July 11, 2014
Breakthrough in the long-running crisis over public workers’ salaries is expected next week, a ministerial source revealed to The Daily Star Thursday.
Rising housing costs has pushed Dubai up the rankings in an annual survey of the most expensive cities in the world for expatriates to live in.
Seven out of the ten highest paid officials work for companies based in Abu Dhabi, while the rest are based in Dubai.
Egypt purchased 3.7 million tonnes of local wheat and also bought 5.46 million tonnes of wheat from abroad during the 2013-2014.
Egypt has missed a window to avert gas shortages this year as plans to secure a floating import terminal from a Norwegian firm hit snags.
A glimpse of normalcy: how the restarting of the El-Sharara oil reignited hope for the Libyan economy
Libyas oil sector took another big step back to normality with the restarting of an oil field that could double its current meagre crude output
Boeing’s annual forecast, released in conjunction with the airshow, said single-aisle airplanes such as the 737 and A320 will garner the most orders.
July 10, 2014
Security officers in Saudi Arabia have arrested nearly 2,200 foreign workers in Madinah and Hail and Baha this month for allegedly violating the country’s residency and labor regulations.
Brent crude oil traded at a one-month low below $109 a barrel on Wednesday after a Libyan oilfield restarted and supply worries faded
The shale oil revolution in the United States is not expected to present a threat to the Middle East, according to Duncan Anderson, chief executive officer at Gulf Marine Services (GMS).
Dubai’s Damac Properties has announced that it will be offering luxury cars to select property buyers as part of its Ramadan promotion.
London’s property market has always been a favourite for investors from the Middle East.
Djibouti said it had started legal action against DP World, seeking to rescind the Dubai-owned port operator’s concession in Africa’s largest container terminal in a row over how the contract was awarded.
July 9, 2014
Saudi Arabia is the world’s top food importer, and also rated as one of the worst wasters.
Boeing said the 777X will introduce the latest technologies including "the most advanced commercial engine ever".
The recruitment application of any Saudi who has a history of maltreating Filipino housemaids would never be accepted.
Married with four children, Ismaik has been spending some of his time since he quit watching World Cup soccer, rooting for Germany; he owns part of German soccer club TSV 1860 Munchen.
By the way: Dubai is still recovering from its 2009 debt crisis.
This year, energy markets have been marked by geopolitical motivations and pragmatism to an extent never seen before.
Iran transacted non-oil goods with 177 countries in the past Iranian calendar year.
Affordable places to rent can be found in Deira, Discovery Gardens and Jumeirah Village,
July 8, 2014
The shekel has weakened against the dollar this morning, as the security situation in the south of Israel escalated overnight.
According to the Egyptian Ministry of Tourism, travel advisories issued for the Sinai Peninsula led tourism revenues to decrease in the first quarter of 2014 to $1.3bn.
Taming the monster: UAE regulator to tighten supervision of financial markets over Arabtec's debacle
in a statement after its chief executive met with heads of the central bank, the economy ministry and the Dubai and Abu Dhabi stock exchanges.
Samsung Electronics’ earnings fell by almost a quarter in the three months to June, after the South Korean group was caught out by unexpectedly low demand for its smartphones in China and Europe.
Mall of the World, the latest addition to Dubai’s retail, hospitality and leisure offering, is expected to boost visitor numbers and further strengthen the emirate’s mall development pipeline.
Foreign reserves are now the lowest since the ouster of former president Mohamed Morsi in July 2013.
In particular, GCC governments wanting to provide aid should orient it towards Aid-for- Trade enabling and facilitating reforms and investments.
His Majesty King Abdullah’s visit to Mexico has laid down the basis of improved economic relations between the two countries.
Financial problems were listed among the reasons for suicide in Turkey last year, according to figures from the Turkish Statistics Institute (TurkStat) released last month.
Royal Dutch Shell is ending investments in a gas development project in Saudi Arabia, complicating the top oil exporter’s efforts to exploit its huge gas reserves.
July 7, 2014
"We have asked them to submit their bids for this project. We intend to sign the contract with the winning bidders in early October," he said.
Once users are on the Google Flight Search tool, they are able to quickly and easily conduct searches for different flight routings
Overtaking Oxford Street and the Champs Elysee? Dubai's upcoming Mall of the World and what it means for the country's prospects
“The unveiling of Dubai Holding’s proposals for The Mall of the World will form part of a strengthening mall development pipeline that is critical to unlocking Dubai’s vision,” says Cluttons.
Bad decisions always bite: labor crackdown, consumer borrowing suggested as potential reasons for Saudi Arabia's slowed economic growth
In the first quarter, growth in all three sectors that relied on cheap foreign labor — construction, retail and transport — slowed markedly from a year ago.
Gulf markets ended their worst quarter in many years, as almost all indices in the region ended the month on a negative note.
In the context of Islamic economy contemplation, here are three thoughts for consideration during the holy month of Ramadan.
Sanaa's finances have deteriorated as it has been caught in a nationwide fight against al Qaeda militants and other rebel groups.
A parody of itself? Dubai to build climate-controlled 'city' and a mall bigger than the world's biggest
Already home to one of the globe’s biggest indoor shopping complexes, Dubai Mall, the glitzy emirate known for its love of grandiose projects said it is now planning to build the “Mall of the World”.
Since his inauguration a month ago, President Abdel Fattah Al-Sisi has adopted several economic measures that have shaped Egypt’s economic climate.
The resolution replaces old amendments to the Sales Tax Act, which were not implemented and were postponed after facing broad popular opposition.
The end of the energy market as we know it: US overtakes Russia and Saudi Arabia as world's largest oil and gas producer
The US has overtaken Russia and Saudi Arabia to become the largest producer of crude and natural gas liquids (NGLs) in the past six months.
Spending by GCC visitors has been quite robust since the start of the mega-football tournament.
July 6, 2014
Competition for the Iran market is fierce. Businesses across the world, but most notably in the U.S., are keen to fill the space left by the likes of Renault and PSA Peugeot Citroën and gain access to Iran’s 78 million consumers
Iran itself counts car manufacturing as its second-biggest industry after oil, accounting for 10 percent of its gross domestic product.
Turkey already has a bleak record for workplace deaths, and health and safety standards are often neglected in the country.
Egypt had overnight on Friday slashed its subsidies for car fuel and natural gas, increasing their prices by more than 70 per cent.
Anger is mounting against recent petroleum price increases after government reductions in subsidies for the sector came into effect on Saturday.
In the 2012 report, Jordan ranked 98th out of 190 countries.
Lebanon’s state-owned electricity company announced Friday that it would limit its production this summer, providing only 13 hours of electricity per day.
July 4, 2014
he OPEC member has projected a deficit in each of the past 14 fiscal years but ended each year in the black, accumulating more than $300 billion in budget surpluses.
With petrodollars in the Gulf, splashing cash at luxury hotels is not an issue for those who can afford it, but the true meaning of Ramadan is being lost in the process
No need for any more 'garbage': US company breaks the ice with $1.1 billion investment in Iran's waste management
The project will create 650 direct jobs and 2,000 indirect jobs, and will be implemented in four phases over the course of 24 to 36 months.
“Cricket enables Etihad Airways to create strong synergies between the key cricket playing nations and our major flight networks across the Indian subcontinent, Australia and the UK."
Mall of Egypt, the 160,000-square metre mega-mall being developed by Majid Al Futtaim (MAF) Properties in Cairo, is proceeding on track despite unrest in the country, a senior official confirmed.
However, the sector also faces a number of challenges such as the shortage of skilled teachers and regulation of fees that obstruct the growth of the education industry in the long term.
Thinni said the ports had been reclaimed after an agreement with Ibrahim Jathran, whose fighters had seized the terminals almost a year ago to demand more regional autonomy.
July 3, 2014
Economist Yusuf Mansur explained that the study simply shows that some Jordanian households are poor during a certain period of the year, while not poor for the rest of the year.
Suspects face charges of forging an official document, faking a stamp, and attempting to use the fake document.
Wasn't it the one pushing for removing subsidies in the first place? IMF says Egypt will not be able to control prices after lifting fuel subsidies
The government is unlikely to succeed in controlling anticipated price jumps in markets, goods, and services vulnerable to such abnormalities in the wake of petroleum subsidy cuts in the new budget.
Delusions of grandeur? Why economists are questioning the Egyptian government's ability to meet its self-imposed goals
Economic experts have voiced scepticism over the government’s ability to meet the finance ministry’s revised GDP target for the 2014/2015 fiscal year (FY).
AhramOnline reported Tuesday that the construction tycoon has been sentenced in absentia to three years imprisonment on charges of tax evasion.
Family-owned Zakhem International has also carried out oil pipeline, refinery and fuel storage projects in Libya, Iraq, Nigeria, Qatar, Italy and Tanzania, according to its website.
Islamic banking is based on core principles of the religion. So it is striking that some banks are removing the word "Islam" from their names.
The US government has announced plans to build a new military hospital in Kuwait at a cost of $1.7 billion
July 2, 2014
The survey noted that 44.5 percent of those surveyed said employer efficiency is not affected
The estimated cost of the project is approximately SR28 billion ($7.5 billion), and production at the new facility is expected to commence in late 2016.
Etihad Airways and Italy’s Alitalia have been named as the Official Global Airline Carriers for Expo 2015 in Milan.
Airline begins daily services to Dallas, Texas, from Hamad International Airport
Bahrain is mulling the implementation of a new visa policy, under which nationals from 64 countries will be provided a one-month visa on arrival.
According to Moody's, Turkey's exports could decline by 15 percent if the fighting between the Islamic State of Iraq and the Levant (ISIL) and Iraqi military forces continues.
Brent oil held steady above $112 per barrel as upbeat manufacturing data in China pointed to demand growth while conflicts in Iraq and Ukraine continued to underpin supply concerns.
July 1, 2014
Budding pilots and curious daredevils can fly the prestigious Airbus A380 in Dubai, within a realistic flight simulator, at a second location in Dubai.
Saudia had refused to respond to the requests of the domestic Haj companies for meetings to discuss the problems they had been experiencing," he said.
A Canadian immigration company has, in violation of Saudi citizenship laws, posted an advertisement on the newspapers encouraging Saudi citizens to apply for Greek and Canadian citizenship, Makkah daily reported.
Ready to pull an Emirates? Qatar Airways threatens to cancel Airbus order if its demands are not met
"If they (European airport slots) are limited further, we will stop buying European aircraft. We have 186 orders at Airbus. What impact would that have on German jobs?"
The higher committee for regulating the working hours of retail shops has completed a draft law that will force all shops and sales outlets across the Kingdom to work anywhere between 6 a.m. and 9 p.m.
“The wages system in Egypt is closer to randomness than to being organised,” the minister said, adding that “a project for income law will be submitted to the cabinet during the coming period.”
An expansion of Qatar's gas facilities helped fuel breakneck GDP growth averaging 17 per cent a year between 2006 and 2011.
Increasing dependence of the GCC states on oil revenues poses a rising credit risk, a new survey by S&P says.
Regardless of what the real business issue was behind the scenes of Arabtec, confusion reigned publicly, and undoubtedly privately also, resulting in an unhealthy knee-jerk reaction in the market.
Travel operators in Riyadh will increase the prices of weekend Umrah packages from SR90 ($23) per head to SR160 ($42) from Wednesday thanks to the influx of pilgrims during Ramadan.
The resumption of car exports to Russia comes at a time of greater openness to trade with Iran in the wake of an interim nuclear deal.
June 30, 2014
Evidently, the extended maturity will provide a pricing benchmark for longer-tenor sukuk and energize an alternative venue for financing infrastructure projects.
The collapse marks a continuation of the builder’s downward trend on the Dubai bourse
The government views the revival of the lake as a criterion for simultaneously reviving other bodies of water in the country, he added.
Boosted by aid worth billions of dollars from Gulf Arab countries after Sisi deposed Islamist president Mohamed Morsi last July, Egypt’s 2013/14 budget deficit was set to shrink to around 11 per cent of GDP from some 14 per cent the year before.
Monthly analysis by the economic division of the Israel Manufacturers Association presents worrying figures showing a continued decline in Israel's industrial exports
The escalation of violence in Iraq threatens investments in one of the world’s most important oil reserves, as Iraq was expected to become the world’s largest oil exporte
A high commission set up to develop the regulations ensuring retailers close at 9 p.m. has completed its task.
The value of the agreement is estimated at some $30 billion.
June 29, 2014
Whether the decision allowing the export of ultralight, condensate, marks the beginning of the end of the ban on American crude oil exports or not is being debated ferociously within the energy fraternity.
The Qatar Public Works Authority 'Ashghal' has awarded IBM the contract to provide a smarter road and drainage infrastructure in the gas-rich country.
Deloitte recently conducted a survey on family-owned businesses to assess two specific areas that have an impact on their companies’ operations and growth: governance and succession
In the Gulf, there is a hybrid case in the operations of sovereign wealth funds, which plainly are governmental, but are viewing the international markets with this same awareness and considerable dependency.
Fund managers and analysts do not expect major movements and said investors have already been liquidating their positions before Ramadan.
With such massive untapped potential, the Gulf’s Arab countries are now joining hands to promote the region as a winter cruise destination
The Central Bank of Jordan (CBJ) on Saturday officially launched e-FAWATEERcom system to help citizens check and pay their bills electronically via different paying outlets.
The UAE and Oman opted out of the proposed monetary union before it was launched in 2010
Turkey ranks third among the countries with the highest levels of income inequality.