West Bank tourist industry hit by violence escalation
Sunday, 18 November 2012
Palestinian hoteliers and tourism officials in the West Bank City of Bethlehem say the violence escalation between Israel and Hamas has led to a drop in tourism revenues. Elias al-Arja, Head of the Arab Association for Hotels, says tourists cancelation percentage has already exceeded 40 percent of next month’s bookings, ... Read More
Dubai developer Emaar’s apartment sales jump in Q3
Sunday, 18 November 2012
Emaar Properties’, revenue from apartments sales more than tripled in the third quarter, helping Dubai’s largest developer overcome a sharp decline in the sale of commercial units. Revenue from sales of condominiums in the third-quarter more than tripled to 567 million dirhams ($154.4 million) from 183 million dirhams in the ... Read More
Iran grants Lebanon $40 mln for dam construction
Saturday, 17 November 2012
Iran donated $40 million to Lebanon on Friday to fund a water dam construction in the northern city of Batroun, according to Lebanese media reports. The estimated completion of the project is three years, the Daily Star reported. The villages surrounding Batroun and Tanourine would benefit from the dam, which will be built ... Read More
Barclays denies making “illegal payment” for Saudi license
Saturday, 17 November 2012
Barclays did not make any “illegal payment” to win a banking license in Saudi Arabia, the bank said in a statement in response to a newspaper report last week that said U.S. authorities were looking at whether improper payments were made. The Financial Times had reported on Nov. 10 that the United States Department of ... Read More
Qatar Airlines to sell Cargolux stake after strategy differences
Saturday, 17 November 2012
Qatar Airways is to sell its stake in Luxembourg’s all-cargo airline Cargolux after a disagreement over the future direction of the airline, a Cargolux spokeswoman said on Saturday. Qatar Airways bought a 35 percent stake from the Luxembourg government and other parties last summer, but has decided to pull out after failing ... Read More
Jordan’s prime minister defends price rise
Saturday, 17 November 2012
Jordan’s prime minister is defending his decision to raise prices for household fuel, four days after the move sparked unrest that left one person killed and scores Read More
Iraq would favor CNPC, Lukoil bid for Exxon oil stake
Friday, 16 November 2012
Iraq would favor bids by Russia’s Lukoil and China’s CNPC if they decided to buy Exxon Mobil’s stake in the West Qurna-1 oilfield, a senior oil ministry official said. Baghdad had received “positive signals” from both companies that they would consider making an offer, the official added. The sale of the stake to either ... Read More
Oil rises towards $109; Mideast violence escalates
Friday, 16 November 2012
Oil rose towards $109 a barrel as a showdown between Israel and the Palestinians stoked worries about supply, but ample stockpiles supplies and concern about the well-being of the global economy tempered gains. Investors were concerned that Arab producers may be drawn into any possible Israeli-Palestinian conflict, which ... Read More
Lebanese banks in Syria have lost $400m during crisis
Friday, 16 November 2012
Lebanese banks in Syria have lost 400 million dollars during the 20-month-old crisis in Syria, central bank chief Riad Salameh told Reuters on Friday. Salameh said that the government is also planning to exchange 1.5 billion dollars of Eurobond debt when it matures in 2013 and said that a Beirut stock exchange IPO would be ... Read More
Fragile recovery of Arab economies at risk: IMF
Friday, 16 November 2012
The Arab world is facing a number of major challenges that risk undermining fragile gains made in the past 18 months, especially by those countries that have experienced regime change, the IMF has warned. “The odds appear somewhat stacked against the Arab countries in transition,” First Deputy Managing Director, David Lipton ... Read More
Turkmen restores gas supply flows to Iran
Friday, 16 November 2012
Turkmenistan has resumed gas supplies to Iran after a brief halt for repairs along a stretch of pipeline linking the two countries, the head of Turkmenistan’s state gas company told Reuters on Friday. Iran buys almost a third of Turkmenistan’s exported gas, relying on it for heating in winter and using it year round to meet ... Read More
Brent steady at $108, Mideast violence hikes supply fears
Friday, 16 November 2012
Brent futures held around $108 a barrel on Friday, as uncertainties surrounding the global economic outlook weighed on prices, while a showdown between Israel and the Palestinians stoked worries about supply. Oil investors are worried that Arab producers may be drawn into any possible Israeli-Palestinian conflict, which may ... Read More
Filipino workers to get $400 minimum wage in Dubai
Thursday, 15 November 2012
Workers from the Philippines will receive a monthly minimum wage of $400 if they are to work in Dubai, a business website reported Thursday. The move came after a joint agreement between recruitment agencies in the Philippines and Dubai, Arabian Business reported Philippine Labor Secretary Rosalinda Baldoz saying. “I am ... Read More
High yields are last hope for battered Bahrain stocks
Thursday, 15 November 2012
Bahrain’s stock market is the worst-performing in the region this year, but it has a major attraction: ultra-high dividend yields. Unfortunately, the market has become too illiquid for many investors to take advantage of that fact. The main Bahrain stock index is down 7.6 percent year-to-date, underperforming all other ... Read More
IMF ready to provide funds to help Tunisia recovery
Thursday, 15 November 2012
The International Monetary Fund is willing to provide external financing to Tunisia to help it recover from last year’s political turmoil, David Lipton, the IMF’s first deputy managing director, said in a statement on Wednesday. “The IMF stands ready to help Tunisia with policy advice, technical assistance and, if ... Read More
Crude prices jump following Israeli military strike
Wednesday, 14 November 2012
World oil prices rallied on Wednesday as dealers seized on news that Israel had killed a top Hamas commander in an air strike, stoking geopolitical tensions in the crude-rich Middle East region. In late afternoon London deals, Brent North Sea crude for delivery in December spiked $1.58 to $109.84 per barrel. ... Read More
EU approves 5 bln Euro financial aid package to Egypt
Wednesday, 14 November 2012
The European Union has approved a 5 billion euro ($6.4 billion) financial aid package to Egypt after its economy was battered by a 2011 uprising that toppled Hosni Mubarak, the presidency said on Wednesday. The European Investment Bank will grant Egypt 2 billion euros and the European Bank for Reconstruction ... Read More
Al Arabiya TV Debate: Dubai 2012 - Global Growth Challenges: Regional Responses
Wednesday, 14 November 2012
What will shape the global economic outlook in 2013 and how will these factors impact the employment crisis, particularly among youth? The World Economic Forum hosts this televised session in partnership with Al Arabiya. The session will Read More
Iraq investment concerns remain as trade fair ends
Wednesday, 14 November 2012
Nuri al-Maliki may have trumpeted Iraq last week as the top destination for investment in the region, but experts warn that myriad problems keep it from being a good choice for all but the most adventurous. Excessive red tape, rampant corruption, an unreliable judicial system and still-inadequate security, as ... Read More
Formula 1 hotel spends $1 million dollars to fix noise issue
Tuesday, 13 November 2012
The Viceroy Hotels and Resorts, one of Abu Dhabi’s luxury hotels, has decided to spend a staggering amount of $1.36 million dollars to put an end to the noise pollution issue affecting their suites, reported Arabian Business. About 600 of the hotel’s guest-room balcony doors were re-designed and are expected to reduce the ... Read More