Tuesday, February 10, 2015

GCC to sustain growth despite falling oil, S&P gives Saudi negative outlook

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Energy
GCC to sustain economic growth despite plunging oil prices
GCC countries are expected to sustain economic growth despite losses in oil export revenues caused by plunging oil prices, says a new report from the International Monetary Fund. 
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Innovation a key focus for GCC governments – GPCA
Gulf Petrochemicals and Chemicals Association (GPCA) says in a statement that  regional governments in the Gulf have put innovation as their top national agenda.
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Iran to turn from importer to exporter of gasoline
Iran will need no more gasoline imports next year when production starts in the major refinery being built in the Gulf, reports Irna citing the oil minister.
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Finance and Economy
S&P gives negative outlook for Saudi and Bahrain
Outlook on ratings based on an average Brent oil price of $55 per barrel in 2015 and $70 per barrel in 2015-2018.
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Lebanon's foreign currency reserves contract in January
Lebanese Central Bank's foreign assets increased by 6.28 per cent, higher than end of January 2015's reading of $35.62 billion.
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Real Estate
Dubai's DAMAC Properties announce financial results
The leading developer of high-end, luxury residential property in the Middle East, announces results for the twelve months ending 31st December 2014.
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DTZ enhances its valuation and research operations in Qatar
The global real estate company continues its drive to lead the Qatari real estate market with international best practice standards.
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     News
Ban Ki-moon stresses on public–private partnership
The secretary-general of the United Nations, has called for cooperation between the public sector and private enterprises to drive growth and societal change.
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Lebanon investment banks' assets increase by 3.21 per cent
This increase comes on the back of the 14. 71 per cent hike in claims on the private sector to $1,380 million according to Credit Libanais.
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