Economics and Policy
Gold rose more than one per cent on Monday and held near its highest level in more than a week as a rebound in prices from multi-year lows failed to curb investor appetite for the precious metal, leading to a shortage in physical supply.
The oil-rich emirate of Abu Dhabi is putting finishing touches to plans to establish a financial free zone that could resemble, and therefore compete with, the Dubai International Financial Centre.
The Association of Banks in Lebanon has reaffirmed its commitment to complying with any sanctions imposed by the U.S. Treasury after two Lebanese money exchange houses were designated as a primary money-laundering concern.
Iraqi authorities announced have revoked the operating licences of Al Jazeera and nine other satellite TV channels for promoting sectarianism during a wave of violence.
The Dubai Land Department (LD) announced that the total value of real estate transactions in the emirate in the first quarter of the year was up 63 per cent on the same period in 2012.
Companies and Business
Food giant Savola Group could become the first company in Saudi Arabia to move to Friday-Saturday weekends ahead of a wider country change.
Horizon Terminals Limited (HTL), a wholly owned subsidiary of Dubai’s Emirates National Oil Company (ENOC), has announced that its new oil terminal in Jebel Ali is on track for expected completion by end-2013.
Hassad Food Co, the agricultural investment arm of Qatar’s sovereign wealth fund, said on Sunday it has appointed a new CEO.
Oman’s No.2 telecom operator Nawras reported a 21 per cent drop in first-quarter profit on Sunday, missing analysts’ estimates as text and domestic call income fell.