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Kingdom to create sovereign fund for future generations (Arab News - 31/12/2012)

The government will allocate SR 200 billion from 2012 budget surplus to implement transport projects inside cities, bringing total spending in 2013 to more than SR 1 trillion, Finance Minister Ibrahim Al-Assaf said yesterday. “We have not yet finalized

UAE Central Bank caps mortgages at 50% of property value for expats; (Emirates 24|7 - 31/12/2012)

In a move apparently aimed at eliminating speculators from the real estate market, the UAE’s Central Bank has decided to direct banks in the country to cap mortgage lending for expatriates at 50 per cent of the property’s value. According to banking and

PEIE to invest RO117m in three industrial estates (Times of Oman - 31/12/2012)

The Public Establishment for Industrial Estates (PEIE) is investing RO117 million in the next three years for expanding three industrial estates Rusayl, Sohar and Nizwa in a move to meet the growing demand for industrial plots from entrepreneurs. In

Kuwait inflation to keep falling in 2013 (Reuters - 31/12/2012)

Inflation will slow to 4.3 percent this year and 4.1 percent next year from 4.8 percent in 2011, Central Bank Governor Mohammed Al-Hashel predicted yesterday in comments carried by state news agency KUNA. Inflation in the major oil exporter has been

MOE new projects valued at KD 321m (KUNA - 31/12/2012)

Ministry of Education’s Assistant Undersecretary for Educational Buildings Mohammad Al-Sayegh announced yesterday the new projects of ministry’s developmental plan for years (2014-2015-2016-2017-2018) valued KD 321 million. Al-Sayegh said that KD 249

UAE’s aluminum exports globally competitive: Study (WAM - 31/12/2012)

A United Arab Emirates’ total exports of aluminum and its products rose by 102 percent ($1.5 billion) during the first half of 2012 in comparison with the same period in 2011, the Ministry of Foreign Trade (MoFT) said in a study. The growth is a

Jeddah Shopping Festival 2013 expects SR1 billion in revenue (Saudi Gazette - 31/12/2012)

The 2nd edition of Jeddah Shopping Festival under the slogan “Haya Jeddah” will be held from Jan. 9 to Feb. 8, organizers said at a press conference Sunday. Organized by Jeddah Chamber of Commerce and Industry (JCCI), in collaboration with the Higher

GIB scoops ‘Best Sukuk Deal’ award (Saudi Gazette - 31/12/2012)

The Ajil Cayman Sukuk, which was jointly arranged earlier this year by GIB Capital, has received the title “Best Sukuk Deal of the Year” from the Global Islamic Finance Awards. GIB Capital, which is the investment services subsidiary of Gulf

Abu Dhabi, Dubai leading ‘Cities of the Future’ for ’13 (Saudi Gazette - 31/12/2012)

The Financial Times Foreign Direct Investment (FDI) Research Unit, said that a total of 19 Arab cities, including 5 Saudi cities, 2 Bahraini cities and one each in Qatar, Lebanon, and Jordan were included in its “FDI Cities of the Future List” for

Nakheel awards $136 m in contracts for villa project (Reuters - 31/12/2012)

Property developer Nakheel yesterday awarded contracts worth $ 136 million to two local construction firms for a luxury villa project stalled after Dubai's property market collapse. The developer, which successfully restructured a $ 16 billion debt in

PPI drops 2.5% on lower prices (Gulf Times - 31/12/2012)

Lower prices for condensates, crude oil and natural gas led Qatar to report a 2.5% fall in producer price index (PPI) in the third quarter (Q3) of this year. The PPI, which is calculated using the average of 2006 prices as base, however, rose 0.5%

Qatar growth 3.9% in Q3; non-oil sectors support (Reuters - 31/12/2012)

Qatar’s economic growth slowed in the third quarter of the year but was supported by strong expansion of non-oil sectors, data released by the statistics authority showed yesterday. Gross domestic product in the July-September period, adjusted for

New bonds to fund airport projects (Arab News - 31/12/2012)

Bond issues offer an attractive way for investors to take part in the Kingdom's successful infrastructure story, say analysts. Their comments follow Finance Minister Ibrahim Al-Assaf announcement that Saudi Arabia would issue bonds next year, backed by

DEWA awards Dhs57.5m contract for water transmission network (AME Info - 30/12/2012)

Dubai Electricity and Water Authority (DEWA) has awarded a contract for a project to supply, extend and implement a 600/900mm-diameter water transmission network by 3km in Palm Jumeirah. This project supports Dubai's leading position in the region,

Saudi to issue bonds for Jeddah, Riyadh airports (Reuters - 30/12/2012)

Saudi Arabia's government will issue bonds next year backed by the kingdom's ministry of finance to fund construction work at airports in Riyadh and Jeddah, Finance Minister Ibrahim Alassaf told Al Arabiya television on Sunday. "The rest of the bonds for

ODB lowers size of collateral for loan (Times of Oman - 30/12/2012)

Responding to the political appeal to consolidate the development mission of Oman Development Bank (ODB), the board of directors of Oman Development Bank has decided to reduce the requirement level of collaterals requested for the bank's loans. As a

Construction to add 11.1% to UAE’s GDP in 2015 (Emirates 24|7 - 30/12/2012)

After going through a slowdown during the global financial crisis in 2008 and with the current recovery in GCC economies, the UAE construction industry is projected to exhibit sustainable growth prospects in the next few years, according to a recent

Downtown Dubai rises: Property prices up 10% in Q4 alone (Emirates 24|7 - 30/12/2012)

Property prices in Downtown Dubai, a development that houses the iconic Burj Khalifa and Dubai Mall, surged by between six and 10 per cent in the fourth quarter alone, compared to third quarter of 2012, due to high investor demand and no new supply in

Saudi Arabia sets record budget (The National - 30/12/2012)

The Saudi Arabian government will increase spending next year by almost 20 per cent to a record US$220 billion (Dh808.06bn), as the kingdom develops and upgrades its infrastructure and social services. The 820bn riyals (Dh803.08bn) budget for 2013, was

Aluminium shines again for UAE amid global glut (The National - 30/12/2012)

The UAE's total exports of aluminium and related products jumped by 102 per cent to US$1.5 billion (Dh5.51bn) during the first half of 2012 compared with the same period a year earlier, the Ministry of Foreign Trade said yesterday. This follows similarly

PIF to invest in housing, energy (Arab News - 30/12/2012)

Investment objectives of the government-run Public Investment Fund (PIF) will focus on three primary sectors: housing finance, renewable energy and information technology. Abdul Rahman Al Mufadhi, secretary-general of the Public Investment Fund, was

Catalyst budget absorbs all shocks (Saudi Gazette - 30/12/2012)

The figures in the budget erased a large portion of pessimism that prevailed among many economic experts and observers on the development of the Saudi national economy’s structure. The budget came as an optimistic document in conformity with the economic

Jeddah Motor Show accelerates Saudi car market to higher ground (Saudi Gazette - 30/12/2012)

The 5-day Saudi International Motor Show which attracted a large number of car enthusiasts finally came to an end Friday, with the total number of over 100,000 visitors and new car bookings exceeding millions in riyals. Tens of thousands of visitors

Omani products expo clinches 30 new Saudi business accords (Saudi Gazette - 30/12/2012)

The Omani Products Exhibition in Riyadh came to a successful end with more than 30 memorandums of understanding and trade agreements signed between Omani manufactures and Saudi investors and businessmen. The four-day event displayed the sultanate’s

The renaissance of Saudi aviation (Arab News - 30/12/2012)

With the entry of new airlines, a tough competition is expected in Saudi Arabian domestic and international flight operations. Qatar Airways and Gulf Air and its associates have been selected as the new airline companies to operate domestic and

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