Ahmadinejad not welcomed in London Games
May 17th, 2012 
Hassan Shahin
Iranian President Mahmoud Ahmadinejad said Thursday that he wanted to go to the Olympics Games in London starting in July but added that the British were reluctant, reported the official news agency IRNA. “I would stand beside the Iranian athletes at the Olympic Games in London to encourage them but they (the British) have problems
Call to invest in GCC hotel sector
May 16th, 2012 Rana Khalifa
Global experts gathered at this year’s Arabian Hotel Investment Conference (AHIC) and delivered a clear message: now is the right time to invest in the Gulf’s growing hotel industry – namely the United Arab Emirates (UAE), the Kingdom of Saudi Arabia and Oman. Commenting on the issue, Jonathan Worsley, Chairman & CEO Bench Events,
Record profits for Kuwait Energy
May 16th, 2012 Rana Khalifa
Kuwait Energy plc, an independent oil and gas company, has announced its financial and operational results for the year 2011 during its annual meeting of shareholders. The Company posted a record net profit of US$34.8 million in 2011, up 58.9% from 2010, a record year-end proven and probable reserves of 235.3 million barrels of oil
Arab Spring raises cases of money laundering in Switzerland
May 14th, 2012 Hassan Shahin
The Swiss authorities fighting against money laundering have strongly felt the effects of the Arab spring. Never before, since the creation in 1998 of the Office, it has recorded so many cases and for a cumulative amount of 3.3 billion francs. For the fifth consecutive year, the reported suspicions of money laundering cases have increased
Syria: 45% depreciation of the pound on the parallel market
May 10th, 2012 Hassan Shahin
The Syrian pound has depreciated 45% against the dollar on the parallel market and the stock market has fallen 40% since the beginning of the revolt in the country in March 2011, said Wednesday the Assistant Director General of the International Monetary Fund (IMF). “The pound has fallen 45% in the parallel market and 25%
Belarus leader: Sarkozy got US$100 million from Gaddafi
May 9th, 2012 Rana Khalifa
Former French President Nicolas Sarkozy has taken US$100 million from former Libyan leader Muammar Gaddafi to finance his 2007 presidential campaign, said Tuesday in Minsk, Belarusian President Alexander Lukashenko, quoted by agency Ria Novosti. “From what Mr. Gaddafi told me himself during his visit (in Minsk), Mr. Sarkozy has received funding totaling US$100 million, not
Oil: Iran accepts payments in yuan
May 8th, 2012 Rana Khalifa
Iran would accept the renminbi, the official name of the Chinese yuan, to settle some of its oil supplies deals to China, oil industry sources in Beijing and bankers in Dubai and Kuwait said. Much of the “black gold” which is going from Iran to China is managed by the commercial arm of Sinopec, the
Turkey, Dubai benefit from “Arab Spring” tourism flow
May 7th, 2012 Hassan Shahin
Turkey and Dubai appear to be the main beneficiaries of the decline in tourist activities in the countries of the “Arab Spring,” according to professionals attending last week’s a special show. Tunisia and Egypt have experienced a drop in arrivals because of the violence that accompanied the protests that ousted in January and February 2011 the
MPS reject Iran subsidies cut proposal
May 6th, 2012 Rana Khalifa
A parliamentary committee in Iran has rejected a government proposal to increase prices of food and fuel subsidies, a move that could derail efforts to control public expenditure, reported the Iranian media Saturday night. International sanctions imposed on Iran because of its continued nuclear program have sharply reduced oil revenues, a factor which increased the
EMAAR READY TO REVIVE INVESTMENTS IN ALGERIA
May 2nd, 2012 Hassan Shahin
The UAE wishes to “reinvigorate” its partnership relations with Algeria in order “to overcome the deadlock in some investment projects”. That was stated on Monday in Algiers by the UAE Minister of Economy, Sultan bin Saeed Al-Mansouri, in conjunction with the 10th bilateral joint commission. Until mid-2008, the Algerian real estate sector was the main
