Economy

The Government Revises the Budget Deficit Again

Finance Minister Mohammed Shatah revised Lebanon’s projected GDP growth for 2009 to 3 percent from 5 percent in light of the global financial crisis and the expected economic slowdown in the oil-rich Gulf Arab states. The minister also projected inflation to reach 5 percent this year.

Dubai Hosts 700 Of The World’s Most Influential Leaders From Academia, Business, Government And Society At First World Economic Forum Summit On The Global Agenda

The World Economic Forum, in partnership with the Government of Dubai, held its inaugural Summit on the Global Agenda in Dubai from 7 to 9 November 2008.

Gulf Salaries Rise By 11.4% - Study

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:

Financial Turmoil Underscores Need For More Global Cooperation And Regulation

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 tops league for foreign direct investment

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.