US fiscal cliff crisis ‘will impact the Gulf’
Source: Arabian Business (Read full story)
As US lawmakers pushed the country to the edge of the “fiscal cliff” and struggle to reach a last-minute deal that could protect the world’s largest economy from a politically induced recession, a former US secretary of defence has warned that the failure of talks will have an impact in the Gulf. “If we go off the fiscal cliff, it impacts the Gulf, it impacts China, it impacts the world — because of the integration of the various economies; we’re globalised,” William Cohen, Secretary of Defence from 1997 to 2001 under President Bill Clinton, told Arabian Business in an interview. “What happens in the United States will have a major impact elsewhere. The price of oil, if that goes down, what does that do for revenues for the region?”
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Most of kingdom’s millennium goals achieved
Source: Arab News (Read full story)
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The 2012 MDG report issued by the Ministry of Economy and Planning charts the progress made by the Kingdom towards achieving the MDGs at four levels, including development of the IT environment, making it possible to speed up achievement of the MDGs through the expansion of databases. Saudi Arabia was also successful in integrating the MDGs into sustainable development by making persistent efforts to achieve, even surpass, the MDGs ahead of the schedule set by the UN, in addition to supporting the implementation of MDGs in developing countries, the report said.“Saudi Arabia’s five-year development plans constitute the cornerstone of the endeavors to achieve the MDGs,” Al-Jasser said.
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Amir asks govt to iron out pending issues with Iraq
Source: Kuwait Times (Read full story)
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Kuwait and Iraq are expected to sign nine agreements during an official visit to Baghdad in the near future “including the treaty to drop charges pressed by the Kuwait Airways against its Iraqi counterpart,” said the sources, noting at the same time that Sheikh Sabah Al-Khalid told the foreign panel members that “Iraq has started maintenance operations for border demarcation.” The issue is considered one of the most critical ones still pending between the two countries. Meanwhile, the sources revealed that members of the foreign committee asserted the need for Kuwait to “make use of its good relations with Iraq and Iran to improve its regional position.” They felt that Kuwait, owing to its geopolitical situation, could emerge as “the main key for the relationship between the two countries and the Gulf states.”
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Abu Dhabi’s oil sector peaks in 2011
Source: Emirates 24/7 (Read full story)
Higher crude prices along with an increase in production boosted Abu Dhabi’s hydrocarbon sector to its highest level in 2011, maintaining its dominance in the emirate’s GDP, according to official data. The sector’s value added leaped by nearly 53 per cent to a record high of around Dh471.8 billion in 2011 from Dh291.5 billion in 2010, showed the figures by the Abu Dhabi Department of Economic Development. Compared to 2006, the oil sector grew at an annual rate of10.1 per cent because of a rapid rise in crude prices in most years during that period. “This dramatic rise was attributed mainly to the increase in oil prices and the emirate’s crude output,” DED said in its annual report.
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Emirates boosts flights to New York, Paris
Source: Gulf Times (Read full story)
Emirates has doubled its A380 capacity to New York’s John F Kennedy and Paris’ Charles De Gaulle airports with a twice daily A380 service from Dubai now operating into both cities. Upgrading capacity into New York by 1,848 seats per week, flights EK203 and EK204 will now be operated by the Airbus A380-800. EK203 departs from Dubai at 0225hours, arriving at JFK at 0745hours. The return sector EK204 leaves JFK at 1040hours arriving in Dubai at 0810hours the next day. In Paris, an additional 2,198 seats per week will be added; EK 075 leaves Dubai at 1500hours and arrives in Paris at 1930hours. The return flight, EK 076 departs Paris at 2110hours and gets into Dubai at 0640hours the next day.
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