Middle East Business News Review – 6 May

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

Saudi-BAE Hawk deal inches closer

According to a British newspaper report, BAE Systems is close to sealing a $808 million deal with Saudi Arabia to sell up to 30 Hawk trainer aircraft. Click here to read more…

Korea-UAE trade ties to expand at record level, says minister

A South Korean minister said trade between South Korea and the UAE will beat last year’s $20bn figure. Click here to read more…

Saudi Grand Mufti denounces ‘sinful’ Arab unrest

Saudi Arabia’s top cleric has blamed sinfulness for the pro-democracy chaos that has swept the Middle East, toppling four heads of state during the last 16 months. Click here to read more…

Oman posts high 2011 GDP growth

Oman’s nominal gross domestic product (GDP) recorded a growth of 22.7% to OMR27.95bn ($72.62bn) during 2011, according to the state news agency. Click here to read more…

Sky News Arabia to start broadcasting today

Sky News Arabia, British Sky Broadcasting’s (BSkyB) first foreign-language news channel, will go live at 8pm local time Sunday. Click here to read more. (Source – Arabian Business)

DWTC achieves 7% rise in exhibiting companies

The Dubai World Trade Centre (DWTC) on Saturday reported a year-on-year spike in event-related traffic with over 1.65 million visitors attending major trade fairs in 2011. Click here to read more. (Source – Gulf News)

Air Arabia posts 12% rise in Q1 profit

Air Arabia, the Middle East’s biggest budget carrier, reported a 12 percent rise in first quarter profit as demand for low cost transport increased. Click here to read more. (Source – Arabian Business)

Qatar proposes to base 2012-13 budget on US$65 oil

Qatar, an OPEC producer, may raise the base oil price in its 2012-2013 budget for the first time in three years. The country’s finance ministry proposed that the budget be based on an oil price of US$65 a barrel, Finance Minister Yousef Hussain Kamal told reporters at a conference in the country’s capital Doha Sunday. Click here to read more. (Source – Arabian Business)

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