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Austerity measures ‘in line with IMF recommendations’ (Gulf Daily News - 31/01/2016)

Bahrain plans austerity steps to cut its budget deficit in line with International Monetary Fund (IMF) recommendations, Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa said yesterday in comments that could help the kingdom sell its bonds when it

Oman’s GDP declines by 14% (Times of Oman - 31/01/2016)

Oman’s gross domestic product (GDP) at market prices registered a decline of 14.2 per cent in the first three quarters of 2015 at OMR20.09 billion, compared to OMR23.41 billion in the same period of 2014. According to figures issued by the National

Oman plans to award one more oil block this year (Times of Oman - 31/01/2016)

The Oman government is planning to award one more oil block to an international oil company on a production sharing basis in the Al Wusta region this year, said a senior official from the Ministry of Oil and Gas. “Hopefully, one more will be coming

Banks should not overreact (The Peninsula - 31/01/2016)

Banks and financial institutions need to be aware and cautious about the heightened risks against the backdrop of the current economic and financial situations. But at the same time they need not to “over react recklessly”, said a Professor at Harvard

Bahrain says austerity plans in line with IMF (Trade Arabia - 31/01/2016)

Bahrain plans austerity steps to cut its budget deficit in line with International Monetary Fund (IMF) recommendations, its finance minister said on Saturday in comments that could help the island kingdom sell its bonds when it returns to international

DED sees 59% rise in consumer complaints (Khaleej Times - 31/01/2016)

Consumer complaints received at the Department of Economic Development in Dubai increased to 21,896 in 2015, an increase of 59 per cent from the 13,770 complaints received in 2014, as varied campaigns initiated by the DED helped improve consumer

Dubai Design District introduces 21 smart initiatives (The Gulf Today - 31/01/2016)

In line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister, and Ruler of Dubai, to evolve Dubai as the world’s Smartest City by 2017, Dubai Design District (d3), a member of Tecom Group, has

VP transforms Dubai into city of wonders (The Gulf Today - 31/01/2016)

The Pakistan Business Council recently organised a brainstorming session titled ‘World Economic Trends’ in Dubai. Javed Jalil Khattak, Consul General of Pakistan to Dubai and Northern Emirates, Muhammad Abdul Wahid Khan, Press Counsellor, Consulate

QDB signs MoU with ICD to boost SMEs in Qatar (Saudi Gazette - 31/01/2016)

Qatar Development Bank (QDB) has signed a Memorandum of Understanding (MoU) with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group last Thursday. The new agreement is a

GCC to spend $4.8b on home health care services by 2025 (Saudi Gazette - 31/01/2016)

To coincide with the annual Arab Health Exhibition & Congress last week, six major investment opportunities in the GCC’s health care market in 2016 have been predicted by EY as being areas of high demand and growth in the region. According to the EY

Visitors from KSA still biggest in volume of Dubai tourists in 2015 (Saudi Gazette - 31/01/2016)

Annual figures released by Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) show Dubai attracted over 14.2 million overnight visitors in 2015, recording a strong 7.5% increase over 2014 – double the United Nations World Travel

Ibdar invests £8m in Manchester City project (Saudi Gazette - 31/01/2016)

IBDAR Bank, the Bahrain-based wholesale Islamic investment bank, announced Saturday that it has made a £8 million investment in a prime new residential project, Angel Gardens, to be developed in Manchester’s city center, UK. Angel Gardens, consisting of

Saudi real estate one of most attractive investment sectors (Saudi Gazette - 31/01/2016)

Based on the 2016 Saudi budget, real estate experts and investors in the Kingdom are anticipating in the coming period a remarkable revitalization of the real estate investment sector. During his speech, the Custodian of the Two Holy Mosques King Salman

Dubai opens consultancy tender for $27bn green fund (Arab News - 31/01/2016)

Dubai’s Electricity and Water Authority (DEWA) said it was calling on consulting firms to tender for advisory and regulatory development services for the emirate’s planned AED100 billion ($27 billion) clean energy fund. The “Dubai Green Fund,” announced

Al-Khaleej says sugar export prospects weak (Arab News - 31/01/2016)

Dubai's Al-Khaleej Sugar Refinery, the world's biggest port-based refinery, said on Saturday it was operating at only 70 percent of its capacity due to slow physical demand for white sugar despite high white premiums. "There is no real physical off-take,

Saudi Arabia well equipped to sustain oil market share (Arab News - 29/01/2016)

OPEC’s oil production is expected to rise by a further 500,000 barrels per day by Q4 2016 year-on-year, according to a report released by Jadwa Investment. It said that the current period of low prices is set to remain throughout 2016, pulled down

SAMA’s net foreign assets reach SR2.283 trillion (Reuters - 29/01/2016)

Net foreign assets at Saudi Arabian Monetary Agency (SAMA) declined 3.1 percent in December from the previous month to SR2.283 trillion ($609 billion), the central bank announced. Assets dropped 15.9 percent from a year earlier to their lowest level

Kuwait sees budget deficit widening by 50% in 2016-17 (Reuters - 29/01/2016)

Kuwait’s finance ministry said that the oil exporter’s 2016-17 draft budget forecasts a deficit of 12.2 billion dinar ($40.2 billion), nearly 50 percent higher than the previous year, due to falling crude prices. The ministry said in a statement that

Oman signs deal with Hydrocarbon Finder (Reuters - 29/01/2016)

Oman’s government signed on Thursday an exploration and production-sharing agreement for an oil and gas block with local producer Hydrocarbon Finder. Hydrocarbon Finder, which is taking over Block 7 from Petrogas, aims to ramp up production to 5,000

Saudi plans to boost foreigners’ role in economy (Bloomberg - 29/01/2016)

Saudi Arabia may further ease restrictions on foreign ownership in the economy and overhaul a restrictive visa system as the kingdom seeks to draw investors to help reduce its reliance on oil exports. The world’s biggest oil exporter is considering

Qatar, UAE top RMB payments in Middle East (Gulf Times - 29/01/2016)

Qatar and the UAE are the most active Middle East countries using the renminbi (RMB) for direct payments with China and Hong Kong, according to a recent SWIFT data. In Qatar, the RMB was used for 60% of all payments with China and Hong Kong, a huge rise

QFMA organises training seminar (The Peninsula - 29/01/2016)

atar Financial Markets Authority (QFMA) in collaboration with the International Organisation of Securities Commissions (IOSCO) organised a training seminar for capacity building on “Risk Based Supervision and SME Financing Through Capital Markets”. The

Dubai Property Show opens in Hong Kong (The Gulf Today - 29/01/2016)

Dubai’s premiere real-estate exhibition, Dubai Property Show (DPS), opened its doors to the Chinese investors for the first time at the Hong Kong Convention and Exhibition Centre on Thursday. The exhibition was inaugurated by Ahmed Naser Alkhaja,

Hospitality sector key to economic growth (The Gulf Today - 29/01/2016)

CMS, in association with Colliers International, organised Dubai Hotels and Leisure Summit. The summit focused mainly on the growth of the industry in the regional market and ways to further boost the hospitality sector. Experts were of the view that

Saudi Industrial Dev. Fund approves loans over SR11 bil last year (SPA - 28/01/2016)

The Director General of Saudi Industrial Development Fund ( SIDF ), Abdulkarim Al-Nafie said that the Fund recorded unprecedented numbers during the past year in terms of approved loans reached about 155 loans amounting to SR 11.43 billion, an increase

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