Category Archives: Region

Profits Increase by 22 Percent at the Arab National Bank

  The Arab National Bank of Saudi Arabia announced net profits for the fourth quarter of 2011 and the entire year, posting overall growth of 22 percent and 13.6 percent, respectively. The net profits for the fourth quarter of 2011 were SR 368 million. In 2010 profits totaled SR 301, which represents an increase of…

Iran Enriching Uranium in Isolated Mountain Bunker

According to a spokeswoman for the International Atomic Energy Agency, it has been confirmed that Iran is now enriching uranium at a new location in a mountain bunker, a setting which is difficult to strike in an attack. “The IAEA can confirm that Iran has started the production of uranium enriched up to 20 percent……

DTMFZA Finishing Construction of 40 New Buildings in Dubai

The Dubai Technology and Media Free Zone Authority (DTMFZA) is supervising the construction of 40 new buildings, to be finished early this new year. “Overall more than 200 sites are under construction, of which some projects are suspended. The progress of the sites is going on in a normal pace. We expect at least 20…

Jordan Implements New Metered Rates for Night Taxis

Hoping to satisfy both taxi owners and their customers, the Land Transport Regulatory Commission in Jordan has decided to create fixed night-time rates for taxis all across the country. The new regulations come after the LTRC received repeated complaints from consumers that taxi drivers do not use their meters at night. Countrywide Law The new…

Qatar Boosts Financial Services with $2 Billion Investment

Much Needed Injection In order to boost the development of Qatar as a center of finance in the Middle East, Qatar’s sovereign wealth fund has been quietly injecting up to $2 billion into the finance economy to allure asset management companies to establish themselves as key players in Middle East finance. Lackluster so Far According…

Indian and Saudi Business Leaders Meet

In an effort to improve the trade relationship between India and Saudi Arabia, a thirteen-member delegation of Indian business leaders met a group of influential executives from Saudi Arabia on Saturday. Great Chance For Investment The Secretary-General of the Asharqia Chamber of Commerce, Abdulrahman A. Al-Wabel, was among the Saudi business leadership at the summit….

iPhone 4S Coming to the UAE

In a race to be the first to get the latest hi-tech phone to the people of the UAE, du, one of the UAE’s two telecom providers, announced that it will have the iPhone 4S available for customers to purchase this coming Friday, December 16th. This announcement came in response to a similar announcement by…

Group Buying Trend Beginning to Grow in Middle East Market

In recent years the popularity of group buying, also known as social buying, has grown by leaps and bounds. Now a multi-billion-dollar business, group buying businesses such as Groupon have become household names throughout Europe, the US, Australia, China and beyond through their use of daily e-mails and huge discounts on everything from appliances, vacations,…

UAE Introducing New Dh500 Paper Currency

The Central Bank of the United Arab Emirates announced that Abu Dhabi will soon be placing into circulation a new Dh500 banknote. The amended banknote will be reprinted with updated security features. New Banknote Will Be Circulated November 29 “This currency note will be put in circulation as legal tender along with currency notes currently…

Mike Grant Appointed Chief Restructuring Officer for the Al Jaber Group

The privately owned Al Jaber Group, and Abu Dhabi-based civil and electro-mechanical engineering contractor, announced the appointment of Mike Grant to be their new chief restructuring officer. Mike Grant will be leading the company’s latest move to further along their debt reorganization, according to spokesmen for the company. Grant is a veteran of restructuring at…