Middle East Business News Review – 22 May

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

ILO warns of worsening Arab youth unemployment ‘crisis’

More than a quarter of young people in the Middle East and North Africa region are unemployed, according to a new report published by the International Labour Organisation (ILO). The findings said many skilled young people are being forced into part-time and unskilled work, further aggravating the crisis. Click here to read more…

Kuwait to spend $6bn to expand airport capacity

Kuwait’s government will spend $6bn to almost double the number of passengers its airport handles by the end of 2016, the head of the country’s aviation regulator said. Click here to read more…

Iran plans oil export terminal bypassing Strait of Hormuz

Iran announced it has plans to build a new oil terminal bypassing the strategic Strait of Hormuz to boost shipments of Caspian oil, oil ministry news website, Shana, said on Monday. Click here to read more…

Libya approaching pre-civil war oil production capacity

The Libyan national oil company chief has claimed production has approached a level close to that seen before NATO-led intervention ground it to a halt. The North African nation’s oil production fell to 3% of its usual level last year with output reaching only 45,000 barrels per day (bpd) rather than 1.6 million bpd. Click here to read more…

Morocco 4G licence up for grabs in autumn 2012

Morocco telecoms regulator announced on Monday the launching of a tender to sell at least one 4G licence in the fourth quarter as part of its aim to reach the 10-year goal of providing access to broadband services across the country. Click here to read more…

Facebook To Open Dubai Office With Eye On GCC Region’s Advertisers -Sources

Facebook Inc. (FB), the social networking company that listed last week in one of the largest initial public offerings in U.S. history, will open an office in Dubai next week, a move aimed at capturing more advertisers from the Gulf Cooperation Council, or GCC region, people familiar with the matter said Tuesday. Click here to read more. (Source – Zawya.com)

Consumer Confidence High in UAE: MasterCard Survey

MasterCard on Tuesday revealed the results of the latest MasterCard Worldwide Index of Consumer Confidence, which found that, with a score of 82.1, consumers in the UAE are very optimistic about the coming months. Click here to read more…

Bahrain economic growth seen at 4-5% in 2012

Economic growth in Bahrain is expected to increase to 4-5 percent this year amid increases in crude oil production, manufacturing and government spending, a new report said on Tuesday. Click here to read more. (Source – ArabianBusiness.com)

IOC set to vote on Doha 2020 Olympics bid

Qatar Olympic Committee chiefs will learn on Wednesday whether Doha’s bid to host the 2020 Games has been shortlisted. The International Olympic Committee is set to pick the official candidates for the 2020 Olympics against the backdrop of the global economic crisis and other issues. Tokyo, Istanbul and Madrid are thought to be  favourites to make the cut over Doha and Baku. Click here to read more. (Source – ArabianBusiness.com)

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