Middle East Business News Review – 16 May

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

Sanctions on Iran having moderate impact on Dubai economy – official

A top Dubai official has said the emirate’s economy has felt only a modest impact on trade from international sanctions against Iran so far. Click here to read more…

GCC single visa for cruise goers on cards

A single visa system for GCC (Gulf Cooperation Council) countries for cruise passengers will be rolled out this September after four long years of discussions, tourism sources said. Click here to read more…

Gulf states using more Chinese yuan for trade than ever – SCB

A senior executive at Standard Chartered said growing trade ties with China and volatility in dollar and euro is pushing Gulf states toward an increased use of the Chinese yuan for trading. Click here to read more…

Qatar, Tunisia revive $2bn Skhira oil refinery project

Qatari government has announced plans to revive Tunisia’s second refinery and is seeking a partner for the $2bn project. Click here to read more…

30% of Morocco’s urban youth unemployed, says World Bank report

According to a World Bank report, almost 30% of Moroccans between 15 and 29 years of age are unemployed. The study also noted that those most likely to suffer unemployment are uneducated city dwellers. Click here to read more…

Oil prices fall $1 on Greece eurozone woes, rise in US crude stocks

Oil prices registered a drop of more than a dollar on Wednesday as fears of Greece’s exit from the euro single currency and a larger-than-expected rise in crude stocks in top consumer United States dented the outlook for oil demand growth. Click here to read more…

News Corp ups stake in Alwaleed’s Rotana

Rupert Murdoch’s News Corporation has increased its stake in Saudi Arabia-based media firm Rotana Group by acquiring newly-issued shares in the company. Click here to read more. (Source – ArabianBusiness.com)

Saudi Electricity signs $1.25bn deal for power plant

Saudi Electricity Co (SEC) signed a contract worth SR4.7bn ($1.25bn) on Wednesday to build a power plant outside the capital Riyadh, the company said. Click here to read more. (Source – ArabianBusiness.com)

UAE April inflation at 9-month high of 0.8%

Inflation in the United Arab Emirates edged up to a nine-month high of 0.8 per cent on an annual basis in April and prices rose by 0.1 per cent on the month, data from the National Bureau of Statistics showed on Wednesday. Click here to read more. (Source – Reuters via Alrroya.com)

Dubai seeks $10 price for carbon credits as markets recover

Dubai is targeting a price of $10 for credits it hopes to earn from United Nations emissions offset projects as markets recover, according to the chairman of the government-sponsored Dubai Centre for Carbon Excellence. Click here to read more. (Source – Bloomberg via Alrroya.com)

Kuwait may exhaust oil savings by 2017: IMF

Kuwait will have exhausted all its oil savings by 2017 if it keeps on spending money at the current rate, the International Monetary Fund said in a report published on Tuesday. Click here to read more. (Source – Reuters via Alrroya.com)

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