Featured Articles

January 8, 2013

Consumer confidence hit a record low in the first half of 2012
11:18 GMT
Despite strong growth over the last years, Lebanese banks are expecting a quieter 2013 as lending rates are set to drop.
Saudi Arabia budgeted total expenditure of SR 690 billion in 2012, up 19 percent over the budgeted figure for 2011
07:41 GMT
A Kuwaiti research group has predicted that Saudi Arabia will record a budget surplus of SR 349 billion in 2013, based on its assumption of a base case oil price of $102 per barrel.
Chairman of the Union of Arab Banks Joseph Torbey
06:38 GMT
As the crisis in Syria continues, The Daily Star spoke to the president of the Association of Banks in Lebanon, Joseph Torbey, about its impact on the sector.
The current industrial contribution to the GDP is 16 per cent and this is expected to increase by 1 to 3 per cent in 2013
06:30 GMT
The UAE’s industrial sector contribution to the GDP is expected to increase by three per cent this year over 2012 driven by petrochemicals, aluminium and steel products, the country’s minister of economy said on Monday.

January 7, 2013

Workers across the region are expected to see above inflation pay rises
14:56 GMT
With inflation rates expected to be lower than the average pay rise in 2013 in the MENA region expected that the expected increases will lead to a real pay growth for the working population, a sign of development in the region
Russia has been confirmed as the world largest oil producer
13:52 GMT
More crude from state-owned top producer Rosneft kept Russian oil output the highest in the world last year, ahead of Saudi Arabia, Energy Ministry data showed.
The Gulf petrochemical trade is looking for more growth in 2013
12:22 GMT
Gulf petrochemical producers are exploring opportunities to expand capacity, diversify production and realise the region’s full potential to meet oncoming challenges and opportunities, said an expert.
Continuing unrest in Bahrain is hurting the real estate sector
10:29 GMT
Part of Bahrain's real estate sector has halved in value as a result of the unrest, said a new study, adding that only a handful of investors have gone ahead with development projects since February 2011.
Standard & Poor’s Ratings Services  rank Lebanon's economy in the high risk group in its latest assessment
10:11 GMT
Standard & Poor’s Ratings Services ranked Lebanon in the high-risk group eight in its latest Banking Industry Country Risk Assessment.

January 6, 2013

Oil prices above Riyadh’s preferred $100 a barrel but with expectations of slower demand in early 2013
11:09 GMT
Output from the OPEC group of twelve oil-producing nations is at its lowest level for more than a year after western sanctions against Iran take hold and top producers Saudi Arabia and Iraq productions levels dip.
Annual trade between the Middle East and Africa has grown fivefold to $49 billion over the past decade
11:09 GMT
Gulf investment is usually focused on Europe and the US, but the slowing global economy is seeing Gulf-based investors to start in invest in Africa.
Despite the large Haj and Umrah market, the sale of Saudi products including gift items was low
11:09 GMT
Economists have estimated the Kingdom’s revenues from Haj and Umrah services in 2012 at more than SR 62 billion ($ 16.5 billion), 10 percent up from 2011 figures.
Central bank introduced loan to value limits on mortgages
08:09 GMT
The country’s biggest bank has urged a rethink of the Central bank’s plan to cap local and expatriate mortgages reports.
Local investors are struggling to keep their businesses running in the face of illegal small- and medium-sized businesses operated by foreign workers
07:43 GMT
The Jordan Chamber of Commerce (JCC) on Saturday called on the government to address illegal commercial activities conducted by foreign workers in the local market.
The focus on renewable energy is the long-term answer and the GCC is right to invest in developing these technologies
07:18 GMT
A huge increase in GCC population to just under 55 million by 2020 will force the region to develop new and more sustainable energy sources.