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EY, a leader in assurance, tax, transaction and advisory services, has acquired Seren, an international digital consultancy based in the UK with a significant footprint in the Middle East and North Africa (Mena) region.  Seren has been working closely with governments, banks and media organisations in the Mena region to drive digital business transformation through a customer-centred approach to design, said a statement. Gerard Gallagher, Mena advisory […]

The UAE’s gross domestic electricity consumption has more than doubled over the past 10 years, and is expected to grow even more rapidly over the next five years as the country undergoes substantial population and economic growth, according to a recent study. The study by management consultancy Strategy&, formerly Booz & Company, revealed that energy usage in the UAE has grown at an annual average of four […]

Redmond is adding container support to its latest Windows Server 2016. The idea is to help developers deliver applications more quickly so they can keep up in a competitive landscape. Users will get the first public preview of Windows Server Containers in Microsoft‘s third technical preview of Windows Server 2016 and System Center 2016. The company is also integrating features such as Nano Server functionality and improving […]

UAE. The UAE’s gross domestic electricity consumption has more than doubled over the past 10 years, and is expected to grow even more rapidly over the next five years as the country undergoes substantial population and economic growth, according to a study by management consultancy Strategy&, formerly Booz & Company. The study reveals that energy usage in the UAE has grown at an annual average of 4% […]

Future versions of the Firefox Web browser could provide users with new ways to block online site elements that track visitors’ behaviors. Mozilla, the organization that develops Firefox, said it is currently experimenting with a private browsing update and other new features in pre-beta versions of its browser being tested by developers. The new features are currently being taken for a test drive on the Firefox Developer […]

Tech giant Oracle just rolled out new functions to its Service Cloud and Social Cloud. The new bells and whistles aim to help organizations serve up better customer experiences and make data-based business decisions. Specifically, the new social features promise to help brands increase social engagement and mine business insights through a new community self-service solution, as well as beefed up social service and incident routing. Oracle […]

INTERNATIONAL. In the last quarter of 2014, in the face of possible oversupply, Saudi Arabia abandoned its traditional role as the global oil market’s swing producer and therefore it role as unofficial guarantor of existing ($100+ per barrel) prices. In October, Saudi sources first prepared the market with statements that the country would be comfortable with oil prices as low as $80 per barrel for “a year […]

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JERUSALEM — Prime Minister Benjamin Netanyahu of Israel on Friday named a hawkish political rival who opposes a Palestinian state as his next ambassador to the United Nations. The naming of Danny Danon as the new ambassador is the latest in a string of appointments by Mr. Netanyahu that indicate he will not bow to mounting international criticism and efforts to isolate Israel. Mr. Danon is an […]

BAGHDAD — A devastating truck bomb struck a food market early Thursday morning in the teeming Shiite neighborhood of Sadr City, killing about 60 people and wounding more than 100 others, according to security officials. The blast, which was almost immediately claimed by the Islamic State, came just after dawn, when the market was already crowded with shoppers stocking up on fruit and vegetables for the weekend. […]

WASHINGTON — The State Department said Wednesday that a recent visit to Moscow by the head of Iran’s paramilitary Quds force had violated a United Nations travel ban that has been imposed because of concerns about Tehran’s nuclear and ballistic missile programs. “We’ve raised this travel with senior Russian Foreign Ministry officials,” said Mark Toner, the deputy State Department spokesman. He added that Russia had not responded […]

UAE. After delivering strong results in 2014, Islamic banks in the Gulf region face a gradually weakening operating outlook in 2015-2016, largely due to declining oil revenues, says a report published today by Standard & Poor’s Ratings Services. But as the report, titled “Gulf-Based Islamic Banks Grapple With Weakening Regional Economies,” also points out, we believe investor demand for Sharia-compliant products and supportive government actions will enable […]

UAE. H1 2015 saw 11 IPOs in the Middle East and North Africa (MENA) region, raising capital of over US$2.4b, according to EY’s MENA IPO Eye – H1 2015. Deal volume decreased by 31% and proceeds raised decreased by 1% in H1 2015, compared with H1 2014. Egypt and Saudi Arabia witnessed the highest number of IPOs with five and three IPOs respectively. Q2 2015 saw a significant […]

ANTAKYA, Turkey — The foreign minister of Iran arrived in Damascus, Syria, on Wednesday to discuss the civil war in Syria with President Bashar al-Assad, while rebel shelling and government airstrikes killed more than 30 people nearby. The visit by the Iranian minister, Mohammad Javad Zarif, came amid intensified diplomacy among Russia, the United States and several Middle Eastern powers seeking to end the conflict, which has […]

Chinese airlines and European luxury car makers are emerging as the early losers after the People’s Bank of China let the yuan fall the most in two decades. China’s surprising move to cut its daily reference rate by 1.9 percent Tuesday rippled through global markets. Policy makers called the change a one-time adjustment and said its fixing will become more aligned with supply and demand. While it […]

Emirates Airline said on Tuesday that Gulf airlines were not to blame for overcapacity on services between the United States and Dubai, rejecting comments at the weekend by U.S. carrier Delta Air Lines. Delta said on Sunday that it was reducing flights between Atlanta and Dubai this winter, blaming overcapacity on U.S. routes to the Middle East by subsidised and state-owned airlines, underscoring a trade row. “Their […]

UAE. July’s survey data signalled another increase in overall business activity across Dubai’s private sector economy, which marked five-and-a-half years of continuous expansion. However, growth momentum moderated to its weakest recorded since March 2012 amid softer contributions from all three key sub-sectors monitored by the survey. Private sector companies operating in Dubai are nonetheless still highly upbeat about their business activity prospects for the year ahead, according […]

Delta Air Lines Inc has scrapped a number of its flights to Dubai this winter in an apparent nod to how competition with three Gulf carriers is hurting its business. Delta, the second-largest U.S. passenger carrier, will fly nonstop to Dubai from its Atlanta hub between four and five times per week starting Oct. 1, down from daily service this summer. The airline revised its schedule on […]

A demonstration on Sunday in Baghdad to show support for Prime Minister Haider al-Abadi after he proposed government reforms. By OMAR AL-JAWOSHY and TIM ARANGO August 9, 2015 BAGHDAD — Facing widespread protests against government corruption and poor services as well as a crucial call for change from the country’s top Shiite cleric, Prime Minister Haider al-Abadi on Sunday proposed to radically reshape the dysfunctional political system of Iraq that has […]

While excess capacity and price volatility are among the key challenges faced by the steel industry, digital is shaping the future of metals in a complex business environment, said the managing director of Accenture metals. John Lichtenstein shared his passion for steel and how the industry can address growth challenges in an interview published by Accenture, a multinational management consulting, technology services, and outsourcing company. What are […]

SAUDI ARABIA. Saudi Arabia’s non-oil private sector began the third quarter of 2015 on a positive note, with business conditions improving at the fastest pace in three months during July. Stronger growth of the sector as a whole was mainly driven by sharper expansions in both output and new orders, while purchasing activity also rose more quickly. However, data for employment bucked the general trend, as the […]

RAS LAFFAN, Qatar — The temperature hovered around 100 degrees on the jetty here, where a set of pipes were connected to a giant red-hulled ship. But the moisture in the air froze on the pipes and flaked off, creating snowlike flurries on the early summer evening. The incongruous sight is common on the Qatari ship, the Al Rekayyat, which carries a frigid fuel known as liquefied […]

|By Matein Khalid| Every global recession since the OPEC oil shocks of 1973-74 was triggered by a contraction in the $17 trillion US economic colossus. The failure of Lehman Brothers, the meltdown in US subprime mortgages, the impotence of the implicit “Fed/Uncle Sam” put, the ice age in the commercial paper and interbank money markets all tipped the US economy into recession in late 2008 and triggered […]

SAUDI ARABIA.  JLL, the world’s leading real estate investment and advisory firm, today released its second quarter (Q2 2015) Riyadh Real Estate Market Overview that asses the latest trends in the office, residential, retail and hotel sectors in Saudi Arabia’s largest city. Mr Jamil Ghaznawi, National Director and Country Head of JLL KSA, commented: “there has been relatively little change in the real estate market in Riyadh […]

Oil has fallen to a six-month low, and hopes of a quick rebound are fading as demand heads into an autumn swoon. Brent crude tumbled below $50 on Monday for the first time since January. Gasoline fell the most in almost three years. The slump may have further to go. U.S. refineries, which turned a record amount of crude into gasoline during July, typically slow down from […]

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