Economics
Kuwait's economy grew 29 percent in nominal terms last year, the fastest rate since 2005, as high crude prices helped boost output and revenue in the OPEC member state, central bank data showed on Tuesday.
OPEC's secretary general said he was not worried about the oil market outlook for 2013, as the exporter group pumps a million barrels per day (bpd) more than its official output target without weakening prices.
Demand for office and retail space in the UAE is growing faster than anywhere else in the world, according to the latest report from the Royal Institution of Chartered Surveyors (RICS).
Saudi Arabia is stepping up efforts to lower unemployment among its citizens by fining private sector firms that employ more foreigners than Saudis, the labor ministry said in a statement carried by state news agency SPA on Tuesday.
Lebanon’s government is set to launch a study on expanding Rafik Hariri Beirut Airport, the public works and transportation minister said Tuesday.
Companies
Agility, one of the GCC’s largest logistics companies, has reported a 20.4 per cent increase in third quarter net profit. The Kuwaiti logistics firm said its net profit for Q3 was 9.75 million dinars ($34.54 million) compared with 8.1 million dinars for the same period last year.
Al-Futtaim Motors, exclusive distributor for Lexus in the UAE, has announced the arrival of the new 2013 LS model range, including the LS 460, LS 600h and an all-new LS 460 F Sport. The LS 600h equipped with Lexus Hybrid Drive remains the world's most powerful full hybrid V8.
Dubai’s Majid Al Futtaim (MAF) Properties, the operator of malls and hotels in the Middle East, will look to expand its geographical reach in Egypt and Saudi Arabia, its CEO said.
First Gulf Bank, the second-largest lender by market value in the UAE, has signed a three-year $900m loan with a group of international lenders, the bank said in a statement on Tuesday.
Average rental rates in Abu Dhabi fell six per cent in the third quarter of 2012 compared to the previous quarter, according to the latest report released by property consultancy CBRE.
