Middle East Business News Review – 14 May

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A look at today’s important financial news and business updates from the Middle East region:

UAE federal bankruptcy law to be ready by year end

The UAE Justice Minister Hadef bin Juan al-Dhaheri announced on Monday the government is close to finalise an updated federal bankruptcy law and a draft of the legislation which should be ready by the end of this year. Click here to read more…

Saudi economy to expand at 3.9% this year – report

National Commercial Bank said Saudi economy will expand 3.9% this year and will hit 4.4% during next year. The Jeddah-based bank said in its report that the government will have a fiscal surplus of 317.4 billion riyals ($84.63bn), or 14% of gross domestic product, with an average crude oil price of $105 a barrel for Arab Light this year. It added that the kingdom will produce an average of 9.4 million barrels a day of oil in 2012. Click here to read more…

Qatar Airways CEO to European flag carriers: Stop ‘whinging tactics’

Qatar Airways CEO Akbar Al Baker has rubbished claims made by European airlines that Gulf carriers are unfairly grabbing aviation market share thanks to generous government handouts. He said in an interview that the ‘whinging tactics’ adopted by European flag carriers came out of fear of healthy competition. Click here to read more…

Jordan govt to reduce subsidies as budget deficit hits $900m

Jordanian state news agency Petra announced the country’s budget deficit could reach 2.06 billion dinars ($900 million) after donations and assistance in 2012. Suleiman Hafez, Jordan’s minister of finance, said that external and internal public debt in Jordan is estimated to amount to 1.75 billion dinars ($2.46bn) in 2012. Click here to read more…

Drought, eurozone crisis slow down Morocco economic growth in Q1 2012

London-based Al Hayat newspaper reported that Morocco witnessed a sluggish economic growth rate of just 2.2% during the first quarter of this year compared to final quarter of last year which was around 4.7%. The report blamed shortfall in rain, continued eurozone crisis, and a decline in tourist figures and foreign investment flows for the slow down. Click here to read more…

New version of Dubai strategic plan soon: Al Hamli

The announcement of a new version of the Dubai Strategic Plan 2015 is on the cards, a senior official at the Dubai Economic Council told Zawya. Click here to read more. (Source – Zawya.com)

Dubai outperforms global property markets in Q1

Dubai was the world’s top performing real estate market in the first quarter of 2012, according to the latest Knight Frank Prime Global Cities Index. Click here to read more. (Source – ArabianBusiness.com)

UAE lending, deposits up in Q1

Lending in the country rose 0.3 per cent, while deposits increased by 7.1 in the first three months of the year, according to the UAE Central Bank. Click here to read more. (Source – Khaleej Times via Zawya.com)

Bahrain regulator orders cuts to telecom charges

Bahrain’s Telecommunications Regulatory Authority (TRA) issued an order on Monday setting new charges in a bid to improve competition and lower prices to consumers. Click here to read more. (Source – ArabianBusiness.com)

Kuwait’s KFH inks $42.5m Canada property deal

Kuwait Finance House (KFH) on Monday announced that it has acquired a residential development in Canada for $42.5m, its second acquisition this year. Click here to read more. (Source – ArabianBusiness.com)

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