Economics and Policy
Hamas is struggling to meet its payroll in the Gaza Strip, where income from taxes has been badly hit since neighboring Egypt started destroying a network of tunnels used to smuggle food, fuel and weapons into the Islamist-run enclave.
War and sanctions are taking an increasing toll on Syria’s vital seaborne trade, with fewer vessels calling at its cargo ports as ship owners shy away from the risks.
The Arab Spring uprisings will end up costing Middle Eastern economies about $800 billion in lost output by the end of next year as countries struggle to restore stability, banking giant HSBC has estimated.
Lebanon recorded the highest balance of trade surplus with Syria thanks to exports of fuel oil to its war-ravaged neighbor, according to figures released this week by the Beirut Chamber of Commerce.
Companies and Business
Abu Dhabi’s Aldar Properties is talking to banks about raising a bridge loan of up to $1.5 billion with an option to convert it later into a bond.
Citigroup Inc and International Bank of Qatar are holding up negotiations to restructure $4.5 billion in debt of Abu Dhabi conglomerate Al Jaber Group, further complicating drawn-out talks.
Dubai’s hotels are recording strong growth, with year to date occupancy rates rising to 79 per cent, according to a Q3 report by Jones Lang LaSalle.
