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UAE, Saudi, Bahrain follow US with interest rate hike
(Gulfnews - 14/12/2017)

The UAE, Saudi Arabia and Bahrain followed the US in raising key interest rates on Wednesday, following the announcement from the Federal Reserve. The UAE central bank said it was raising its key interest rate by 25 basis points, the same amount as the

Dell EMC hastens KSA digitization acceleration plan
(Saudi Gazette - 14/12/2017)

Dell EMC hosted its flagship Dell EMC Forum at the Four Seasons Hotel in Riyadh, Saudi Arabia. Following Dell Technologies’ first anniversary celebration as the world’s largest privately-controlled technology company, Dell EMC demonstrated its

Banks directed not to misuse Citizen’s Account deposits
(Saudi Gazette - 14/12/2017)

The Saudi Arabian Monetary Authority (SAMA) has directed all local banks not use any amounts of money that are deposited in the Citizen’s Account Program for any other banking purposes. The central bank asked the banks not to deduct the money from the

Islamic finance plays larger role in sustaining economic growth
(Saudi Gazette - 14/12/2017)

With Islamic finance assets growing 7% to $ 2.2 trillion in 2016, and projected to reach $3.8 trillion by 2022, the Islamic Finance Development Report and Indicator (IFDI) 2017 sees Islamic finance play a larger role in sustaining economic growth.

Petrofac wraps up Middle East deals worth $1bn
(Arab News - 14/12/2017)

Oil industry services group Petrofac has ramped up its position in the Middle East with two deals worth nearly $1 billion. On Wednesday, the London-listed company won a $160 million contract from the Basra Oil Company for its Iraq crude oil export

Saudi Arabia to create $8bn export bank
(The National - 14/12/2017)

Saudi Arabia will establish an export bank with capital of US$8 billion to support overseas sales by its industrial and mining projects, the energy, industry and mineral resources minister Khalid Al Falih said on Wednesday. “A bank for exports with a

Dubai's economy forecast to grow 3.7% in 2019 as infrastructure devel
(The National - 14/12/2017)

Dubai’s economic growth is forecast to accelerate in 2019 and reach 3.7 per cent as infrastructure development and diversification policies continue apace, said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai said. Real GDP, which

Qatar to deepen venture capital financing for SMEs
(Gulf Times - 14/12/2017)

Qatar seeks to deepen venture capital financing for small and medium enterprises (SMEs), including startups, while looking to develop the regulatory framework to support capital market renminbi (RMB) and Islamic RMB products. Moreover, the Qatar Central

Haya Water plans to invest OMR1b in next 4 years
(Times of Oman - 14/12/2017)

Haya Water, the Sultanate’s state-owned company that operates wastewater network and sewage treatment plants, plans to invest OMR1 billion over the next four years until 2022. The investment is mainly for developing sewage network and for building sewage

Qatar Chamber hails ‘pro-private sector 2018 budget’
(The Peninsula - 14/12/2017)

Chairman of Qatar Chamber Sheikh Khalifa bin Jassim bin Mohammed Al Thani (pictured) has hailed Qatar’s pro-private sector 2018 budget proposals. Responding to the budget proposals, he noted that the budget for the new fiascal has set aside significant

Qatar launches new investments worth QR4 billion
(The Peninsula - 14/12/2017)

Investments worth more than QR4 billion in projects mainly in the health, education, logistical support, agricultural produce, industry and environmental sectors were announced by the Ministerial Group for Encouragement and Participation of Private

Shaikh Hamdan launches 12th edition of Entrepreneur Competition
(Gulfnews - 14/12/2017)

Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince, launched the 12th edition of the Young Entrepreneur Competition on Souq.com. Advertisement The competition has attracted over 4,000 projects and 11,000 participants since its launch in

Insurance sector in UAE projected to grow fastest in GCC in five years
(Gulfnews - 14/12/2017)

The insurance sector in the UAE and Oman are anticipated to grow at the fastest annualised average pace of 12.1 per cent, followed by Saudi Arabia at 10.5 per cent, according to the GCC Insurance Report from Alpen Capital. The UAE will continue to be the

Omani Vegetable Oils registers impressive growth
(Oman Daily Observer - 14/12/2017)

Formed some ten years ago with a vision to provide the highest quality edible oils to the Sultanate residents, the Omani Vegetable Oils & Derivatives Co LLC (OVOD) has its presence in 20 countries across the Middle East and Africa (MEA) region. The

Oman’s first electronic waste processing plant coming up in Salalah
(Oman Daily Observer - 14/12/2017)

The Gulf region’s largest electronic waste (e-waste) processing plant is slated to come into operation in Salalah in Dhofar Governorate before the end of 2018, according to a key executive associated with the venture. The Evergreen Gulf Recycling Hub

Gate Avenue at DIFC set for 2018 completion
(Trade Arabia - 14/12/2017)

Work is progresing at a steady pace on the Gate Avenue at DIFC, a premium urban retail, leisure and cultural development at the heart of Dubai International Financial Centre, with the project’s first phase on track for completion in mid-2018. Spanning

UAE non-oil growth to edge up to 3 pct this year, central bank says
(Reuters - 13/12/2017)

The non-oil part of the United Arab Emirates economy is expected to grow 3 percent this year, accelerating from 2.7 percent last year, the central bank said on Wednesday. “The recent improvement in oil prices has shed a positive sentiment on the economic

Study on UAE-Saudi joint digital currency underway
(GDN Online - 13/12/2017)

Saudi Arabia and the UAE are mulling plans to issue a joint digital currency. A study was launched into the cryptocurrency, which will be used in transactions and payments, said UAE Central Bank Governor Mubarak Rashid Al-Mansouri. In a statement on the

KSA set to become biggest E-commerce market in the region
(Saudi Gazette - 13/12/2017)

It is undeniable that the E-commerce and retail are greatly growing in the region especially in the Kingdom of Saudi Arabia and UAE. To shed some light on this, Saudi Gazette met with Dirk Henke, Managing Director, Emerging Markets, Criteo on the

Indonesia confers on 3 Saudi businesses highest trade award
(Saudi Gazette - 13/12/2017)

The Consul General of the Republic of Indonesia Mohamad Hery Saripudin handed two Saudi businesses the Primaduta Award at the Annual Economic and Trade Gathering held at his residence here on Monday. The award, received from Indonesian President Joko

Gasoline prices to be reviewed in first quarter of 2018
(Saudi Gazette - 13/12/2017)

Ministry of Energy, Industry and Mineral Resources will supervise studying the prices of gasoline, diesel (for industry and utilities) and aviation fuel in line with the decision taken by the Council of Ministers on Tuesday. The ministry said in a

Citibank: ‘We’re committed to Saudi Arabia and here to stay’
(Arab News - 13/12/2017)

Business journalists had a problem when Carmen Haddad was appointed chief executive of Citibank in Saudi Arabia earlier this year: What was the top story? Was it the fact that a woman had been appointed to such a high-profile job in the Kingdom? Or was

Saudi fund plans cinema venture with AMC
(Arab News - 13/12/2017)

Saudi Arabia’s main sovereign wealth fund said it planned to enter the cinema business with major US-based movie exhibition company AMC Entertainment Holdings, as the Kingdom lifts a 35-year-old ban on cinemas. “In line with the fund’s mandate to help

UAE's economy to strengthen in 2018, says IMF
(The National - 13/12/2017)

The United Arab Emirates economy is expected to recover gradually next year without suffering a significant blow to growth from the introduction of a 5 per cent value-added tax in January, a senior International Monetary Fund official said. Natalia

CNBC network makes A.Dhabi headquarters for its Middle East operations
(The National - 13/12/2017)

The financial news television network CNBC said on Tuesday it was making Abu Dhabi its regional headquarters, from where it plans to expand its coverage to the broader Middle East. The network said it would likely start operations by April and was hiring

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