by Asharq Al-Awsat | Oct 15, 2009 | Business
KUWAIT CITY (AFP) – Economic recovery in the United Arab Emirates is expected to be slower than in other Gulf States due to high debt levels and its struggling real estate market, a Kuwaiti bank said on Wednesday. Forecasting the UAE to record its first budget deficit...
by Asharq Al-Awsat | Oct 14, 2009 | Business
BAGHDAD, (AP) – Iraq’s Cabinet has signed off on a $67 billion draft budget for 2010 that is well below what officials have said is needed, raising concerns that the shortfall will derail the progress of Iraqi security forces just they are taking over from...
by Asharq Al-Awsat | Oct 14, 2009 | Business
RIYADH, (Reuters) – Three of Saudi Arabia’s biggest banks had mixed fortunes in the third quarter, with SABB reporting its lowest quarterly profit in four years after it increased its provisions for bad loans. Riyad Bank, the No.3 lender, saw its net...
by Asharq Al-Awsat | Oct 14, 2009 | Business
DUBAI, (Reuters) – Dubai jewellery group Damas International Ltd said chief executive officer and managing director Tawhid Abdulla had resigned after disclosing “unauthorised transactions”. Nasdaq-listed Damas said it had appointed Hisham Ashour,...
by Asharq Al-Awsat | Oct 13, 2009 | Business, Interviews
Abu Dhabi, Asharq Al-Awsat- Informed GCC sources have revealed to Asharq Al-Awsat the details of the GCC Monetary Union Agreement, which prohibits the GCC institutions and governmental departments from giving any instructions to the GCC Central Bank, and the national...
by Asharq Al-Awsat | Oct 13, 2009 | Business
LONDON (Reuters) – World demand for OPEC’s oil will be stronger than expected next year as the economy picks up, the producer group said on Tuesday. Demand for OPEC crude will average 28.39 million barrels per day (bpd) in 2010, the Organization of the...
