UAE stocks rally on Syria deal
Source: Khaleej Times (Read full story)
Dubai shares recorded a strong rally on Sunday as the threat of an imminent attack on Syria eased following an agreement between the US and Russia to destroy the strife-torn country’s chemical weapons. The benchmark DFM General Index, which had been on a consistent slide over the past several weeks since reaching a five-year high on August 2, jumped 4.8 per cent to 2,659.93 points, the highest in almost three weeks as shares in Union Properties hit their highest level in more than three years.
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Arab League welcomes US-Russia deal on Syria weapons
Source: Arab News (Read full story)
Arab League chief Nabil Al-Arabi on Sunday welcomed a US-Russian deal to remove Syria’s chemical weapons, calling it “a step closer to a political solution” to the conflict. Syrian minister of state for national reconciliation Ali Haidar said the deal is “a victory for Syria” because it averted war that could involve Western powers. But the main Western-backed Syrian opposition group said the deal would only encourage President Bashar Assad’s forces to strike at civilian targets with impunity.
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Qatar public spending jumps to 160 percent
Source: The Peninsula (Read full story)
Qatar’s public expenditures has jumped to a whopping 160 percent during the period 2008-13, to reach $683bn. Qatar’s import coverage ratios of the region’s foreign exchange (FX) reserves are comfortably higher than the threshold coverage ratio of 3 months of imports. As for 2013, it ranges between 10 months in Qatar, according to a new report. The Gulf Investment Corporation’s (GIC) monthly GCC Markets report for September has placed Qatar in the upper tiers of investment grade in terms of sovereign credit ratings. The country’s credit ratings, like other GCC countries, are on a par with most developed economies.
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GT to study Oman Railway Co structure
Source: Oman Daily Observer (Read full story)
Grant Thornton,(GT) one of the world’s leading organisations of independent assurance, tax and advisory firms, has been selected by the Ministry of Transport and Communications to study the organisational design of Oman Railway Company (under formation), a senior official said here yesterday. Nasser al Badri, Head of Human Resources at Oman Rail, said Grant Thornton will study, among other things, “the organisational process and structure” of the proposed state-owned entity, which will oversee the implementation and operation of the country’s national railway network, ‘Oman Rail’. Also as part of its brief, Grant Thornton will “determine the human capital needs of Oman Railway Company over the next few years”, the official stated in comments to the Observer on the sidelines of the Railway Symposium that concluded at Al Bustan Palace – A Ritz Carlton Hotel yesterday.
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Kuwait agrees to increase crude oil exports to Egypt
Source: World Bulletin (Read full story)
Kuwait Petroleum Corporation has agreed to increase its monthly exports of crude oil to Egypt from 1.5 million to 2 million barrels, Tarek al-Molla, chairman of the state-run Egyptian General Petroleum Corporation, said Monday. Kuwait will begin sending the larger shipments in November, al-Molla told Anadolu Agency. Under a 2008 deal, Kuwait sends 1.5 million barrels of crude oil monthly to Egypt, which enjoys credit facilities from the Kuwaiti side. Last year, Kuwait Petroleum Corporation turned down a request from its Egyptian counterpart to increase the volume of the monthly shipments, citing contractual obligations.
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Kingdom seeks more private sector role in boosting food production
Source: Arab News (Read full story)
Fahd Abdulrahman Balghunaim, minister of agriculture, opened the 32nd international agriculture, water and agro-industry trade show at the Riyadh International Convention and Exhibition Center (RICEC) on Sunday. Balghunaim said: “The Saudi government is encouraging its private sector to participate globally and increase food production through positioning itself as a facilitator for the Saudi private sector, seeking land and agricultural investments, and providing funds, credit, and logistics.”He added: “The Saudi Agriculture provides the ideal business-to-business platform for exhibitors and trade visitors to capitalize on the growth of the Saudi agriculture and food market that has achieved the highest growth rates in the region and holds major potential for new businesses.”
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