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With oil prices remaining relatively low, countries in the GCC are faced with the urgent need to diversify their economies. (AFP/ File)
July 26, 2017 - 12:43 GMT
GCC governments face significant challenges in their economic diversification efforts amid a sustained decline in oil prices.
DP World's core business is container handling which generates more than three quarters of its revenues. (File photo)
July 26, 2017 - 10:52 GMT
Dubai-based DP World said the Qatar boycott did not have any serious impact on its operations and container volumes.
Surplus reserves at UAE banks surged to AED 42.8 billion ($11.6 billion) by the end of June, a growth of 77.6 percent from the first month of 2017, according to UAE Central Bank statistics. (Shutterstock)
July 26, 2017 - 09:14 GMT
Surplus reserves at UAE banks surged to AED 42.8 billion ($11.6 billion) by the end of June, a growth of 77.6 per cent.
The agency said the foreign assets of the Saudi banks reached their highest level in May since July 2016. (AFP/ File)
July 26, 2017 - 07:00 GMT
Foreign assets of the Saudi Arabian Monetary Agency (SAMA) reached around SR2 trillion by the end of May.
Earlier this month, Saudi Arabia announced it would cut crude oil shipments in August. (AFP/ File)
July 26, 2017 - 00:58 GMT
Low imports of crude oil from Saudi Arabia will likely reduce US oil inventories, according to analysts.
Saudi Arabia on Monday approved the establishment of a national project for atomic energy. (File photo)
July 25, 2017 - 23:51 GMT
The Saudi Cabinet has approved the establishment of a national project for atomic energy.
The Jordanian ministry of tourism issued instructions to travel agencies, directing them not to send tourists to Wadi Rum, 300km south of Amman, and to avoid some roads in the south of the Kingdom, for fear of possible violence. (File photo)
July 25, 2017 - 23:36 GMT
The Ministry of Tourism instructed tour operators not to take tourists to Wadi Rum, according to a document obtained by The Jordan Times.
Turkey claims most foreign funds are linked to EU member countries. (File photo)
July 25, 2017 - 23:20 GMT
Turkey saw an increase of 11.2 percent in foreign direct investment (FDI) between January and May this year, compared to last year.
Saudi Arabia offered its first Riyal-denominated Sukuk to investors on Sunday this week. (File photo)
July 25, 2017 - 22:38 GMT
The Saudi Ministry of Finance announces that it has received significant demand for its first domestic Sukuk issuance.
Oman recorded a deficit of 21 percent of its GDP in 2016 as the oil price plunged to its lowest level in years. (File photo)
July 25, 2017 - 22:25 GMT
Oman’s government has slashed 20 percent from its subsidy bill over the past three years.
Newly-appointed Noon CEO, Faraz Khalid.
July 25, 2017 - 21:45 GMT
Noon has announced the appointment of co-founder and former managing director of online fashion retailer Namshi, Faraz Khalid, as its chief executive.
The government policy announced earlier this year for import restrictions is bearing its fruits. (Facebook/ R. Boudraa)
July 25, 2017 - 21:39 GMT
Algeria posted a trade deficit of $4.84 billion in the first half of 2017, down 54.1 percent from a year earlier.
By limiting jobs in grocery stores to Saudis, the country expects to generate more than 20,000 job opportunities for citizens. (AFP/ File)
July 25, 2017 - 21:28 GMT
Jobs in these shops will be 100% Saudized, local daily Al-Madina reported quoting sources from the ministry of labor.
The recent decline in oil prices could weigh further on the outlook for the region's oil exporters. (File photo)
July 25, 2017 - 21:12 GMT
After posting a growth rate of about 5 percent last year, the IMF said it expects the region to gain 2.6 percent this year.
WebMD has been looking for a buyer since February. (Web)
July 25, 2017 - 20:56 GMT
Once the deal is approved, the publicly-traded company will go private.
Local banks in Egypt are vying to win the super-rich with accounts serving their 'very specific' needs. (Shutterstock)
July 25, 2017 - 16:29 GMT
The new account will be tailored to meet the needs of Egypt's high-earners.