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…
Category Archives: Region
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…
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Independent Middle East News
- GCC Forming Gulf Union May 14, 2012by Mahmoud Abu Ghosh At least three members of the six-nation Gulf Cooperation Council (GCC) have hinted they are likely to back a Saudi plan to transform the council into a Western-backed diplomatic and military union. The London-based Al Hayat daily cited a senior GCC source who said Qatar and possibly Kuwait could join Bahrain […]
- PLC Deputy Speaker Reveals Scope of PA Corruption May 12, 2012by Mahmoud Aby Ghosh Hasan Khreishah, deputy speaker of the Palestinian Legislative Council, blasted the Western-backed Palestinian Authority on Saturday, holding it responsible for rampant corruption and human rights violations. He specifically blasted the Fatah-led PA for human rights abuses against Palestinian journalists. “Since the signing of the Oslo A […]
- Turkish Forces Kill 5 Kurds, Detain 28 May 9, 2012by Mahmoud Abu Ghosh Turkish forces killed five Kurdish rebels on Tuesday near the town of Tatvan in northern Kurdistan’s Bitlis province. The fighters killed were believed to be members of the outlawed Kurdistan Workers’ Party (PKK). Ankara also announced on Tuesday that Turkish forces have detained 28 people in simultaneous raids across six provinces, [... […]
- Kurds Ambush Turkish Troops, Kill 3 May 4, 2012by Mahmoud Abu Ghosh Turkish forces hunting Kurdish resistance fighters were ambushed by guerrillas from the Kurdistan Workers’ Party (PKK) on Friday. Three soldiers were killed in the ambush, which took place in Turkish-occupied northern Kurdistan. The soldiers were killed when guerrillas opened fire on Turkish troops raiding suspected rebel hideouts in the […]
- PA Defends Internet Censorship April 30, 2012by Mahmoud Abu Ghosh The Western-backed Palestinian Authority on Sunday defended its decision to block websites that are critical of Fatah leader Mahmoud Abbas, denying allegations it was violating freedom of expression. PA Attorney-General Ahmed al-Mughni claimed that the websites were blocked for breaking the law and following complaints from Palestinians. […]
- GCC Forming Gulf Union May 14, 2012