Barclays to quit UAE rate panel
(Arab News
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17/07/2012)
British bank Barclays plans to pull out of the rate-setting panel for interbank lending in the United Arab Emirates because of its involvement in the Libor scandal in Britain, industry sources told Reuters yesterday. Barclays belongs to a panel of 12
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E-payment transactions at Dubai Trade hit Dh1 billion
(Khaleej Times
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17/07/2012)
A total of Dh1 billion have been collected and more than one million transactions from the trading community have been conducted via Rosoom, the electronic payment gateway of Dubai Trade, the leading cross-border trade facilitator under Dubai World. The
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Bahrain developers to attend top GCC expos
(Trade Arabia
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16/07/2012)
Bahrain Property Developers Association (BaPDA) is to take part in a number of industry-related exhibitions in Kuwait, Saudi Arabia and Dubai in the coming months. First on the schedule is the Kuwait International Property Show (KIPS), to be held in
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GCC economy 'worth 2pc of global GDP'
(Trade Arabia
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16/07/2012)
The GCC countries' economy constitutes the equivalent of two per cent of the world's gross domestic product (GDP), according to Al Ahli Bank's economist Dr Saeed Al Shaikh. He told our sister paper Akhbar Al Khaleej that the GCC possesses 30 per cent of
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Gulf Air brings back popular 'half miles' redemption for Falconflyers
(AME Info
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16/07/2012)
National carrier Gulf Air has brought back the popular 'Half Miles' redemption promotion for its Falconflyer members. Gulf Air Falconflyer members can travel anywhere on Gulf Air's network by redeeming just 50% of the required miles from their
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GCC employees’ flexible benefits on the rise: Survey
(Saudi Gazette
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16/07/2012)
Flexible benefits offered by GCC companies have in turn seen a steady rise, according to recent findings by Mercer - the global leader in HR consulting, outsourcing and investments. Mercer forecast that governments in the GCC and the wider Middle East
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Sidra Capital plans mortgage company
(Reuters
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16/07/2012)
Saudi Arabian investment bank Sidra Capital plans to set up a housing mortgage firm with SR1 billion ($267 million) of capital to tap growth expected after the Kingdom passed a law covering mortgages, a senior executive said. Sidra, which is 20 percent
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Qatar Airways named world’s Best Airline anew
(Saudi Gazette
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16/07/2012)
Qatar Airways Chief Executive Officer Akbar Al Baker (left), receives the coveted award of World’s Best Airline for the second consecutive year at the annual Skytrax World Airline Awards held at the Farnborough Air Show. With him is Skytrax CEO Edward
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Abu Dhabi awards contract for Marfa Port development
(Khaleej Times
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16/07/2012)
The Abu Dhabi Ports Company, or ADPC, and Parsons International have signed a consultancy contract for the first-phase development of Marfa Port in Abu Dhabi to support fishing and marine recreational activities. Under directives from the Government of
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RAK visitors exceed 500,000 in Jan-May period
(WAM
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16/07/2012)
The Ras Al Khaimah Tourism Development Authority announced on Sunday that the total number of visitors to the emirate from January to May 2012 was recorded at 523,568 visitors, generating a revenue boost at almost Dh277 million ($75.5 million). The main
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UAE banks need to hold 10% liabilities in liquid assets
(Bloomberg
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16/07/2012)
Banks in the UAE will be required to comply with four so-called “liquidity ratios” to help them withstand market disruptions and avoid a cluster of debt payments, according to new central bank rules. Lenders will be required to hold 10% of their
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Dh5 billion oil refinery in Fujairah planned by Ipic
(Khaleej Times
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16/07/2012)
Khadem Abdullah Al Qubaisi, director-general of the International Petroleum Investment Company, or Ipic, disclosed that the company is planning to conduct technical and technological studies to set up the biggest oil refinery in Fujairah. The cost of the
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New law to boost confidence in Dubai’s real estate market
(Khaleej Times
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16/07/2012)
Dubai’s real estate sector, currently ranked as the most transparent market in the Middle East North Africa region, is on course to get a further fillip with the enforcement of an impending law aimed at protecting investors, according to a global
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UAE ships oil through Fujairah
(Khaleej Times
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16/07/2012)
Abu Dhabi now has the potential to export more than 1.5 million barrels of crude oil through the seafront of Fujairah — bypassing the Strait of Hormuz — as the emirate launched its new oil pipeline on Sunday. “The mega project opening may increase the
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Mortgage law necessitates regulatory vigilance
(Arab News
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16/07/2012)
One of the ways in which the new mortgage laws will reshape the Saudi financial markets is through the emergence of a growing number of dedicated mortgage lenders. Such companies have an established presence in other Gulf markets like they are outside
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GPIC registers solid H1 growth
(Trade Arabia
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15/07/2012)
Gulf Petrochemical Industries Company (GPIC), a leading petrochemicals and fertiliser manufacturer based in Bahrain, said it has registered solid growth in its production and exports during the first half of the year. The company produced 795,000 tonnes
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UAE to require banks to hold 10pc liquid assets
(Reuters
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15/07/2012)
Banks in the UAE will have to hold high-quality liquid assets equal to 10 per cent of their liabilities from January 1 next year, under a rule introduced by the UAE central bank as it prepares the sector to comply with Basel III global standards. In a
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Kuwaiti crude rises $1.41 to $.07 per barrel
(Agencies
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15/07/2012)
Price of Kuwaiti crude oil increased 1.41 US dollars per barrel (pb) on Friday reaching $98.07 pb, compared to $96.66 pb the day before, said Kuwait Petroleum Corporation (KPC) on Saturday. Limited rise of the price of the Kuwaiti crude coincided with
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Challenge remains but hope ahead for SMEs
(The National
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15/07/2012)
Initiatives such as the Khalifa Fund for Enterprise Development have provided Emirati entrepreneurs with access to capital - but for expatriates, securing finance is often more troublesome. Small and medium-sized enterprises (SMEs) in general can find it
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Saudi Arabia’s steel industry to firm up 9% during 2012-15
(Saudi Gazette
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15/07/2012)
Saudi Arabia has become one of the favorite destinations for the steel majors due to thriving construction sector, and soaring steel demand. The construction sector in the Kingdom is considered as the largest and the fastest growing market in the Gulf
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Kingdom accounts for 85% of methanol market in MEA
(Arab News
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15/07/2012)
The methanol market in Saudi Arabia accounted for a staggering 85 percent share of the overall methanol market in the Middle East and Africa combined, Research and Markets said in a new study. “There is no doubting the fact that Saudi Arabia is the
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Ohio firm inks partnership deal with Alkhobar-based DLPS
(Arab News
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15/07/2012)
The flourishing Saudi-American trade ties received yet another boost yesterday when senior management executives of the Ohio-based Solutions Plus, Inc. signed a partnership agreement with the Alkhobar-based Diversified Lines Petroleum Services Company
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UAE steps up fight vs money-laundering
(Khaleej Times
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15/07/2012)
A delegation consisting of officials from the UAE Central Bank and the Anti-Money Laundering and Suspicious Cases Unit, or AMLSCU, made a successful participation in the 20th Egmont Group plenary session, as well as its working groups meetings and other
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Economists call for diversifying revenue
(Arab News
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15/07/2012)
Without the diversification of its revenues, the Saudi economy runs the risk of stagnation, according to Saudi economists. While nonoil exports have grown by an annual average of 17 percent over the past decade, there is an obvious decline in nonoil
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UAE witnesses credit growth
(Khaleej Times
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15/07/2012)
The UAE has witnessed credit growth, and that positive development will help the country’s economy continues to diversify, according to a latest study by Dubai Economic Council, or DEC. “There is a need for monetary policy and regulation to be
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