Wednesday, July 1, 2015

Tunisia hotel attack to hit tourism, study shows Middle East investment outlook bullish

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Finance and Economy
Militant attack to hit Tunisia's tourism
Tunisia's tourism and economy had suffered in the aftermath of the Arab Spring in 2011 and the current militant attack is highly likely to be yet another nail in the coffin for the country's tourism, which is worth up to 15 per cent of the national economy.
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UAE banks' foreign assets grow AED25 billion

Growth attributed to increase in balances of national banks with subsidiaries abroad, or foreign banks operating in the country with their headquarters abroad
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Middle East investment outlook "bullish": PineBridge study
A new study reveals that the global economy remains on a recovery trend, but the path continues to be more uneven than expected at the beginning of 2015.
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Energy
Saudi Arabia's oil revenues sink 46 per cent in H1 of 2015
Local consumption in Saudi Arabia, the world's largest oil exporter, totalled 428 million barrels of oil, comprising 23 per cent of the total output.
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Bahrain's production value of oil and gas falls to BHD429 million
Fall in value will greatly affect general budget of Government of Kingdom of Bahrain, which is 80 per cent based on oil revenues
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Egypt enters into initial deal for 15 projects worth $10 bln with China
The projects would be mainly focused on the electricity and transport sectors but would also include Chinese direct investment in other projects.
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Real Estate
Kuwait's properties' trading value declines in May
The value of investments in real estate trading fell by ten per cent or KWD13.2m on a monthly basis, registering KWD119.7m in May, while registering a significant decline of 20 per cent on an annual basis.
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Saudi government spends SAR1.2 trillion on construction in 5 years
 The Saudi ministry of planning and national economy plans to spend SAR863bn by 2025, says a member of Saudi Arabia's Eastern Province's chamber of commerce and industry.
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     News
Abu Dhabi airport passengers up 14.9 per cent in May
The number of passengers passing through Abu Dhabi airport rose to 1,877,440 in May, compared with 1,633,700 in the same month last year.
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MEA digital business to see robust growth: Cisco
The total number of Internet users in the region will grow 1.6-fold to 425 million – or 27 per cent of the population – by 2019, making the region ideal for the digital business.
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Gmail enables "undo send" feature for all users
The feature is available on all Gmail web accounts and the email management application Inbox by Gmail app but is yet to appear on settings for most of the corporate accounts.
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UAE investments in Australia total AED74bln
The UAE is currently Australia's 18th top trading partner with a trade exchange value of more than AED16.6bn, according to the Australian Department of Foreign Affairs and Trade.
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