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GCC foreign assets to hit $2.26 trillion
With a record 146% jump in current account surplus, economists are predicting the net foreign assets of the GCC countries are poised to rise 25.7% to $2.26 trillion in 2008 from $1.8 trillion last year, Khaleej Times has reported. Forecasts said that the GCC's current account surplus is on track to reach $463.4bn in 2008, and further predicted to reach $554.3bn in 2009, and $647.5bn in 2010.
Middle East: Sunday, August 03 - 2008 at 09:02

Tharawat launches in Bahrain
Shariah-compliant Tharawat Investment House has launched in Bahrain with a capital investment of $33.25m. The company is licensed by the Central Bank of Bahrain and will offer various Islamic investment vehicles in the region.
Bahrain: Saturday, August 02 - 2008 at 14:36

UAE links with IMF data scheme
The UAE has joined with 92 other countries in streamlining its economic data under the International Monetary Fund's (IMF's) General Data Dissemination System (GDDS), Gulf News has reported. The UAE will develop a statistical system as part of its participation in the IMF scheme.
United Arab Emirates: Saturday, August 02 - 2008 at 12:22

Tasi resumes downward trend
Saudi stocks' downward trend has resumed in the past week plunging by 3.75%, closing at 8,740.74 points from 9,080.87 points in the previous week, Arab News has reported. The market has ignored the record semi-annual profits announced by leading firms Sabic, Safco, and STC.
Saudi Arabia: Saturday, August 02 - 2008 at 09:03

GCC oil revenues top $600bn
GCC oil revenues are expected to be over $600bn in 2008 and 2009. Oil prices are expected to remain above $100 a barrel this year, providing the platform for medium-term economic growth said a Gulf Finance House report. Governments across the six GCC nations are expected to collectively spend $300bn this year and some $2 trillion of private sector projects are either planned or underway.
Middle East: Thursday, July 31 - 2008 at 11:57

Saudi inflation to drop in 2009
Inflation in Saudi Arabia will average 11-12% this year and is expected to drop slightly to 10% in 2009. A report by Samba Financial Group said that government spending and less likelihood of a rise in US interest rates any time soon mean that domestic liquidity growth is likely to remain pronounced. Food prices and rent are the most immediate cause of inflation in the kingdom.
Saudi Arabia: Thursday, July 31 - 2008 at 11:56

Kuwait considers new minimum wage
Kuwait has said it may increase the minimum wage to KD40 ($151) a month in the country, following strikes by Asian workers demanding better pay. The Ministry of Social Affairs and Labour is to submit a recommendation to the Cabinet to increase the minimum wage. If passed, it will be valid for existing and future contracts. The strike, held in the backdrop of soaring inflation of around 11% and prices, ended on Monday after an agreement was reached.
Kuwait: Thursday, July 31 - 2008 at 11:54

Bad week for Gulf markets
With the Islamic holiday due tomorrow, five Gulf markets closed for the week today. Muscat declined sharply by 7%. In Saudi Arabia, the Tadawul dropped 3.8% for the week, while the Dubai Financial Market and Abu Dhabi Securities Exchange ended down 0.58%. The Kuwait Stock Exchange bucked the trend, closing up 0.60%. On the day's trading, five markets rose. The DFM closed up 1%, the ADX 0.92% and Muscat 0.56%. Doha and Kuwait rose slightly, by 0.08% and 0.04% respectively. The markets in Bahrain and Saudi Arabia both closed the day down, by 0.65% and 0.37% respectively.
Middle East: Wednesday, July 30 - 2008 at 20:18