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Eau la la: price of water in Dubai escapes government caps

Wednesday, 28 August 2013

Water prices are getting higher and higher in Dubai as government price caps do not apply to food outlets and restaurants, only to groceries and supermarkets, reported UAE-based Gulf News. Small water bottles can cost anything upwards of $0.30 in supermarkets but, according to a survey conducted by Gulf News, prices can range from about $3- $7 in food outlets. Soft drinks prices range from $0.30 to about $6, from supermarkets to restaurants respectively. The high temperatures in the emirate ...

Egypt to launch economic stimulus plan

Wednesday, 28 August 2013

Egypt’s interim cabinet will approve a plan on Wednesday to stimulate the economy over the next nine months, al-Ahram newspaper quoted Planning Minister Ashraf al-Arabi as saying. The government has said it plans to avoid raising taxes or cutting spending to reduce the country’s mushrooming budget deficit, and instead will use aid pledged by Gulf Arab states to spur growth. The stimulus plan involves providing additional investments of at least 10 billion Egyptian pounds ($1.4bn), al ...

Indian rupee hurtles lower as foreign investors flee

Wednesday, 28 August 2013

The Indian rupee slumped to a record low below 68 per dollar and shares tumbled on Wednesday on growing worries that foreign investors will continue to sellout of a country facing stiff economic challenges and volatile global markets. Foreign investors sold nearly $1 billion of Indian shares in the eight sessions through Tuesday - a worrisome prospect given stocks had been the country’s one sturdy source of capital inflows, although net purchases so far this year still total $12bn. The ...

Saudi Ministry of Labor backs greater gender representation

Wednesday, 28 August 2013

The Saudi Ministry of Labor pledges its support for greater gender representation and youth participation across the Kingdom. Recent Saudi Arabian government statistics point to some interesting challenges that lie ahead for the Kingdom in areas of unemployment, female labor participation, and youth engagement and integration in the workforce. Unemployment remains a critical concern. According to the latest official figures, 12.1 percent of the total Saudi labor force (15 years and older) were ...

European stocks drop as tensions rise over Syria

Tuesday, 27 August 2013

Most European equities fell sharply Tuesday as investors ignored solid data from Germany and eyed possible military intervention in Syria, sending the price of safe-haven gold soaring. While London’s FTSE 100 index slid 0.79 percent to 6.440.97 points, other markets were down over two percent. Frankfurt’s DAX 30 fell 2.28 percent to 8,242.56 points, the CAC 40 in Paris dropped 2.42 percent to 3,968 points. Milan dropped 2.34 percent, Madrid fell 2.96 percent, Athens plunged 4.08 ...

Turkish central bank says won't defend lira with interest rates

Tuesday, 27 August 2013

Turkish Central Bank Governor Erdem Basci said on Tuesday he did not intend to hike interest rates to defend a sliding lira, which hit record lows on concern about the outlook for U.S. stimulus and the conflict in neighboring Syria. In an interview with the state-run Anadolu news agency (AA), Basci said the central bank had $40 billion in reserves which it could use to shore up the lira and would intervene defensively as needed to reduce exchange rate volatility. The lira weakened to a record ...

Indian rupee hits record low as confidence in government ebbs

Tuesday, 27 August 2013

The Indian rupee hit a record low and shares slumped on Tuesday after parliament’s approval of a $20 billion plan to provide cheap grain to the poor renewed doubts about the government’s resolve to control spending ahead of elections due next year. The alarm over India’s fiscal deficit eclipsed an announcement by Finance Minister P. Chidambaram that the government had approved infrastructure projects worth 1.83 trillion rupees ($28.38bn), a step aimed at reviving economic ...

Turkish currency falls to record low to the dollar

Tuesday, 27 August 2013

The Turkish lira fell to a record low level early on Tuesday on signals of a tightening of U.S. monetary policy which have hit emerging market currencies hard. The lira plunged to 2.0095 to the dollar in initial trading, rallying later to 2.0028 from 1.9920 at the close on Monday when the central bank sold $350 million in defense of the lira. The main Turkish stock market fell by 1.66 percent in morning trading. The fall of the lira under pressure from US monetary policy, as well as weaknesses ...

Foreign company to manage kidney centers project in Saudi Arabia

Monday, 26 August 2013

The Ministry of Health has announced that SR1.9 billion will be allocated for a five-year project to provide healthcare services for kidney patients. The project will be assigned soon to a foreign operating company. Dr. Aqeel Jamaan Al-Ghamdi, deputy minister of health for therapeutic medicine and hospitals and supervisor of the National Program for Dialysis, told Saudi Gazette that major global companies specialized in running dialysis centers were invited to bid for the project. He said: ...

Daughters of expats in Saudi Arabia want to work

Monday, 26 August 2013

Daughters of expatriates, many of whom are born and raised in the Kingdom, expressed disappointment at a recent decision that prevents them from working in Saudi Arabia. Daughters of expat workers cannot transfer sponsorship unlike their brothers and mothers while under the sponsorship of their guardians. Nada Bakri, a Yemeni girl who has turned 25 lately and studied at a Yemeni university through a distance learning program, said: “I have received my education here at a public school and ...

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