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Kuwait’s government has announced that it will launch a crackdown on illegal residents, which is expected to lead to the arrest of more than 100,000 residents currently living in the country.
04:55 GMT
The crackdown will be the largest operation ever, conducted by the authorities in Kuwait, an official said.
“The recent fall in the oil price is also a warning that the region cannot be over-reliant on energy resources for GDP growth."
04:55 GMT
The proposed Arab Stabilisation Plan, ASP, would build a regional framework to promote infrastructure investment and create jobs.

January 24, 2015

King Abdullah bin Abdulaziz died early on Friday and his brother Salman became king of the world's top oil exporter.
15:28 GMT
Oil prices rose on Friday after the death of Saudi Arabia's King Abdullah added more uncertainty to an oil market that has more than halved over the last six months.
A tantalizing possibility is that King Salman could now accelerate some economic reforms that have been proceeding only slowly.
15:10 GMT
Saudi Arabia’s new king is expected to focus economic policy on creating jobs and multibillion dollar infrastructure projects to prevent tumbling oil prices from causing social tensions or undermining business confidence.
"What is happening now is Kingdom policy, not just the King's policy," said analyst Yasser Elguindi of Medley Global Advisors
10:59 GMT
Saudi Arabia's new King Salman was quick to keep veteran oil minister Ali al-Naimi on Friday in a message aimed at calming a jittery energy market mindful of Naimi's powerful role.

January 22, 2015

Oil prices are unlikely to fall further after a plunge of nearly 60 percent since June,
17:43 GMT
“Our estimate is that the prices have reached the bottom. It is very difficult to drop lower than this,” Abdul Mahdi told a conference in Kuwait.
He blamed the private sector for employing unskilled expatriates just because they are cheap hands.
17:40 GMT
About 2.5 million expatriates are either illiterate or have little or no education at all, Makkah Arabic daily reported on Wednesday.
Although this figure is relatively higher that the global average of 37 per cent of CEOs, it has declined from the massive 69 per cent in the previous survey.
17:32 GMT
Almost 44 per cent of CEOs in the Middle East said that they are ‘very confident’ that their company’s revenues will grow in the next 12 months,
 Can television survive amid digital challenge
07:08 GMT
Television has fared positively in an increasingly digital Middle East, but should be conscious of the ever-changing digital environment and the power it can provide in advancing regional television, said an industry analyst, commenting on a new report.
The two countries will jointly establish the industrial park,
06:54 GMT
Iran has entered into two partnerships with Chinese authorities in a move to set up an industrial park in the southern port city of Jask as well as expand cooperation in the agricultural sector, according to reports.
Born out of an agreement between the UAE and France, Louvre Abu Dhabi is touted as an architectural marvel.
04:55 GMT
Rising from the sands on partly reclaimed land and jutting into the turquoise waters of the Arabian Gulf, this is Abu Dhabi’s cultural masterpiece in the making.
The two associations have already identified the 200 families and have selected them based on how urgent their situation is.
04:55 GMT
Hundreds of low-income Emirati families caught up in debt or unable to sustain their needs will be given new accommodation and have their needs addressed.
The losses are likely to reach 21 percentage points of gross domestic product (GDP) in the countries of the Gulf Cooperation Council,
04:55 GMT
Losses from lower oil exports should sap up to $300 billion from economies of the Gulf Cooperation Council, the International Monetary Fund said on Wednesday.

January 21, 2015

Data from the Turkish Statistics Institute (TurkStat) shows that mutual trade volume reached $2.6 billion in 2009.
21:47 GMT
Turkey's mutual trade volume with Israel reached over $5.6 billion in 2014, representing a nearly 50 percent rise over 2009 despite lingering diplomatic tension between the two.
Iraq and Turkey have agreed to build a new natural gas pipeline
21:36 GMT
Iraq and Turkey have agreed to build a new natural gas pipeline, technical analysis on which will commence soon, a report said
The deal was awarded by the Hanwha Engineering and Construction
21:24 GMT
Alderley, a leading engineering company operating in the oil, gas, petrochemical and water industry, has won a contract to supply nine oil metering systems and small volume provers for a project in Saudi Arabia
The ambition was to save more crude oil for export.
15:00 GMT
Saudi Arabia is delaying by eight years its target of completing a clean-energy program that includes a $109 billion solar power project.
Bahrain EXPO 2015
13:53 GMT
Organisers said the show has grown by four percent this year and was filled to capacity.
The price of OPEC's basket of twelve crudes stood at US$43.04 a barrel on Tuesday
13:28 GMT
The price of OPEC's basket of twelve crudes stood at US$43.04 a barrel on Tuesday, compared with US$43.87 a barrel the previous day, according to OPEC Secretariat calculations.
Emirates Airline was the UAE’s most positively perceived home-grown brand in 2014.
12:58 GMT
Emirates was the UAE’s most positively perceived home-grown brand in 2014, according to a YouGov ranking.
 The UAE ranks as the number one economy in the Middle East
12:39 GMT
The UAE ranks as the number one economy in the Middle East in attracting and retaining talent, according to the Second Global Talent Competitiveness Index released on Tuesday.
The report also mentioned the vast refugee influx into Turkey from Syria as millions of people have fled the country's bloody civil war.
11:15 GMT
In a period of worsening employment figures and slower growth, as well as widening global income inequality.
hile its users may populate only a virtual country, Facebook says it generates a lot of real economic activity – $227 billion worth of economic impact and 4.5 million jobs in 2014
11:08 GMT
With 1.35 billion users of its Internet social network, Facebook would rank as the world’s second-most populous nation if it were a country.
"The fall of oil prices in the 80s was a main reason behind the collapse of many renewable energy projects," he told participants.
05:55 GMT
Oil prices have fallen by almost 60 per cent since June, crashing on worries over global oversupply and weak demand in a faltering world economy.
Fourth-quarter growth held steady at 7.3 percent from a year earlier, slightly better than expectations.
04:55 GMT
“The country’s period of miraculous break-neck growth is over, but let’s get over it.”
Oil prices have dropped by more than half since June as output has soared while demand growth has slowed.
00:00 GMT
Brent crude oil prices steadied around $49 a barrel on Tuesday after the International Monetary Fund cut its forecast for global economic growth in 2015 implying lower demand for fuel.

January 20, 2015

In early afternoon London deals, Brent North Sea crude for delivery in March fell 48 cents to trade at $49.69 per barrel.
12:50 GMT
Saudi Arabia can cope with low oil prices for "at least eight years", Saudi Arabia's minister of petroleum's former senior adviser has told the BBC.
But Tunisia's democratic election last year and a surging stock market are a contrast with the bloody turmoil in neighbouring Libya and Egypt
12:37 GMT
Four years after Tunisia sparked off the Arab spring uprisings, the country is seen as a rare regional success story, but its prospects hinge on it deepening reforms and attracting foreign investment.
The canal generated some $5.2 billion in revenues during the 2012/2013 fiscal year. (AFP File)
10:16 GMT
A section of the channel Egypt is building parallel to the Suez Canal suffered leaks in the early hours of Monday, causing no injuries.
Qatar’s support for former Egyptian Islamist President Mohamed Mursi and the Muslim Brotherhood created tensions with Abdel Fattah al-Sisi.
04:55 GMT
Qatar’s emir will attend an economic summit due to take place in Egypt in mid-March, sources from both countries said on Monday, in a sign of easing political tension between the Arab states
One of the most prolific industries currently operating in the Middle East and North Africa is big tobacco.
00:55 GMT
Tobacco consumption in the region is notoriously high. Smoking is everywhere. But who's running this powerful industry?

January 19, 2015

Dubai 360 will give you a virtual tour in Dubai
20:15 GMT
of talented and committed individuals. The project showcases the very best of what Dubai has to offer and we will continue to use the platform to demonstrate the progress the city makes," said Ismaeil Al Hashmi, Project Manager for Dubai 360.
Oman DryDock
20:04 GMT
Oman Drydock Company has handed over its 300th vessel since starting operations in 2011.
United Arab Bank (UAB)
14:25 GMT
United Arab Bank, UAB, has made a contribution of AED250,000 to Al Thiqah Club for the Handicapped, another milestone in the Bank’s long-standing relationship with an organisation that provides invaluable support for people with special needs in the UAE.
NADEC registered SR 20 million in fourth-quarter net profit.
13:44 GMT
The National Agricultural Development Company (NADEC) achieved net profits amounting to SR 107 million net profits in 2014.
A Dubai-based private firm is leading a consortium in bidding to develop solar and wind power plants
11:24 GMT
A Dubai-based private firm is leading a consortium in bidding to develop solar and wind power plants for Egypt as part of the country's plans to diversify its power generation mix amid its worst energy crisis in decades, the company's chairman said.
Egypt's pound hits weakest official level since December 2012
10:31 GMT
The central bank let the Egyptian pound depreciate on the official market for the first time since July, allowing it to reach 7.19 pounds per dollar, its weakest level since auctions began in December 2012.
The Gulf’s largest listed company earned SAR4.36 billion ($1.16 billion) in the three months to Dec. 31 compared to SAR6.16 billion a year earlier,
04:55 GMT
Saudi Basic Industries Corp (SABIC), one of the world’s largest petrochemicals groups, reported a 29 per cent plunge in fourth-quarter net income on Sunday.
The total investment in the present phase will reach $2.5 billion once the remaining work is completed, the Times of Oman report said.
04:55 GMT
The plant has a capacity for commercial export of 27 million cu ft per day of natural gas and 2,500 barrels per day of condensates.
The high interest in buying investment certificates for the Suez Canal project was part of the reason why Egypt witnessed stabilisation in 2014, the report said.
04:55 GMT
Egypt gained notable improvements in confidence, exports and manufacturing, according to the World Bank’s report in January , which highlighted 1.2% growth for 2014.

January 18, 2015

But Saudi Arabia is seemingly focusing more on institutional investors, a move that could be destabilising.
21:58 GMT
Stock markets in the GCC have had a rough few weeks, following the recent drop in oil prices.
The oil market had fallen on Thursday on news that the Organisation of Petroleum Exporting Countries (Opec) had overproduced in Decembe
15:01 GMT
Oil plunged close to six-year lows last week on oversupply worries, before staging a slight recovery as the International Energy Agency (IEA) declared there were signs that “the tide will turn”.
Abe said the Middle East is very important to Japan, which provides support to the region’s stability, especially its war against terrorism and extremism.
08:40 GMT
The financial aid will include other sectors such as infrastructure and technology, part of a total aid package for the Middle East amounting to $2.5bn.
The plant should come on line in April 2017, helping to achieve a reduction of 250,000 tonnes of carbon emissions annually, the company said.
04:55 GMT
The Gulf region is one of the world's richest areas in sunshine, but its countries are way behind others in harnessing the energy
In Egypt, there is less emphasis on vocational education which is usually frowned upon by society as far interior to university learning.
04:55 GMT
Education in Egypt has been further dented by the unrest that has engulfed the country since the start of the Arab Spring in January 2011.
"There should be a wide range of penalties to use (against employers) including financial penalties and criminal sentences."
04:55 GMT
Qatar is considering imposing penalties against firms that fail to pay migrant workers on time, one of the biggest complaints voiced by rights groups against companies in the Gulf state.
The oil price "could fall to $25," said Vagit Alekperov, the chief executive of the private oil producer, quoted by RIA Novosti.
04:55 GMT
Russian oil company Lukoil on Friday predicted that oil prices, which have more than halved since June last year, could plunge as low as $25 per barrel.

January 17, 2015

Riyadh is at the top of the list of Saudi cities suffering a shortage of land supply, Al Duwaihi said.
04:55 GMT
Saudi Arabia's housing ministry is moving to tax undeveloped land, official media quoted the housing minister as saying, in a policy that could help to end a shortage of homes and spur economic growth.
“Iran’s trade delegations have launched attempts to introduce investment opportunities of Iran to the other countries,” Moqimi asserted.
04:55 GMT
Mohammad Reza Bahraman who was speaking in a press conference on Tuesday said that $00bn of the total figure had been defined for projects in oil and gas sector.
Iraq, the second-biggest member of the Organization of Petroleum Exporting Countries, is using $60 in its budget.
04:55 GMT
Iran, its oil exports curbed by sanctions, is lowering the crude price for this year’s budget to $40 a barrel as the energy slump affects governments and industry.
The İstanbul 4th Administrative Court, on Dec. 13, 2013, ordered the destruction of a number of floors of 16:9, then still under construction.
04:55 GMT
Meanwhile, an İstanbul court ruled in November of last year to halt the construction of a number of buildings in the coastal area of İstanbul's Ataköy neighborhood

January 15, 2015

Moreover, it is costing employers money because they have to cover the expenses of unnecessary health checkups.
04:55 GMT
Forty-two percent of health institutes issue sick notes for employees who are not really ill.
Prices have slumped almost 60 percent since June. Brent crude, a benchmark for international oils, was down another 82 cents to $47 a barrel in London on Wednesday.
04:55 GMT
Shell, Europe's largest oil producer, and Qatar Petroleum say they are scrapping a planned petrochemicals project in the Gulf nation amid falling energy prices.
Nasdaq Dubai said on Wednesday flydubai listed its $500 million (Dh1.8 billion) sukuk on its exchange.
04:55 GMT
This is the 18th Sukuk to have listed on Nasdaq Dubai since the beginning of 2014, supporting Dubai’s rapid expansion as the global capital of the Islamic Economy.

January 14, 2015

Airbus was dealt a blow in June when Emirates canceled an order for 70 A350s.
20:07 GMT
Airbus clung to the top spot in commercial plane orders by confirming it outsold Boeing last year.
A report from property consultancy Cluttons in December also stated that Dubai’s real estate is entering a period of sustainability after a period of rapid price growth.
15:29 GMT
New research has found that it is cheaper to buy properties in certain areas of Dubai as compared to renting them.
After the New Year’s Eve fireworks die out and the parties end, it’s time to get serious with personal finances.
14:22 GMT
Before everything gets out of control, here are 10 money-saving tips to consider for 2015, as suggested by financial advisors in the UAE.
Last year, Jeddah’s KAIA was ranked the world’s worst airport by a website called A Guide to Sleeping In Airports.
14:04 GMT
Saudi Arabia’s plans of privatisation come amidst a flurry of negative feedback it received about one of its airports.
Half of Egypt's population lives in informal slum areas, according to statements from urban development and slum areas.
13:53 GMT
Consecutive Egyptian governments have vowed to develop the informal areas where millions of Egyptians live without basic services such as clean water and sewage.
The increase in supply has been due to the application of new technologies to exploration and field development operations around the world.
13:42 GMT
The interviewee sees the plummeting prices a factor to force the American leadership to become diplomatically more active and negotiate with OPEC and other producers.
Brent crude traded below $49 after analysts at Goldman Sachs cut their average forecast for the benchmark in 2015 to $50.40 a barrel from $83.75.
04:55 GMT
Gulf stock markets ran out of steam on Monday after several strong sessions as oil prices fell by more than $1 a barrel.
The minister previously announced that the issuance of the bonds will occur during the first quarter of 2015.
04:55 GMT
The collection of $1.5bn through the issuance of international bonds is expected by April.
He, however, did not explain how the laws would work but said details would be released soon.
04:55 GMT
The UAE, last week targeted illegal fuel agents in the country and, Kuwait has also moved swifly against those involved in these operations.

January 13, 2015

US crude for February was down $1.23 at $44.84 a barrel, off an intraday low of $44.20.
23:53 GMT
Oil tumbled to six-year lows Tuesday on global oversupply and after Saudi Arabia, kingpin of the Organisation of Petroleum Exporting Countries (OPEC) said the era of $100 crude was over.
Hilton is encouraging people to be a weekender and reclaim their days off.
20:34 GMT
The UAE is a country of “fantasy weekenders”, more prone to staying at home and making exaggerated claims later, according to research released by Hilton.
Britain has launched a trade mission to Egypt with more than 40 companies received in Cairo.
20:10 GMT
Britain has launched a trade mission to Egypt with more than 40 companies received in Cairo, the largest such effort in over a decade by the top foreign investor in the Arab world's most populous country.
Iranian President Hassan Rouhani said Tuesday that countries behind the fall in global oil prices would regret their decision.
19:56 GMT
"If Iran suffers from the drop in oil prices, know that other oil-producing countries such as Saudi Arabia and Kuwait will suffer more than Iran," he added.
Lebanon has witnessed a sharp decrease in fuel prices over the past month as Brent crude hit a five-and-a-half-year low of less than $50 a barrel.
19:49 GMT
Lebanon will likely reduce land transportation fees after a dramatic drop in the price of gasoline and diesel.
For domestic investors looking to steal a march on rivals, many are going directly to local governments and companies that may need to sell off assets.
18:02 GMT
Tough foreign competition in the London commercial property market is forcing local investors to invest in regional cities in order to tap rising rents there.
Those who arrive at the bakery early sometimes buy extra bread to feed to their livestock.
04:55 GMT
The successful roll-out so far of a new "smart card" system to distribute subsidised bread has been a major achievement for Egypt's government,
Kuwaiti MP Mohammed Al-Jabri said that the amount is expected to finance 523 projects from 2015 to 2020, Kuwait Times reported.
04:55 GMT
Kuwait’s government has set apart KD45.5 billion ($155 billion) in the country’s five year developmental plan to spend on various projects and on human resource development.
The project, estimated to be worth $15.5 billion, is scheduled to be completed by 2018.
00:50 GMT
Rail projects across the GCC are expected to fuel intra-regional trade while helping reduce fuel consumption.

January 12, 2015

Dubai has $18 billion in debts coming due in 2015 and under the financial circumstances that have prevailed in the past three years this would not be a problem.
17:41 GMT
Relentlessly bullish and upbeat the Dubai Government shows no sign yet of reigning back its ambitious expansion plans in the wake of the collapse in oil prices to below $50.
The GCC’s failure to agree on a unified contract for domestic workers, the most vulnerable group operating under the controversial kafala or sponsorship system.
17:20 GMT
A decision by the Gulf Cooperation Council (GCC) to abandon plans to adopt a unified contract for domestic workers increases pressure on Qatar to significantly revamp its controversial labour regime.
The new restructuring plan involves full, early repayment of 2015 maturities totalling $2.92 billion.
17:01 GMT
Dubai World has reached formal agreement with a substantial majority of creditors on its proposal to amend and extend the terms of its outstanding debt totalling $14.6 billion.
The weakness across oil markets became evident last week when for the first time since 2009, the entire oil complex slipped into contango.
16:44 GMT
Analysts at Goldman Sachs lowered their three-month price forecast for Brent to $42 a barrel from $80.
Saudi Oil Minister Ali al-Naimi has said he convinced his fellow OPEC ministers that it is not in the group’s interest to cut oil output however far prices may fall.
15:50 GMT
A diplomatic push by Venezuela and Iran for an OPEC oil output cut has failed to soften the refusal of the group’s Gulf members to do so for now.
 The UAE can live with current market conditions “a lot longer than people expect,” Al Otaiba, said in Washington last week.
15:02 GMT
A long battle is in hand and stakeholders are preparing and positioning themselves.
Iran's President Hassan Rouhani, his oil minister and other top officials have criticised Saudi Arabia for not backing steps to bolster prices.
04:55 GMT
Saudi Arabia is the world's largest crude exporter and the biggest producer in the 12-member Organization of the Petroleum Exporting Countries (OPEC).
The slump in oil prices will have a significant impact on the Lebanese economy.
01:11 GMT
The falling price of oil has a positive effect on the real economy, as well as a set of negative consequences, which have plagued Lebanon’s economy since early 2011.
Egypt has been struggling with soaring energy bills caused by the high subsidies it provides on fuel for its population of 87 million.
00:55 GMT
Egypt has signed six new oil and gas exploration contracts worth hundreds of millions of dollars with foreign and Egyptian companies.
The agents, who earlier charged Dh300 to Dh450 to process the tourist visas, said they would pass on the additional Dh40 to visa applicants.
00:41 GMT
Tourist visas issued in Dubai have just become costlier and non-extendable.

Never before have national oil companies (NOCs) in the Middle East faced such a range of challenges as they seek to increase their output.
00:32 GMT
The regional oil and gas companies are being asked by governments to reduce their heavy dependence on expatriates, yet they find themselves faced with a shortfall in qualified nationals with which to replace them.

January 11, 2015

Miller had previously ruled he had no authority to hear Iraq’s dispute because the alleged misappropriation of the oil took place in Kurdistan.
11:46 GMT
Iraq’s Oil Ministry can sue the Kurdistan regional government for possession of 1 million barrels of crude that have waited in a tanker circling off the Texas coast for more than five months, a U.S. judge said.
 Fake cases have resulted in increasing the number of expatriate workers in the sector and reducing the productivity of Saudi workers.
11:44 GMT
A number of economic experts have warned about the rising number of fake Saudization cases because of loopholes in the Nitaqat program.
"Without doubt, cooperation of countries that are on the same line in OPEC can neutralise the plans of some powers who are against OPEC, stabilising a reasonable price for oil in 2015," Rouhani said. (Photo: Your Middle East.)
11:40 GMT
OPEC members Iran and Venezuela are reeling from a slide in the cost of crude to around $50 per barrel from $100 just six months ago
Kuwait also has plans to raise heavy oil production to around 270,000 bpd by 2030 only if needed.
05:55 GMT
Kuwait has awarded a $4.2 billion (3.5 billion euro) to develop heavy oil fields in the north of the country, the central tenders committee announced Thursday.