Islamic capital markets to witness unprecedented growth
(Arab News
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29/07/2012)
Saudi Arabia has proved its potential in the capital markets issuance space in 2012, with a slew of high-profile sukuk issuances backed by the government. The single largest sukuk issue ever originated from Saudi Arabia in January 2012, worth $4 billion,
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DED launches consumer campaign
(Khaleej Times
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29/07/2012)
The Department of Economic Development, or DED, has announced a “Ramadan Awareness Tent” campaign for the month of Ramadan and a “Mobile Vehicle” campaign to be launched during the last quarter of 2012. The initiatives are part of DED’s efforts to reach
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Kuwait presses on with Gulf biggest oil refinery
(Saudi Gazette
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28/07/2012)
Kuwait National Petroleum Company (KNPC) said it is going ahead with its long-delayed plan to build the Middle East’s largest oil refinery despite political tensions that have stalled many economic development plans. The government expects to announce
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Inflation in Kuwait falls to 25-month low at 2.8%
(Agencies
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28/07/2012)
Kuwait’s annual inflation rate eased to a 25-month low of 2.8 percent in May and prices edged down slightly from the previous month, mainly because of cheaper food, state news agency KUNA reported Wednesday. Inflation in the major oil exporter has been
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Riyadh leads cities in Mideast with highest jobs opportunity
(Saudi Gazette
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28/07/2012)
Riyadh is considered to have the highest possibility of employment with 49 percent stating that the availability of jobs is either ’good’ or ’excellent’, the latest online survey conducted by YouGov and Bayt.com to understand the opinions of people
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EFG Hermes shareholders to meet ‘ very soon’ on JV with QInvest
(Gulf Times
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28/07/2012)
Following the Egyptian financial regulator’s call for additional disclosures related to minority shareholders, EFG Hermes, the country’s biggest publicly traded investment bank, has said it will hold an extraordinary meeting “very soon” to provide more
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GCC needs $220b for new cooling, power capacities
(Khaleej Times
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28/07/2012)
Energy demand for air conditioning in the GCC, currently accounting for 70 per cent of the region’s annual peak electricity consumption, is expected to nearly triple by 2030, requiring fuel equivalent of 1.5 million barrels of oil per day, a study
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Mubadala in deal to develop Thai oilfield
(Trade Arabia
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27/07/2012)
Abu Dhabi-based Mubadala Petroleum, an international, upstream oil and gas exploration and production company and its partners have given approval for the development of its Manora concession G1/48 oilfield in Thailand. Through its Pearl Oil affiliates,
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Crisis is over for the UAE, says Sheikh Mohammed
(The National
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27/07/2012)
Turmoil is ripping through the euro zone and growth is flagging elsewhere in the world but for the UAE, the crisis is over, Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, said yesterday. Sheikh Mohammed chose the occasion of
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RAK International Airport, GAL in partnership for ATS
(Khaleej Times
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27/07/2012)
RAK International Airport and Global Aerospace Logistics,or GAL, a leading provider of professional aerospace services, have joined forces to develop a number of comprehensive Air Traffic Services, or ATS, to ensure the safe operations of commercial and
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Dubai oil price for October less $0.20
(Khaleej Times
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27/07/2012)
The Department of Oil Affairs in the Government of Dubai announced on Thursday that it had notified its customers of the official price of Dubai crude oil, which will be delivered in October, at $0.20 less per barrel than the average daily settlement
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GCC should not delay monetary union: Qatar
(Reuters
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27/07/2012)
Gulf Arab oil exporters should learn from the eurozone debt crisis but press on with their own monetary union project, a senior official from Qatar’s central bank said yesterday. “I think that the GCC (Gulf Co-operation Council) countries should benefit
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Qantas in Emirates talks for potential alliance
(Khaleej Times
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27/07/2012)
Australia’s biggest carrier Qantas confirmed on Thursday that it’s in talks with Emirates and other airlines for potential alliance to help revive its struggling international arm. On the other hand Dubai-based Emirates airline declined to comment.
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GCC should benefit from euro experience, says Qatar official
(Reuters
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27/07/2012)
Gulf oil exporters should learn from the euro zone debt crisis but press on with their own monetary union project, a senior official from Qatar’s central bank said. “I think that the GCC (Gulf Cooperation Council) countries should benefit from the euro
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Kuwait's trade surplus with Japan narrows 28.2%
(KUNA
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26/07/2012)
Kuwait's trade surplus with Japan narrowed 28.2 percent in June to 49.4 billion Japanese yen (632 million US dollars) from a year earlier, shrinking for the second straight month. Kuwait registered black ink with Japan for the 53th consecutive month, the
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Gulf Islamic ETFs struggle in region’s investment culture
(Reuters
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26/07/2012)
Islamic exchange-traded funds (ETFs) are struggling to attract fresh investors, in contrast to a move by Western investors into conventional ETFs — a difference due to the Gulf’s plain-vanilla investment culture and the way in which institutions choose
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Qatar Airways launches daily flights to Kilimanjaro
(Arab News
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26/07/2012)
Qatar Airways has further expanded operations in Africa with the launch of daily scheduled flights to Kilimanjaro — its 18th gateway on the diverse Continent and second destination in Tanzania. Operating via the Tanzanian capital of Dar es Salaam,
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PetroChina in new Qatar venture
(Gulf Times
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26/07/2012)
PetroChina has acquired a 40% share in exploration and production rights in Qatar’s Block 4, an offshore block closer to the North Field, which is the third largest gas reserve in the world. The Chinese oil major, which already has a sizeable share in
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DEC calls for macroeconomic model for Dubai
(Khaleej Times
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26/07/2012)
The Dubai Economic Council called for a macroeconomic model for the emirate that factors important economic sectors The Dubai Economic Council, or DEC, which comprises leading businessmen and officials representing vital sectors of the economy, called
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DIFC sub-economy records 7% growth
(Khaleej Times
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26/07/2012)
Dubai International Financial Centre, DIFC, the onshore financial hub of the region, said on Wednesday that it increased its economic value-add to the UAE’s gross domestic product, or GDP, by seven per cent to $3.13 billion, or 1.4 per cent of the
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Kingdom to take lead in regional construction spending
(Arab News
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26/07/2012)
Saudi Arabia is set to take the lead in regional infrastructure investment and construction spending. Over the next 15 years, the MENA construction sector will be a key beneficiary of the implementation of structural reforms to raise productivity of the
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DIFC grew by 7% in 2011 accounting for 1.4% of UAE's GDP
(AME Info
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25/07/2012)
The Dubai International Financial Centre (DIFC), the financial and business hub connecting the region's emerging markets with the developed markets of Europe, Asia and the Americas, issued its fifth annual Economic Activity Survey Report. The Report
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Gulf Air launches ‘Early Bird’ promotion
(Trade Arabia
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25/07/2012)
Bahrain's national carrier Gulf Air has launched an online promotion offering special discounted fares on flights from the kingdom to more than 10 destinations across the airline’s network until August 5. The promotional fares – starting from almost 20
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Qatar ups stakes with more Xstrata share buying
(Reuters
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25/07/2012)
Qatar, the second-largest shareholder in takeover target Xstrata, has again raised the stakes in its standoff with suitor Glencore, announcing for the second day in a row that it has bought shares, taking its holding to over 11 per cent. Qatar Holding
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Dewa says no plans to tap bond markets
(Reuters
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25/07/2012)
Dubai Electricity and Water Authority (Dewa) has no plans to tap bond markets for now despite a sharp drop in borrowing costs, its top executive said late on Tuesday. "We are not planning to issue any bonds," chief executive Saeed Mohammed al-Tayer told
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