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Saudi oil-to-chemicals project to take first tentative step this year
(Platts - 31/10/2017)

Saudi Arabia is close to completing a feasibility study for a pioneering new facility to convert crude oil directly to petrochemicals, bypassing the need for the refining process, senior officials said Wednesday. The study is being jointly carried out by

Indonesia eyes buying more LPG from Saudi Arabia
(Platts - 31/10/2017)

Indonesia plans to increase LPG imports from Saudi Arabia and the UAE in a bid to meet rising domestic demand, Energy and Mines Ministry spokesman Dadan Kusdiana said Tuesday. State-owned oil and gas company Pertamina's LPG requirements are currently

Landmark Arabia launches online payments by SADAD
(Saudi Gazette - 31/10/2017)

LANDMARK Arabia, the Middle East’s leading retail and hospitality conglomerate, has launched SADAD for its Saudi Arabian customers. Shoppers in the Kingdom can now use this secure and convenient digital payment method to pay for their online purchases

UAE deposit growth surged as credit growth remained weak
(Gulf News - 31/10/2017)

Deposits in the UAE’s banking system rose in September as credit growth continued to be anaemic, according to UAE Central Bank monetary data. Gross credit growth remained lacklustre in September at just 0.1 per cent month on month. This reflected the

Mideast capital boosts global real estate market
(Trade Arabia - 31/10/2017)

Middle East’s outbound capital flows into global commercial real estate (CRE) reached $10.1 billion between the second quarter of 2016 and this year, according to CBRE’s Middle East ‘In and Out’ 2017 report. Despite a slowdown in outbound investment

MidEast investment in global real estate nosedives 50% since last July
(The National - 31/10/2017)

Investment flows from the Middle East into global commercial real estate plunged by 50 per cent in the 12 months to June 2017, as investors faced fierce competition from rivals in Asia Pacific (Apac). Total outward capital investment flows from the

Spain posts 43% jump in food exports to Qatar
(Gulf Times - 31/10/2017)

Spain’s food exports to Qatar have increased by 43% in the first eight months of 2017, ambassador Ignacio Escobar said yesterday. “In terms of bilateral relations with Qatar, the exports of agro-food products have been rising steadily since 2015 in very

Oman plans to award four oil blocks in the second quarter of next year
(Times of Oman - 31/10/2017)

Oman’s government is expected to award four oil and gas blocks to international oil companies on a production sharing basis in the second quarter of 2018, according to a senior official at the Ministry of Oil and Gas. The Sultanate’s Ministry of Oil and

Oman Development Bank to provide agricultural loan for farmers
(Times of Oman - 31/10/2017)

Oman Development Bank (ODB) is focusing on providing agricultural loan to farmers to support a government initiative to strengthen food security. The loan for farmers will help achieve self-sufficiency to maintain agriculture crops and livestock, and

QFC attracts key Asia Pacific firms in 2016
(The Peninsula - 31/10/2017)

Over 22 percent of the firms registered under the Qatar Financial Centre in 2016 were from the Asia Pacific region. These include the Sumitomo Mitsui Banking Corporation, the Industrial and Commercial Bank of China, the Japanese Society in Doha, Hanwha

8% revenue rise in PwC Mideast business
(Gulfnews - 31/10/2017)

PricewaterhouseCoopers (PwC), the auditing and advisory firm, reported an 8 per cent increase in revenues for its Middle East business driven by stronger demand for its data analytics, digital, and tax consulting work. PwC said the increase came “despite

UBF banking forum to focus on future of tech-based banking
(Gulfnews - 31/10/2017)

The UAE Banks Federation (UBF), a professional representative body comprising 48 member banks operating in the UAE, has released the full agenda on the Middle East Banking Forum. Currently in its fifth edition, the forum is a premier annual event for the

Sharjah Chamber strengthens ties with Jetro
(Gulfnews - 31/10/2017)

The Sharjah Chamber of Commerce and Industry (SCCI) discussed ways to strengthen and develop the economic, commercial and investment relations, in a meeting with the Japan External Trade Organisation (Jetro). The discussion also included promoting the

Middle East investors cut drastically on overseas commercial realty
(Gulfnews - 31/10/2017)

Middle East investors have sharply cut their allocations on overseas commercial real estate purchases, with $10.1 billion utilised in the 12-month period ending Q2-17. That compares with a staggering $21.2 billion in the earlier 12-month cycle,

Oman Oil, Rusnano to weigh co-investment opportunities
(Oman Daily Observer - 31/10/2017)

Russian technology corporation Rusnano says its recent agreement with Oman Oil Company (OOC), the wholly Omani government owned energy investment arm, is aimed at exploring opportunities for “co-investment” in chemical and petrochemical industries that

Nakheel courts Indian investors at Dubai Property Show
(Media Office Dubai - 31/10/2017)

Real estate master developer Nakheel is heading to India with a diverse range of investment opportunities and incentives as it attends the Dubai Property Show (DPS) in Mumbai for the third consecutive year. Nakheel, the largest Dubai developer at the

Expo 2020 achieves key milestone in construction
(The Gulf Today - 31/10/2017)

Expo 2020 Dubai’s pavilions for some participant countries have reached above-ground level, a ‘key milestone’ in construction on the 4.38 square kilometre site in Dubai Site. Expo organisers claim impressive pace of progress on these pavilions in Expo’s

MoF organises meeting on tax legislation
(The Gulf Today - 31/10/2017)

In line with its efforts to enhance cooperation in implementing tax legislation and to train employees in the taxation field, the Ministry of Finance (MoF) on Monday hosted a breakfast working session for ambassadors of a number of African countries in

$200bn projects underway in Gulf hospitality sector
(Saudi Gazette - 31/10/2017)

Over 2,000 hospitality and leisure projects are currently underway in the GCC with a combined estimated value of $200 billion, event organizers announce ahead of The Big 5 next month. An estimated $64 billion worth of related projects in the construction

Badir Accelerator to start financing Saudi start-ups with SR500,000
(Saudi Gazette - 31/10/2017)

Badir Accelerator has announced its plan to start financing start-up technology companies in Saudi Arabia with amounts up to half a million riyals beginning in the first quarter of next year, in exchange for a share in their capital. The funding will be

Increased power prices to lessen inefficient use of energy: KAPSARC
(Saudi Gazette - 31/10/2017)

The King Abdullah Petroleum Studies and Research Center (KAPSARC) has published a research paper titled "Reforming Industrial Fuel and Residential Electricity Prices" and found that the energy system could benefit by $12 billion per year, largely due to

Saudi women seize new business opportunities
(Arab News - 31/10/2017)

With a 130 percent increase in the number of women employed by the private sector in Saudi Arabia over the past four years, the Kingdom’s workforce is undergoing a transformation aimed at ushering in a new economic era. When Wafaa Al-Ashwali launched a

The GCC Board Directors Institute Hosts its 5th Annual Chairman Summit
(Press Release - 30/10/2017)

More than 100 chairmen, board directors and senior executives from around the world will convene in Riyadh on Wednesday 1st November, 2017 at the 5th Annual Chairman Summit, organized by the GCC Board Directors Institute (GCC BDI) in collaboration with

Government Treasury Bills issue 1675 oversubscribed
(BNA - 30/10/2017)

The Central Bank of Bahrain announced that this week’s BD 70 million issue of Government Treasury Bills has been oversubscribed by 144%. The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Government of the Kingdom of

UAE to keep cutting oil output to comply with global deal: minister
(Reuters - 30/10/2017)

The United Arab Emirates will continue to reduce its oil output to meet its commitment to a global oil production cut agreement, its Energy Minister Suhail al-Mazroui said. “As part of UAE compliance with the OPEC agreement, ADNOC announced its December