Middle East Business News Review – 25 Apr

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

Dubai Airports reports 15.4% rise in March passenger traffic

Dubai Airports, home to the world’s fastest growing airline Emirates, said passenger traffic registered an increase of 15.4% in March compared to a year earlier, thanks to new routes it added. The government-run company said in an email statement on Wednesday that the number of passengers passing through the airport hit 4.85m from 4.2m a year ago. Click here to read more…

Abu Dhabi tourism registers 17% growth in Q1 2012

Abu Dhabi reported a rise of 17% in the number of guests in the emirate’s hotels during the first quarter of 2012. According to the Department of Tourism and Culture of Abu Dhabi, 594,918 people stayed in 130 hotels and apartment hotels in the emirate between January and March this year. It registered a rise of 10% increase in the number of guest nights, to 1.725 million compared to same period last year. Click here to read more…

Saudi to open domestic airline market in September

Saudi Arabia will allow new carriers to operate from September, the kingdom’s aviation authority said on Wednesday. The statement added that airlines will be granted licenses to operate both local and international flights. Click here to read more…

UAE, Saudi Arabia slowest on Google’s mobile internet speed test list

Internet search giant Google has claimed in a survey that the United Arab Emirates (UAE) and Saudi Arabia have one of the world’s slowest mobile download speeds. Click here to read more…

Kuwait to stem hate speech by regulating social media networks

Kuwaiti information minister announced on Tuesday the government will introduce laws this year to regulate the use of social networking sites such as Twitter, amid public outcry over cases of alleged blasphemy and sectarianism. Click here to read more…

We’re interested in having Qatar Airways in our fold, says Oneworld Alliance CEO

“We’ll keep all options open but I admire what Qatar has achieved. The combination of what CEO Al Baker has done with the airline and what Qatar has done with the new airport at Doha makes it very interesting,” CEO Willie Walsh said in an interview at an industry conference in Barcelona. Click here to read more. (Source – Arabian Business)

Kuwait’s budget surplus up 78% thanks to surge in oil prices

Kuwait registered a massive 78% budget surplus in 2011 thanks to a jump in oil exports, the Gulf Arab country’s central bank said on Wednesday. Click here to read more. (Source – Arabian Business)

Abu Dhabi’s top banks post above expectations profits

National Bank of Abu Dhabi (NBAD), the capital’s biggest lender, and Abu Dhabi Commercial Bank (ADCB) generated net profits of AED1.04 billion and AED802million respectively during the first quarter. The results beat analysts’ expectations of AED1.01bn and AED612m, according to a report published by The National. Click here to read more…

Iran seeks oil tanker fleet expansion amid looming sanctions

NITC, Iran’s oil shipping operator, said it is expanding its oil tanker fleet with the first of 12 supertankers to be delivered from China in May. Sanctions imposed by the EU on Tehran will come into effect from 1 July. Click here to read in detail. (Source – albawaba.com)

Jordan electric company, workers union resolve dispute, end 17-day industrial action

An industrial dispute between the Jordanian Electric Power Company (JEPCO) and its employees was resolved on Tuesday after a meeting at the labour ministry, ending a 17-day strike by the workers. Click here to read more. (Source – albawaba.com)

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