Middle East Business News Review – 3 May

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

UAE Hormuz bypass pipeline ready, export to start in 3 months

The UAE’s Oil Minister Mohammad Al Hamli announced on Thursday the strategic oil pipeline bypassing the Strait of Hormuz is undergoing tests after completion and hoped exports to start within three months. Click here to read more…

Saudi aviation sector to get $53bn boost

Saudi Arabia announced it has plans to invest SAR200bn ($53.33bn) in aviation sector over the next five years, country’s English daily reported. Click here to read more…

Modified investment law on cards, says Kuwait Foreign Investment bureau chief

A Kuwaiti government official announced modification of foreign direct investment law is on cards as the world’s leading oil producer pushes its $111bn plan to modernise the economy. Click here to read more…

Doha holds Italian fashion show; Eyes ME fashion capital status

Doha’s ambitions of transforming itself into the fashion capital of the Middle East got a big boost when leading Italian fashion designers and executives of top clothing brands attended a two-day fashion event. Click here to read more…

Turkey slams Standard & Poor’s revised outlook

Turkish Prime Minister Recip Tayyip Erdogan on Thursday slammed international ratings agency Standard & Poor’s for lowering the country’s long-term credit outlook. The credit ratings firm downgraded Ankara’s outlook on the same day it upgraded Greece’s credit grade. Click here to read more…

IMF issues positive short/medium term GCC outlook, warns on volatile oil prices

The latest International Monetary Fund (IMF) report suggested that the short to medium term economic outlook of the GCC countries is positive thanks to rising oil prices and strong external balances. Click here to read more…

Saudi plans cable car routes for holy city

Saudi Arabian authorities have recommended the introduction of six cable car routes linking Makkah’s Grand Mosque to three areas of the holy city, it has been reported. Click here to read more. (Source – Arabian Business)

Etisalat to roll out 4G smartphones

Etisalat is set to roll out tablets and smartphones running on the 4G LTE network in the third quarter of this year, Saeed Y. Abdullah Al Zarouni, etisalat’s senior vice-president of mobile networks, told Gulf News. Click here to read more. (Source – Gulf News)

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