Private sector salaries in the Gulf region increased at an average rate of 11.4% over the last year, according to figures released today by GulfTalent.com, the Middle East’s leading online recruitment firm. In its fourth annual survey of salary trends in the region entitled “Gulf Compensation Trends 2008”, GulfTalent.com revealed the following increases in basic salary by country, over the twelve-month period to August 2008:

The unfolding financial crisis, the worst since the Great Depression, is now affecting the real economy, with lending at a trickle, unemployment rising and retail sales falling, William R. Rhodes, Senior Vice-Chairman, Citigroup; Chairman, President and Chief Executive Officer, Citibank NA, Citi, USA, warned participants in a session on the risks to global growth at the World Economic Forum’s Annual Meeting of the New Champions 2008.

Bahrain's position as a regional leader for foreign investment has been confirmed after it was ranked number one in the GCC for inward foreign direct investment in the World Investment Report announced recently at the United Nations Conference on Trade and Development in Geneva.

His Excellency Sheikh Fahad Bin Faisal Al Thani, Deputy Governor, Chairman National Anti Money Laundering and Terrorist Financing Committee has responded positively to the findings of the International Monetary Fund's (IMF) review of Qatar's anti-money laundering and combating the financing of terrorism (AML/CFT) framework and has reiterated Qatar's commitment to fighting money laundering and combating the financing of terrorism.

Colliers International, the global real estate consultancy, today launched its Q2 2008 International House Price Index for Dubai.

In an environment where soaring oil prices have led to the massive accumulation of surplus cash for the oil-producing Gulf Cooperation Council (GCC) countries, it might have appeared earlier in the year that the global credit crunch would simply pass them by.

The Dubai International Financial Centre (DIFC) last month released a report assessing the progress being made by GCC countries to achieve the convergence criteria for a GCC Monetary Union (GMU) that were endorsed by the Supreme Council of the GCC at its 27th session held in Riyadh in 2006. The report is the first in a series of reports to be released by the Centre focussing on issues affecting the region’s economy.

Taking the lead initiative by creating an integrated full solution to the problems of SMEs financing, Caisse Des Depots Et Consignations (CDC) and the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group, and with support from KIPCO group, Albaraka Bank and the Bank of Financing SMEs (BFPME)

WIBC was convened under the Patronage of HRH Prince Khalifa Bin Salman Al Khalifa, the Prime Minister of the Kingdom of Bahrain, and the awards were presented by H.E. Rasheed Al Maraj, the Governor of the Central Bank of Bahrain. Presented each year of the past 16 years to industry leaders who have distinguished themselves in the field of Islamic Finance, the World Islamic Banking Conference (WIBC) Awards are among the oldest and most prestigious in the world.

The Islamic Corporation for the Development of the Private Sector (ICD) has long prided itself on its reputation as one of the most successful Islamic institution that contributed to the development of the private sector in its member countries.

Khalijia Invest announced the commencement of its operations, under the five licenses awarded by the Saudi Capital Market Authority. As one of the recently established investment companies in the region, Khalijia Invest specializes in Corporate Finance, Asset Management and Investment Advisory, operating in compliance with Shari’ah guidelines.

Ajman Bank, the Emirate’s first Islamic commercial bank, lately hosted its first Annual Business Community Forum under the patronage of HH Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and chairman of Ajman Bank. The Forum, the first of its kind to be held by the Bank, has been designed to provide a platform for the exchange of information, networking and relationship building within the business community. 

To further boost its forces and believing in the high qualifications of Bahraini citizens and as part of its Bahrainisation drive, Tharawat Investment House (Tharawat), the latest investment house to operate in Bahrain according to principles of Sharia’a, has been joined by three new Bahraini directors.