A drop in oil prices, which hit a six-and-a-half-year low last month, has pushed some Gulf state budgets into deficit for the first time in years
The Saudi economy is forecast to keep expanding strongly this year, showing little impact from the oil price drop, according to the IMF
Licences for new banks will be given according to criteria set out by the central bank, a statement said
The developer said property sales in Dubai were “as per expectations”
The development will be located 8 km southwest of Aramco’s Dhahran headquarters
The project is the latest to offer freehold options in an effort to entice investors
Crude suppled to the market in August was at 10.18 million bpd, down by about 78,000
Al Houthi rebels seized the city in September last year
The official did not give a reason for downsizing the project
Like road networks, air space is divided into corridors with only some space open for use by civilian traffic
Indonesia’s membership could add almost 3 per cent to the group’s oil output, which is already close to a record high
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The development forms part of The Villages concept, urban centres aiming to bring key amenities within walking distance
The resort is scheduled to open in 2018 with 225 keys planned
The two communities will be part of the 5.4 million square feet Al Zorah master development
Construction work on the tower is anticipated to begin next year
Factors including cheaper import costs for materials and a plentiful supply of land meant Dubai compared favourably to other locations
The Skyline Towers comprise of 34 floors and will become Dubailand’s tallest structure when completed in 2018
The announcement was made following the Venezuelan President’s suggestion of a summit to defend oil prices
The kingdom is encouraging investment in different energy sectors
Over 300 local and international exhibitors will be taking part of the three-day property extravaganza this year
Qatari officials have announced plans to spend around $200bn on infrastructure projects over the next decade or so
A total of 1,000 Qatari soldiers, backed by 200 armoured vehicles and 30 Apache helicopters have reportedly been deployed
Oil prices have more than halved since peaks hit in summer last year due to abundant supplies
Nakheel has partnered with the Minor Hotel group to develop the 500-room hotel, the first AVANI property in the UAE
The joint venture, called ICON Arabia, is planning to bring 15 new food and beverage brands to the region
The agreement is aimed at generating new business opportunities in the GCC and India
The facility is split into two parts – a $255m term loan and a $145m revolving credit facility
Automotive and retail sectors saw the highest growth in salaries so far this year, a new survey showed
Significant efforts are needed to address the current imbalance in housing across the region, says JLL report