Tuesday, May 12, 2015

Gulf states seen growing 3.5 per cent: IMF, Job losses continue to hit oil and gas sector

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Finance and Economy
Gulf states seen growing 3.5 per cent: IMF
The IMF noted in its report that the sharp increase in spending has raised the vulnerability of Gulf budgets to falling prices.
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Foreign, institutional investors buy AED 3.4bn shares in UAE
Net investments were distributed as AED1.388bn for foreign investments and AED1.016bn for institutional investments.
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Gulf states agree to push VAT project with oil low
The GCC has been discussing the idea of introducing VAT for about a decade without acting on it. But cheap oil has opened up state budget deficits. 
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Energy
Saudi minister speaks about pre-emptive measures as oil fallout bites
Saudi Arabia, along with other oil-dependent countries, will face challenges in the coming period because of the decline in oil prices in international markets.
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Saudi, Kuwait to shut joint oilfield for 2 weeks
A jointly operated onshore oilfield between Saudi Arabia and Kuwait will be shut for two weeks of maintenance, says a Kuwaiti industry source.
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Job losses continue to hit oil and gas sector
Global hiring managers report that they have not seen an increase in the number of candidates seeking a salary increment.
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Real Estate
Jumeirah Golf Estates launches Al Andalus
The project will offer a range of one- to four-bedroom apartment units and townhouses of different sizes and layouts.
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Kingdom Tower unit sales to start this year
Once completed, the $1.2 billion Kingdom Tower in Jeddah, which has the backing of billionaire Prince Alwaleed bin Talal, will be over 1 kilometre high.
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     News
Strong growth expected in Middle East M&As: experts
While more mergers and acquisitions are expected going forward in 2015, one should keep in mind that the Middle East had a slow start to 2015.
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UAE–Hong Kong trade hits $9.7 billion
Business and trade between both the countries has been growing significantly in the past years.
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Qatar wealth fund to open New York office
The Qatar Investment Authority is one of the most active sovereign wealth fund investors in the world.
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Egypt oil revenues down 34 per cent in February
Egypt's oil revenues slumped by 34 per cent to EGP1.99 billion in February, compared with the same period of last year.
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