Economics and Policy
Cyprus has turned to Russia for emergency help to avert a financial meltdown.
Fitch has affirmed Saudi Arabia's AA-minus rating but said the country could see an upgrade in coming months because of progress in handling social stressors and strengthened budget buffers.
When it raises tolls in May, Egypt's Suez Canal Authority will know that fuel costs rule out alternative routes, but some in the shipping industry say the calculation could reach a tipping point if the risk of delays from unrest increases.
Companies and Business
An Egyptian court overturned on Wednesday a public prosecutor's decision to freeze the assets of 23 investors and officials, including several from the Gulf, who are under investigation for alleged stock market manipulation.
Qatari shipbuilder Nakilat Damen Shipyards Qatar (NDSQ) has signed a contract for the construction of a 69m-long fast luxury vessel, to be built entirely in the Gulf state.
Kuwait plans to cut the number of foreign workers by 100,000 every year for the next decade, reducing its expatriate population by more than half.
Dubai-based DP World, the world’s third largest ports company, has announced record profits of $555 million in 2012, up 21 per cent compared with $459 million in 2011, helped by the sales of several of the firm’s assets.
Emirates, the world’s biggest airline by international passenger traffic, said it needs about $5 billion in the year starting April to pay for planes.