Middle East Business News Review – 3 June

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

Global crisis not going to hurt local banking: UAE central bank

The UAE central bank announced the country’s banks won’t be adversely impacted by the turmoil roiling international markets. Click here to read more…

Kuwait stashes $17.77bn in oil revenues during last two months

A specialised economic report said Saturday Kuwait has earned oil revenues worth KD5 billion ($17.77bn) during the past two months despite considerable drop in oil prices. The Al-Shall Economic Consultants report showed that the oil prices have taken a downward trend during the past period, but did not drop below the $100 per barrel benchmark. Click here to read more…

Mideast LNG exports to Europe may drop for first time in 20 years

Rising local demand for power generation is forcing Qatar, Oman, Yemen and Abu Dhabi, suppliers of around 40% of the world’s LNG, to cut exports for the first time in 20 years. According to the International Group of Liquefied Natural Gas Importers, or GIIGNL, a Paris-based lobby group, the Middle Eastern liquefied natural gas producers, biggest suppliers of the fuel to Europe, exported 96% of their capacity last year. Data compiled by Bloomberg suggests that will fall to about 94% in 2012. Click here to read more…

Middle East bourses drop to 4-month low on global crisis

The Dubai stock market fell to the lowest level in more than four months on concerns over worsening debt crisis in Europe and a global economic slowdown that will dampen demand for Gulf oil. Shares of Emaar, the developer of the world’s tallest skyscraper in Dubai, slumped the most in almost six months. Tamweel (TAMWEEL), a mortgage lender, fell to the lowest since 1 March. The benchmark DFM General Index (DFMGI) dropped 2% to 1,441.8 at the close in Dubai, the lowest level since 2 February. Click here to read more…

MidEast carriers mull privatisation – Air Arabia CEO

Airlines in the Arab world are such a burden on government resources that up to seven state-backed carriers have considered going private in recent years, claimed the CEO of Air Arabia, the region’s largest low-cost carrier. Click here to read more. (Source – ArabianBusiness.com)

GCC customs union talks open in Riyadh

The director generals of customs departments of GCC countries opened their first meeting on the creation of a GCC customs union at the GCC headquarters here. Director General of Saudi Customs Authority Saleh Al-Khilaiwi chaired the meeting, Saudi Press Agency reported. Al-Khilaiwi expressed the hope that the meeting would be a good start for completion of the Gulf union. Click here to read more. (Source – Arab News via Maktoob Yahoo!)

UAE donates $136mn urgent food aid to Yemen

The UAE on Sunday announced food aid worth 500 million dirhams ($136 million) for Yemen where aid groups say around 44 percent of the population do not have enough to eat, state news agency WAM reported. Click here to read more. (Source – AFP via Zawya.com)

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