Economics
A fall in electricity demand in Iran's sanctions-hit economy led to a 29-percent rise in its power exports over the last 11 months, the state news agency IRNA has said.
Lebanese Prime Minister Najib Mikati’s proposal to allow real estate developers to add an additional floor in return for higher taxes could cause the prices of properties to soar beyond the means of average citizens, economists have warned.
Qatar will create a new $12 billion investment firm, backed by blue-chip assets from its sovereign wealth fund, and list it on the local stock exchange, its main institutional backer has said.
Companies
The head of Lebanon’s banking association has warned of the challenges facing Lebanese banks due to new U.S. banking regulations on foreign lenders, criticizing the cost of the measure and its potential violation of privacy laws.
Emirates Banks Association is to change its name to UAE Banks Federation, it said in a statement.
Etisalat, the United Arab Emirates’ biggest telecom operator, has written down the value of businesses in Pakistan and Sudan by a combined $769 million, blaming tough political and economic conditions and crimping quarterly profit growth.
Ahli United Bank, Bahrain’s largest lender by market value, posted an 11.8 per cent gain in its fourth-quarter net profit, boosted by an increase in net interest income.
