Category Archives: Business

New Kuwait Fund will manage $100m in local assets


Kuwait plans a new state-owned fund to manage as much as $100 billion in local assets with the goal of selling them to private investors in five to seven years, according to local media reports. The new sovereign wealth fund … Continue reading

Category: Business

UAE anticipates $3.3bn windfall from introducion of V.A.T.


The UAE is likely to generate revenues of more than $3bn in its first year of implementing value added tax, a senior government official has confirmed. Continue reading

Category: Business

EBRD invests €1.4 billion in SEMED states


In 2015 the European Bank for Reconstruction and Development (EBRD) invested over €1.4 billion in 37 projects across the southern and eastern Mediterranean (SEMED) region, where it began investment operations in 2012. The investments were made in the energy and … Continue reading

Category: Business

Is Saudi Aramco worth 10 times more than Apple?


Saudi Aramco could be worth $10 trillion following listing; analysts estimate the company could now be worth more than 10 times Apple Inc’s peak of $756bn. State-owned Saudi Aramco said it was considering listing in capital markets on Friday, in … Continue reading

Category: Business, Uncategorized

Oman to slash spending & increase taxes in 2016


Oman announces plans to increase corporation tax, cut spending, subsidies The sultanate is expected to post a budget deficit equivalent to 17.7 per cent of GDP for 2015. Oman, which has long followed a policy of “good housekeeping”  has announced … Continue reading

Category: Business

Saudi fuel price hike as 2016 budget shortfall projected


Saudi Arabia has announced that it will increase its fuel prices in line with other GCC countries amid an extended dip in oil revenues. The kingdom will increase the price of petrol by two-thirds to 0.75 riyals (Dh 0.73) a … Continue reading

Category: Business

Sisi’s commodity initiative fails to find universal favour


A plan by Egypt’s Presi­dent Abdel Fattah al-Sisi to bring down runaway commodity prices is seen by a wide section of the public as one last at­tempt to help the poor put food on the table but some economists fear … Continue reading

Category: Business

Gulf interest rates rise


Four Gulf States have raised their interest rates following a historic decision by the United States Federal Reserve. The organisation increased interest rates for the first time in nine years on Wednesday in the belief that the US economy had … Continue reading

Category: Business

EBRD launches refugee crisis response


To ease the pressure caused by the refugee crisis in the Middle East, the European Bank for Reconstruction and Development (EBRD) is providing a loan of up to $14 million to the Water Authority of Jordan (WAJ) to carry out … Continue reading

Category: Business

Dubai: new legislation causes consternation


A new law that demands companies seek government approval before carrying out surveys in Dubai could hurt the property sector and discourage research in the emirate, experts have warned. The Dubai government announced a law late last month intended to … Continue reading

Category: Business