Union ‘crucial to strengthen GCC solidarity’
Source: Gulf Daily News (Read full story)
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“The GCC union is the aim of all peoples in the region. We have to build on our successes in all fields,” the Premier said. He expressed optimism of the achievement of this goal as it has consensus among people across the Gulf and stressed the importance for leaders to intensify meetings to discuss developments. Meanwhile, the Premier said he hoped that Iran would overcome its internal problems and resume its role as a pivotal Arab nation. He warned that sectarian strife would destroy the Islamic republic’s identity. Bahrain welcomes friendly ties with all countries on the basis of mutual respct and non-interference in internal affairs, he said, with regard to the kingdom’s relations with Iran.
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‘No Cabinet reshuffle planned in Kuwait’
Source: Kuwait Times (Read full story)
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The Cabinet is not likely to feature any reshuffles ahead of October 29 when the parliament resumes sessions following the summer recess, a local daily reported yesterday quoting a government source in response to demands made by several MPs in that regard. Speaking to Al-Jarida on the condition of anonymity, the source described lawmakers’ calls for a reshuffle that sees around six ministers changed to be “illogical and unrealistic”. “The Cabinet is going ahead to implement its projects and work plan which is expected to be different compared to those presented in the past”, the source said. He further pointed out that reshuffle calls “reflect personal motives” of the MPs and “will not stop the Cabinet from working with the parliament”.
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Al Wefaq deputy leader to face trial for inciting terror
Source: The Peninsula (Read full story)
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In a statement published by the state news agency, First Attorney General Abdulrahman Al Sayed said the Public Prosecution had completed its investigations of charges against Marzouk and ordered him to be jailed pending criminal trial. Charges included “inciting terrorism and promoting acts which constitute crimes of terrorism, as well as using his position and management of a legally formed political association to call for the commitment of crimes which constitute terrorist acts”. The statement said Marzouk had been interrogated in the presence of a lawyer and was confronted with recordings of speeches he made during which he adopted the principles shared “by the terrorists who have committed many acts of planting explosives, murder and all forms of violence”.
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Banks’ foreign assets up Dh39bn
Source: Emirates 24/7 (Read full story)
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From around Dh306.5 billion at the end of 2012, the combined foreign assets of the country’s 23 national banks and 28 foreign units swelled to nearly Dh345.2 billion at the end of June, showed the figures by the Central Bank. Growth in foreign liabilities was much slower as they increased by around Dh13 billion to 328.1 billion at the end of June from Dh315.3 billion at the end of 2012. The surge in foreign assets turned the UAE’s debtor status into credit position with the net foreign assets standing at Dh17.1 billion at the end of June compared with a debtor status of –Dh8.8 billion at the end of 2012. A breakdown showed most of the asset increase was in due from HQ and branches as they grew to around Dh70.2 billion at the end of June from Dh58.3 billion at the end of 2012. Securities rose to Dh63.7 billion from Dh54.9 billion while deposits with banks abroad surged to around Dh116.7 billion from Dh99.2 billion, the report showed.
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GCC adopts decisions to prod financial, economic integration – Sheikh Salem
Source: Kuwait News Agency (Read full story)
Kuwaiti Deputy Premier and Finance Minister Sheikh Salem Abdulaziz Al-Sabah said the 97th meeting of the GCC ministerial committee on financial and economic cooperation adopted a range of decisions to advance integration process of GCC member states. “Most notable among these decisions is the adoption of the recommendations of the meeting of the governors of GCC central banks regarding the combat against money laundering and financing for terrorism,” he told KUNA after the ministerial meeting hosted by the GCC Secretariat Saturday. On customs cooperation an agreement has been reached to launch a mechanism to facilitate the movement of goods and remit the customs fees automatically among the GCC states, he said. “A joint technical team of customs and financial experts will be formed to work out the blueprint of this mechanism and assess its efficacy three years after its inception,” Sheikh Salem revealed.
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Qatar’s economy maintains strong growth
Source: The Peninsula (Read full story)
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The growth figures for the second quarter of 2013 confirm the continued process of economic diversification of Qatar’s economy away from its traditional role as a hydrocarbon exporter towards a manufacturing and services hub. The oil and gas sector only expanded by 1 percent year-on-year in Q2 2013, reflecting the moratorium on further exploration of the North Field. On the other hand, financial, real estate and business services was the fastest growing sector (15.4 percent year-on-year), as banking intermediation accelerated and real estate services were boosted by the growing population. Construction activity accelerated (11.4 percent year-on-year) as Qatar’s infrastructure development programme is gathering momentum. In addition, manufacturing grew by 6.4 percent, boosted by production from the new Pearl gas-to-liquids (GTL) facilities.
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