a public survey on Wednesday that shows corruption to be on the rise in the country.
Some investors, however, worry that the legal and regulatory framework in Egypt might still be too weak.
22:33 GMT
A lively debate on Egypt’s renewable energy sector set the stage for this year’s ‘Invest in Egypt’ conference, which began in Abu Dhabi on Wednesday.
Many banks in the region have fallen back on fees and charges as a way of offsetting pressure on the profitability of lending,
17:04 GMT
The lender said it charged them excessive foreign currency fees on debit and credit card transactions.
Meanwhile apartment rents climbed by 29 per cent in the first nine months of 2014.
13:28 GMT
Tenant demand in the residential market was found to be largely fuelled by reverse migration from Dubai and Dubai firms increasingly turning to Sharjah for bulk staff housing
"The power of convincing will prevail tomorrow... I am confident that OPEC is capable of taking a very unified position," Naimi said
12:30 GMT
While the statistics speak in favour of a cut, the buildup to the OPEC meeting has seen one of the most heated debates in years.
The total project cost, including the fourth phase, stands at KD610 million ($2.1 billion).
11:33 GMT
The company did not give details on how the scheme would be funded.
Lakkotrypis said the best way for Cyprus to export to Egypt was directly via a pipeline.
04:55 GMT
Cyprus and energy-starved Egypt agreed Tuesday to speed up procedures on the prospect of exporting natural gas.
An official said on Wednesday that the bank is expecting to attract an initial Rs1 billion ($16.4 million) to the fund.
04:55 GMT
India’s largest state-owned bank will launch an Islamic equity fund next month aimed mainly at attracting investments from the country’s 170 million Muslims.
Many countries have also showed willingness to sign contracts with Egypt to assist in solving the energy shortage crisis.
04:55 GMT
Following the ouster of former president Mohamed Morsi, Gulf countries and international financial institutions have pledged assistance to Egypt’s ailing economy.

November 26, 2014

These rights and duties apply, in most cases, irrespective of the length of time that the person spends in that particular country or the extent of his or her political, economic or cultural ties.
19:38 GMT
Dual citizenship involves the simultaneous holding of more than one citizenship, with each inferring certain rights and responsibilities.
Venezuela, a noted price hawk, would try for an output agreement within OPEC on Thursday instead.
19:28 GMT
Impromptu talks between Saudi Arabia, fellow Organisation of Petroleum Exporting Countries (OPEC) member Venezuela and oil powers Russia and Mexico yielded no agreement on Tuesday.
Aside from the high-flying food delivery system, the 378-seat restaurant also provides guests with an option to order from handheld devices.
19:15 GMT
Abu Dhabi-based food and beverage firm The Roller Coaster Restaurant has launched ROGO’s, a roller coaster inspired casual dining concept.
if Opec wants to do a quick fix it could agree on a sharp reduction in output until a balance between supply and demand has been re-established.
12:17 GMT
Cutting production by significantly more than the 0.5 to 1 million barrels, which is currently expected, may help trigger a rally in the market.

Key will be what the club's biggest producer and exporter Saudi Arabia decides.
12:09 GMT
Brent crude oil prices started Tuesday's Asian trading under $80 a barrel as traders lowered their expectation of a significant output/
The firm will be charged with "corruption of foreign public officials",  in a case that dates back some 20 years.
11:33 GMT
The charges concern alleged bribes made to officials to secure rights to Iranian gas and oil fields in the 1990s and 2000s.
Gaining overwhelming investor response, the IPO of Emaar Malls Group had recorded total orders of over AED172 billion ($46.8 billion).
11:26 GMT
The Special Cash Dividend follows the successful IPO and listing of the Emaar Malls Group.
Dubai real estate market still has a large inventory to fill, oil prices are falling and global interest rate trends are now against real estate. (Shutterstock)
10:56 GMT
The mounting oversupply of property in the emirate is still likely to result in a price correction over the next 12 months or so.
The healthy fast food outlet currently has six branches in Dubai. (Image: Eat Easily)
09:07 GMT
Leading Dubai-based fast food chain Kcal will expand in the MENA region and announced 14 new branches in Egypt.
The kitchen and bathroom import market has emerged as a key factor for growth in the GCC. (Shutterstock)
08:48 GMT
Kitchen and bathroom imports have been squeaky clean and on the rise in the UAE following reports from experts that the industry will exceed $30 billion by the end of the year.

November 25, 2014

Ninety international rights and labour groups called in a joint statement Sunday for urgent action to protect migrant workers.
21:44 GMT
Gulf labour ministers Tuesday agreed on minimum terms in the contracts of domestic staff to improve the widely criticised working conditions of over 2.4 million foreign maids.
 Lower oil prices and Western financial sanctions imposed over the Ukraine crisis will cost Russia around $130-140 billion a year.
21:20 GMT
“We’re losing around $40 billion a year because of geopolitical sanctions."
Saudi Arabia is one of the foremost investors in Egypt, with investments exceeding $26bn.
04:55 GMT
Egypt suffers from legislative chaos, lack of legal reforms: Saudi businessmen.
Many companies today don’t foster environments that actively encourage employees to speak their minds.
02:33 GMT
Regional businesses can no longer progress based on just social connections
Other looming challenges are the impact of this high demand on construction materials, labour and, more importantly, funding.
01:46 GMT
Dubai is facing a serious challenge posed by the need for 283 new hotels to be delivered between 2014 and 2020.

November 24, 2014

The conference aims to profile investment opportunities in Egypt's various sectors.
11:52 GMT
Dubai-based business intelligence tool MEED will host an "Invest in Egypt" conference.
Despite the harsh criticism against Israel, the government did not attempt to block big land sales to Israelis.
04:55 GMT
The amount of land purchased by Israeli nationals in Turkey has skyrocketed over the past two years.
Gulf entities have provided at least $30 billion of funding, at current prices, for African infrastructure over the last decade.
00:30 GMT
In the year 2000, The Economist magazine famously described Africa as “the hopeless continent” on its cover.
Al Kaf was the Gulf’s longest-serving CEO in the sector, taking the helm at Mobily in 2005 after 19 years at UAE’s etisalat.
00:27 GMT
Al Kaf will be suspended until Mobily’s audit committee completes its investigation into these errors.

November 23, 2014

There has been a diversity of opinion expressed in public statements by oil ministers,
13:26 GMT
Oil analysts are putting down markers on the Organisation of the Petroleum Exporting Countries' (Opec) meeting on November 27.
The Brotherhood has been a source of friction between Gulf Arab states
13:22 GMT
On Saturday the UAE designated 85 organisations as terrorist groups including the Brotherhood, Islamic State.
 
Total cost would be between $1.5-$2 billion, the company said, and supplies to Egypt would start flowing in 2017
04:55 GMT
Israel's offshore Tamar gas field may get a $1.5-$2 billion upgrade, including the construction of an underwater pipeline to an export plant in Egypt.
The migration of the Lebanese private sector to the UAE, and especially Dubai, is a phenomenon that has grown in the last three years.
04:55 GMT
It seems that this is the economic [golden] age of Dubai

November 20, 2014

The demand has been unprecedented, locally and internationally.
16:25 GMT
“With all the tickets now sold out, we can officially say that the 2014 Formula 1 Etihad Airways Abu Dhabi Grand Prix is going to be bigger than ever before!”
How long will it take for aggressive and rich competitors like the top Internet companies to move into this space?
16:15 GMT
Internet platforms like Facebook, Google and Amazon are developing banking products that will probably become future foreign competition for the UAE banking sector.
An investment conference will be held in Egypt in December, to attract businessmen and investors.
16:01 GMT
Disney World shows in Egypt sends an important message to domestic and international investors to Egypt.
Large billboards reading “Qatar deserves the best” cover many construction sites, a few miles from where some World Cup stadiums are taking shape.
04:55 GMT
29,400 people, or 1.4 per cent of Qatar’s population, are estimated to be working as slaves, in forced labour or domestic servitude, a report said on Monday.
Çelik noted that the government plans to amend the existing law in order to give companies that have not yet acquired a specialist extra time to comply.
04:55 GMT
The number of hazardous workplaces in Turkey, especially those related to industries such as mining and construction, stands at 680,000.
Dubai, which also topped the global ranking for air connectivity, was acknowledged for its growing infrastructure and diversity.
04:55 GMT
Dubai has been ranked as the most attractive city in the world to work in, beating others such as New York and London, according to an INSEAD alumni survey.
The region's airlines are securing funds as they take delivery of what Boeing has forecast to be a need for 2,610 aircraft by 2033,
04:55 GMT
Gulf-based airlines have closed financing agreements for a total of 16 Boeing and Airbus aircraft,
Eighty-three per cent of world equity market cap is currently supported by zero interest rate policies.
04:55 GMT
While the year 2014 began with expectations of higher growth, higher yields and higher stocks, it is ending with the reality of lower inflation, lower yields and higher stocks
The bank directed PricewaterhouseCoopers to remove key warnings to regulators on illicit transactions in an independent report.
04:55 GMT
Bank of Tokyo-Mitsubishi UFJ was fined $315 million by a US banking regulator Tuesday for pressuring a consultant to water down a report on transactions with Iran.

November 19, 2014

Investment volume in the private hospitals sector in the Kingdom exceeds JD2 billion, Private Hospitals Association President Fawzi Hammouri said Monday.
04:55 GMT
Private hospitals employ 30,000 workers, 95 per cent of whom are Jordanians.
Global cocoa consumption has grown by an average of three percent every year from 2008 to 2012.
04:55 GMT
Rising demand from Asia and economic and environmental pressure on cocoa farms is threatening to make chocolate a rare delicacy in the next five years.
Being post-fear can be a disaster, because it makes you both complacent and overconfident.
04:55 GMT
Yet as an employee, being fearless is not obviously an advantage. It means the usual levers don’t work on you any more.

November 18, 2014

Libyan crude was two per cent of global oil supplies and valued because it played a key role in Italy, France and Spain’s downstream energy markets.
20:24 GMT
Libya was one of the Arab world’s leading oil exporters after Colonel Gaddafi’s bloodless coup in 1969
For the first time since the third quarter of 2009, the Israeli economy posted negative growth, with GDP dropping 0.4% on an annualized basis in the third quarter
20:12 GMT
The economy contracted for the first time since 2009 due to Operation Protective Edge.
Transportation from port to the retailer/buyer, how are the boxes placed: dedicated trucks for halal? Mixed with non-halal product boxes?
20:02 GMT
The halal industry and the certification bodies seem to have missed the boat on cross contamination challenges for halal certified products
Chehayeb also ordered an enhancement of inspection methods and called for all testing laboratories to be reactivated.Jumblatt tweeted at the weekend that he and Abou Faour (also from the PSP) would make a visit to the slaughterhouse sometime this week.
19:46 GMT
Officials from all levels of government took measures Monday to try to regulate the food industry, in response to the ongoing food scandal that has gripped the country since last week.
Elsalamawy said that he was unable to confirm the figures but stated that “Solar energy does not constitute a significant portion of the energy in Egypt”.
18:47 GMT
Egyptian electricity production generated from solar energy dropped by 48% in 2012/13 compared to the year 2011/12.
The helicopter can carry four people and is capable of flying up to 14,000 feet. It has a 300-horsepower engine.
18:38 GMT
Since 1992, Iran has begun a self-sufficient military program under which it produces everything from mortars to torpedoes and jet fighters to submarines.
India received $69 billion as remittances in 2012; a 2010 central bank study found Gulf nations accounted for 31 percent
18:19 GMT
India’s role as a top labor supplier means its drive cannot be totally ignored by recruiters, and it could have a big impact in some countries and industries.
China will double its investment in Iran's energy projects, an Iranian official said Sunday.
17:58 GMT
Faced with tough international financial penalties, Iran has turned in recent years to China, Russia and Turkey to finance major projects.
However, property rental prices in some areas of Dubai have risen 60 per cent over the last 12 months.
04:55 GMT
Soaring costs of housing and education have offset Dubai’s tax-free benefits that traditionally lures most expats to settle down in the emirate, a new study has found.
The proposed cloud will be built using capacity on international fibre optic cables incorporating geographical diversity and resilience.
04:55 GMT
The deal marks one of the largest and most significant implementations ever announced by a broadcaster.
 


November 17, 2014

The 12-nation OPEC group, including the world's biggest crude producer Saudi Arabia, will meet on November 27 in Vienna
22:32 GMT
He said he expected OPEC members to stick with the current output ceiling.
The project includes a new port, a new base for the Qatar Emiri Naval Forces and the Qatar Economic Zone 3.
22:19 GMT
One of the largest infrastructure projects,the New Port project will be built on a sprawling 26 km area at an estimated cost of $7.41 billion.
The definition includes indentured servitude, forced marriage and the abduction of children to serve in wars.
22:14 GMT
Qatar rose up the rank from 96th place on previous list to the fourth position in the latest index.
The objective of the report was to quantify the economic impact of the aviation sector and its subsequent Dubai-based supply chain
21:47 GMT
Emirates airline, Dubai Airports and the aviation sector as a whole contributed $26.7 billion to the economy of Dubai in 2013.
The new website, that will look very much like Facebook, will compete with professional social network LinkedIn, Google and Microsoft.
21:28 GMT
Facebook is secretly working on a new website called "Facebook at Work" that would allow users to keep their personal profile separate from their work profile.
The non-oil activity will be driving Oman’s growth in the coming years, according to the report by National bank of Kuwait (NBK).
16:46 GMT
The Omani government has opted to manage its crude oil reserves by limiting production, shifting its focus to diversifying its economy
Extracting and consuming more today means less is left for future generations who are not represented when choices are made.
04:55 GMT
The forces at work are more likely to be permanent rather than temporary and cyclical, suggesting low and/or a downward trend for oil and gas prices.
The UAE is a thriving export market for fake goods, usually exported from other parts of the world and shipped on other countries.
04:55 GMT
The Dubai index of intellectual property rights will monitor the level of intellectual property rights protection in the emirate.
Zanganeh visited Qatar and Kuwait last week, ahead of the meeting, in a bid to win support for action to stabilise oil markets.
04:55 GMT
Iran’s oil minister accused some countries on Sunday of making up excuses to justify their refusal to stabilise prices by cutting output.
Souq.com has also boosted its headcount to over 2,000 employees to cope with orders for the weekend, with additional warehouse space rented.
04:55 GMT
Online retailer Souq.com has announced plans to bring one of America’s biggest shopping days to the Middle East in a bid to boost e-commerce.

November 16, 2014

Non-sovereign debt capital markets could be an alternate way to fund the public sector. (AFP/File)
10:39 GMT
MENA non-sovereign debt capital markets make up a small part of financial markets but then again, have potential to replace private sector funding as an alternative source.
Innovation is the UAE Vision 2021 focus. (AFP/File)
10:03 GMT
The UAE is already a hub for development and excellence but the nation also pays a lot of attention to innovation, which is key for the economy.
Drake & Skull made profits of $4.38 million in Q3, according to a Reuters poll. (AFP/File)
08:45 GMT
Leading construction and integrated design firm Drake & Skull profits dropped by 10 percent in the third quarter of 2014.
Jordan Phosphate Mines Company was founded in 1949. (File)
08:17 GMT
Jordan Phosphate Mines Company profits rose by 217.3 percent in the first nine months of 2014 due to maximized operations.
Etihad is now the biggest shareholder in Alitalia. (AFP/File)
07:59 GMT
Etihad Airways became the largest shareholder in Alitalia in a €1.7 billion rescue bid, following talks over the last year.
The four-day event was held in Riyadh. (AFP/File)
07:30 GMT
Saudi Arabia's 26th International Construction Technology and Building Materials Trade Exhibition successfully concluded following the four-day run in Riyadh.
Tony Abbott makes a speech during the 2014 G20 summit. (AFP/File)
06:54 GMT
Tony Abbott vowed that countries would add $2 trillion to global GDP during the G20 summit in Brisbane.
Saudi Arabia has the potential to become a tech-saavy country with its growing manufacturing sector. (AFP/File)
05:25 GMT
Manufacturing is becoming one of the fastest growing industries in the Kingdom, with an average growth rate of 7.5 percent, according to a recent report.
Russia faces a 70 percent chance of recession in the next 12 months, economists project.
04:55 GMT
....and buy every Russian an iphone 6.
Shareholders' equity totalled JD771 million at the end of September 2014, higher than the JD762.3 million as of December 31, 2013.
04:55 GMT
Jordan Phosphate Mines Company (JPMC) maximised its operational profit by 217.3 per cent, or JD22.9 million, during the first nine months of this year.