Entries by Barry Prost

Tourism to contribute ‘double digits’ to Bahrain’s GDP in coming years

In 2017, tourism and hospitality contributed about 6.3 percent to the country’s GDP, according to official figures Bahrain hopes that the tourism and hospitality sector will contribute “double digits” to its GDP over the next several years, according to Ali Ghunam Murtaza, the director of real estate, tourism and leisure business development at the Bahrain […]

Healthcare in Dubai on steady growth track, says new report

Over the last five years, the knock-on effect of these changes has led to a huge growth, such as the number of hospital beds increasing from 1,448 in 2012 to 2,434 beds in 2016. Dubai’s healthcare sector saw ample growth due to initiatives like investor-friendly environment, establishing a healthcare free zone and introducing mandatory insurance, […]

First Saudi cinema opens with popcorn and ‘Black Panther”

RIYADH, Saudi Arabia — The lights dimmed and the crowd of men and women erupted into applause and hoots Wednesday evening as Hollywood’s blockbuster “Black Panther” premiered in Saudi Arabia’s first movie theater. Though it was a private, invitation-only screening, for many Saudis it marked one of the clearest moments of change to sweep the […]

Sharjah ruler announces salary hike for non-Emirati employees

The salaries of non-Emirati Sharjah government employees will also be hiked by 10 per cent retroactively from the start of January this year. This comes following directions of His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, on Saturday. In a video, His Highness said that […]

Private sector’s share in GDP up 48%

JEDDAH — The private sector’s contribution to the gross domestic product of Saudi Arabia grew to 48.22 percent in 2017 while non-oil private sector GDP rose from SR1,227.5 billion in 2016 to SR1,236.6 billion in 2017, said a report issued by the Council of Saudi Chambers. The CSC highlighted the private sector’s contribution to the […]

UAE most diversified economy in the region

The global growth forecast of 3.9 per cent for 2018 is unchanged The UAE remains the most diversified economy in the region and introduction of value added tax (VAT) is a step in right direction, said David Mann, global chief economist of Standard Chartered Bank, in Dubai on Monday at the launch of its global […]

Bahrain issues $1 billion seven-year Sukuk offering

The Kingdom of Bahrain has successfully priced a Rule 144A/RegS international $1 billion 6.875 per cent October 2025 sukuk offering. The financing exercise forms part of the Kingdom’s prudent approach in managing its funding requirements. The transaction received strong global investor interest, with the orderbook peaking at around $2.1 billion (2.1x of the total amount […]

GCC construction deals set to rise to $148.7bn in 2018

New research says the UAE will award a third of the region’s construction contracts this year Rising oil prices and increased government spending is fuelling demand in the GCC’s construction sector, with contractor awards across the region’s markets expected to be worth $148.7 billion in 2018, according to a new report. Research specialists Ventures Onsite […]

Bahrain makes biggest oil discovery since 1932

Bahrain, the smallest oil producer in the Arabian Gulf, has made an oil discovery off its west coast – the largest since the commodity was first discovered in the country in 1932. “The find represents the largest discovery of oil in the kingdom since 1932, when extraction started on Bahrain’s first oil well within the […]

BREAKING: Bahrain to build world’s tallest building

1st April (Manama) The tiny kingdom of Bahrain has shocked the world by announcing it has commenced work on what will become the world’s tallest building. The tower, to be called LOOF LIRPA, will stand 1,130 metres tall when completed, which will be within the next 36 months. The incredible 200 floor tower will drawf […]