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Cyprus, a member of the European Union, is anxious to develop the gas reserves in its so-called exclusive economic zone -- an offshore region lying south of the island.
12:01 GMT
The governments of Egypt, Greece and Cyprus urged Turkey on Wednesday to stop trying to chart gas deposits in areas of the east Mediterranean claimed by Cyprus, saying the work was illegal.
This figure will represent around three per cent of the global preventive vaccine market by 2030,
11:49 GMT
Halal drugs are those that do not use any animal extracts, which are not Sharia compliant.

October 30, 2014

Yesterday, SodaStream said its third-quarter revenue fell 13 per cent to $125.9 million from $144.6 million a year earlier.
14:24 GMT
Sodastream, the Israeli maker of fizzy drink machines, will close its West Bank factory after coming under intense pressure from pro-Palestine groups.
Such difficulties illustrate the perils of the Gulf's construction market
13:37 GMT
Builders are now scrambling to obtain loans and digging into cash reserves for money to tackle the projects.
Top officials said that they are not looking at demand on a year by year basis but what happens over the longer term.
01:00 GMT
Dubai is aiming for another notch in the “tallest” stakes by building what would be the world’s tallest twin towers.

October 29, 2014

“The most important concerns for Tunisia today are security and the economy”.
20:43 GMT
In Tunisia, however, millions cast their ballots today in the second democratic elections in the country’s history.
There were no female ministers in the previous government and women hold a mere 3 percent of seats in Parliament.
20:08 GMT
Lebanon is the world’s eighth worst country in terms of gender equality and ranks second worst for women’s participation in politics.
Saudi Arabia’s IT sector is set to grow 23 per cent from $11.5 billion this year to $14.2 billion in 2017.
19:55 GMT
Saudi Arabia is set to claim $9 billion worth of cloud-based government services.
The price of benchmark North Sea Brent crude has dropped more than a quarter from a high above $115 per barrel
19:29 GMT
There is no need to panic at the recent collapse in oil prices, the secretary general of OPEC said on Wednesday.
The report notes that children of single-parent families are in the worst situation.
19:00 GMT
Only Spain, Greece and Latvia have more child poverty than Israel.
The institute will be based in the US, according to Moataz Al Khayyat, the head of the Al Khayyat Group in the GCC.
17:55 GMT
Leading Syrian business group based in the GCC will establish a center in the Middle East as part of its efforts to rebuild Syria.
The new plane will provide a big panoramic view with walls fitted with screens all around that would let you see what’s outside,
14:30 GMT
The new plane will provide a big panoramic view with walls fitted with screens all around that would let you see what’s outside.
The study also showed that the Syrian refugee influx impacted job opportunities in the private sector as Syrian workers highly compete with Jordanians in the non-official labour market.
14:08 GMT
Syrian refugees clinched more than 31,000 jobs, which constitute 91 per cent of job opportunities that Jordan is required to create annually.
Banks all over the world are being excessively cautious as regulators have been imposing huge fines that hit their bottom line.
04:55 GMT
One of the biggest problems facing small and medium enterprises starting a business in Dubai these days is opening a local bank account.

October 28, 2014

Brent is set to average $85 a barrel in the first quarter, down from a previous forecast of $100.
17:56 GMT
US oil prices tumbled to a 28-month low below $80 per barrel on Monday after Goldman Sachs slashed its price forecasts.
Apart from Macy’s and Bloomingdale’s, Al Tayer Group also operates the UK’s Harvey Nichols store at Mall of the Emirates.
17:30 GMT
The first Macy’s - the iconic department store - outside the US will open at Abu Dhabi’s Al Maryah Central in 2018
Lebanese and Arab banks, with the help of Central Banks, have upgraded their regulations and laws in recent years to be in line with international norms.
17:16 GMT
U.S. officials urged Arab bankers who attended a recent conference in New York to maintain measures to combat money laundering and terrorist funding.
Increased spending power, in particular, has catalysed a shift in food consumption patterns to more protein-rich diets.
17:00 GMT
Rapidly expanding population growth, increasing tourism and rising disposable income levels have stimulated remarkable increases in food and beverage consumption across Gulf Cooperation Council (GCC) members in recent years
The IMF had previously warned that rapid rises in Dubai real estate prices, which earlier this year were in some cases a third higher than they were 12 months previously.
16:50 GMT
Increases in Dubai's property prices have moderated quite a lot and the International Monetary Fund (IMF) is now less concerned about them than it was in May
In launching Apple Pay, the iPhone maker hopes to lock in more customers for its mobile devices by enhancing their overall utility.
13:42 GMT
Apple Inc CEO Tim Cook fired back at CVS and Rite Aid on Monday after the drugstore chains blocked the iPhone maker's mobile payments service.
According to the IMF, the government's budget was coming under pressure from rising security spending and relieving the humanitarian crisis.
09:13 GMT
Iraq's economy is likely to shrink 2.7 per cent this year, the first contraction since the US-led invasion in 2003.

“The future success of the GCC economies will be closely tied to ongoing efforts to boost the employment of nationals in the private sector and to increase economic diversification
04:55 GMT
The GCC economies have been amongst the best performing in the world in recent years, and are expected to grow 4.5 per cent in 2014-15, said Christine Lagarde.
Mohammed Al-Issa told Al-Hayat newspaper on Sunday that other reasons included marriage conflicts, forgery, depression and ethical issues.
04:55 GMT
An average of 100 Saudis studying in the US are expelled from the country annually for various reasons, including violating immigration rules

October 27, 2014

Iraq's oil supplies were held back by decades of war and sanction
19:42 GMT
Iraq's oil exports from its southern terminals are holding close to a record high in October and Kurdish shipments are climbing,
People are expressing greater interest in harmonising their living spaces, resulting in clutter-free, clean spaces with good quality air and light.
19:27 GMT
Employees’ health and wellbeing is a focus for businesses now more than ever, with architects and designers focusing on maximising access to natural light and clean air.
The government has continued to increase investment in the emirate, besides steps to attract foreign direct investments.
18:14 GMT
Dubai’s economy from 1975 through 2008 grew by a factor of 11, making it the fastest-growing economy in the world over the period.
Oil prices have fallen by a quarter since June as excess supply and weaker demand create a glut on world markets.
17:51 GMT
Gulf states, which have based their budgets on an oil price of $80 a barrel or less, are likely to remain relatively sanguine about current oil market conditions.
Advanced attackers and the APT are savvy, sophisticated, well-educated, and often well-funded.
17:30 GMT
Advanced attackers and the APT don’t just go after military secrets and big ticket items like KFC’s secret recipe.
During the meeting, Hollande and Alwaleed discussed political, economic and cultural matters.
17:15 GMT
Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC), attended recently a dinner at the French presidential palace, The Elysee, on the invitation of French President François Hollande.
Domestic tourism has grown significantly of late, spending in this sector soaring from SR59 billion in 2010 to SR103 billion in 2014.
16:47 GMT
In fact, Saudi Arabia has everything to win the hearts of even the most discriminating foreign traveler
The report said the reserves had increased by $15.7 billion in the first six months of the year.
14:09 GMT
Kuwait had accumulated reserves of $548 billion as of June 30 after continued growth in the first six months of 2014
Arab Bank Group said it had begun legal steps to appeal a US jury ruling which found it liable for financing Islamic group Hamas.
04:55 GMT
The US civil lawsuit brought against the Jordan-based bank has been described by lawyers as the first of its kind to reach trial
One of the main problems facing expatriates working in the private sector in the Kingdom is receiving their monthly salary on time.
04:55 GMT
Most expats depend on receiving their salaries on time so they can send remittances to their families back home.
But it is not in Aabar’s interests to derail the deal as a failed merger could drive down shares in the stock market.
04:55 GMT
Aabar Investments is demanding a hefty premium for its minority stake in Malaysia’s No.4 bank.

October 26, 2014

These large differences will be translated in Lebanon – as a result of current draft laws – to losses much higher than the $14 billion resulting from the discounts in royalties.
14:20 GMT
While confidentiality is a normal clause in commercial contracts, it is not comprehensible in the context of laws and regulations related to the exploitation of a national resource.
Millions of people are being spied on by free apps they have installed on their mobile phones, security experts have warned.
14:03 GMT
Technology experts say the warning should serve as a reminder that if an app is free, its business model may involve selling the customer’s data.
With markets faltering, most Gulf Arab crude producers today however, can bank upon the cushion of significant reserves
13:57 GMT
The next OPEC meeting in Vienna on November 27 will be crucial in many ways. Eyes are focused on it.
Oil prices had an impact on SABIC’s earnings through the prices of raw materials and final products
13:38 GMT
The recent decline in global oil prices will prove temporary even if it lasts a year or so,the chief executive of Saudi Basic Industries Corp said on Sunday.
Political instability has scared off wealthy Gulf Arab tourists and some investors.
13:20 GMT
The stimulus packages have comprised low borrowing rates for housing and new projects, including renewable energy.
The economy is on the brink of recession, and inflation is negative.
12:40 GMT
In the absence of any real fiscal policy, the Bank of Israel is being forced to bear the brunt alone,
After splashing out on medical infrastructure over the past years, Dubai already ranks globally and aims to move up the list of top international destinations for medical tourism.
04:55 GMT
Where cosmopolitan Beirut was once the region's best known city for going under the knife, Dubai aims to lead the region in nips and tucks.
Supply to the market – both domestically and for exports – may differ from production depending on the movement of barrels in and out of storage.
04:55 GMT
The dip in supply comes when some in OPEC have called on its biggest producer to cut back output to support oil prices.

The report directly mentioned the corruption investigations that went public in December of last year.
04:55 GMT
The Organization for Economic Co-operation and Development (OECD) said it is “seriously concerned” about Turkey's ability to detect and investigate foreign bribery
“We are used to a gap in time between promises and the actual funding,” Gomaa said.
01:49 GMT
Ever since the conference hosted in Cairo on 12 October for the reconstruction of Gaza managed to garner $5.4bn of pledged aid, a looming question has imposed itself.

October 24, 2014

The transaction completes the financial restructuring of Doux that filed for insolvency over two years ago.
20:59 GMT
The Saudi-Arabian food group Almunajem has taken a stake of 25 percent in the French poultry producer Groupe Doux.

October 23, 2014

Conversions of conventional banks into Islamic ones are rare but not unprecedented.
17:41 GMT
The Council of Senior Scholars, said investing in NCB's share offer was not permissible because too much of its business was non-Islamic.
A lack of coordination on air traffic control among GCC states has been blamed for the region’s increasing congestion problems.
04:55 GMT
Failure to solve the GCC’s airspace congestion issues will negatively impact the Dubai economy.
Iran is normally among the first members of the oil producers’ group to call for supply cuts to support prices.
04:55 GMT
Iran’s dependence on oil revenue is putting the Islamic Republic’s economy at the mercy of major powers,

October 22, 2014

One-year dollar/Saudi riyal forwards jumped to 90.0 points, their highest level since a peak of 91.50 points hit in March 2011.
11:44 GMT
The dollar demand had pushed the Saudi riyal’s spot rate unusually far beyond its peg of 3.75 against the dollar.
Work on the dome, which consists of 85 super-sized steel elements and weighs 7,000 tonnes, began in December 2013.
04:55 GMT
The construction of all the galleries has also been completed structurally, along with the concrete work for the museum’s basement levels and the security screening facility.
People often – also because of the economic crisis – prefer to buy a single device which acts both as smartphone and a bit as a small tablet.
04:55 GMT
The tablet world has a newcomer in the form of Apple’s new iPad Air 2, which includes a fingerprint sensor to provide increased personal security
The housing challenges in the region are profound.
04:55 GMT
The young demographic structure of the GCC region is creating a surge in demand for housing.

October 21, 2014

Fuel prices in Jordan are “expensive” and do not match the average income of the majority of people, Majali said.
22:47 GMT
The drop in international oil prices is good news for Jordanians, if it is reflected “fairly” on domestic fuel prices.
can cover the country’s needs for around 275 years, according to Khaled Shraideh.
22:29 GMT
The Kingdom’s oil shale reserves rank fifth worldwide in terms of quantity.
The government has begun taking steps to convert Egypt into a global logistics centre for the handling and storage of grain and food commodities according
22:10 GMT
Mehleb says the project is as important as the Suez Canal expansion
Shoukry believes that, besides the GCC, Jordan represents approximately 80% of total Arab tourism to Egypt.
21:47 GMT
The Ministry of Tourism is aiming for regional tourism to account for 20% of the total inbound tourism to Egypt, according
Christophe de Margerie, chief executive of French oil giant Total, died on Monday in a business jet that collided with a snow plough during takeoff in Russia.
21:12 GMT
With his unique bushy mustache and outspoken manner, De Margerie was one of the most respected figures among the top oil executives in the world
Those affected by Standard Chartered's exit have an annual sales turnover of between $1 million and $35 million, it added.
11:16 GMT
Standard Chartered has notified thousands of UAE small and medium enterprise customers it is closing their accounts as it responds to pressure from US regulators

Boeing forecasts that airlines in the Middle East will require 2,610 new airplanes over the next 20 years, worth an estimated $550 billion.
04:55 GMT
Boeing, a leading aircraft manufacturer, said today that commercial financial institutions in the Middle East are increasingly funding the region’s record number of airplane deliveries.
On 31 January 2011, Moody’s downgraded the government bond rating for Egypt from BA2 to BA1, and changed the outlook from stable to negative
04:55 GMT
International rating agency Moody’s has changed Egypt’s outlook from negative to stable, attributing the upgrade to the stabilised political and security situation.

October 20, 2014

 North America's shale boom has started to squeeze Saudi oil out of the US market,
23:21 GMT
Saudi crude exports fell in August for the fourth month in a row to their lowest levels in three years.
Employers do not recognise the importance of job security as a key retention driver for employees.
23:08 GMT
Organisations in the Middle East are facing greater challenges than employers elsewhere in the world with 70 per cent of the firms admitting difficulty in attracting and retaining critical skill.
The best way to end terrorist violence is to make sure that the twisted calls of terrorist leaders fall on deaf ears.
20:47 GMT
Military might alone won’t defeat Islamic State and its ilk. The US needs to promote economic empowerment
For the MENA region, economic dynamics are increasingly diverging between the GCC countries and the rest of the region.
04:55 GMT
The decline in oil prices will provide significant boost to the oil importing countries in the Middle East.
The two governments signed the neutral zone agreement almost 50 years ago.
04:55 GMT
A Kuwaiti oil trade union on Sunday condemned the unilateral closure by Saudi Arabia of an offshore oilfield jointly operated by the Arab neighbours
Average apartment and villa rental rates dropped by two per cent and three per cent respectively compared to second quarter figures.
04:55 GMT
Dubai’s real estate sector registered a slowdown in rents and sales prices during the third quarter of the year.

October 19, 2014

The two-week trip sets back each participant at least £9,000 ($14,333) and some as much as £25,000 including.
00:51 GMT
The train may carry more wealth than the annual economic output of some of the places it crosses.
Shiraz will become the airline's third Iranian destination supplementing existing operations to Tehran.
00:22 GMT
Gulf Air, the national carrier of Bahrain, yesterday (October 18) announced the relaunch of flights to Shiraz, the capital of Fars Province in Iran.
The company, which saw annual revenues of over $4.5 billion in 2013, employs 130,000 people and conducts operations across the Middle East, Africa, Asia and North Americ
23:08 GMT
CCC, one of the largest construction companies in the Middle East, was founded by Khoury in 1952 along with his cousin Hasib Sabbagh and Kamel Abdul-Rahman.
On receipt of the funds from refiners, the RBI would buy dollars from authorized dealers.
13:01 GMT
Indian refiners together owe about $6 billion to Iran.
 “To return iPad to high growth, form factor innovation will be required. We’ll have to wait until 2015 to see if Apple addresses this issue.”
12:49 GMT
Apple Inc’s faster, slimmer iPads come with modest improvements, such as a fingerprint sensor, but some analysts say it offers few other features to wow consumers ahead of a holiday shopping season
Saudi Arabia will make sure it will sell its oil first, regardless of the state of the oil markets.
12:31 GMT
If Saudi Arabia no longer has the same influence on the markets it once had, what can explain the slumping prices observed today, at a rate that exceeds the relative downturn in the oil markets felt usually in autumn?
ICT experts downplayed the impact of Yahoo’s decision to close its office in Amman, but urged authorities to do more to make Jordan more attractive for international ICT companies.
12:18 GMT
They said the US Internet giant’s decision to shut down its office in Amman before the end of the year — thus terminating 80 jobs and relocating some staff — is part of Yahoo’s efforts to cut down costs in its international operations.
Four banks were also listed as being owned or controlled by the Syrian government and sanctioned.
12:08 GMT
he United States blacklisted Lebanese company DK Group for arranging to ship Syrian pound banknotes from Russia to the Syrian central bank, an allegation strongly denied by the company’s general manager.
“The main terminal is fairly lackluster. It isn’t overly clean, crowds can be a problem, and the services for travelers are in short supply."
12:02 GMT
An international website specializing in airport services has ranked King Abdul Aziz International Airport in Jeddah among the worst airports in the world with regard to services
The high percentage increases are indicative of the depths to which occupancy and RevPAR had plunged.
11:46 GMT
The number of tourists arriving in Egypt increased by 15.8% in July compared with the same month a year ago.
“There are a huge number of macro trends which have driven London, from the Arab Spring, through to exchange rates, through to Argentina defaulting and Ukrainian money coming in.”
04:55 GMT
“A lot of the Middle Eastern buyers are next generation. They went to university in the US and the UK....They don’t want to stay in dad’s house in Knightsbridge."
Kuwait has boasted a budget surplus in each of the past 15 fiscal years, helping to increase its sovereign wealth fund to more than $500 billion, according to unofficial estimates.
04:55 GMT
Oil-rich Kuwait tripled the prices of diesel and kerosene on Wednesday, ending decades of heavy subsidies, while putting off a similar decision on electricity and water charges.
Citigroup announced that it intends to exit its consumer business in Egypt, along with its businesses in other 10 countries.
04:55 GMT
It said that these steps will focus on the markets that have the “greatest scale and growth potential”.
Becoming a parent is a joyous experience but being financially prepared is an absolute must.
04:55 GMT
Pregnancy and motherhood bring many changes — including some major ones to your bank account.