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February 24, 2015

Obi Mobiles unveiled its second line-up of smartphones for the UAE market during the Dubai Shopping Festival 2015.
20:37 GMT
Obi Mobiles, co-founded by former Apple CEO John Sculley, is among the seven most popular smartphone brands in the UAE market.
Despite increasing threats, global security experts for the most part believe their organizations’ cyber security posture will improve in the coming three years.
12:43 GMT
More than half of business and government leaders in the Mena region identify cyber security as a strategic priority, compared to only 23 per cent in the US and 36 per cent in UK/Europe,
Russia isn’t the first Muslim-minority country to venture into Islamic finance.
12:22 GMT
Russia plans to open its first Islamic bank this year, seeking to attract Shariah-complaint funds as international sanctions push the economy toward a recession.
"The rise in foreign money in European football is nothing new, however investment in shirt sponsorship is increasing more rapidly than ever," said Glenn Lovett, the president of Repucom.
09:10 GMT
Companies in the United Arab Emirates and Qatar invested about 160 million euros ($200 million) this season, almost a quarter of the total spent by companies worldwide sponsoring the shirts in Europe's top six leagues.
But the international oil benchmark is still 6-per cent off a peak reached a week ago as worries about oversupply fester.
08:58 GMT
Brent edged above $59 a barrel on Tuesday after a 2-per cent slide the session before, buoyed by cautious optimism on the outlook for the global economy.
Reportedly, this was the fourth blast in the factory in the last 12 years.
08:52 GMT
Two people died and at least 13 were injured after an explosion at a factory belonging to Gulf Oil Corporation Limited in Hyderabad.
Oil’s sharp rebound earlier this year and fourth-quarter earnings reports were the main drivers behind equity market rallies across the Gulf.
08:29 GMT
Gulf equity markets were mostly soft Monday after oil prices pulled back again.
The expenditure adjustments in the GCC countries as policy response to oil price decline are expected to vary depending on the relative fiscal health of individual countries .
07:56 GMT
While the current oil prices are below most GCC countries’ fiscal break-even point, governments generally have the resources to help mitigate the immediate impact and maintain a supportive operating environment for economies.
It said the construction of 3,100 "residential units" began last year in West Bank settlements.
04:55 GMT
The number of new homes under construction in Jewish settlements on the Israel-occupied West Bank rose last year by 40 percent.

February 23, 2015

In general, Europe is entering a new phase of recession, and the instability and lack of economic growth is part of the current drop in oil prices, Al Hassani added.
20:08 GMT
Cyprus and Greece which are struggling following economic bailouts are looking to attract investors from the UAE.
A very small percentage of expatriates, working in managerial positions, are paid huge salaries but the vast majority is not.
19:44 GMT
The Labor Ministry has forced the minimum wage on the private sector to make sure that Saudis will not be exploited, the same should be done for expats.
Iran’s annual petrochemical output is forecast to hit 43 million tons by the yearend.
19:32 GMT
The country produced 40 million tons of petrochemical products since the beginning of current Iranian year.
In May 2014, Iran Privatization Organization Director Abdollah Pouri Hosseini said the country would privatize 186 state-run companies in Iranian calendar year 1393
18:00 GMT
Iran has transferred 38.471 trillion rials (about $1.127 billion) worth of shares of state-run companies to the private sector since the beginning of current Iranian calendar year.
The comprehensive project plan will be announced within two weeks.
17:49 GMT
The cost of the Suez Canal Development Project’s infrastructure is expected to be $15bn,
The U.S. initially sought restrictions lasting for up to 20 years; Iran had pushed for less than a decade.
17:41 GMT
The United States and Iran are shaping the contours of a deal that would initially freeze Tehran's nuclear program but would allow it to slowly ramp up activities.
In 2002, Saudi Arabia opened its telecoms market to competition.
17:02 GMT
Mobile and landline calls between telecom service providers will now be cheaper after the Board of Directors of the Communications and Information Technology Commission (CITC) approved a reduction in rates.
Workers’ trust and confidence in corporate leaders has increased modestly over the past four years, but the number of workers who think top management provides effective leadership overall has slipped slightly.
16:56 GMT
A new study on corporate leadership has revealed that less than half (48 per cent) of employees surveyed in the UAE have trust and confidence in their senior leaders.
Wide areas of the north and east – where much of Syria’s grain is grown and its oil is extracted – have been seized by the hard-line ISIS  group.
15:53 GMT
The Syrian government does not expect to import wheat this year because domestic grain supplies will be boosted by heavy rainfall and wider control over farmland, a minister said.
UAE expatriates said companies only need to increase the gratuity provisions so that they will have more savings to look forward to when they retire
12:37 GMT
About eight out of 10 people (83 per cent) in the UAE are now feeling anxious that their gratuity pay won't be sufficient to meet their retirement needs.
Shahin also mentioned that the cars people ride and international-educational institutions is currently a part of the social-status equation.
12:09 GMT
From Michael Kors to Victoria’s Secret and Tory Burch, City Stars' entire floor is a line-up of the most luxurious brands in the world.
"In the Suez Canal what we've seen consistently despite unrest that has occurred in Egypt ... (is) a Suez canal that is secure and properly administered," he said.
11:48 GMT
Shipping corridors used by Gulf energy exporters are not at risk from violence and political volatility in Yemen and the seizure of swathes of territory in the region by Islamic State militants.
Qatar Airways’ Boeing 787 Dreamliner will be deployed on the new Durban route which offers passengers 254 seats across its Business and Economy Class
11:25 GMT
Qatar Airways, the national carrier of Qatar, has introduced Durban to its list of destinations in South Africa – its third route to the country following Johannesburg and Cape Town.
Last July, Egypt's then newly-elected president Abdel Fattah El-Sisi raised taxes on cigarettes and alcohol-by up to 200 percent.
08:48 GMT
Egypt has raised sales taxes on cigarettes for the third time in a year, according to a presidential decree published in the country's official gazette on Saturday.
Turkey already has a law that permits Saudis to own real estate in the country.
07:42 GMT
Turkey is planning to offer citizenship to Saudi investors, Turkish Deputy Prime Minister Ali Babacan said here on Sunday.
The kingdom has made appraisals of unconventional gas potential in its northwest, Eastern Province and Empty Quarter.
07:33 GMT
"Saudi Arabia will be the next frontier after the US, where shale and unconventional will make a significant contribution to our energy mix, especially gas."
Egypt has accelerated the pace of auctions for exploration and production blocks and improved deal terms to help attract major energy companies.
07:12 GMT
Egypt will hold an international auction for eight oil and natural gas exploration blocks in the Mediterranean Sea.
Both two-door, two-seater sports cars, the AMG GT boasts 462 horsepower and comes with a starting price of BD68,000 ($170000),
04:55 GMT
The all-new Mercedes AMG GT and GT S were unveiled for the first time in Bahrain last night (February 21) by Al Haddad Motors.

February 22, 2015

The impact of tenants choosing to remain in their accommodations rather than relocate to another location has also contributed to the slowdown in the growth of rents, Asteco added
18:40 GMT
Dubai’s residential rents are poised to soften in 2015 due to additional supply entering the market, according to a new report by property consultant Asteco.
Avni was referencing the justification of the seizure of the management of Bank Asya, the country's largest Islamic lender, in a midnight operation on Feb. 3.
18:35 GMT
A government whistleblower who tweets under the pseudonym Fuat Avni argued on Tuesday that most lenders in Turkey are vulnerable to being seized by the government.
The statement said that the number of Arab visitors reached 34,734 during January 2015, registering an increase of 38.4 percent compared with the same month in 2014.
18:29 GMT
Lured by the snowy mountains and skiing season, the number of visitors to Lebanon in January 2015 increased by 22.6 percent compared with the same month in 2014.
Air traffic control is a seemingly invisible concept, and as such it’s often forgotten about.
18:20 GMT
Air traffic control is a seemingly invisible concept, and as such it’s often forgotten about.
The need to support mobility-based initiatives requires various specialised skill sets across multiple IT technical professions.
14:50 GMT
And as time moves forward, mobile computing will continue to be a double-edged sword for IT departments.
The GSMA Intelligence data calculated that 4G coverage will be available to 35 per cent of the global population by the end of 2015, up from 27 per cent at the end of last year.
14:40 GMT
The 4G-LTE network is set to cover more than a third of the global population by the end of the year as 4G deployments continue to accelerate across the world, according to new data.
“Twelve years later, after the introduction of successful new models like Ghost and Wraith, Rolls-Royce stands proudly at the pinnacle of British luxury manufacturing,"
14:15 GMT
Rolls-Royce is developing an all-new model with exceptional presence, elegance and purpose, featuring the luxury of a Rolls-Royce in a vehicle that can cross any terrain.
From $115 in June, they have gone down to around $50 last month.
12:03 GMT
Projects worth around $200 billion (Dh734.47 billion) were cancelled globally in the last three months due to falling oil prices.

"This does not mean that the market is dull. There is still good demand for the properties," he added.
11:43 GMT
Residential property rents in Qatar have increased 20 per cent over last year, but the oil price crash may help stabilise the market and prevent an unreasonable further hike, according to a report.
Visa card holders in Saudi Arabia came in first place in terms of spending, spending $35.18m during the first half of the festival.
11:32 GMT
The company said that Egyptian spending in the first 15 days of the festival amounted to $10.18m, an increase of 52% compared to their spending in the same period last year.
"The joint venture will ... manufacture (remote) weapons systems and advanced armour solutions for Indian and subsequently global customers of Rafael," Kalyani told reporters in Bangalore.
11:15 GMT
India's Kalyani industrial group announced on Thursday a "substantial" joint venture with Israel to make missiles and other weapons.
Given ostrich meat is not a common delicacy among Israelis or Palestinians, for now Abu Tir sells only on demand, but he is optimistic the business can grow.
09:31 GMT
Fifty-year-old farmer Abdelrahman Abu Tir, whose name coincidentally translates as "father of the bird", has for the last three years been farming ostriches for meat in a project unique in the Palestinian Territories.
The newly accepted package calls for turnkey construction of a fully automated driverless metro system.
05:55 GMT
A five-member consortium has received a ‘Letter of Conditional Acceptance’ from the Qatar Railways Company for a systems package of the Doha Metro.
Dubai, whose topography is marked by mostly flat sandy desert and the western Hajar Mountains (Hatta), does not grow its own tea.
04:55 GMT
The desert here may not grow tea commercially, but a factory by the sea in Dubai is en route to having the largest stand-alone tea facility that supplies to the rest of the world,
Moody’s also attached to its rating a negative outlook, suggesting the country faces potentially another downgrade in the coming months.
04:55 GMT
Moody’s cut Russia’s debt rating by one notch into ‘junk’ territory Friday, saying the Ukraine crisis and the fall in oil prices and the ruble will further undermine Russia’s economy.
A senior IMF official said his organisation was maintaining regular contacts with Yemeni officials and continuing to provide them with technical analysis.
04:55 GMT
Yemen’s foreign exchange reserves have stabilised after a steep fall due to its political turmoil, but ballooning government debt issuance indicates the country may be moving closer to a fiscal crunch, central bank data showed on Friday.

February 20, 2015

Hilton’s quarterly adjusted profit narrowly missed market expectations despite a 7 per cent rise in revenue.
07:58 GMT
Hyatt Hotels fourth quarter revenue also hurt by strong dollar.

February 19, 2015

Aramco has been seeking to make inroads into more advanced chemicals to diversify away from its oil and basic petrochemicals businesses.
23:07 GMT
State oil giant Saudi Aramco is talking to banks about taking a $10 billion loan for general business purposes.
The company said on Wednesday it expected an adjusted profit of 10-12 cents per share for the first quarter and 78-83 cents per share for the full year.
22:11 GMT
Qatar said Thursday it will introduce a major labour law reform to ensure thousands of workers building venues for the 2022 World Cup are paid on time.
There are certain prerequisites to qualify for the programme, such as in the case of high net worth investors whose businesses “should be of added value to the economy of the emirate”.
22:00 GMT
Dubai is putting out the red carpet for skilled professionals — the “innovators” so to speak — in select industries with the granting of immediate residency via the purchase of property in the emirate
"We are all trying to work out when the US production is going to slow down," he said.
21:52 GMT
The oil sector is restructuring after the collapse of oil prices and opportunities may emerge for larger players wishing to snap up distressed companies.
“The UAE has created the most affluence in the GCC, growing its share of affluent households from 16 per cent to 26 per cent from 2009 to 2013,” Strategy& said in its report.
20:06 GMT
The Gulf Cooperation Council (GCC) countries region is fast becoming a lucrative place for banks and wealth managers to do business.
Negotiating for a bigger paycheque can be both tricky and uncomfortable.
19:49 GMT
If you are planning to ask for a salary increase this year, it is important to know what you’re worth before talking to your manager about it.
Last year, the Kingdom, Iraq and Egypt signed a memorandum of understanding on transporting oil and natural gas between them.
19:39 GMT
Prime Minister Abdullah Ensour on Wednesday met Egyptian Minister of Petroleum and Mineral Resources Sherif Ismail and discussed means to improve cooperation.
The wonderfully sounding ‘elevated fast casual’ section of the market is the fastest growing segment right now.
13:30 GMT
The participants at the second Global Restaurant Investment Forum today believe there may be room for more. Has the market not become rather saturated?
The investigation comes just days after HSBC Switzerland became the centre of a global scandal following the publication of secret documents claiming it assisted many of its wealthy clients in thwarting the taxman.
13:16 GMT
Swiss authorities on Wednesday raided British banking giant HSBC’s Swiss unit as part of a money laundering probe into the bank that has been accused of helping clients to dodge millions of dollars in taxes.
The estimate suggests the country is cleaving to the strategy of protecting market share rather than cutting production to boost prices.
13:05 GMT
Brent crude oil prices slipped below $59 a barrel on Thursday after another big weekly build in U.S. crude inventories and a possible rise in Saudi output stoked worries about oversupply.
“He didn’t mean to suggest the Gulf carriers or their governments are linked to the 9/11 terrorists. We apologise if anyone was offended.”
12:47 GMT
Chief executives of Gulf carriers Emirates and Qatar Airways have criticised Delta CEO Richard Anderson for involving the 9/11 terrorist attack amidst a commercial dispute.
The security problems caused by Daesh (IS) and others are creating a major challenge for the new investments in the Middle East.
09:48 GMT
The rise of the Islamic State (IS) in Iraq and Syria presents a major challenge for the investment necessary to prevent an oil shortage in the next decade.
The beheadings of 21 Egyptian Coptic Christians in Libya, which prompted the air strikes earlier Monday, was an "additional reason for security" for Cairo.
09:37 GMT
Paris hopes the 5.2 billion euro ($5.9 billion) deal for 24 Rafale fighters to be delivered later this year -- which comes as Cairo launched air strikes against jihadists in Libya.
The professional networking site has over 14 million users in the MENA region at present.
09:27 GMT
Online professional networking site LinkedIn has launched an Arabic version of its site, in order to cater to the rising young population in the Arab region.