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UAE banks clear $175bn cheques in 5 months
(Trade Arabia - 22/06/2017)

A total of 12.922 million cheques worth Dh643.7 billion ($175 billion) were handled by the UAE Clearing Cheque System during the first five months of 2017, according to the UAE Central Bank data. A total of Dh28.9 billion worth of 546,000 cheques were

Middle East millennial entrepreneurs work harder compared globally
(Oman Daily Observer - 22/06/2017)

Millennial business owners in the Middle East are more likely to be driven by the desire to increase their influence and have a positive impact on others than the overall average for entrepreneurs globally, according to a new study by HSBC Private Bank.

Falling fiscal break-even oil prices bring relief to GCC
(Gulfnews - 22/06/2017)

A decline in budget break-even oil prices across the GCC countries in recent years is expected to give regional governments the ability to rein in potential future deficits and bring about fiscal stability at a time oil prices are expected to remain

Kuwait’s inflation up 2.7 pct in May CSB–Food,beverages price rises
(Arab Times - 22/06/2017)

The Consumer Prices Index (CPI) has risen by 2.7 percent in May year-on-year, the Central Statistical Bureau (CSB) said on Tuesday. The index figure for May 2017 recorded an increase of 0.07 percent, compared to April, the CSB added in its monthly

UAE backs sustainable development in Asia
(Saudi Gazette - 22/06/2017)

JEJU, South Korea – A UAE delegation attended the second annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB). The event, held for the first-time outside China, on Jeju Island in South Korea last June 16- 18, 2017,

Dubai rises to Top 20 of world’s most expensive cities for expats
(Saudi Gazette - 22/06/2017)

Dubai and Abu Dhabi are the second and third most expensive Middle Eastern cities for expatriate cost of living, Mercer’s 2017 Cost of Living Survey showed. The global ranking sees Dubai climbing one place from last year to become the 20th most expensive

Gulf states get ready for VAT in time of crisis
(Saudi Gazette - 22/06/2017)

Oil-rich Gulf countries, which for decades have attracted millions of foreign workers thanks to their reputation as tax-free havens, aim to introduce value-added tax in 2018 to plug budget gaps. Gulf states get ready for VAT in time of crisisOn top of

Saudi Crown Prince Seen Keeping Oil Policy Aimed at Higher Price
(Bloomberg - 21/06/2017)

Saudi Arabia’s new Crown Prince Mohammed bin Salman will need higher crude prices to push ahead with his plans to reform the kingdom’s economy, making an about-face in oil policy unlikely in the short term. Yet, oil markets will be braced for an even

Qatar's biggest bank says crisis has minimal impact on business
(The Peninsula - 21/06/2017)

Qatar National Bank (QNB) said it expects to meet its earnings targets as the ongoing Saudi-led campaign to isolate the gas-rich Arab state has minimal impact on its operations. The Middle East’s largest lender by assets is confident it will reach its

UAE cbank foreign currency assets top $87bn
(Trade Arabia - 21/06/2017)

The UAE Central Bank's foreign currency assets increased 1.5 percent to Dh322.4 billion ($87.75 billion) during the month of May from Dh317.44 billion in April, according to statistics released Tuesday by the bank. The surge is attributable to the rise

Dubai Expo 2020 key substation 80pc complete
(Trade Arabia - 21/06/2017)

Dubai Electricity and Water Authority (Dewa) said its 132/11-kilovolt (kV) substation being implemented within the Expo 2020 Dubai Park is 80 per cent complete and due to be operational by the end of August. The substation named Mobility with a

Central Bank of Oman issues treasury bills worth OMR58.48m
(Times of Oman - 21/06/2017)

Oman’s central bank raised OMR58.48 million by way of allotting treasury bills on Tuesday. The treasury bills are for a maturity period of 28 days, June 21 until July 19, 2017. The average accepted price reached 99.931 for every OMR100, and the minimum

UAE firms take part in US investment summit
(Gulfnews - 21/06/2017)

US Ambassador to the UAE Barbara A Leaf is leading a sizeable UAE investor delegation to the Select USA Investment Summit being held in Washington, DC currently, according to a statement from the US Embassy in Abu Dhabi. The summit is the highest profile

Money supply in UAE continues to increase in May — Central Bank
(Gulfnews - 21/06/2017)

The UAE Central Bank announced yesterday that money supplies in different measures, including money in circulation and bank and government deposits, have increased by 0.6 per cent during last month of May compared to the money supplies in the previous

MENA hospitality industry earnings decline in May
(Oman Daily Observer - 21/06/2017)

The majority of the MENA hospitality industry experienced a decrease in earnings during May 2017 as both lower occupancies and lower average room rates reduced overall revenue per average room (RevPAR), EY said in its latest MENA Hotel Benchmark Survey

Improved regulatory environment necessary for GCC REITs to flourish
(Oman Daily Observer - 21/06/2017)

Investor sentiment and lack of understanding, along with a weak regulatory environment, are the biggest challenges for the growth of REITs in the Middle East, according to the latest survey by CFA Society Emirates, which gauged the opinions of the

Islamic finance growth to lose momentum in 2018: S&P report
(Saudi Gazette - 21/06/2017)

Islamic finance industry will continue to expand this year, but lose some momentum in 2018, S&P Global Ratings forecast. The industry’s assets reached $2 trillion at year-end 2016, slightly below our September forecast. Even though sukuk issuance

Saudi Arabia dominates list of top 100 companies in the Arab World
(Saudi Gazette - 21/06/2017)

Saudi Arabia continues to dominate in the Forbes Middle East “2017 Ranking of Top 100 Companies in the Arab World” with 36 companies. In its June issue, Forbes Middle East noted that SABIC, which is from the kingdom, emerged at the top. With the rise in

Fraud charges against Barclays over Qatar deals
(Arab News - 21/06/2017)

Qatar’s 2008 bailout of Barclays has come back to haunt the British banking giant, with the leveling of fraud charges against it and four former senior executives over multibillion-pound deals nine years ago. The Serious Fraud Office (SFO), the UK’s top

Qatar's exports at QR20.2bn in May
(The Peninsula - 20/06/2017)

The total value of exports of goods (including exports of goods of domestic origin and re-exports) in May 2017, reached at about QR20.2bn, showing sharp an increase of 18.4 percent (year-on-year) compared to May 2016. When compared on monthly basis the

UAE developer Five Holdings unveils new hospitality brand
(Trade Arabia - 20/06/2017)

Dubai-based Five Holdings, a real estate development and hospitality group (previously known as Skai Holdings), has launched Five Hotels & Resorts, a new luxury hospitality brand, under its subsidiary Five Hospitality. Five Hotels & Resorts will manage

Middle East’s retailers ‘need to invest in mobile shopping platforms
(The National - 20/06/2017)

The Middle East’s retailers need to invest in mobile shopping platforms and secure sites to boost online sales, according to a report from PricewaterhouseCoopers. Earlier this year, PwC released its Total Retail Survey 2017 that interviewed more than

WB report sees modest growth in GCC
(Oman Daily Observer - 20/06/2017)

A new World Bank report projects growth in the Gulf Cooperation Council (GCC) countries will gradually recover from 1.3 per cent in 2017 to 2.6 per cent in 2019. The first edition of the Gulf Economic Monitor, which will be produced half-yearly by the

UAE private wealth projected to log strongest growth in GCC
(Saudi Gazette - 20/06/2017)

Private wealth growth in the United Arab Emirates (UAE) witnessed a significant increase in 2016 (8.3 percent) as it continued to lead GCC private wealth growth, according to a new report by The Boston Consulting Group (BCG) titled “Global Wealth 2017:

Saudi non-oil private sector to rise at 1.2% in ’17
(Saudi Gazette - 20/06/2017)

The non-oil private sector in the Kingdom is expected to grow at around 1.2 percent compared to 0.1 percent in 2016, Jadwa Investment’s recent macroeconomic update showed. “The recent issuance of an Islamic bond (sukuk), and the reinstatement of