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Saudi orders inventory of delayed payments to private sector

Tuesday, 13 February 2018

Saudi Arabia has ordered an inventory of all delayed payments to the private sector, state news agency SPA said on Monday, citing a royal decree.The decree urged a quick resolution of outstanding payments.It will also establish a committee headed by the trade and investment minister in charge of gathering data on payment delays to private sector contractors.The committee will look into reasons for the delays and come up with solutions for speedy repayment.

Dubai trader gets first cryptocurrency license in the Middle East

Tuesday, 13 February 2018

A precious metal trading company, Regal RA DMCC, has become the first to attain a license to trade in cryptocurrencies in the Middle East, according to the Dubai Multi Commodities Centre.The company said in a statement that they will offer storage for bitcoin, Ethereum and other cryptocurrencies in a vault in their headquarters in Dubai, Bloomberg reported.“We have developed what we believe is the number one most secure way of investing in Bitcoin, Ethereum and other ...

IMF chief urges Arab states to contain spending

Monday, 12 February 2018

IMF chief Christine Lagarde on Saturday urged Arab countries to reduce public wage bills and subsidies in order to rein in spending, achieve sustainable growth and create jobs.Speaking at the one-day Arab Fiscal Forum in Dubai, Lagarde welcomed “promising” reforms adopted by some Arab countries, but insisted much more was needed to overcome daunting economic and social problems.Low oil prices are weighing on the finances of Arab oil exporters, while importers are battling with rising ...

418 companies shut down in Qatar in one month

Monday, 12 February 2018

Qatar’s Ministry of Economy and Commerce published its periodic report on internal trade, which revealed that a total of 418 companies shutdown their operations in Qatar in January, 14 percent of which were new companies that were registered in the same month. Construction companies topped the list with 36 percent of that sector closing down, followed by the electronic appliances at 18 percent, common goods and grocery stores. The report, which Al Arabiya received a copy of, showed that 41 ...

50 luxury flats in Dubai have been sold for their equivalent in Bitcoin

Monday, 12 February 2018

Two entrepreneurs from the UK have sold 50 luxury apartments in Dubai that they originally promised to put on offer for Bitcoin last September.According to Business Insider, the apartments were part of the $325 mln luxury development Aston Plaza and Residences and was launched in Dubai in September 2017. It is set to be completed by 2020.“Prices range from studio apartments for $130,000 — currently about 15 bitcoins — to two-bedroom apartments priced at $380,000, or about 45 ...

Emirates firms up $16 billion order for A380 superjumbos

Monday, 12 February 2018

Emirates signed a contract on Sunday to buy as many as 36 Airbus A380 aircraft worth as much as $16 billion at list prices, firming up an order that is crucial to the future of the world’s biggest passenger jet.The order, for 20 of the double-decker planes with an option for 16 more, was originally announced on a provisional basis in mid-January. Deliveries are to start as soon as in 2020, the Dubai-based carrier said.Airbus had previously said it would have to end production of the A380 ...

Abu Dhabi financial regulator may create framework for virtual currencies

Sunday, 11 February 2018

The regulator of Abu Dhabi's international financial center said it could create rules for exchanges handling virtual currencies, in a sign that authorities in the UAE may allow trade in cryptocurrencies such as bitcoin to develop. The Financial Services Regulatory Authority (FSRA) is considering whether to establish a framework for virtual currency exchanges, the FSRA, which supervises the Abu Dhabi Global Market (ADGM), said on Sunday. "In considering such a framework, the FSRA intends ...

World Bank’s IFC calls for investment in Iraq reconstruction

Sunday, 11 February 2018

The World Bank’s private sector arm urged international companies on Sunday to overcome concerns about funding reconstruction projects in Iraq and seize high-yield investment opportunities in the country. The International Finance Corporation’s (IFC) country manager for Iraq, Ziad Badr, was speaking in Kuwait ahead of an international conference this week for donors and investors to rebuild and revive Iraq’s economy as the country emerges from a devastating three-war against ...

Iraq expects grain imports to be high this year due to dry weather

Sunday, 11 February 2018

Iraq’s grain imports will be high this year as dry weather will curb domestic crops, an Iraqi official said on Sunday. “This year is dry, our imports will be very large this year,” Sami al-Araji, the head of Iraq’s National Investment Commission said at a conference in Kuwait. Iraq, a major importer of grains, consumes around 5 million tons of wheat a year. Rice and wheat are imported by the trade ministry for Iraq’s food ...

Touting ‘transformation’, French PM seeks investment in Dubai

Sunday, 11 February 2018

France’s Prime Minister Edouard Philippe promised lower taxes and a business-friendly France at a global summit in Dubai on Sunday, seeking investment from the oil-rich Gulf region. “France is undergoing great transformation”, Philippe said, addressing a thousand-strong audience at Dubai’s World Government Summit. The prime minister pledged a “favorable framework for business and investment” and a drop in corporate taxes in France. The annual summit, often ...

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