Wednesday, October 14, 2015

Second edition of Global Islamic Economy Summit held in Dubai

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Finance and Economy
UAE eyes 11 per cent reduction in oil sector contribution to GDP
Government expects 3 to 3.5 per cent GDP growth in 2015 while it was 4.6 per cent last year. 
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Dubai private sector keeps up growth in September
The moderation in the business activity has prompted private sector companies to become more cautious in terms of their staff hiring in September.  
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Lebanese economic growth to increase 2.5 per cent in 2016: IMF
There is a chance of lowering the current account deficit, which will reach 21 per cent of GDP at the end of 2015 and 19.3 per cent in 2016.
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Energy
Oil glut to persist as global growth demand slows-IEA
Energy body says world oil demand will rise by 1.21 million barrels per day (bpd) in 2016, down 150,000 bpd from its last month's forecast.
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Saudi Arabia urged to further tap renewable energy resources
Abdulrahman Ba-Eshen, director of Al-Shoroq centre for strategic studies, expects 27 per cent of Saudi Arabia's electric power to come from renewable sources by 2020.
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Kuwait's oil production at 2.90 million bpd in September
Informed sources in the oil trade sector say that Kuwait's production stood at 2.90 million barrels per day (bpd) in September, up from 2.890m bpd in August.
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Real Estate
Qatar's real estate sector to grow in Q4

Housing units' supply for the year 2016 will increase by 30,000 units, as the real estate sector will rank first in terms of spending rates among all sectors in Qatar in 2015.
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90 per cent of Gulf real estate investments abroad directed to Europe
"Recovery in the property market will help other sectors, such as construction materials and financing institutions, to gain momentum and achieve growth."
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     News
Middle East employers and consultants expect new jobs in next six months
While energy sector in the region, hit by cheap oil and gas, is projected to grow slowly, 35 per cent of recruitment consultants expect that construction and its allied sectors will see the maximum job creation.
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E-trade in Kuwait grows by 35 per cent in 9 months

So far this year, the number of e-trades reached 12.8 million transactions with a total value of almost KWD410m, ranking second in the Arab world in e-trade volume.
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Abu Dhabi to witness sharpest fall in government spending
Despite falling oil revenues, government spending is likely to remain strong through 2018 in most of the GCC countries - Standard & Poor's (S&P).
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Huawei launches Honor 7 in Middle East

The company is aiming to gain a ten per cent market share in the region with the new Smartphone and expects to achieve $5 billion in revenue by the end of this year globally. 
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