Economy

IDB increases its capital from $ 45 bn to $ 150 bn
The Islamic Development Bank Group has decided to increase its authorized capital from $ 45 billion (30 billion Islamic dinars) to $ 150 billion (100 billion dinars) on the recommendation of the two...
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First Kuwaiti Private Airline to Launch Operations in February

Sunday 12 December 2004
KUWAIT CITY, 12 December 2004 — Kuwait’s first private passenger airline received its Air Operation Certificate from the emirate’s civil aviation authorities yesterday and will start operations
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Arab Bourses Expected to Stay Mixed

Saturday 11 December 2004
AMMAN, 11 December 2004 — Arab stock markets are expected to “move sideways” in the coming couple of weeks as investors await fresh information to build up new positions in the wake of this week
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Dubai Conference to Focus on PR Industry Challenges

Saturday 11 December 2004
JEDDAH, 11 December 2004 — The National Commercial Bank (NCB) is participating in the annual International Public Relations Association Conference (IPRA) being held at the Emirates Towers Hotel in
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Islamic Banking Conference Set to Open

Saturday 11 December 2004
MANAMA, 11 December 2004 — The 11th world Islamic banking conference will start today in Bahrain with Prime Minister Sheikh Khalifa ibn Salman Al-Khalifa attending.
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Withdrawal of Tax on Bank Deposits Cheers NRIs

Saturday 11 December 2004
RIYADH, 11 December 2004 — The Indian government has made millions of its residents in the Gulf happy with its decision to completely withdraw the income tax on non-resident bank deposit interests
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OPEC OKs Cut in Oil Production

Saturday 11 December 2004
CAIRO, 11 December 2004 — Seeking to keep prices up without having them explode, OPEC agreed yesterday to reduce its daily oil output by 1 million barrels a day — and reserved the right to cut dee
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IEA Warns Oil Prices Likely to Stay High

Saturday 11 December 2004
PARIS, 11 December 2004 — The International Energy Agency trimmed its forecast for growth in global oil demand next year but warned yesterday that prices were likely to remain high and dismissed pr
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Dubai’s Real Estate Sector Attracts Massive Investment

Friday 10 December 2004
JEDDAH, 10 December 2004 — The real estate sector in the UAE saw an unprecedented growth in the 90s, attracting most of the liquidity in the market.
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Dubai Ports Buys CSX Terminal Business

Friday 10 December 2004
DUBAI, 10 December 2004 — Dubai Ports International (DPI), a leading world port operator, said yesterday it had acquired the international terminal business of CSX World Terminals (CSXWT) for $1.15
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OPEC Warns Oil Supply Cuts Needed for 2005

Friday 10 December 2004
CAIRO, 10 December 2004 — OPEC oil producers said yesterday that today’s ministerial meeting would rein in oversupply to bolster falling prices and that the organization would have to reduce outpu
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