Economics
The prime minister of the United Arab Emirates has announced approval of a 2013 federal budget that is heavy on social spending but without the deficits of the last two years.
The Egyptian government has decided to allow residents of Sinai to own their land in the peninsula, state media has reported. According to Prime Minister Hisham Qandil, applicants need to prove they do not have a second nationality, and confirm that both their parents are Egyptian.
Iran banned the export of around 50 basic goods, its media said on Tuesday, as the country takes steps to preserve supplies of essential items in the face of tightening Western sanctions. The Islamic Republic is under intense financial pressure from US and European trade restrictions imposed over its disputed nuclear programme.
Egypt has unveiled plans to set up two industrial zones in Algeria and Ethiopia, in an effort to boost economic ties with African countries. The Ethiopian government said it would grant Egypt one million square meters of land on which to establish an industrial zone.
Lebanese state electricity company Electricite du Liban has warned against the increasing phenomenon of cable theft, saying in the long run it would affect power rationing in areas where it is on the rise.
Companies
Passenger traffic at Dubai International Airport climbed 12.8 per cent from a year earlier in September, as a larger flow of European travellers offset a drop in traffic on some Middle Eastern routes due to turmoil in countries such as Syria.
Starbucks Coffee has launched a bilingual website for the Middle East and North Africa.
District cooling firm Tabreed, part-owned by Abu Dhabi state fund Mubadala, reported a 35 percent rise in quarterly net profit on Wednesday, helped by growth in its core chilled water business and lower financing costs.
