GCC money marts ‘shallow’
(Gulf Times
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24/05/2012)
The GCC central banks’ policy rates have not been adequately reflected in retail interest rates, thus requiring efforts to develop domestic financial markets for strengthening monetary policy transmission, according to an International Monetary Fund
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Shaikha Lubna and Korean minister discuss trade ties
(Khaleej Times
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24/05/2012)
Shaikha Lubna Al Qasimi, UAE Minister of Foreign Trade, has hailed strong relations between the UAE and South Korea in all fields particularly in the non-oil trade sector. “Trade ties between the two countries are based on mutual interest whereas
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Sharjah may achieve 5% industrial growth in 2012
(Khaleej Times
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24/05/2012)
Sharjah, the industrial capital of the UAE, expects to achieve up to five per cent industrial growth in 2012, compared to last year, according to a top official of Sharjah Chamber of Commerce and Industry (SCCI). The Emirate’s manufacturing sector
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Qatar stakes in Siemens, Shell reflect focus on development
(Gulf Times
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24/05/2012)
Qatar’s purchase of stakes in engineering group Siemens and oil giant Shell follow a pattern of the Gulf country investing to accelerate its domestic development and, in the case of Shell, underlines its long-term faith in commodity prices.
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Auditing body unveils 7 Shariah standards
(Khaleej Times
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24/05/2012)
The Accounting and Auditing Organisation for Islamic Financial Institutions, or AAOIFI, announced on Wednesday new seven Shariah standards in Dubai. The new standards include; Financial Rights and its Management, the Regulations of Liquidity Management,
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Gulf states betting billions on soaring airport demand
(Gulf Times
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24/05/2012)
Gulf countries are channelling billions of dollars into airport expansions, betting on a sharp rise in passenger traffic and competing to strengthen their positions as regional hubs for global travel. “We are trying to catch up with demand. We are not
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Call for federal Shariah board
(Khaleej Times
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24/05/2012)
A senior official of the Central Bank of the UAE has called for the establishment of a Federal Shariah Board, a move which will allow the issuance of sukuks at federal level. A higher shariah authority would enable the country to issue sukuk in the
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SME a ‘major’ factor of regional economic growth: Gergawi
(Khaleej Times
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24/05/2012)
Mohammed Al Gergawi, Minister of Cabinet Affairs and the president of the organising committee of Middle East SME, a forum for SMEs, emphasised that the forum, which is the largest in the region, reflects the UAE leadership’s support to the youth in view
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UAE leads Arab region in enabling trade: WEF
(WAM
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24/05/2012)
The UAE continues to lead the Arab region and is ranked 19th globally in the Global Enabling Trade Report 2012 released by the World Economic Forum (WEF). It also figures among the top 10 nations in Efficiency of Import-Export Procedures as well as
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UAE needs unified Shariah board: Central Bank
(Emirates 24|7
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23/05/2012)
The UAE needs a centralised body for the Islamic finance industry to help develop its sukuk market further, a top central bank official said on Wednesday. Saif al-Shamsi, assistant governor for monetary policy and financial stability, said the law calls
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Bahrain to issue $1.25 bln bond in June - cbank official
(Reuters
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23/05/2012)
Bahrain, troubled by ongoing social unrest, is planning to issue a $1.25 billion bond in the second or third week of June, a central bank official said on Wednesday. The conventional bond will have a tenor of between seven and 10 years, which may appeal
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BAE secures $2.5 bln Saudi jet deal
(Reuters
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23/05/2012)
BAE Systems has signed a 1.6 billion pound ($2.5 billion) deal to supply Saudi Arabia with Hawk jets to train pilots to fly the Eurofighter Typhoon which it has already ordered from UK company. The deal provides some welcome relief for the British
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Saudi urged to use high oil price to fund diversification
(Emirates 24|7
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23/05/2012)
Saudi Arabia should take advantage of a surge in its revenue due to strong crude prices to boost investment in economic diversification programmes given its heavy reliance on volatile oil sales and the deteriorating unemployment problem, a key Saudi bank
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Qatar GDP growth seen sharply down in 2012-2013
(Emirates 24|7
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23/05/2012)
Qatar’s economy is projected to slow down sharply in 2012-2013 after recording one of the world’s highest growth rates following the completion of mega gas projects, according to a key Saudi bank. The Gulf country’s real GDP had recorded double-digit
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Deal to introduce energy efficient products
(Oman Daily Observer
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23/05/2012)
Desert Dunes International (DDI), a subsidiary of Golden Dunes International, has announced the establishment of an agency relationship with SAW International of Saudi Arabia, who are the Middle East and Africa distributors for the promising energy
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Altonia on maiden visit to Port Sultan Qaboos
(Oman Daily Observer
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23/05/2012)
MV Altonia, the container vessel launched by Oman Shipping Company, made its maiden call at Port Sultan Qaboos as part of the new feeder service called Gulf Express Service (GEX) connecting Salalah, Muscat and Jebel Ali. On the occasion, officials of
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Bahrain expects more than $20bn in energy investments
(AME Info
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23/05/2012)
Bahrain 's energy sector is posed for significant growth over the next several years, the country's Energy Minister Dr. Abdulhussain Mirza said. "Although being one of the smaller countries in the region, Bahrain, in its own right, will attract about
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UAE's Fujairah port boosting oil storage capacity
(Agencies
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23/05/2012)
Oil storage capacity in the United Arab Emirates' (UAE) port of Fujairah is expected to rise to around 7.8 million cubic meters by 2014 from its current capacity of 5.8 million cubic meters, the harbor master at the Fujairah port said on Tuesday.
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Kuwaiti crude rises $0.74, settles at $104.48 per barrel
(Agencies
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23/05/2012)
The price of Kuwaiti crude oil went up 0.74 US dollars to $104.48 per barrel (pb) in transactions on Monday, compared with USD 103.74 on Friday, reported Kuwait Petroleum Corporation (KPC) on Tuesday. Global oil price went up after being down for quite
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Oil and gas summit focuses on water management solutions
(Khaleej Times
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23/05/2012)
The inaugural Global Water, Oil & Gas Summit opened on Tuesday at the Mina A’Salam Hotel in Dubai’s Madinat Jumeirah. Organised by CWC Group, the event brought together leading experts from the energy and water sectors to examine effective water
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Qatar to see urea export boom
(Gulf Times
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23/05/2012)
Top global producer Qatar’s urea export will rise to 5.6mn tonnes next year, representing one-eighth of the world’s traded urea, HE the Minister for Energy and Industry Dr Mohamed bin Saleh al-Sada has said. Qatar will achieve the milestone with the
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Mega airport deals seen
(Khaleej Times
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23/05/2012)
Millions of dollars worth of deals are expected to be initiated at the Airport Show that started on Tuesday, considering the focus of the global aviation industry on the Middle East region due to the massive investments planned by governments to turn
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Qafco set to scale up urea output to 5.6mn tonnes with new plant
(Gulf Times
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23/05/2012)
Qatar Fertiliser Company’s latest expansion - Qafco-6 - will start production this summer, company vice chairman and CEO Khalifa Abdulla al-Sowaidi has said. “Qafco-6 is under commissioning…hopefully we will start production gradually this summer,”
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Kuwait to spend $6b on airport
(Khaleej Times
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23/05/2012)
The government of Kuwait has planned a $6 billion spending to expand it’s international airport to handle 13 million passengers by 2016, a top official of civil aviation authority said on Tuesday. The expansion plan will double the existing passenger
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‘GCC petchem production to jump 30% in next 4 years’
(Gulf Times
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23/05/2012)
The GCC region’s petrochemical production will scale up by more than 30% in the next four years on the back of sufficient feedstock and world-scale processing and export facilities, an industry expert said yesterday. GCC’s petrochemical production would
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