The Middle East

Rising arrivals are driving tourism infrastructure development in Abu Dhabi, as the emirate accelerates construction of hotels and other facilities in a bid to broaden its offering for both business and leisure travel.

With double-digit increases in profits and assets reported mid-year, Turkey’s banking sector remains relatively unscathed amidst ongoing political uncertainty, renewed security threats and a slowing economy. However, as borrowing costs rise, ratings agency Standard & Poor’s (S&P) predicts a cooling in the country’s banking climate. 

On August 1, an increase in petrol charges came into force in Dubai and the rest of the UAE, following the announcement on July 22 by the Ministry of Energy (MoE) that the government is reducing the fuel subsidy it has traditionally paid. 

For many months now, investors worldwide have been putting US Federal Reserve Chair Janet Yellen’s every statement under the strongest of analytical microscopes. A global search amongst her words for signs and portents regarding the future of interest rates has long been under way – with July’s meeting of the Federal Open Market Committee (FOMC) prompting yet another round of speculation.

Increased investments and a targeted approach to joining up Oman’s logistics chain will boost the sultanate’s capacity to move its domestic and export cargoes, as well as strengthen its credentials as a major freight trans-shipment hub.   

With growth in the Kuwaiti banking sector hitting double-digit figures in 2014 − reaching its highest rate in the last seven years – momentum is set to continue this year, despite uncertainty surrounding the broader economy.