Economics and Policy
The resignation of Kuwait’s oil minister Hani Hussein has been accepted, local media reported, after he came under pressure from lawmakers wanting to question him over a $2.2 billion compensation payment to Dow Chemical Co.
Arab spring countries face rising social tensions that could thwart an early economic recovery from over two years of political turmoil that has worsened fiscal pressures and threatens macroeconomic stability, a senior IMF official said over the weekend.
The United States has launched a $4 billion development fund aimed at transforming the economy of the West Bank and restarting the Israel-Palestinian peace process.
Just three percent of UAE workers are happy with their current salary, according to the findings of a poll, while 67 percent believe they are underpaid compared to their industry peers.
Companies and Business
Dubai mall developer Majid Al Futtaim Holding is looking to raise at least $500 million from the issue of a hybrid debt sale to finance its buyout of French hypermarket chain Carrefour’s stake in a regional venture.
Jordan’s Arab Bank, the country’s largest lender, expects double digit profitability in 2013 as much lower provisions and steady growth in net operating income improved the bank’s bottom line.
Daewoo Shipbuilding & Marine Engineering Co Ltd has won an 897 billion won ($796m) order to build oil production facilities in the Upper Zakum oil fields for the Zakum Development Company (ZADCO), a subsidiary of Abu Dhabi National Oil Company.