Gulf Air’s 162-strong revenue accounting department is now fully staffed and managed by Bahrainis. « As one of the largest employers in the kingdom and a fully-owned Bahraini company, Gulf Air believes in encouraging and empowering local talents, » said Gulf Air deputy chief executive officer Ismail Karimi. « There is no dearth of Bahraini talents in the …
Dubai government-owned company Nakheel, developer of the man-made Palm Islands, said yesterday it had cut 500 jobs, the starkest sign yet that the end of the Gulf hub’s property boom could hit the whole economy. The announcement by Nakheel, the developer behind a series of mega-projects that propelled Dubai into the global spotlight, comes as …
The country’s banks are coming under further pressure as the economy slows, leading to calls for additional government measures to ensure their strength. The Central Bank and Federal Government have taken several unprecedented steps as the global financial crisis has arrived in the Gulf, including announcing a plan to inject Dh120 billion (US$32.67bn) into the …
It’s probably unwise, if not unseemly and unkind, to say it, but the events that afflicted Mumbai these last few days are almost certain to have financial implications for India and the UAE. It isn’t untimely, however, to suggest that those implications could be negative and positive for both countries. Let’s start with tourism, which …
Lire la suite Positive fallout may ripple from Mumbai to UAE
Sheikha Lubna Al Qasimi, Minister of Foreign Trade, has said the UAE and UK could conquer any and all obstacles to their sustained growth and success by fostering a spirit of co-operation and positivity. Addressing renowned business personalities at an event organised by the British Business Group, she said the United Kingdom has been a …
Lire la suite UAE ‘largest market for UK in the Middle East’
Saudi Arabia is expected to approve higher expenditure for 2009 when it unveils its state budget just before the end of this year despite the recent plunge in oil prices, experts said yesterday. But the world’s dominant oil power will again assume a conservative price for its oil as it had done in the past …
The UAE intends to work with the international community to tackle the global financial crisis, Sultan bin Saeed Al Mansouri, Minister of Economy, said yesterday. « We will fulfil our national commitments and implement ongoing development plans as well as meeting our international commitments to assist developing countries in achieving internationally agreed goals, » he said. The …
RIYADH: Saudi Arabia’s central bank slashed its benchmark lending rate by 100 basis points yesterday, the second reduction in a month to keep credit markets moving and boost domestic liquidity after inflation receded. The Saudi Arabian Monetary Agency (Sama) reduced the repo rate to three per cent from 4pc and cut the cash reserve requirement …
MANAMA: The Duke of Gloucester praised Bahrain’s petrochemical industry during a visit to the GCC-Europe exhibition in London. Prince Richard was speaking when he visited the stand of the Gulf Petrochemical Industries Company (GPIC) at the exhibition. The Duke was accompanied by Bahrain Chamber of Commerce and Industry chairman Dr Essam Fakhro. The guests were …
Kuwaiti passengers travelling to Dubai can now avail of Wataniya Airways’ services. The carrier, which is Kuwait’s new full service luxury airline will provide two daily flights to Dubai, as its first destination from February 2009. This was announced during a press conference held at Kuwait’s Royal Terminal – the new luxury departure point for …
Lire la suite Wataniya Airways’ first flight to Dubai in Feb
