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Lebanese PM, Saudi minister talk support for country’s economy
Prime Minister Saad Al-Hariri spoke to the Saudi finance minister on Saturday about support for the Lebanese economy and preparations for the first meeting of a bilateral council, his media office said.
Bahraini SMEs warned to register for VAT ahead of December deadline
Small and medium-sized enterprises (SMEs) in Bahrain have been urged to register for value-added tax (VAT) ahead of the December 20 deadline, according to a report.
Bahrain scraps fees on 200 government services
Bahrain has decided to scrap fees on up to 200 government services, it was announced in a cabinet meeting on Monday, according to a report by the Gulf Daily News website.
Oil sinks 5% on forecasts of quick Saudi output recovery
Oil prices sank five percent on Tuesday, reversing some of the previous day's gains as analysts said they were expecting Saudi output to recover sooner than expected after weekend drone attacks.
LuLu Hypermarkets introduces reusable and paper bags at Saudi Arabia outlets
LuLu Hypermarkets has introduced new reusable and paper bags across all its stores in Saudi Arabia as part of a wider campaign to reduce plastic consumption and protect the environment, according to media reports.
New export markets, Expo 2020 boost Dubai business confidence in Q2
New export markets and projects being launched ahead of Expo 2020 are energising economic activity in Dubai, particularly in the trading and construction sectors, according to a new survey.
Majid Al Futtaim launches new rewards app in UAE
Leading retail and leisure pioneer Majid Al Futtaim on Friday launched a new app-based lifestyle rewards programme called Share, which allows customers to earn and spend points at 2,300 outlets in its 16 shopping malls and 11 hotels in the UAE.
Emirates launches 2-second biometric boarding system for US flights
Emirates has become the first airline outside the US to receive approval for biometric boarding from the US Customs Border Protection (CBP).
NBO closes $300m Syndicated Term Loan Facility
National Bank of Oman (NBO), has successfully closed its debut $300 million three-year Syndicated Term Loan Facility which was signed on August 29, 2019.
Saudi prince says 100% committed to Sheffield Utd after court victory
Saudi royal Prince Abdullah bin Mosaad bin Abdulaziz Al Saud has said he is 100 percent committed to Premier League club Sheffield United after winning a court battle to become sole owner earlier this week.
Saudi Arabia's Freddie Mac plans sukuk to raise $267m
Saudi Real Estate Refinance Co, the kingdom’s first mortgage-refinancing firm, plans to raise as much as SR1 billion ($267 million) in Islamic bonds by the end of the year.
UAE among top Arab nations for social progress
The UAE has retained its top ranking among the GCC states in the 2019 Social Progress Index, which takes into account 51 indicators including nutrition, shelter, safety, education, health, personal rights, and inclusiveness.
UAE central bank lowers interest rates by 25 basis points
The UAE Central Bank (CBUAE) has announced it will lower interest rates applied to the issuance of its certificates of deposits in line with the decrease in interest rates on US dollar, following the Federal Reserve Board's decision.
Saudi oilfield attacks ‘had zero impact on economy,’ says finance minister
Saudi Finance Minister Mohammed Al-Jadaan said that the weekend attacks on the Kingdom’s oil infrastructure would have “zero” impact on the country’s economy as concerns about global oil supplies eased.
Bulgaria signs up Saudi-led group for TurkStream gas pipeline extension
Bulgaria’s state gas company signed a €1.1 billion ($1.2 billion) contract on Wednesday with Saudi-led group Arkad to build a gas pipeline to carry mainly Russian natural gas.
Expo 2020 Dubai site hits major construction milestone
The final piece of the Al Wasl dome has been lifted into place, representing a significant milestone in the construction of the centrepiece of the Expo 2020 Dubai site.
KIPCO raises over $312 million from rights issue
Kuwait Projects Company (KIPCO) has revealed that it has raised $312.3 million in equity from its latest rights issue.
Dubai sets up unit to attract more private sector investment
Dubai has established a dedicated unit to focus on public-private partnerships (PPP) as it looks to develop and maintain a sustainable, high quality infrastructure in the city.
Dubai realty transactions up 12%, 48 new projects launched
The results of the real estate sector's performance in the first five months of 2019 indicate a significant improvement in the value of real estate transactions and investments, with transactions reaching Dh106 billion compared to Dh95 billion in 2018, a growth rate of 12 per cent, Dubai Land Department said in its annual report.
Emaar inks final terms for $500m sukuk
Emaar Properties on Tuesday said it had signed final terms with the lenders related for the issuance of $500 million (Dh1.8 billion) Islamic bond (sukuk).
Saudi says oil output to be restored by end of September
Saudi oil production will be fully back online by the end of September, the Kingdom's Energy Minister, Prince Abdulaziz bin Salman, told the media during a news conference in Jeddah on Tuesday.
Bahrain loses title of world's best destination for expats
Bahrain has lost its title as the world's best destination for expats after falling six places in the latest Expat Insider survey.
Shareholders back proposed merger between Kuwait's Kamco, Global
Kamco Investment Company on Tuesday announced that its shareholders have approved all matters related to a draft merger contract between the company and Global Investment House.
Detroit businessman confirmed as new US ambassador to the UAE
Prominent Detroit businessman and Republican donor John Rakolta Jr. has been confirmed as US president Donald Trump’s ambassador to the UAE.
What Dubai's DWTC has in store for the remainder of 2019
With 54 exhibitions, trade shows and international conferences taking centre stage before the end of 2019, Dubai World Trade Centre (DWTC) has kicked off its latest season.
Dubai real estate deals rise 12% as new project launches accelerate
The value of real estate transactions in Dubai reached AED106 billion ($28.8 billion) in the first five months of 2019 compared to AED95 billion in 2018, a growth rate of 12 percent, a new report revealed on Tuesday.
Stocks steady on supply assurance
Saudi Arabian stocks closed higher on Monday after sliding on the previous day following assurance by oil producer Aramco that there will be no supply shortage as a result of Saturday's attack on its facilities.
Oil may hit $75 level if Saudi outage lasts for over six weeks
Oil prices are projected to break above the $55-65 a barrel range witnessed over the last few months, and to hit $75 if outage prolongs, damaging economic growth of major oil-importing countries, as well as impacting their currencies, analysts said.
Saudi-led group reinstated as builder of Bulgaria gas pipeline
A Saudi-led consortium was definitively reinstated on Monday as the builder of a new gas pipeline through Bulgaria, intended to hook up to Gazprom’s TurkStream project.
Bahrain's Investcorp seals $96m deal for German property
Bahrain-based Investcorp has announced it has completed the acquisition of Airport Centre, a multi-let office and light industrial property located in Hamburg, Germany for about €85 million ($96.6 million).
Dubai's Drake says phase 1 of new Kuwait university completed
Drake & Scull International (DSI) on Monday announced the completion of phase one of construction of the Sabah Al-Salem University in Shadadiya, Kuwait.
Etisalat to launch awareness campaign for Expo 2020 Dubai volunteer programme
UAE-based telecoms operator Etisalat will launch an awareness campaign for Expo 2020 Dubai as it seeks 30,000 volunteers for the event, Expo announced on Saturday.
How Dubai's DIFC compares globally for fintech potential
Dubai International Financial Centre (DIFC) has been named the seventh best fintech location globally, highlighting Dubai’s efforts to support sustainable economic growth.
INTERVIEW: ‘Aramco IPO is going to change markets in the region,’ says strategist Yazan Abdeed
Seasoned regional investor Yazan Abdeen has developed a simple formula for successful investing in the Arabian Gulf: “Buy when people cry. Sell when they yell.”
Bahrain's bwallet expands to include UK transfers
Bahrain’s first digital mobile wallet, bwallet, now includes money transfers to bank accounts in the United Kingdom.
Kuwait's Sheikh Mubarak in talks to launch financial vehicle in Australia
Kuwait’s Sheikh Mubarak Al Abdullah Al-Mubarak Al Sabah is planning to launch a financial vehicle in Australia and is currently in talks with potential partners, he told Arabian Business in an interview.
Saudi stocks fall more than 3% after drone attack
Saudi Arabian stocks sank after drone strikes highlighted the vulnerability of the kingdom’s oil facilities to terrorist attacks.
New businesses pick up in UAE
The UAE economy gained momentum at the right time by posting a 6 per cent growth in new business licences this year, reflecting growing investor confidence in the country ahead of the one-year countdown to Expo 2020 Dubai that starts next month.
UAE's global ranking for helping digital firms to thrive improves
The UAE improved its global ranking and maintained its top position in the Middle East among 115 countries to help digital companies thrive and traditional businesses harness the digital dividend.
Only innovative developments can attract new customers
Property developers in Dubai cannot just duplicate their existing projects because new developments have to add value to the emirate's economy and attract new types of demand after the latest initiatives announced by the government, say industry executives.
Bahrain bank launches new unit to help struggling firms
National Bank of Bahrain (NBB) has announced that it has launched a new business to offer specialised financial restructuring advice for companies across the Gulf region.
Kuwait's Capital Market Authority to start stake sale of bourse to local investors
The Kuwait Capital Market Authority will start next month a public offering of its 50 percent stake in the local stock exchange.
UAE's global ranking for helping digital firms to thrive improves
The UAE improved its global ranking and maintained its top position in the Middle East among 115 countries to help digital companies thrive and traditional businesses harness the digital dividend.
Consumer trust in the UAE banking sector surges
Consumer trust in the UAE's banking sector has been growing stronger year-on-year, ranking the industry way ahead of its peers in developed nations, according to a survey.
Now, more Emiratis serving in UAE companies
The sight of young Emiratis serving customers at malls or in a supermarket surely busts the stereotype that UAE citizens don't do jobs on the ground - they do, and they do it well.
Debenhams enters Oman as part of Middle East expansion
Debenhams has opened two new stores in its biggest international region, the Middle East, entering Oman for the first time, and taking the number of stores in this region to 29.
OPEC cuts 2020 oil forecast, urges effort to avert new glut
OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude.
Saudi Arabia to continue OPEC Plus-agreed production cuts
Saudi Arabia will continue to cut oil production at a pace that exceeds its share in the OPEC Plus deal, the Kingdom’s energy minister Prince Abdulaziz bin Salman said.
Saudi Aramco may shun direct IPO sales to US funds on legal risk
Saudi Aramco is considering a structure for its initial public offering that would prevent it from marketing the deal directly to fund managers in the US, people with knowledge of the matter said.
Kuwait Finance House plans $8.8bn deal for Bahraini bank
Kuwait Finance House offered to buy Bahrain’s Ahli United Bank in an all-share deal that’s valued at about $8.8 billion.
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