Middle East Business News Review – 15 August

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Middle East Business News Review:  Top Business News from the Middle East & North Africa

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Photo – Vahid Salemi/AP

GCC nations have great interest in missile defence systems – Lockheed Martin

Saudi Arabia and other Gulf countries have shown interest in buying the most advanced Lockheed Martin Corp missile defence system to counter perceived threats, executives of the Pentagon’s top supplier said on Wednesday.

RAK Airways to launch its first domestic flight to Abu Dhabi

RAK Airways will embark into a major milestone with its touchdown in the capital, Abu Dhabi on 3 October 2012. With the first flight to Abu Dhabi, RAK Airways will be the first UAE flag carrier to operate domestic flights and the airline’s route network moves up to 10 destinations.

91% citizens happy with life in the UAE – survey

Citizens in the United Arab Emirates believe they enjoy a better quality of life than most of their European counterparts, a market research report said on Wednesday.

Libyans favour close relations with Western regimes

A majority of Libyans (54%) surveyed in March and April 2012 approve of the leadership of the US

Standard Chartered fined $340m over multi-billion dollar Iran deals

Standard Chartered Plc will pay $340 million to New York’s bank regulator over transactions linked to Iran, as part of the ‘civil penalty’ for hiding 60,000 transactions with proscribed Iranian clients worth $25 billion over ten years.

L Capital Asia takes equity stake in jones the grocer

L Capital Asia L.L.C. (“L Capital Asia”), a private equity fund sponsored by LVMH takes an equity stake in jones the grocer (“JTG”), a leading food emporium from Australia.

Saudi Arabia approves $16.5 billion Mecca transport revamp

Saudi Arabia has approved a 62 billion riyal ($16.5 billion) plan to modernize the transport system in its holy city of Mecca, including building a bus network and metro system, according to state news agency SPA.

Saudi Arabia objects to .gay and .islam domain names

The Saudi Arabian government is objecting to a number of proposed new Internet address endings, including .gay, .bar, .baby and .islam.

The country claims the .gay domain would promote homosexuality and would be offensive to “many societies and cultures.” Saudi Arabia’s Communication and Information Technology Commission (CITC) filed objections to 31 domain extensions, primarily on cultural and religious grounds.



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