Dubai Investments, the largest investment company listed on the Dubai Financial Market (DFM), has raised the foreign ownership limit in the company from the existing 20 percent to 35 percent.
Best Choice Real Estate Development, a leading Saudi Arabian real estate investment and development firm based in Riyadh, has said that many investors from the GCC region are now keen on purchasing high-value overseas properties based on the number of inquiries it has been receiving.
The foundation and piling works, one of the most important and difficult stages of the project, took 12 months to complete, the JEC said.The JEC seeks to achieve new world records using latest technologies for foundation works of high rise buildings.
April 23, 2014
Earlier this year, Turkish Prime Minister Recep Tayyip Erdogan said that he considered Iran to be “his second home” during a visit to Tehran aimed at strengthening economic ties between the neighboring countries.
For example, Google Street View-cars are coming to the Middle East, with Dubai being the first city in the region to have street views added to Google’s online mapping service. Some members of the public have already spotted them. Have you?
Construction work has started on the expansion of the UK Maritime Component Command complex in Bahrain, creating a bigger partnership between British authorities and their Bahraini counterparts.
Asian countries including the world's fastest growing superpowers, India and China will overtake America's position as the biggest exporters to Israel in 2014.
Occidental Petroleum Corporation (Oxy) will invest further in Oman to help boost production in 2014.
The Grand Midwest Tower will be getting a makeover in preparation for World Expo 2020, which is expected to welcome millions of tourists.
Companies from across the globe are set to invest $1.8 billion at the Bahrain International Investment Park, with 58 new projects already in the pipeline, providing over 3,500 people with jobs.
As Hotel Saudi 2014 exhibited on Tuesday in Jeddah, good news followed. The Kingdom expects the hospitality industry to grow by 2.5 percent between now and 2017.
It can be a tough choice, but sometimes, one is easier than the other. Renting or buying have their pros and cons but how do they benefit each other?
BT and Viva Bahrain have teamed together to build a Global IP Exchange interoperability hub in the micro-state.
No wonder it lifted the visa requirement: UK seeking Gulf investors for $165 billion worth of projects
UK Trade and Investment’s (UKTI) Regeneration Investment Office (RIO) said that Gulf investors have the opportunity to participate in projects leading to the development of 27 million square metres of new prime floor space and 220,000 homes.
Egypt’s government has faced 37 cases worth LE100 billion ($14.3 billion) brought by investors in both international and domestic arbitration centres in the three years since the 2011 uprising,
“This revised form will enable Jordanian trading companies to strengthen their competitive edge in both domestic and international markets,” the statement said.
April 22, 2014
This can again be linked to the fight-or-flight response: imagine the feeling of being watched, unable to know whether you’re being recorded, filmed, or investigated.
Total sales reached Dhs5.917 billion (1.611 billion), 94 per cent higher than the Dhs3.043 billion ($828 million) reached during the same period last year.
While food imports are high in GCC states, agriculture is low, creating a dependancy on foreign countries.
As of May 27, all airlines will operate from Qatar's newly built and much anticipated Hamad International Airport.
Huge potential: The Kingdom's health insurance market could be the biggest in the region according to a medical insurance health insurance expert.
Saudi Arabia will host a two-day waste management summit starting on Wednesday to push for a "green era" in the Kingdom.
Household spending on electronic items has jumped by over 62 percent, according to a consumer survey.
The three-day Careers UAE 2014 fair will secure hundreds of private and public sector jobs with over 160 companies participating in the event.
It may be a promising year ahead for GCC states with the rise in economic growth in Saudi Arabia, Qatar and the UAE.
One of the biggest British "high street" brands Ted Baker, celebrated opening its first store in Africa on Monday in Cario Festival City Mall.
Mehleb pointed out that the government would not suspend its commodities and services subsidies; instead it is working on “redistributing and offering it to those who deserve help”.
April 21, 2014
S&P attributed this revision to the ability of Lebanese banks to finance the public debt thanks to the steady flow of deposits the lenders receive each year.
The new multi-billion dollar Al Zour refinery will be one of the largest oil refining plants worldwide.
A sign of rationality or desperation? Saudi Arabia is about to spend the equivalent of one fifth of its GDP to become world's largest solar energy producer
These initiatives aims to boost the Kingdom’s potential for becoming the largest producer of solar energy in the world
Corruption, migrant worker deaths, weather problems, and now this: Qatar reduces number of World Cup stadiums by one third
The Gulf state is embroiled in a number of corruption allegations regarding the event, including being accused of buying the right to host the World Cup.
Saudi Arabia is planning to invest $109 billion in its solar energy sector by 2032, which will provide a third of the country's overall energy requirement by that time.
Islamic finance is increasingly labeled as the future of finance, but the sukuk market largely remains outside of mainstream markets globally.
Bahrain has recently passed a new law to regulate labor recruitment in the Gulf country. The new regulations aim to "safeguard the rights of skilled and semi-skilled expatriates," say authorities.
Qatar is expected to have a GDP of $230 billion by this fiscal year's end.
Sharjah Airport recorded the highest level of passenger traffic on record during the first quarter this year.
Iraq must reconsider its expenditure and production of various energy sources if it wants to stabilize the country's energy situation overall and save much needed resources.
Egypt is attempting to restructure its energy subsidies "without affecting poor and low income segments," but can the new strategy work if the government is still undecided on whether or not they will raise petrol and fuel prices?
At least 26,000 tourists came to Egypt for the Easter holiday weekend in what was welcomed as a much-needed spike for the country's ailing tourism sector.
On April 12, Iranian MP Ali Marvi quoted Oil Minister Bijan Namdar Zanganeh as saying that Iran will increase its crude oil output to 5.7 million barrels per day by the end of Iranian calendar year 1397 (March 2019).
Qatar Rail has awarded one of the largest-ever “single project tunnelling and rail construction insurance” policies to a six-member consortium of Qatari national insurance companies,
From most isolated economy to 93% surge in tourism: you won't believe which country Gulf investors are flocking towards
Tourism receipts were also skyrocketing and reached $926mn in 2013 against some $400mn in 2012, according to official government figures.
Economic growth in the Gulf Cooperation Council (GCC) region will remain largely influenced by oil prices and supply dynamics in the oil industry
April 20, 2014
Singapore's National Institute of Education is set to train 3,000 Saudi school principals over the next few years.
Saudi Arabia's construction industry witnessed a record year for contracting in 2013, and 2014 promises even brighter prospects for this developing sector.
As tourists continue to flock to Jordan en masse, the Hashemite Kingdom is recording higher revenue profits than ever before.
The International Energy Agency revised its forecast for global oil demand in 2014 to 1.5 per cent which may impact further developments and investment in the sector in consequence.
Standard & Poor's has raised its outlook for several Lebanese banks in what may be the latest sign of a recovering economy in this MENA country.
Saudi Arabia ranks in the top four countries for military spending globally, according to a new report released out of Stockholm this week.
Fuelled by rising energy demand and depleting oil and gas resources, nuclear energy has gained strong momentum in the GCC, particularly in countries like the UAE.
It's contagious after all? Mecca's surroundings experiencing 'unprecedented' real estate boom in Saudi
The Kingdom’s Western Region is experiencing an unprecedented real estate boom, with billions of riyals earmarked for mega projects.
The untameable monster: experts warn Dubai against off-plan property sales given signs similar to 2008 crash
“We are not yet back to 2008 prices but in some individual projects we are. So we certainly need to monitor them carefully.”
Fuel smuggling is common across North Africa and its extent has increased in the chaotic aftermath of the Arab Spring.
April 18, 2014
The world’s biggest smartphone maker has slashed prices of the S5, which rolled out globally on Friday, and offered a gift pack worth $600,.
The US government says it is going to sell an Iranian skyscraper in New York City in favor of anti-Tehran plaintiffs.
About 34 per cent of national household heads reported that they continuously changed their mobile phones.
April 17, 2014
Iran shares oil and gas fields with most of its neighbors, including Iraq, Kuwait, Qatar, as well as Oman and Turkmenistan.
Prime Minister Abdullah Ensour said this week that Jordan's economy is recovering and moving steadily forward despite the global financial crisis and the Syrian infighting.
Short-term pain, long-term gain? Emirates airlines to cancel 41 destinations for Dubai runway upgrade
Emirates Airline said on Thursday that runway upgrades at Dubai International would cut its revenues by Dh1 billion ($272 million) this year as it has to reduce flights to 41 destinations worldwide.
Small and medium enterprises (SMEs) are set to contribute 37 percent to Saudi Arabia's GDP but should the Kingdom look elsewhere for investment?
Qatar's main index rose 1.1 percent, making it the highest close since June 2008.
Ever feel like you're banging your head against a "productivity" wall? Saudi employees know how you feel
Six out of ten Saudi workers felt they didn't have the necessary tools or recourses to be productive according to a Global Workforce Survey.
Positive reaction: Dubai's recently imposed fee on hotel guests had no negative feedback according to the head of the city's tourism authority.
Families in Abu Dhabi households reportedly spend an average of $1,498 on landlines and mobile phones while $1,004 is spent on education.
Inflation climbed to its highest since 2010, according to data released by National Bureau of Statistics. Housing, utilities and food all contributed to the rise.
According to a STR Global Construction Pipeline Report, 573 hotels are expected to open across the Middle East and Africa.
2014 is promising to be a record-breaking year for the GCC's construction industry.
The exhibition considered the biggest family gathering in the field of weddings and fashion as it involves more than 80 companies around the world
The interim government is currently preparing a new economic stimulus package that will focus on the industrial, housing and construction, communication and tourism sectors.
Arab bankers on Wednesday blamed "Arab Spring" for the deterioration in the region's economies.
April 16, 2014
"Ultimately Egypt and Turkey need energy, and the fact that we have it is creating a regional convergence of interests," an Israeli diplomatic source told Reuters.
Egypt's generals the economy to develop along lines of their choosing and have taken the opportunity not just to entrench their business activities even further, but upscale and expand them.
Bahraini banks will be fully ready to implement the Basel III international banking standards on new capital requirements by next year, the governor of the Central Bank of Bahrain (CBB) said
The national airline of the UAE racked up $1.4 billion in revenues as it transported 3.2 million passengers, higher by over 14 per cent year-on-year
Is flat hunting in Dubai as expensive as it seems? Around 17,000 new homes are due to be built this year, with more affordable price tags attached.
Consumer Confidence grew by 10 percent in 2013 according to the Abu Dhabi Department of Economic Development.
The Qatari government has pledged an estimated $182 billion into infrastructure, focussing on eco-friendly green building over next five years.
Healthcare spending reached just under $17 billion in 2013 and is expected to grow, says a new report by the U.S.-UAE Business Council.
Relations with the IMF soured when Egypt suspended negotiations over a loan worth billions in 2013, but this may improve with upcoming discussions.
The six-month ban on expat workers, which was due to expire as been extended according to a source at the Ministry of Manpower.
The World Bank has agreed to support Lebanon's Finance Ministry with a $5.2 million loan.
A new study by consumer group Nielson says that car sales in the Middle East will go up in the next two years.
The expansion of relations with the Islamic Republic, which enjoys high status in the region, is one of the UAE’s priorities, said Sheikh Mohammad.
Iran’s economy could grow between 6% and 8% in an optimistic scenario, according to a global information company report.
“Budget-conscious Dubai residents are now relocating to Sharjah in a flight to affordability,” said John Stevens, managing director, Asteco.
Libya prepared to resume oil exports Tuesday following a break of more than eight months, after autonomy-seeking rebels agreed to lift their blockade of ports in the country's east.
April 15, 2014
Political unrest has seen gas exports fall in Egypt while electricity consumption went up by almost a third. Will it be an expensive summer?
Food, lifestyle and products manufactured under Islamic law are expected to be worth $2.48 trillion in the next four years due to increasing demand and a growing Muslim population.
Charging stations for electric cars will soon pop up all over Dubai to enhance grid efficiency.
Oman's government and BP signed a contract to develop the Khazzan gas field of Block 61 and will be completed by 2017.
Not part of the strategy: Tourism chief says hotels being built in Dubai are not specifically for the World Expo in 2020.
The Samsung Galaxy Note has debuted in Bahrain with a whole new selection of functions.
A top government official has announced the Kingdom's plans to build 63 new hospitals across the country, boosting service and quality medical care.
America's welfare state was modelled as a good example to provide for the poor. But what if the rich invested more in those less fortunate?
Crude oil futures rose to the highest level in five weeks on Monday as heightened tensions over unrest in eastern Ukraine fuelled concerns over potential supply disruptions.
Turkey's foreign debt increased $49.9 billion in 2013, breaking national records as the highest single-year increase in foreign debt in the history of the Turkish Republic.
Prominent lawyer and former 2012 presidential candidate Khaled Ali went as far as to describe the amended law as "legalised thuggery".
The Bank has not lent any new money to Iran since 2005.
April 14, 2014
The first spot went to the Kingdom of Saudi Arabia, which had 39 names on the list, while third went to the United Arab Emirates, which had 14.
Moving forward? Not with diversification at least, Kuwait signs $12 billion worth of oil contracts, tenders others
The contracts mark the first mega project in the OPEC member's vital oil sector for 25 years.