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AAHC to invest SR1b in Saudi food sector (Saudi Gazette - 31/12/2014)

Abdulaziz Alsaghyir Holding Company (AAHC), one of the most prominent Saudi companies specialized in the investment, contracting, building materials and real-estate development sectors, intends to pump new investments of about SR1 billion in the food

Oman ranks low in Energy Architecture Performance Index (Oman Daily Observer - 31/12/2014)

The World Economic Forum recently released the 2014 Global Energy Architecture Performance Index report, prepared in collaboration with Accenture, which ranked 124 countries according to their Energy Architecture Performance Index (EAPI) scores. Oman has

Oil price plunges to 5-1/2-year low below $57 on supply glut (Reuters - 31/12/2014)

Brent crude fell to a 5-1/2-year low of less than $57 a barrel as a global supply glut outweighed concerns of lost supply from Libya where battling militias have closed ports. The oil benchmark recovered ground later but was on track for its second

UAE records highest inflation rate among GCC countries (Saudi Gazette - 31/12/2014)

The United Arab Emirates (UAE) recorded the highest inflation rate among GCC member states, registering an increase of 3.11 percent, followed by 3.0 percent in both Kuwait and Qatar, 2.6 percent in Saudi Arabia, 2.5 percent in Bahrain, and 1.02 percent

OGC plans pipeline to Crude Oil Storage Park (Oman Daily Observer - 31/12/2014)

Oman Gas Company, the Sultanate’s gas transportation flagship, has kicked off plans for the construction of a major oil pipeline that will link the nation’s crude oil network with a mammoth crude storage terminal envisaged at Ras Markaz on the country’s

Masdar builds four new UAE-funded solar projects (Saudi Gazette - 31/12/2014)

The construction of four new solar-power projects in the Pacific island countries of Kiribati, Fiji, Tuvalu and Vanuatu has started, Abu Dhabi’s renewable energy company Masdar announced on Thursday. Financed under the Abu Dhabi Fund for Development’s

Bahrain banks' assets register steady growth (Gulf Daily News - 31/12/2014)

Assets of 34 Bahrain-domiciled banks have grown by $568 million to $154.046 billion at the end of the first half of this year, the Bahrain Association of Banks (BAB) said. This indicates a consistent upward trend, according to BAB. This strength is

BCCI committee vows to tackle banking obstacles (Gulf Daily News - 31/12/2014)

The insurance and banks sector committee of the Bahrain Chamber of Commerce and Industry (BCCI) has pledged to resolve obstacles curbing the sector. The committee has prepared a report which centres on the hurdles faced by the sector and the committee's

KEY BAHRAIN MARINA PROJECT IS LAUNCHED (Gulf Daily News - 31/12/2014)

Amlak yesterday announced the launch of the Bahrain Marina Development Project with a planned construction work commencing by the third quarter of next year. Amlak is the real estate investment arm and wholly-owned subsidiary of the Social Insurance

EmiratesGBC introduces new programme (The Gulf Today - 31/12/2014)

Emirates Green Building Council (EmiratesGBC), an independent forum aimed at conserving the environment by strengthening and promoting green building practices, has announced the launch of the ‘EmiratesGBC Energy Efficiency Programme’ to act as a bridge

Abu Dhabi launches promotional drive to attract more visitors (The Gulf Today - 31/12/2014)

Abu Dhabi has launched its first outbound tourism promotional drive in Africa targeting leading travel operators to encourage more visitors to the emirate. For the first time in Africa, a delegation from Etihad Airways, the national airline of the UAE,

Enoc reduces diesel prices by 20 fils (The Gulf Today - 31/12/2014)

Emirates National Oil Company (Enoc), which is headquartered in Dubai, on Tuesday announced that it has reduced the price of diesel by an additional 20 fils to Dhs3.10 per litre, effective as of Dec. 30, 2014. A statement issued by Enoc on Tuesday says

Qatar real economic growth estimated at 6% in third quarter (Gulf Times - 31/12/2014)

Qatar’s inflation-adjusted (real) economy is estimated to have grown 6% year-on-year (y-o-y) in the third quarter (Q3) of this year, mainly powered by the non-hydrocarbon segment, particularly construction and trade. The hydrocarbon sector, however,

Qatar Chamber CEO sees ‘positive 2015’ for SMEs (Gulf Times - 31/12/2014)

Qatar Chamber CEO Remy Rowhani has provided an optimistic forecast for the country’s small and medium-sized enterprises (SMEs), saying 2015 would be a “positive year” for the private sector. “I know I may sound too optimistic and too positive, but this

Egypt current account hits deficit of $1.4bn in July-Sept quarter (Reuters - 31/12/2014)

Egypt’s current account recorded a $1.4bn deficit in the three months to September, in contrast to a $610mn surplus in the same period last year when some Gulf countries provided billions of dollars in aid. The deficit was driven by a wider trade gap and

Investments in energy to touch $685 billion in Arab region (Times of Oman - 31/12/2014)

Energy capital investments in the Arab world will total $685 billion over the next five years, according to a new report by the Arab Petroleum Investments Corporation (APICORP). Set against the backdrop of continuing regional turmoil, uncertainty in many

UAE federal budget not swayed by oil drop (The National - 31/12/2014)

Declining oil prices will not affect the federal budget, Younis Al Khouri, an undersecretary at the Ministry of Finance, said on Monday. Mr Al Khouri said that there was no change in the “volume and value” of approved expenditures in the 2015 federal

Dubai closer to becoming Islamic finance hub (The National - 31/12/2014)

The global Islamic economy continued to grow in 2014, and Dubai made solid progress towards its ambitious target to be the hub of the estimated $6.7 trillion market by 2016. But significant challenges remain if the emirate is to become the “capital of

Abu Dhabi pushes for more Egyptian visitors (The National - 31/12/2014)

Abu Dhabi has embarked on a major push to attract more visitors from Egypt to the capital. Egypt is already among the top 10 source markets for Abu Dhabi. More than 100,000 Egyptians have checked into the capital’s 157 hotels and hotel apartments in the

UAE banks enjoy boom year but 2015 could be trickier (The National - 31/12/2014)

Bank earnings in the UAE went from strength to strength in the first nine months of this year amid a boom in lending and an uptick in deposits. The main driver behind this was government spending on roads, airports and other civic works that continued to

Dnata invests more than Dh545m in 2014 to strengthen service (Gulf News - 31/12/2014)

Dnata, a subsidiary of Emirates Group, said on Tuesday it has invested more than Dh545 million in 2014 to strengthen its service offerings in travel, cargo, ground handling and catering. The investments, made across the globe, included the acquisitions

Crude oil falls, triggers rout in world equities (Gulf News - 31/12/2014)

Crude oil fell to its lowest level in more than five and a half year on Tuesday, triggering another bout of selling in illiquid equities markets around the world. Brent crude fell as much as 1.4 per cent at $57.06 per barrel, before trading 0.69 per cent

Aafaq Islamic to enhance National Bonds’ sukuk trading services (Gulf News - 31/12/2014)

National Bonds said on Tuesday it has signed an agreement with Aafaq Islamic Finance to develop premium financial services for customers, including enhancing the former’s sukuk trading services. The move is seen to encourage investors to adopt a

DIFC appoints Arif Amiri as Deputy CEO (Gulf News - 31/12/2014)

Dubai International Financial Centre (DIFC) Authority has appointed Arif Amiri as the deputy chief executive officer. Amiri will direct the DIFC’s teams in the strategic development, operational management and administration of the financial district and

GCC nationals rush to buy Oman real estate (Gulf News - 31/12/2014)

Amid the tumbling of the oil prices, there is a huge rush among the GCC (Gulf Cooperation Council) nationals to buy real estate properties in Oman. The environment is safe for investment and the property prices are cheaper compared to other GCC

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