(MENAFN) Egypt's account has shown a surplus in the current year's first three months after the billion-dollar loans from Gulf states, according to Arab News. The current account's surplus registered a USD757 million rise in the third quarter. The country's incurred debts reached USD12 billion from Saudi Arabia, the UAE and Kuwait, including petroleum products.
(MENAFN) Welfare projects in Saudi Arabia are expected to boost the fiscal budget, according to experts, Arab News reported. Economists say the budget surplus is expected to reach more than USD61Ù«25 billion this year. Ihsan Buhulaiga, a former Shoura member, said: "I believe the government would continue its policy of increased spending to carry out mega projects. This will not only strengthen the private sector but also generate jobs for Saudis."
(MENAFN) Dubai-based Flora Hospitality plans USD 204Ù«17 million worth expansion projects in the city over the following two years, according to the National AE. The projects will include building four new hotels in Dubai, and will be located in Downtown and Deira. The company plans to fund the expansion through its own capital from real estate rents in the emirate.
(MENAFN) Dubai Municipality said that the first hotel for dogs and cats in the emirate is set to open next year, Arabian Business reported. The USD14.7 million project will include a Birds and Pets Market three times bigger than the animal market currently in Dubai. The project will be spread over 835 square meters of land and will be capable of accommodating for 50 pets.
(MENAFN) Etisalat said that it completed the first phase of its major business transformation project, Khaleej Times reported. The project aims to simplify business processes and deploy a converged Business Support Systems (BSS) architecture to improve customer care. Etisalat"s chief information officer said: "We are now looking forward to the remaining phases of this strategic transformation programme which will pave the way for driving product innovation, improving customer experience and enhancing our operational effectiveness.
(MENAFN) Sukuk debt in the Gulf Cooperation Council (GCC) is expected to gain an average of three percent next year, Khaleej Times reported. Chief investment officer at Asset Management Group said that Shariah-compliant debt this year brought returns of 1.2 percent. He said that the question for 2014 is not will Sukuk grow, but how much will it grow.
(MENAFN) Exhibitors at the second OIC Halal Middle East Exhibition and Congress said that the halal food industry is increasingly spreading in markets around the world, Khaleej Times reported. Investors in the industry are looking for more opportunities to support its growth in the market. Audit manager at Halal Italia said: "Halal food is picking up in Italy and we are confident of its success in the country because of its popularity even in non-Muslim population." Halal Italia is the Italian organisation for Islamic certification, which is also recognized from the Ministry of Environment and Water in the UAE and the Islamic Religious Council of Singapore. "Our association is a non-profit body that has been formed to provide a common platform to stakeholders in Korea halal industry," Korea Halal Association advisor said.