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– Dubai to attract 450,000 cruise tourists by 2016. – Bahrain restarts US$80 million worth of mixed-use projects at the Muharraq coastal site and King Faisal cornice. – Oman plans a new 100 berth marina project. – Mina Zayed port in Abu Dhabi is currently undergoing major redevelopment. Cruise pavilion […]
Defence expenditure forms one of the core fiscal expenditures of countries with millions of dollars being spent by governments to ensure that their defence system is up-to date and bolstered with highly refined arsenal. Defence expenditures aren’t however mindlessly carried out, but are carefully applied strategies that are subject to […]
EIU’s report on Business Environment in GCC Countries indicates quite a revelation even as the region continues to display positive economic trends As country after country across the globe found itself plummeting from the pedestal of business and economic security, it looked as if the Middle Eastern countries – most […]
Middle East & Africa IT Infrastructure Spending will Reach $3.5 Billion in 2014 Towards the end of the 20th century – the 1900’s so to speak – there emerged this new fad to call the new millennium as ‘Y2K.’ It was a technological reference that eluded many except for those […]
Nearly over 100,000 foreign workers face potential axe as Omani government plans to restructure the private sector to aid Omani professionals. The middle-east countries are highly favoured destinations for those seeking to emigrate for job and professional reasons. But given the fact that the rise of expatriate working professionals in […]
Recently, there has been talk of banning Whatsapp in Arab countries. Whatsapp is an Over-the-Top (OTT) messaging application, which has proven to be very popular with users. Rumours surfaced in Oman suggesting the country might block Whatsapp. But a recent statement from Oman’s Telecommunications Regulatory Authority (TRA), published in the Oman […]
New official statistics show that compared to 2010, the Sultanate of Oman increased its foreign investments by about 36.5 percent at the end of 2011. Released by the National Centre for Information and Statistics (NCSI), the figures show an Omani investment of OMR5.48 billion in foreign markets by the end […]
India and Oman explore B2B links. India, with an estimated GDP CAGR of over 14.46% by the year 2017, is easily one of the fastest growing economies in the world. Attempting to further its growth, India needs to focus on effectively expanding and managing its supply chain, but also exploring global […]
A top government official has revealed that Oman is considering the issuance of a U.S. dollar-denominated sovereign bond, which would mark the return of Sultanate to the international bond market. Speaking to Reuters, Omani finance minister Darwish al-Balushi stated that “this year we do not plan but maybe for next […]
As Islamic banking gains a strong foothold in Oman, the central bank has given the Islamic financial institutions a one-year relaxation on stringent rules governing the holding of foreign assets. The decision has been made to facilitate the domestic development of Islamic financial instruments. Last year, Bank Nizwa and Al […]
United Real Estate Company (URC), the Middle East’s leading real estate development company, announced today that its Junoot project in Shuwaimiyah, has received the prestigious ‘Special Judges Recognition’ award during the 11th Annual MIPIM Architectural Review Future Projects Awards. The award was presented during a gala ceremony and dinner held […]
The latest MasterCard Index of Consumer Confidence highlights that consumers in the GCC countries are gaining confidence in their national economies and are optimistic about the future trends. The index measured consumer confidence in five indicators, namely regular income, employment, economy, stock market and quality of life. Consumer confidence […]
The US-based PSOMAS has completed the infrastructure plan for the mega International Medical City (IMC) project in Oman. Apex Medical Group is leading the development of this modern healthcare project, which will serve the growing regional and international healthcare needs. According to Apex president, Dr Abdullah Al Joaib, “building on […]
The Capital Market Authority (CMA), Oman’s financial regulator, believes that active measures must be taken to encourage consolidation in the country’s financial sector. Consolidation in the financial sector will allow Omani banks to grow bigger in scale and also build a long-term regional presence in the Gulf region. Sharing his […]
Port of Salalah has lent administrative support in the interest of good worker and employee relations to the election process of the company’s Union Administrative Authority (UAA) and registration of the General Assembly (union) members last week. 875 employees at Port of Salalah have registered with the union for the […]
The Royal Oman Police has entered into a deal with a digital security firm to provide an end-to-end electronic passport solution for the Sultanate. After the deal, Gemalto will be working with the government to introduce state-of-the-art secure travel documents. The e-Passport initiative is part of the government’s aim of […]
Oman is seeking to buy $117 million worth of weapons from the United States.The announcement was made in a press release by the US Defence Security Cooperation Agency about a possible foreign military sale to the sultanate.The deal includes a number of a number of F-16 A/C weapon systems, as […]
Today’s top business and economy news from the Middle East and North Africa: UAE invests $200 million in Azerbaijan projects The UAE Deputy Economy Minister Mohammed Ahmed Bin Abdul Aziz Al Shihhi said during a joint business forum in Baku on Wednesday his country’s investments in Azerbaijan’s economy exceeded $200 million. […]
Today’s top business and economy news from the Middle East and North Africa: UAE’s First Gulf Bank inks $900m loan deal First Gulf Bank, the second-largest lender by market value in the UAE, has signed a three-year $900m loan with a group of international lenders, the bank said in a […]
Today’s top business and economy news from the Middle East and North Africa: Dubai posts strong visitor numbers Dubai has once again emerged as one of the most popular holiday destinations on the planet as new figures suggesting that tourists continued to flock to the emirate in September. According to Dubai Airports statistics, […]
Today’s top business and economy news from the Middle East and North Africa: Global Ports purchases DP World stake in Far East port DP World, the world’s third-largest port operator, said on Monday it has sold its 25% stake in container terminal Vostochnaya Stevedoring Co to Russia’s Global Ports Investment […]
Oman announced on Monday it is planning to invest $450 million to extend its free trade zones across the country as part of its bid to attract more foreign investment and diversify its oil-based economy. Foreign direct investment registered a decrease last year, a discouraging sign for non-OPEC crude exporter […]
Baqala Programme to cover 1000 entrepreneurs by end of 2013 Muscat, Sultanate of Oman – October 21st, 2012 – Unilever, one of the world’s leading FMCG companies and owner of global brands such as Dove, Vaseline and Lipton has launched a unique programme in Oman which seeks to enhance the […]
Oman Oil Company (OOC) plans to relocate its storage tank facility outside the Strait of Hormuz near Duqm. The company plans to build a facility that can store upto 200 million barrels of crude oil. However, the proposed storage largely depends on the producers who are willing to pay to […]
Today’s top business and economy news from the Middle East and North Africa: UAE bank giants lead China expansion march Two of the UAE’s largest banks are leading an expansion drive into China as trade between the two countries continues its rapid growth. The National Bank of Abu Dhabi (NBAD) and […]
Today’s top business news from the Middle East and North Africa: UAE federal budget deficit hits $762m in H1- report The United Arab Emirates’ federal budget deficit has hit AED2.8 billion ($762 million) during the first half of this year, a top finance ministry official was quoted as saying on […]
Today’s top business news from the Middle East and North Africa: Etihad Airways eyeing opportunities in India, Asia Etihad Airways, which has been aggressively expanding on a global level through stake purchases in firms like Air Berlin and Virgin Australia, announced on Sunday it is set to extend its geographical […]
Today’s top business news from the Middle East and North Africa: Oman announces desalination plants worth $400m An Omani government official announced on Thursday there are plans in place to build three desalination plants at a cost of about $400 million to meet the soaring demand for water. An official […]
An Omani government official announced on Thursday there are plans in place to build three desalination plants at a cost of about $400 million to meet the soaring demand for water. An official working for the ministry of water, power and electricity told Reuters that Duqm, Sur and Sohar have been […]
An Omani government financial planning officer said on Thursday the government intends to increase its 2013 budget spending by 10% compared to this year’s plan to fund new infrastructure projects. “A 10% hike in spending will take care of our growth to fund development projects such as airports, ports, roads, […]
Today’s top business news from the Middle East and North Africa: Dubai 1000MW solar power park to be completed by 2030 Dubai’s electricity and water authority (DEWA) announced on Tuesday the emirate is working on the Sheikh Mohammed bin Rashid Al Maktoum Solar Park project which will generate 1,000MW electricity […]
A cruise on the Arabian Sea in a moonlit night is becoming a reality thanks to a joint venture between a leading German tour operator and Sri Lankan travel company, reports coming from Muscat said on Tuesday. Diethelm Travel Sri Lanka, a subsidiary of Hemas Holdings PLC is joining hands […]
Today’s top business news from the Middle East and North Africa: Abraaj joins hand with US govt to launch $400m Middle East private equity fund Abraaj Capital, a leading Middle East private equity firm, announced it is going to set up a $400m fund to boost small and medium-scale business in […]
A leading Indian IT firm announced on Monday it is exploring Oman as its next largest strategic market in the Gulf region and hopes to invest in the country’s technology infrastructure. Azim Premji, Indian IT tycoon and chairman of Wipro, during his first visit to Oman said his company’s presence in Oman since the last […]
Dhofar Steel announced a joint venture of Oman’s Salalah Development Co, the Al Suwaidi Group of the United Arab Emirates and Saudi Arabia’s Al Tuwairqi Group to build a $400 million steel plant in the southern Oman city of Salalah, a statement said on Tuesday. The plant will produce 1 […]
Today’s top business news from the Middle East and North Africa: GCC integration plan needs more discussion – statement A plan to integrate six Gulf countries as proposed by Saudi Arabia last year in response to Middle East turmoil needed more discussion, Gulf Arab foreign ministers said on late Sunday after […]
A plan to integrate six Gulf countries as proposed by Saudi Arabia last year in response to Middle East turmoil needed more discussion, Gulf Arab foreign ministers said on late Sunday after they met in Jeddah. The GCC countries, Saudi Arabia, Kuwait, Qatar, Bahrain, the UAE and Oman, in January ordered […]
Ageing population boosting demand for UAE Islamic savings products Sharia compliance is the key factor driving savings decisions by United Arab Emirates nationals, where an ageing population is expected to boost demand for Islamic savings products, a top Dubai-based National Bonds Corp executive said. “Sharia compliance has been the number […]
British Petroleum (BP) will be investing $24 billion to develop gas fields in north-central Oman, according to the Ministry of Oil and Gas. The amount is for the first phase of a development program for 61 tight gas fields, and will be spread out over a 25 year concession period. […]
Middle East Business News Review: Top Business News from the Middle East & North Africa UAE banks gain from European banks’ withdrawal Banks in the United Arab Emirates are filling the gap left by European institutions pulling back from the country’s loan market – a trend that benefits local lenders […]
