Saudi Arabia cuts subsidies, raises fees to generate revenue

In October, Saudi Arabia will be dropping various subsidies and raising some municipal fees and other costs for both residents and visitors. Items that will cease to be subsidized include passports, driver’s licenses and some renewals of residence permits, according to a released list. Government officials note that all of this will be done in order to raise revenue. Read More »

Dubizzle study finds millennials looking to buy homes in UAE

Millennials comprise a significant portion of real estate buyers in the UAE, so classifieds website firm dubizzle has led a research study to look at how these individuals view home buying in the Emirates. The study looked at the attitudes of UAE citizens and expats. One thing the study found was that almost half of millennials surveyed want to purchase a home in the UAE. Read More »

Fishing incident hints at strained Qatar-Bahrain relations

Recent news reports reveal a stormy relationship between Bahrain and Qatar after Qatar released three sailors from Bahrain who had entered the country's territorial waters. According to Gulf News reports, the sailors were fishing on Aug. 13 when they were arrested by a Qatari guard. According to the sailor, a Qatari public prosecutor decided to hold the group for four days. Read More »

Eid al-Adha celebrated by Muslims all over the world

You might not have know it from observing most American communities Sept. 11-15, but this period included an important holiday celebrated by millions of people around the world –  Eid al-Adha, a major Islamic holiday. The theme of Eid al-Adha is one of sacrifice – the holiday derives from the story of Abraham and his son, who, in Judeo-Christian lore is Isaac and in the Islamic world, Ishmael. Read More »

Oman imposes hefty hike in tobacco tax

Reports from Oman indicate the government has hiked tobacco taxes up to double the previous amount – after a tax freeze on tobacco products lasting 17 years. A Sept. 21 press release said some form of a tax increase on tobacco has been in the works for six years, but in November 2015, various Gulf leaders acted decisively to approve the outsized tax on cigarettes and other tobacco products. Read More »

Dubai planning for 13% annual growth in medical sector until 2021

In a region that's quickly modernizing, one of the Gulf area's primary cosmopolitan cities, Dubai, is determined to grow its health care system to the point where it offers medical tourism to the global community. Dubai authorities are announcing that with an investment of over $272.2 million last year, they expect to welcome around 1.3 million medical tourists within the next five years. Read More »

Report cites job stability, higher wages for Saudi workers

In a time when the Saudi economy is struggling, there is some glimmer of light for Saudi workers, particularly native citizens. A study by the Korn Ferry Hay Group shows big increases across the board for salaries in some industries, such as high technology and transportation and logistics. The study also found that over half of Saudi nationals have held the same job for at least five years. Read More »

Egypt wrestling with soaring inflation

Headlines from Cairo suggest that Egypt's inflation is now at an eight year high, challenging a government that has already been looking at central bank action and has taken out a $12 billion loan from the International Monetary Fund. A Sept. 8 Reuters article shows inflation in Egypt at 15.5 percent, up from recent months and towering far below what most national economies handle. Read More »

UAE launches 7th round of drug price cuts to reduce heath care costs

The UAE Ministry of Health and Prevention is announcing another round of price reductions for prescription drugs made by several dozen pharmaceutical companies around the world. The latest price cuts are the seventh, and last, is a series of reductions, some of which were even more extensive. This latest round, the ministry said, will translate to relief of $75.9 million to consumers. Read More »

Qatar Investment Authority buys stake in Empire State Realty Trust

The Qatar Investment Authority, Qatar’s sovereign wealth fund, made a sizable investment last month in a real estate investment trust with assets that include the Empire State Building in New York. The move has generated some rather mild national press, but it is attracting scrutiny from some who have questions about this kind of foreign investment in U.S. infrastructure. Read More »

Bahrain signs financing deal with Kuwait Fund as part of post-oil strategy

In an attempt to stabilize its national economy, Bahrain is reaching out to the Kuwait Fund for Arab Economic Development with financing agreements for over $1 billion for infrastructure and housing projects. Along with pursuing financing, Bahrain’s leadership is also amping up its solar program.What role will renewables play in the new economies of the GCC nations with oil below $50 a barrel? Read More »

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