gulf countries

The Dubai Effect

The emirate leads regional hospitality and tourism sectors with new attractions and innovative products By Yahia Idris With the latest opening of the Dubai Water Canal and the developments surrounding it, the emirate has once again proved to the world that a leadership with a vision will continue to set top-tier achievements and create breathtaking

[ Read More ]

Debtors Shall Not Go to Jail, Unless…

UAE’s new Federal bankruptcy law to benefit debtors, creditors and the economy. BY H.E. Obaid Al Tayer Mature economies have proven the need to implement a modern bankruptcy law in each country that wishes to strengthen its economic status. The aim behind the federal bankruptcy law is to attract capital in a safe and attractive

[ Read More ]

Gulf Tourism Frenzy in Bosnia Delights Business, Polarises Locals

By Daria Sito-Sucic SARAJEVO, Aug 21 – Abdulah Al Sanousi enjoys the breeze in the lush resort outside Sarajevo where his family bought a flat to escape the summer heat at home in Kuwait, one of thousands of new Gulf buyers whose investment has polarized local opinion. They discovered mountainous Bosnia, where half the population

[ Read More ]

Business Outlook: Steady As They Go

Turkey’s coup won’t really affect the GCC Markets BY Tarek fadlallah The dramatic events in Turkey last month have led to increasing volatility in the country’s financial market, following a sharp sell-off in stocks, bonds and the Turkish Lira. In the week after the failed coup, the Borsa Istanbul 100 Stock Index fell by nearly

[ Read More ]

Saudi Arabia: Quietly Does It

The Saudi transformation few are paying attention to BY Fahad Nazer Media coverage of Saudi Arabia over the past year has largely focused on its new, more assertive foreign policy, as demonstrated by its military campaign in Yemen. More recently, a blueprint for economic reform known as “Vision 2030” aimed at reducing the country’s dependence on

[ Read More ]

Bahrain Arrests Eight Men Trying to Escape to Iran by Boat: BNA

DUBAI, June 5 – Bahrain’s coast guard has arrested eight people who were trying to escape to Iran by boat, state news agency BNA reported on late on Saturday. Bahrain’s official agency said two other men it described as “fugitives” had organised the escape from Iran. The eight men had already been convicted – in

[ Read More ]

Gulf OPEC Members Seek Joint Action on Oil Output

By Rania El Gamal and Shadia Nasralla VIENNA, June 1 – Gulf OPEC members including Saudi Arabia are looking to revive the idea of coordinated oil-output action by major producers when the group meets on Thursday, a senior OPEC source said, but Iran signalled the country was not ready for any such pact. “The Gulf

[ Read More ]

GCC: Change Is Needed

GCC central banks need to bolster research to reform decades old dollar pegs BY Martin Dokoupil Oil-rich Gulf Arab states’ central banks lack adequate research capabilities to pursue a currency reform that could help them better control their economies in both harsh periods of low crude prices as well as in times of economic boom, says

[ Read More ]

Kuwait’s KNPC Says in Talks For $6.4 Bln in Loans for Clean Fuels Project

DUBAI, May 29 – Kuwait National Petroleum Company (KNPC) is in final stages of talks with international institutions for $6.4 billion in the second tranche of loans to finance its multi-billion dollar Clean Fuels project, state news agency KUNA reported on Sunday. The first portion, signed on April 28, was worth 1.2 billion dinars ($3.97

[ Read More ]

Kuwait Freedoms Make Austerity Drive Tricky for Government

By Sylvia Westall and Ahmed Hagagy KUWAIT, May 2 – A three-day strike by oil workers in Kuwait last month over pay reforms shows the government faces considerable opposition as it prepares to push through painful and controversial cuts to longstanding welfare benefits. Oil-exporting states around the Gulf are reducing subsidies for fuel, public utilities

[ Read More ]