Home The BuzzMorning briefing: 22 May 2013
The Buzz

Morning briefing: 22 May 2013

by Executive Staff
written by Executive Staff

Economy and Policy

Saudi economic growth will slow to 4.4 percent in 2013 from 6.8 percent last year due to an expected fall in oil production, the International Monetary Fund has said.

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Lebanese commercial banks will not be authorized to pour investments into potential public-private partnerships, Central Bank Governor Riad Salameh said Tuesday, adding that capital markets and financial institutions would fill the gap.

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Companies and Business

Lebanese farmland investor GLB Invest plans to sink up to $800 million in Sudan to produce animal feed to be sold to Saudi Arabia.

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Dubai contractor Arabtec has announced it has resolved a labour dispute that resulted in a four-day work stoppage without clarifying whether the workers’ demand for higher wages were met.

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Bahrain Telecommunications Co (Batelco), which has suffered a sustained profit slump, said Sheikh Mohamed bin Isa al-Khalifa had quit as chief executive and his predecessor would temporarily re-take the helm.

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Global power giant Siemens has been awarded two contracts valued at about SR1bn ($266m) by state-run utility Saudi Electricity Company (SEC).

More from Reuters

 

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