Saudi Arabia’s budget deficit may narrow to about 0.5 percent of gross domestic product this year as revenue rises, Banque Saudi Fransi said.

The gap will probably be SR8.4bn ($2.2bn), John Sfakianakis, the bank’s chief economist, wrote in an e- mailed report on Sunday. Last year’s deficit was 86.6 billion riyals, or more than 10 percent of GDP, according to data from the Kingdom’s central bank. It was the first time Saudi Arabia, the world’s biggest oil supplier, had posted a deficit since 2002, according to the International Monetary Fund.

Government revenue may increase 25 percent this year to 639.6 billion riyals, Sfakianakis said. Still, higher spending will make it hard for the kingdom to return to budget surpluses this year or next “unless there is a decent turnaround in energy demand globally,” he said.

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Abu Dhabi National Oil Co, the state run producer in the UAE capital, said it would cut shipments of all crude grades in November below amounts contracted under long term purchase agreements.

Reductions in the amount of oil shipped will be deeper in November for all grades, except Murban crude, when compared with October, according to an emailed statement on Monday.

Adnoc, as the state producer is known, said it will reduce sales of the Lower Zakum grade by 15 percent compared with a 10 percent shortfall in October.

Umm Shaif exports will be cut by 20 percent compared with a 15 percent reduction, and Upper Zakum crude deliveries will be 20 percent lower than contracted after no cuts were announced for October.

The federation, which exports most of its crude to Asia, has the capacity to produce about 2.8 million barrels a day, Oil Minister Mohamed Al Hamli said March 2.

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Crystal Lagoons, creator of the largest crystalline lagoon, is close to completing the first stage of the $1.2-billion Dubai Lagoons project, located in Downtown Dubai.

The company will construct, maintain and provide technical support for initially a pilot lagoon, before the end of 2010, prior to taking responsibility for all of the main water features through the development.

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Reinforcing its market position in the UAE, Gulf Dynamic Services (GDS), a subsidiary of Masharie, the private equity arm of Dubai Investments PJSC and a leading regional player in the field of interior design and decoration has secured the interior design and fit-out contracts for two new projects in Dubai.

Operating in Dubai under the trade name Labtec Interiors, GDS, in association with Oryx Engineering, was awarded a major contract for the design and fit-out of a 10-floor building housing the headquarters of a major maritime operator based in Dubai Maritime City.

GDS, along with Light Space Design, was also awarded the contract for the interior design and fit-out for a high-end residential project based in Dubai Marina.

Ras Al Khaimah Free Trade Zone (RAK FTZ), one of the youngest free zones in the UAE, is on the fast track. With its 360-degree approach to customer care and satisfaction, the free zone has demonstrated a powerful and strengthened market presence in the first six months of 2010 as a direct result of increased marketing and public relations activities. Its active presence internationally, through sponsorship of and participation in key events and conferences and hosting of high-profile foreign delegations to RAK, has directly translated an ever-increasing number of clients and investors from all corners of the globe.

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"Our customers are the major stakeholders in our success, and we constantly strive to provide them with better business solutions, infrastructure, technology and support. We have a customer-centred approach and a 'can do' attitude," confirms Oussama El Omari, RAK FTZ CEO. "As much as it is possible, we try to reach out to current and potential clients to make their experience with us convenient and rewarding and let them know that our door is always open to assist them in any way we can."

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In 2009, lower oil prices and the global downturn saw nominal gross domestic product (GDP) slump by nearly 21.2 percent to KD31.5bn ($109.57bn), NBK said. Kuwait, which controls around a tenth of global oil wealth and is the fifth largest economy in the region, is expected to enjoy a rebound in GDP of around eighteen percent, the study added.

The sectors forecast to see the greatest growth are banking and transportation. The transport sector has doubled in size and now represents eight percent of GDP, while the financial sector has grown to fourteen percent, up from six percent a few years ago.

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A deal has been inked between Abu Dhabi Finance and Tamouh investments. The agreement will result in a partnership between the two offering the former a chance to become the preferred mortgage lender when the Tamouh sells its real estate projects in the capital city. This was disclosed by ADF after the deal was finalised.

Tamouh, which is the real estate development arm of Royal Group., has remained the leading real estate development agent for a large number of projects in the UAE capital, including Marina Square, which is expected to be completed by the end of this year.

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Reports claim that Kuwait and Iraq will soon be finalising a deal which will set the rules for both the nations to invest in the oil fields that are located across the border of their desert.

Even though Iraq had raised a claim that during the Iraqi invasion of Kuwait in 1990 the latter had stolen billions of dollars worth oil from the shared oil fields, Kuwait has not accepted the charges.

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According to audit reports of the Dubai-based jeweller Damas issued by Ernest & Young, the company will fall prey to "significant uncertainty" during its future operations, provided the jeweller fails to come up with a proper restructuring plan or plan for the extension of debt stalling deal.

Damas had disclosed on August 1, 2010 that it had incurred a loss of 1.91 billion dirhams during the previous annum, a figure which has been calculated after provisions and non-recurring charges of Dh1.9 billion. It had cited in July that the stalling deal had been extended to the end of September with debt worth $872 million.

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Business delegation keen on leveraging emirate’s geographic location and business friendly policies to tap Middle East markets

Ras Al Khaimah Investment Authority (RAKIA), a major provider of investment opportunities and one-stop solutions in its free zones, industrial parks and offshore facilities as well as in real estate developments and other ventures, has announced that it recently welcomed a 15-member German business delegation that visited Ras Al Khaimah to explore investment opportunities in the emirate. The German delegation was given a comprehensive presentation highlighting the emerging investment avenues in Ras Al Khaimah, while underlining the distinct advantages of investing in the emirate. In particular the presentation focused on the role and achievements of RAKIA and RAK Ceramics, the world's largest ceramic tiles & sanitaryware manufacturing company.

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Bank of Sharjah results revealed consistent performance and continued growth during the first half of 2010. Net profit reached AED 276 million registering a 7% increase over the corresponding 2009 period figure of AED 258 million. The growth is attributed to the Bank’s proven strategy, the quality of its assets, and the strength of its balance sheet.

As of June 30th, 2010 total assets reached AED 18,787 million an increase of 9% over the corresponding June 30th, 2009 figure of AED 17,199 million. The increase over the December 31st, 2009 figure of AED 18,062 million was a satisfactory 4%. The bank’s equity grew by 6 % to reach AED 4,086 million compared to the June 30th, 2009 figure of AED 3,869 million.


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Abu Dhabi Ports Company (ADPC) today (Monday, July 26, 2010) announced plans to host the industry’s first World Ports & Trade Summit in 2011 under the patronage of H.H. General Sheikh Mohammed bin Zayed Al Nayhan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

In a show of strength from the industry, Abu Dhabi Terminals and the Arab Sea Ports Federation joined ADPC and event organisers Turret Media and Seatrade, at a press conference to pledge their support for the inaugural Summit in Abu Dhabi. Other confirmed partners include Bechtel as platinum sponsor and Abu Dhabi Tourism Authority as exclusive destination partner.

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FDI outflows from the region decreased by 39 percent in 2009 to $23bn, mainly due to falling outflows from the UAE, from $16bn to $3bn.Foreign direct investment (FDI) into the Middle East declined by nearly a quarter in 2009, mainly due to the tightening of credit markets, according to a new report by the United Nations Conference on Trade and Development (UNCTAD).

Cross-border mergers and acquisitions (M&As) and development projects in the region involving significant foreign investment were badly hit, the study said. FDI inflows to the region fell by 24 percent to $68bn in 2009, after six years of consecutive increase, added UNCTAD´s World Investment Report 2010.

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Dubai World, the struggling government-run firm, has cited that it has an exclusive tribunal handy for bringing the rebel lenders in sync with the plans for delaying the repayment of debts worth $14.4 billion. According to reliable sources, the keynote meeting is set for today with the creditors. The once emerging Gulf Arab emirate is currently having &100 billion-plus debt.

"It's unlikely all 73 banks will accept terms which means it will likely go to a tribunal," the source said. The source also mentioned that the tribunal can even urge the non-willing to be in tune with the restructuring process, provided Dubai World receives support from the majority.

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Dubai-based alternative investment firm Evolvence Capital, announced today, the forthcoming launch of Evolvence India Fund II - its third India focused fund. This new fund from Evolvence Capital follows the successful closing of Evolvence India Fund I in 2007 and Evolvence India Life Sciences Fund, a healthcare and life sciences fund in 2008. Evolvence India Fund II will invest with high quality private equity fund managers and established entrepreneurs in India and may selectively consider investments in secondary private equity opportunities.

Evolvence India Fund II, which is a private equity fund of funds, is targeting a corpus of US$ 400 million from institutional and high net worth clients from across the globe. The fund aims to make select investments in the mid-market growth capital segment in the Indian private equity market, through fund investments, co-investments and direct investments.

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The Department of Economic Development (DED) has urged all outlets in the Emirate to display the contact details that will enable customers to promptly report concerns about consumer rights.
All outlets, including shops and restaurants, must display these details in a prominent position from July 18, 2010, Sunday. They will have a three-month period to implement the new policy, and outlets that fail to adhere to it will be fined from October 18, 2010.

This initiative is aimed at strengthening communication with consumers and retailers, and underscores DED’s continuous efforts to strengthen awareness on consumer rights among the public.

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The Chief Executive of British Petroleum, Tony Hayward, arrived in Abu Dhabi on Tuesday for holding a meeting with major shareholders and key partners. This has stirred the speculation that BP is looking forward for finding new institutional partners in Saudi Arabia and the UAE so that it can enrich its share price and raise finance to such a level that it can protect itself from being taken over.

The arrival of the BP CEO was confirmed by the spokesperson for the BP, Sheila Williams. But she has not provided any information regarding the trip details of the BP chief executive.


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Reports have mentioned that the Central Bank of UAE is working on a liquidity window, which is compliant with Shariah so that the Islamic banks can access their short-term funding requirements.

A team has been formed for studying and probing into the requirements of Islamic Banks in UAE. The committee has mentioned that it is working on Shariah instrument for substituting certificates of deposits that are used by traditional banks for parking their short-term surplus funds with the UAE Central Bank.

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The fresh round of sanctions which had been issued by United Nations earlier this month can prove to be harmful for the trade relation between Iran and the United Arab Emirates. According to business leaders, enforcing a stringent check on Iran-bound goods can cause a major dip in the business transactions.

UN had issued the fourth round of sanctions against Iran on June 9. According to these sanctions, export of any goods that can prove to be helpful in Iran’s military nuclear program has to be curtailed.

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