The $600m Shams 1 solar power plant project in Abu Dhabi is in its completion stages and will be ready by the end of this year. “Construction began during the third quarter of 2010. The project’s cost is $600m and...
One of Dubai's top foreign trade officials announced city's global trade is expected to increase by 20% to AED1.1 trillion ($300 billion) in 2012. Abdullah Al Saleh, Undersecretary of the Ministry of Foreign Trade, said he expected a strong boost in...
In line with what experts have been saying and the various research reports that are coming out, the recent 'The Wealth Report 2012' has reinforced that the economic centre of gravity is shifting towards the East. 'The Wealth Report' is...
Qatari economy grew at a rate of 14% last year amid a boom in energy exports. The inflation-adjusted double digit figure means the country's economy expanded at one of the highest growth rates in the world, albeit on a slower...
The Saudi Ministry of Labour has reported that more than 1 million Saudi nationals are now receiving unemployment benefit under the "Hafiz" programme, which pays unemployed Saudis SR2,000 ($533) a month for up to one year. The welfare scheme was...
Nokia has crossed swords with Apple in Europe over the new features and dimensions of the next generation Subscriber Identification Module (SIM) card named the nano SIM. Verge, a tech website, said Apple wants European Telecommunications Standards Institute (ETSI) to...
A World Bank official said on Tuesday Kuwait will probably find it hard to sustain its level of government spending in the medium term as oil prices may fall soon. He also warned that the indifference of the private...
Iran has announced it is doubling the monthly cash payments to its citizens. The Iranian labour news agency report comes at a time when common Iranians are suffering from soaring inflation and depreciating rial as a result of US-led economic sanctions. Behrouz Moradi, head...
A Reuters poll suggested on Tuesday that the economic outlook for most Gulf oil exporters is getting better thanks to high oil prices that will cushion against any global slump. Saudi Arabia, biggest Arab economy and world's top oil exporter,...
Moody's Investors Service welcomed a recent decision by state-owned entities in the UAE to build a new liquefied natural gas import terminal that bypasses the strategic Strait of Hormuz and termed it as 'credit-positive'. Mubadala Development Company and the International Petroleum Investment...
A top UAE official announced the government has allocated AED159.36m ($43.38m) for Emirates eGovernment between 2012-2014 as part of a major strategy to improve the nation's global competitiveness and facilitate transformation into digital age. "By implementing these initiatives we aim...
Water desalination capacity in Saudi Arabia will hit 200,000 cubic metres by 2015 as the Gulf kingdom grapples to meet soaring demand, an expert said in Riyadh. "Saudi has emerged as the world’s largest desalination market and is seen a...
Air Arabia said it will be launching additional services to Dammam in Saudi Arabia. The launch of the additional service will commence from Wednesday which will bring the Sharjah-based budget carrier's flights to the eastern Saudi port city to three...
Kuwait announced it will launch an initial tender for construction of a second terminal at its international airport in coming weeks. Kuwait News Agency (KUNA) said on Monday the project is worth around 700m to 800m Kuwaiti dinars ($2.5bn-$2.9bn). The state-run...
The UAE’s financial centres have improved their economic standing but still lag behind in the list of global economic hubs. Dubai stood at 29th position in the latest Global Financial Centres Index whereas Doha ranked 38th out of a total of...
Spanish footballing giant Real Madrid has picked up Ras Al Khaimah as the site for a branded theme park worth $1bn. Real Madrid and the Government of Ras al-Khaimah presented the Real Madrid Resort Island in the Presidential Balcony of the...
A Saudi newspaper reported that Dubai's carrier may no longer be interested in Saudi market because of the tough terms imposed by the Gulf Kingdom, the largest Arab economy and most lucrative regional market. According to a report published by Saudi...
Brand Finance rates Etisalat brand worth at USD $3.12 billion Abu Dhabi, 25th March, 2012: Etisalat, the UAE headquartered telecommunications company with operations in 17 markets across the Middle East, Africa and Asia, has been ranked in the Global 500...
The Gulf region posted a trade surplus of around $520bn last year which stands as the world's biggest and almost twice that of nearest competitor China, a new research suggested. The region boasts on its extensive hydrocarbon resources and generates...
By mid-2013, only fluorescent bulbs and LED lamps will be used across the UAE, as Emirates Authority for Standardisation and Metrology is expanding its range of efficiency standards to cover more electrical appliances including washing machines and refrigerators. According to...
The spirit of childhood could become the next item on the world’s endangered list, according to a report released by OREO, a popular American cookie brand, and YouGov. The report indicated that in the UAE and across the GCC...
Kuwait’s state-run news agency reported the oil rich nation's gross domestic product to grow as much as 5.4% for the fiscal year ended 31 March, citing a study by the finance ministry’s Department of Macroeconomic and Fiscal Policy. Kuwait News...
Kuwait's Emir Sheikh Sabah Al Ahmad Al Jaber Al Sabah has donated a sum of $5 million to the disaster-stricken Fukushima Prefecture. State-run Kuwait News Agency (KUNA) quoted Kuwaiti foreign minister Sheikh Sabah Khalid Al Hamad Al Sabah as saying that...
United Parcel Service Inc. (UPS) has bought TNT for $6.8bn as part of its plans to further expand in the European region. The Georgia-based courier service is financing the deal with an equal mix of cash and debt. As...
Etihad Airways announced an exclusive partnership with the UAE's first internationally certified organic farm to supply fresh organic produce for its inflight First Class dining menus. The UAE's national flag carrier will be sourcing fresh organic produce daily from the...
Online education is one of many options available to the Middle East region’s professionals but how popular is it among them? What are perceptions of employers and peers when it comes to online courses and degrees in the region? Following...
Dr. A. Hamid Majid, renowned oil expert, affirmed that huge reserves of heavy oil exist in Wafra oilfield between Kuwait and Kingdom of Saudi Arabia, amounting to around 25 billion barrels. He said that if exploited, it will become the...
Etihad Airways announced it has signed a new codeshare agreement with China Eastern Airlines as part of its major worldwide expansion plans. The UAE's flag carrier inked the memorandum of understanding (MoU) in China that enables both the airlines to encompass...
The UAE's Ministry of Labour has announced it intends to replace unqualified labourers with skilled workers as part of its plans to modernise the country's workforce. Humaid bin Demas, the undersecretary of the ministry, revealed the government aims to have...
Hewlett Packard's top management has announced plans to merge the PC and printing division as part of a major overhaul to spur consumer hardware sales. The source, on condition of anonymity, revealed that Vyomesh Joshi, long term chief of printing...