UAE moves into top 20 of world’s most productive global economies

Source: The National (Read full story)

The UAE has moved into the ranks of the 20 most productive global economies for the first time, according to the World Economic Forum (Wef). The Wef’s latest “Global Competitiveness Report” – its annual survey of the most efficient and dynamic economies – puts the UAE at 19th, up five places from last year. For the fifth consecutive year, Switzerland was ranked the most competitive economy in the world, ahead of Singapore, Finland and Germany. The United States regained its top-five status, while the highest-ranked Middle East country was Qatar, at 13th. The Wef, best-known for the annual congress of business and political leaders held at Davos, said: “The UAE’s competitiveness reflects the high quality of its infrastructure, as well as its highly efficient goods markets. Strong macroeconomic stability and some positive aspects of the country’s institutions – such as strong public trust in politicians and high government efficiency – round up the list of competitive advantages.”

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National Assembly panel holds talks with Interior minister

Source: Kuwait Times (Read full story)

The prosecution of 67 suspects accused of using fake university degree certificates to grant expatriates driving licenses was postponed till October 8, said informed sources noting that, if found guilty, the suspects will be fined and imprisoned. MP Askar Al-Enezi, Chairman of the Parliamentary Interior and Defense Affairs Committee said that the committee met with Interior Minister Sheikh Mohammad Al-Khaled yesterday. He added that developing citizen service centers, easing traffic congestions and granting citizenship to bedoons and the kids of Kuwaiti women were discussed at the meeting. Committee member MP Sultan Al-Shemmari said that the meeting was fruitful and that minister Al-Khaled showed interest in granting citizenship to bedoons as per the law. He also noted that the minister promised to consider granting citizenship to Kuwaitis’ wives.

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17th GCC news agencies meeting kicks off today

Source: Kuwait News Agency (Read full story)

GCC Assistant Secretary General for Cultural and Media Affairs Khaled Al-Ghassani stressed the importance of boosting joint cooperation and coordination among the news agencies of the six Arab Gulf countries especially in view of the rapid changes on the political scene in the region. Al-Ghassani, who is also Director General of the Saudi Press Agency (SPA), made this remark in his speech at the opening of the 17th meeting of chiefs of the GCC news Agencies, currently being held in Kuwait. He said that the meeting follows up on what have been achieved in previous meetings and provides an opportunity to exchange expertise and information to improve the level of the agencies’ performances. Meanwhile, Director of Bahrain News Agency Mohammad Suleiman said at the meeting that there is a mutual interest to grow and cooperate and come up with projects that serve the GCC media performance.

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KSA economy insulated from Syria fallout

Source: Arab News (Read full story)

 Saudi Arabia’s economy is well insulated from any primary and secondary effects related to Syria, according to a top Riyadh-based economist.  “Syria plays a far greater and direct role on the behavior of retail investors in the stock market than any significant impact on the physical output of the economy,” John Sfakianakis, chief investment strategist at Masic, told Arab News. His remarks came as the Central Department of Statistics said the Kingdom’s economy improved in annual terms to grow 2.7 percent in the second quarter of 2013 as nonoil business expanded robustly while a decline in the oil sector eased.

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GCC Governments lead the way in construction

Source: Gulf News (Read full story)

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Government-led social infrastructure projects will drive growth in the construction sector over the next decade. Government-led initiatives will drive growth in the GCC construction sector over the next decade as regional governments continue to focus on social infrastructure projects, experts say. There will be an estimated Dh3.3 trillion of construction developments underway across the GCC between now and 2020 according to a statement by UAE-based building material company Danube released this week. The statement cites a report by Kuwait Financial Centre (Markaz). Real estate projects account for an estimated Dh1.89 trillion of the current developments across the GCC, Danube stated.