Economics
Gold traded flat on Wednesday, perching near a 1-1/2-week high hit in the previous session as the US Federal Reserve reassured investors of its commitment to loose monetary policy, burnishing bullion's appeal as a hedge against inflation.
Lebanese civil servants and teachers will march on Wednesday toward the government’s headquarters in Beirut to increase pressure on the Cabinet to refer a wage hike draft bill to Parliament.
The Institute of International Finance estimated that Lebanon’s GDP growth fell to 0.8 percent in 2012, down from 1.8 percent in 2011, saying the decline highlighted the need for a stable political environment and structural reform.
Companies
Lebanon's energy ministry has signed a $348 million contract with a Danish-German consortium to build new power plants in Jiyyeh and Zouk.
Qatar’s sovereign wealth fund has hired UBS to advise on a possible $3 billion investment in Russian state-owned bank VTB.
The Abu Dhabi stock exchange is looking to list some of the emirate’s large private companies to help boost liquidity on the bourse and ensure its benchmark index better reflects the economy, its chief executive has said.
Lebanese property developer Solidere expects to report lower profits for 2012, its general manager said, describing the company’s share price as “severely undervalued” because of political instability and Syria’s civil war.
Dubai's Emirates Airline, the largest customer for Airbus's A380 superjumbo, is confident in the safety of the aircraft, Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO of the carrier said.
Marriott plans to open a further 49 hotels across the Middle East and Africa region during the next five years.
Goldman Sachs has raised net profit estimates for Air Arabia, the region’s fast growing low cost carrier, in fiscal 2013-14 on improving earning margins driven by lower costs and increase capacity.
