The global oil market is in a good shape and Saudi Arabia is happy with the current oil price, Saudi Oil Minister Ali al-Naimi said on Sunday, expressing satisfaction over a Gulf Arab effort which kept prices in check.
The UAE economy is showing impressive resilience with Dubai recording a steady improvement from a negative to two per cent growth in 2011 and a projected 3.4 per cent growth in 2012 and even a higher growth rate in 2013, the International Monetary Fund, or IMF, said on Sunday.
Elsewhere, the UAE's Minister of Economy Sultan bin Saeed Al Mansouri expects up to four per cent economic growth in 2012.
Kuwait's market is expected to see limited impact from Sunday's demonstrations, which were carried out under tight security, but weakness in global markets is likely to weigh on Gulf sentiment.
The Middle East tourism market lagged behind other parts of the world in the first eight months of this year. According to new figures released by United Nations World Tourism Organisation, the region saw a one percent fall in tourist numbers between January and August.
Dubai-based Emirates Airline posted a net profit of $464m for the first six months of its current fiscal year ending September 30, a rise of 104% compared to the same period a year ago.
The Palestinian Authority will submit a bid to the United Nations General Assembly for non-state membership this month, president Mahmoud Abbas said yesterday.
Israel is "prepared to escalate" its response to a flare-up of violence along its border with the Gaza Strip, Israeli Prime Minister Benjamin Netanyahu warned today.