World powers, Iran in new bid for deal

Source: Khaleej Times (Read full story)

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Policymakers from the [P5+1] have since said that an interim accord on confidence-building steps could finally be within reach, despite warnings from diplomats that differences remain and could still prevent an agreement.  British Foreign Secretary William Hague said the remaining differences are narrow and a historic deal is within reach.  “It is the best chance for a long time to make progress on one of the gravest problems in foreign policy,” Hague told a news conference during a visit to Istanbul. Russian Foreign Minister Sergei Lavrov said earlier: “We hope the efforts that are being made will be crowned with success at the meeting that opens today in Geneva.”

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KSA unconcerned by US shale output

Source: Arab News (Read full story)

The Organization of the Petroleum Exporting Countries expects global demand for its crude to fall in the next five years because of increasing supplies outside the 12-member group from the boom in shale energy and other sources, according to its annual World Oil Outlook.  Despite the surge, [Prince Abdul Aziz bin Salman, assistant minister of petroleum and mineral resources] repeated the Saudi Arabian view expressed by Oil Minister Ali Al-Naimi that there is enough global demand to soak up US shale and Saudi oil, with more oil in the market helping bring down global crude prices to comfortable levels for all.   “It’s a very stable market, it is well supplied. The future holds that the market will continue to be well supplied,” the minister said.  US shale oil is much more costly to produce than Middle East crude, but a surge in global oil prices over the last four years has made it economic to produce and reduced demand for other crudes.

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Africa-Arab summit urges closer ties, fighting terror

Source: Kuwait Times (Read full story)

His Highness the Amir of Kuwait Sheikh Sabah Al- Ahmad Al-Jaber Al-Sabah, announcing the conclusion of the 3rd Africa-Arab Summit, called for collaboration of efforts between the two regions for the sake of development. “We discussed together the issues of the Arab and African worlds, and exchanged views in this concern, in view of a deep realization of the nature of circumstances and conditions we face, and a determination to achieve the desired results,” His Highness the Amir noted as he delivered the conclusion statement of the two-day summit. He added that “our meetings and the issues discussed reflect our realization of the size of challenges we are facing, and our wise visions of handling and setting plans and strategies that achieve our aspirations.” He said “our meetings also witnessed consensus views concerning our agenda, which was full of issues that confront our Arab and African worlds, and your generous participation and rich thoughts were a key element in the decisions we reached and documents we concluded. “Your speeches, which we listened to attentively along these two days, included wise visions and valuable suggestions that aim at enhancing our common Afro-Arab work,” he added.

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IMF: Gulf states need urgent labor reforms

Source: Saudi Gazette (Read full story)

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Since the 1970s, millions of mainly low-skilled workers from South and Southeast Asia have supported rapid economic growth in the Gulf states, whose citizens tend to favor cushy, high-paid public sector jobs.  But this model is unlikely to be sustainable in the six Gulf Cooperation Council states – Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Oman and Bahrain – because of young, growing populations and high public wage bills, the IMF warned.  “With a rapidly rising youth population…private-sector job creation for GCC nationals has become a challenge and unemployment could rise in the coming years unless more nationals find jobs in the private sector,” the IMF said.  The GCC labor force could grow 3-4 percent each year, so an additional 1.2-1.6 million GCC citizens could enter the labor market by 2018, it estimated. If the current share of nationals in the private sector is merely to stay flat, about 600,000 private-sector jobs must be generated for nationals by 2018.

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Dubai World Central announces key MRO partnerships at Dubai Airshow

Source: Emirates 24/7 (Read full story)

Dubai World Central (DWC), the world’s first purpose-built aerotropolis, has announced a series of strategic partnerships with leading global maintenance, repair and operation (MRO) companies, who will open new facilities at the Aviation District.  The Aviation District at DWC is an intelligently designed integrated aviation district and offers modern-day aviation businesses a unique opportunity.

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Qatar emerging as a ‘focal point for global financials’

Source: Gulf Times (Read full story)

Qatar is emerging as a focal point for multinational financial institutions, especially for those operating in the UAE, a release has said.  The rising profile of Qatar’s financial sector is drawing particular attention from financial houses that use the UAE as a base of operations to serve the wider GCC (Gulf Co-operation Council) region. The Euromoney Qatar Conference, to be held on December 10 and 11, has seen a record number of registrations from the UAE this year.  Qatar is expected to post 6.8% year-on-year real GDP growth into 2014, thanks to large infrastructure projects, population growth, and economic diversification, according to a recent report from QNB Group.  The most competitive economy in Middle East and North Africa, Qatar is also the 11th-most competitive in the world, according to the World Economic Forum’s Global Competitiveness Index 2012-2013.

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