Login
The central bank’s prudent regulation has helped to keep the domestic banking sector in a relatively solid shape, but a prolonged downturn in the region, particularly in real estate markets, could lead to an uncomfortable situation.
The United Arab Emirates Naval Forces’ Baynunah corvette is moving towards readiness for launch in summer 2009. The first vessel, shown by French shipbuilder Constructions Mécaniques de Normandie (CMN) at IDEX 2009, was declared structurally complete and installed with propulsion machinery in March. Sensors and systems are now being installed and will be tested in sea trials this autumn.
Arab Banking Corporation's wholesale Islamic subsidiary told GSN its immediate strategy was to focus on fee income, by exploring ways to provide sharia-compliant hedging solutions as well as liability marketing products.
Abu Dhabi-owned Al-Hilal Bank is setting up an Islamic bank in Kazakhstan. The Almaty-based bank will
Russia's Stroytransgas plans to add 8m m3/d to production capacity from fields in central and northern Syria. The Abu Rabah gas field came
Oman and Uzbekistan signed an MoU in early April for a 75%/25% joint investment company …….
London AIM-listed Indago Petroleum has sold its 50% stake in Blocks 31, 47 and 43A to UAE-based RAK Petroleum. RAK Petroleum already held the balance of the interests and is the operator of the licences.
Defunct Miami-based internet phone company Latin Node Inc has agreed to pay a $2m fine after pleading guilty for violating the US Foreign Corrupt Practices Act. It was charged with paying bribes to officials in Honduras and Yemen in exchange for favourable interconnection rates.
Straitened economic times and the fall in oil prices are putting a strain on the development of Syria’s oil and gas sector. IOCs are cutting back on investment and licensing rounds have proved disappointing. But recent changes in the Ministry of Petroleum’s organisational structure show the government is thinking seriously about making its prospects more attractive to investors.
CP Sultan: Out of hospital, Musad Bin Abdelaziz: Hospitalised, Mishaal Bin Abdallah: Appointed Najran governor, Abdelrahman Bin Mohammed: Ibn Saud grandson dies, Al-Sauds: Princesses mourned, Abdelaziz Bin Fahd: Geneva holiday
In the immediate post-9/11 years Gulf watchers became used to the level of ‘Saudi-bashing’ coming out of the United States. Sensationalist authors churned out books such as Princes of Darkness: The Saudi Assault on the West, or Hatred’s Kingdom: How Saudi Arabia Supports the New Global Terrorism that sought to explore the flaws in Saudi culture and religious thought that had allowed the Kingdom to produce 15 out of the 19 hijackers.
Eleven alleged Al-Qaeda fighters arrested just north of the Yemeni border in early April were experienced jihadists who carried with them the components for a staggering 35 suicide vests. This raises the alarming prospect that jihadist activity may be poised to burst out again, with this group emerging as the tip of the iceberg as Saudi security forces set to work investigating their ties in the search for a suspected network of safe houses and arms caches.
Kuwaitis will go to the polls to elect a new parliament on 16 May, just under a year after the last elections and the third such vote since May 2006.
UAE Prime Minister and Dubai Ruler Sheikh Mohammed Bin Rashid Al-Maktoum has been busy as usual.
Promotion to become second deputy PM is a key step towards a throne the interior minister has long coveted, but reports that, with Crown Prince Sultan ailing, Prince Nayef is the anointed successor seem premature as King Abdullah's true intentions remain unclear.
