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INTERNATIONAL. The low level of insurance penetration seen in many Middle East and North Africa (MENA) countries, combined with the robust, albeit deteriorating, profitability achieved by the leading primary insurers, has made the region a target for international and domestic reinsurers. A new special report by A.M. Best examines how insurance markets in the MENA region have grown significantly over the past decade. MENA insurance premiums surpassed […]

Featured Blogs

INTERNATIONAL. What started as a civil war in Syria nearly five years ago has now evolved into an international crisis unmatched by any other since World War II. The global community now has a solemn obligation to end this humanitarian disaster, but it cannot do so unless all the powers affected by the conflict set aside their differences in order to end the suffering of millions of […]

Middle East

Middle East Secretary of State John Kerry, left, with Iran’s foreign minister, Mohammad Javad Zarif, at the United Nations on Saturday. By MICHAEL R. GORDON September 26, 2015 UNITED NATIONS — Secretary of State John Kerry sought on Saturday to draw Iran into the search for a political solution to the Syrian conflict as he began a week of diplomacy over the brutal fighting there. “I view this week as […]

Middle East

WASHINGTON — Defense Secretary Ashton B. Carter has notified Congress that he has approved sending a high-profile detainee at the Guantánamo Bay prison to Britain, a move that will ease a point of diplomatic tension between the United States and a close ally. The detainee, Shaker Aamer, is a Saudi citizen but was a longtime British resident. Prime Minister David Cameron; members of Parliament, including Jeremy Corbyn, […]

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INTERNATIONAL. Gleaming glass skyscrapers, state-of-the-art technology, and wealthy merchant families have replaced the Gulf’s muddy towns and villages populated by traders and pearl fishers that once lacked electricity, running water or modern communications. The region’s modern day projection of a visionary cutting- edge, 21st  century urban environment masks however the fact that some things have not changed. Gulf states continue to be ruled by the same families, […]

Middle East

Contrary to common portrayals of the madding crowd, people caught in an unfolding catastrophe usually summon their best selves, keep cool heads and look out for those around them, according to decades of research into crowd reactions during earthquakes, fires, floods, bombings and other threats. It had not been reported exactly what touched off the panic that killed more than 700 people on Thursday near Mecca, Saudi […]

Middle East

SANA, Yemen — Bombings at a mosque killed at least 25 people here on Thursday during prayers to commemorate the beginning of Eid al-Adha, a major Muslim holiday, Interior Ministry officials said. Tamim al-Shami, a spokesman for Yemen’s Health Ministry, said that the mosque, in the Al-Bilili neighborhood, was struck by two bombs, one hidden in a shoe and left at the entrance of the mosque, and […]

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Middle East

ABU DHABI // Thousands of UAE pilgrims escaped a stampede near Mecca on Thursday that claimed the lives of hundreds on the first day of Eid Al Adha. Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, sent a cable to King Salman of Saudi Arabia expressing condolences and sympathy for the victims of the stampede. UAE pilgrims were […]

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UAE. Switzerland, the United Kingdom, Sweden, the Netherlands and the United States of America are the world’s five most innovative nations, according to the Global Innovation Index 2015, while China, Malaysia, Viet Nam, India, Jordan, Kenya, and Uganda are among a group of countries outperforming their economic peers. The GII 2015 looks at “Effective Innovation Policies for Development” and shows new ways that emerging-economy policymakers can boost […]

Featured Blogs

UAE. Standard & Poor’s Ratings Services said today that although it expects that some corporates and infrastructure issuers in the Gulf Cooperation Council (GCC) will likely feel the weight of lower oil prices, most of its rated entities show resilient financials for now, in an industry report card published today titled, “Some Gulf Corporates Could Feel The Heat On Low Oil Prices.” Corporate and infrastructure companies in the […]

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Middle East

DUBAI // Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, penned an emotional poem mourning the loss of his older brother, Sheikh Rashid bin Mohammed, who died on Saturday of a sudden heart attack at age 33. The poem was shared by thousands of people on social media, where it was first posted. Sheikh Hamdan, well-known for his lyrical art and oratorical skills, recorded the poem and […]

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Kuwait’s government spending in August stood at KD4.2 billion ($13.91 billion) fiscal-year-to-date (fytd), marking 22 per cent of the FY15/16 budget, slightly above the historic average of 14 per cent, a report said. The figure, while being 6 per cent lower than during the same period last year, indicates that spending cuts have not yet been fully reflected in the interim figures, added the latest Economic Update […]

Middle East

ADEN // With the help of the UAE, 33 schools in Aden were reopened on Sunday, after the Emirates Red Crescent rebuilt more than 154 schools in the Yemeni southern port that were damaged or destroyed in fighting with the Houthi rebels. Dr Mohammed Atiq Al Falahi, secretary general of the ERC, said that all of Aden’s students would be able to return to school after the […]

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Middle East

DUBAI // The late Sheikh Rashid bin Mohammed has been remembered as a “noble knight” who raised the flag of the UAE, as tributes continued to flow after his death on Saturday. Condolences were offered on Sunday at Zabeel Palace to Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, for the death of his eldest son after a heart attack at the age of 33. […]

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The United Arab Emirates has no plans to abandon the currency’s peg to the dollar, central bank Governor Mubarak Rashed Al Mansoori said. “The dirham peg to the US dollar has served the UAE well over time,” Al Mansoori said in an e-mailed answer to Bloomberg News questions. The central bank “maintains a firm commitment to the peg.” Investors have increased bets that the six Gulf Cooperation […]

Middle East

SANA, Yemen — A Saudi-led military coalition bombarded government buildings and residential neighborhoods in Sana, the Yemeni capital, overnight on Saturday, killing more than two dozen people, officials and witnesses said, and destroying homes in Sana’s Old City, a Unesco World Heritage site. The Saudi coalition, which includes nine other Arab nations and is supported by the United States, began fighting Yemen’s Houthi rebels in March, two […]

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Featured Blogs

UAE. Forbes Middle East has unveiled the names of its Most Powerful Arab Women for 2015 at a glittering awards ceremony that shone a light on some of the region’s most influential and accomplished leaders. The impressive event recognized the achievements of women in reaching the top of their fields in business and government and, in doing so, working towards a fairer and more equal working environment […]

Featured Blogs

Saudi Arabia’s Emaar The Economic City (EEC) said on Thursday the grace period before starting to repay a SR5-billion ($1.33 billion) loan it signed with the kingdom’s Ministry of Finance in 2011 has been extended by five years. The first payment will commence in 2020 and the rest of the payments will be due over the period until 2026, EEC said in a bourse statement. The company, […]

Investing

|By Matein Khalid| The world’s emerging markets have been savaged by multiple economic, banking, currency and political shocks since 2011. Global emerging markets are far too diverse and nuanced to be analyzed as a single asset class but now trade at a 24% valuation discount to developed markets. The financial markets now price draconian scenarios for earnings, exports, sovereign credit, industrial production and economic growth. The shortage […]

Economy

Two years on from its launch in the city, ride-hailing service Uber is using its Middle East & Africa headquarters in Dubai to lay the groundwork for expanding in the region–through more than just operating in new cities. Since August 2013, the US-based company, which connects drivers and passengers through smartphone apps, has commenced operations within the GCC in Doha, Abu Dhabi, Riyadh, Jeddah and Saudi Arabia’s […]

Middle East

GENEVA — The United Nations human rights chief called on Monday for an independent inquiry into violations in Yemen by the Saudi-led coalition and by the Houthi rebels the coalition is fighting. More than 2,000 civilians have been killed and 4,000 wounded in the Yemen conflict, and the United Nations official, Zeid Ra’ad al-Hussein, told the Human Rights Council in Geneva that the fighting had left 21 […]

Middle East

HAJJA, Yemen — The airstrike slammed into Al-Sham water-bottling plant at the end of the night shift, killing 13 workers who were minutes away from heading home. Standing among the strewn bottles, smoldering boxes and pulverized machines a few days after the airstrike here, the owner, Ibrahim al-Razoom, searched in vain for any possible reason that warplanes from a Saudi-led military coalition would have attacked the place. […]

Middle East

HAJJA, Yemen — The airstrike slammed into Al-Sham water-bottling plant at the end of the night shift, killing 13 workers who were minutes away from heading home. Standing among the strewn bottles, smoldering boxes and pulverized machines a few days after the airstrike here, the owner, Ibrahim al-Razoom, searched in vain for any possible reason that warplanes from a Saudi-led military coalition would have attacked the place. […]

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