Gold edged down on Tuesday, heading for its biggest monthly loss since May, after disappointing corporate earnings prompted investors to sell holdings to cover losses in other markets, which have been hurt by global economic uncertainty.
Construction labor costs in Saudi Arabia are the highest in the GCC, a new research report has said. Labor costs in the Kingdom are on average 18 per cent higher than in the UAE, and 51 per cent greater than in Qatar, says the Q3 construction costs report by MEED.
Most Arab oil exporting countries in the Gulf should plan to reduce growth in government spending to make their budgets more sustainable, as their combined surplus could turn into a deficit around 2017, the International Monetary Fund said on Monday.
Fitch Ratings put Kuwait on warning that a further escalation of political protests there could put its AA sovereign credit rating under pressure for a downgrade despite the nation’s strong balance sheet.
Big data will drive $28bn of worldwide IT spending in 2012, according to global technology giant Gartner, Inc. In 2013, the company forecast that big data would drive $34bn of IT spending.
A consortium of Turkish, Saudi and Bahraini businessmen have received the necessary approval to proceed with a multimillion dollar marina development on the Muharraq coastline.
Bank of Sharjah has released its financial results for the January to September period showing a one per cent rise in net profit on last year.
Two Iranian warships docked in Sudan on Monday, Iran's official IRNA news agency reported, less than a week after Khartoum accused Israel of attacking an arms factory in the Sudanese capital.