Economics
Brent crude edged up near US$112 a barrel on Tuesday as Japan was expected to pump in more money to boost its economy, adding to positive growth signals from the United States and China in past weeks.
Saudi Arabia, the world’s largest crude exporter, said it cut production last month to adjust to decreased demand rather than to prop up oil prices.
Gulf Arab countries have promised Yemen further aid on top of the $7.9 billion pledged by foreign donors last autumn, but an amount has yet to be specified, a Yemeni government minister said Monday.
The Lebanese government’s 50-day plan to encourage tourism with discounts appears to be struggling after two weeks, with many hotels still empty.
Rents in Dubai rose 16 percent in 2012 as confidence returned to the emirate's property market.
Saudi Arabia has called for a minimum 50 percent increase in the capital of the Arab Fund for Economic and Social Development, a leading Arab soft-loan development institution, and urged more commerce between Arab countries.
Companies
German luxury car maker Audi plans to double its Middle East sales to at least 20,000 vehicles a year by 2020, helped by investment in showrooms and service centres, its local chief said.
The US$13 billion merger of Abu Dhabi's largest developers could free up stalled projects in the city as the new merged entity rethinks its strategy.
Shares in Abu Dhabi's Aldar Properties drop 6.1 percent to a two-week low, extending losses since announcing an all-share merger with Sorouh Real Estate.
Tamweel, the Dubai-based Islamic mortgage lender, posted a 11.3 percent drop in fourth-quarter net profit on Tuesday, Reuters calculations show, with the company blaming a full-year decline in earnings on provisions.
