ArabianBusiness.com - Middle East Business News Sunday, 06 July 2008 | 12:04 UAE time

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Gulf Cooperation Council (GCC)

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ALL STORIES LIST


Gulf must ditch dollar peg - Abu Dhabi gov't

GCC must act in face of soaring oil prices and plummeting dollar value, DPE report says.

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Gulf world's fifth largest economy by 2020

DIFC chief economist says GCC to become major global player if growth continues.

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Fuel costs force Aramex to convert fleet

EXCLUSIVE: Middle East's biggest courier company converts vehicles over fuel.

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Gulf to scrap 2010 single currency deadline

Saudi central bank governor says 2010 'too soon', new date to be set at autumn meeting.

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GCC healthcare demand to surge 240%

Demand for health services to rise dramatically over next 20 years - McKinsey.

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Saudi to invest $80bn in oil output

Kingdom to invest in increasing oil output to 12.5 million barrels per day, expand refining capacity.

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Mideast buckling under weight of inflation

Gulf states launch emergency efforts to control prices, Egypt inflation hits 19.7%.

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Gulf hits back at human trafficking accusations

Foreign ministers slam US trafficking report, claim findings unjustified and political.

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GCC, EFTA to sign FTA by year-end

Gulf close to penning deal with Eurpean countries Iceland, Liechtenstein, Norway and Switzerland.

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Inflation may delay Gulf currency - UAE

Differences of opinion emerging among Gulf states on how to tackle problem, cbank governor says.

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GCC consumers face whopping 100% tax

Luxury tax on items like high-end cars, yachts and 'harmful items' such as cigarettes under consideration.

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Dubai exports hit Q1 record

Dubai's exports in first quarter reach record high of $13.34bn, up 36% year on year, says DCCI.

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Experts back Gulf nuclear drive

Experts push nuclear to fuel booming economies in favour of renewable sources like wind and solar power.

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GCC hopes for EU trade pact by year end

Two sides say they are 'closer than ever' to a conclusion after 18 years of talks.

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Credit crunch hits Gulf Islamic bond sales

Sales to be subdued this year compared with past expectations as crunch bites - poll.

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GCC-EU trade deal at 'critical stage'

Gulf states should be 'more frank' with EU on whether desire is there to seal FTA, Kuwaiti minister says.

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Qatar, Oman battle for Gulf market lead

Oman reverses two days of losses to post gains and Qatar ends lower on profit taking.

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Volatility pounds Gulf equity funds

...

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UAE joins GCC power grid

Emirates fulfilled financial obligations to join pan-Gulf project, expected to be fully operational by 2010.

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Bahrain, Qatar mull spending cuts

WEFME: Officials say Gulf Arab states must rein in spending in order to tackle record inflation.

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UAE private sector highest paid in region

Salaries in sector also increasing faster than in any other Gulf state, survey reveals.

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Gulf inflation to climb 3% this year

Inflation across region will continue to rise for years to come, expert at regional business bloc says.

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Maids to be protected under GCC-wide law

GCC committee working on new law to stamp out abuse of domestic workers - minister.

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GCC defends dollar peg, single currency deadline

Gulf finance ministers deliver upbeat messsage in face of soaring inflation.

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Entire GCC to impose VAT within 5 years

UAE expects to introduce value added tax sometime in 2009, Dubai Customs executive director says.

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Saudi bourse not ready for foreigners

Boost transparency and deal with domestic liquidity before allowing foreign ownership - conference.

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GCC to meet on inflation, unemployment

Committee to study ways to address growing problems - Oman news agency.

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Business travel booms in Middle East

SURVEY: Residents across Gulf increasingly on the move, more than half respondents plan to increase travel.

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Gulf residents among world's most travelled

SURVEY: Four out of five have travelled to at least two countries in past year.

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Kuwait holidaymakers Gulf’s most lavish spenders

SURVEY: Around a third say they spend $10,000 or above on their annual holiday.

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Business travellers key to airline profitability

SURVEY: Marked differences revealed in how we travel for business and pleasure.

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Middle East travellers prove expensive acquisitions

SURVEY: Discounts required to make loyal passengers switch from rival airlines.

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Lack of GCC airspace capacity threatens Dubai's growth

Dubai Airports chief calls for intra-regional cooperation to unlock restricted airspace.

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Saudis top Middle East jetset

SURVEY: Residents in kingdom most frequent travellers, 4.65% visit over 20 destinations in 12 months.

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Gulf inflation to surge past 9% this year

Inflation in GCC will rise to at least 9% spurred by rents and commodity prices - poll.

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Culture and comfort key for Gulf travellers

SURVEY: Almost four in five opt for time with family and cultural offerings.

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Gulf states toe Fed's line, cut rates

Despite soaring inflation, central banks across the region lower rates to ward off FX speculation.

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Qatar residents vacation mad

SURVEY: Those living in Qatar take longest holidays, while those in UAE vacation for shortest period.

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Iranians protest Gulf being named Arabian

Dozens rally outside UAE embassy to press Tehran's demand for waterway to be called Persian Gulf.

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GCC inks Euro trade pact

Gulf states finalise European Free Trade Association deal after five rounds of talks in Geneva.

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US, Iraq seek stronger Arab backing

US secretary of state to implore help from neighbouring states at conference in Kuwait.

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Investors back UAE on capital gains

Most GCC investors believe emirates offer best financial investment over next two years.

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Carrefour holds prices at 2007 levels

French supermarket retailer agrees to gov't request to keep prices at 2007 levels, in inflation fight.

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Oman urges banks to rein in lending

Central bank says banks should lend less to individuals and focus on project financing to curb inflation.

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Rice to travel to Gulf to discuss peace

US Secretary of State will hold meetings aimed at stabilizing Iraq and bolstering the peace talks.

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Business confidence drops across Gulf

More businesses concerned about inflation and weakness in US dollar, according to new HSBC report.

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Intra-GCC trade still problematic for many

Over half of Dubai firms have difficulty with double tariff charges, survey finds.

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Gulf in fresh push to hit single currency deadline

GCC central bank governors resist pressure to revalue or drop dollar peg.

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The skills crisis arrives

Despite record levels of investment, the global oil and gas industry is at the precipice of a potentially severe stagnation.

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India bans rice exports

Cut in supply by major global exporter likely to send prices in the Gulf soaring, further stoking inflation.

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GCC segment importance

The GCC segment is of critical importance to the Middle Eastern hotel industry, but misconceptions exist.

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Qatar, UAE hardest hit as inflation outlook deteriorates

Overall inflation across GCC countries will outpace earlier forecasts - IMF.

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Study on single currency deadline due this year

Study into feasibility of 2010 deadline for GCC monetary union due by year-end, official says.

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Dubai begins work on world's largest reservoirs

Construction of three water basins aims to quench emirate's current supply shortage.

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Gov't called on to solve water shortage

Gulf residents believe authorities in region need to act to stop problem escalating, poll reveals.

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$120bn needed to solve power, water crisis

Rising power demand and falling water supplies spurring crisis, expert warns.

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GCC to invest $500bn in oil and gas

Petrodollar profits to spur investment in hydrocarbon sector over next five years, report says.

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Power to the people

As the global energy crisis reaches tipping point, the GCC needs investment to prevent disaster.

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Gulf states relax border ID rules

Saudi, Kuwait and Qatar to allow citizens to travel between them without passports by end of year.

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Emergency US rate cut adds to Gulf currency woes

Gulf states may revalue in next two to three months as inflationary pressure grows.

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'English should be GCC official language' - poll

Two-thirds of people think English should be official GCC language, spot poll reveals.

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Gulf braces for yet another US rate cut

Fed could cut by up to 75 basis points, further stoking inflation across Gulf region, analysts predict.

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Consumer despair as water prices to soar

Dwindling supplies prompt higher bills as Gulf gov'ts attempt to curb consumption, expert says.

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Gulf plans inflation summit to tackle problem

Officials to meet in Bahrain later this month to discuss how to bring down record inflation.

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GCC to establish common stock exchange

Gulf may look to establish Euronext-style stock market to lure foreign investors.

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Thousands protest deadly Israeli raids

Demonstrators pour into streets throughout Gaza in response to Hamas calls to denounce air strikes.

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Ditching peg will ease inflation - Greenspan

Former Fed chairman says free-floating currencies will ease inflation 'significantly'.

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Qatar urges GCC to resolve single currency differences

Prime Minister Sheikh Hamad says monetary union could avert unilateral revaluations.

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Single currency 'long-term' objective - UAE

Central bank governor says implementation of monetary union should be in stages.

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Residency cap 'unlikely' in near future

Controversial proposal not likely to be endorsed by all GCC states, officials say.

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Saudi supports expat residency cap

Millions of foreign workers must be prevented from gaining political voice, says minister.

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Single currency delay piles on pressure to revalue

Morgan Stanley says GCC more likely to move unilaterally the longer the delay.

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Kuwait opposed to GCC expansion

Council not an 'exclusive club', but should not expand beyond its current six states, minister says.

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Gulf to complete nuclear studies in 18 months

GCC states to begin working with IAEA on civil nuclear programme from March.

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Residency cap faces axe

COLOMBO PROCESS: GCC countries bow to pressure from businesses and postpone proposal.

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Gulf to revalue together at some stage - Qatar

Finance minister says GCC would consider revaluation to tackle inflation.

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'Endless conditions' hinder Gulf-EU trade deal

European demands could delay elusive free trade agreement for months, says minister.

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Strength through unity

The growing ties between GCC member countries should be strengthened by using international benchmarking.

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Single currency delay - official report

Finance ministers asked for more time at GCC summit, new timeframe and deadline being drawn up.

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Expats excluded from GCC trade pacts

Common market agreements on residency and work permits will not be extended to expats, minister says.

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GCC common market comes into effect

Citizens now have same rights in each country, but benefits will not be reality for some time, analysts say.

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Costs to soar as common market sparks migration

Housing, health and education to be hit as GCC nationals flock to booming Gulf cities.

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Bankers on edge over revaluations

Prospect of Gulf currency revaluations discouraging sales of dollar-denominated Islamic bonds.

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Qatar casts doubt over monetary union deadline

Gulf states unlikely to meet 2010 target date, Qatar prime minister Sheikh Hamad says.

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Gulf currency talks due 'in days'

Bahraini foreign minister says revaluations under discussion after rulers backed dollar pegs.

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Door left open for revaluations

GCC Summit: Leaders hint that change in monetary policies still on the cards despite united front.

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Gulf to establish common market

GCC Summit: Secretary-general Al-Attiyah announces formation of common market from January 1.

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GCC silent on peg, committed to single currency deadline

GCC Summit: Rulers' final communique does little to calm financial markets.

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Currency markets hold breath on word from summit

Markets flat on any word of exchange rate reform from rulers in Doha.

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Free trade still eludes GCC, EU

Ministers have again failed to overcome obstacles to a free trade agreement between the GCC and EU.

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Iran awaits results of charm offensive

GCC Summit: Arab leaders yet to react to Iran's proposals for closer economic and security ties.

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Bahrain to keep dollar peg

GCC Summit: Finance minister says no change to monetary policy as currency debate overshadows summit.

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Ministers remain silent on peg rift

GCC Summit: Leaders stay tightlipped over questions about currency reform as speculation intensifies.

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Ahmadinejad pushes new era of cooperation

Iranian president to present 'new proposals' to boost ties with Gulf states at GCC summit.

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GCC rail project on Doha agenda

Decision to kick-start rail network linking member states expected at this week's GCC summit.

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Gulf states set for currency showdown

UAE, Saudi raise stakes in currency debate but ministers say reform won't be on Doha summit agenda.

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Ahmadinejad to attend GCC summit

Iranian President invited to attend this week's meeting in Doha of Gulf Arab states, according to an aide.

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GCC, EU to conclude landmark FTA early 2008

Swedish foreign trade minister says the two regions have made great deal of progress.

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Monetary union on course, claims GCC chief

GCC secretary general says 2010 target for creation of single currency will be met.

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Gulf could unite to drop dollar peg

States could switch together to currency basket to buy time for troubled monetary union project.

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Crucial single currency decision not till 2008

Gulf rulers to decide on monetary union next year, not at a summit in December, report says.

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Currency decision date agreed

GCC leaders will decide in December whether to delay monetary union among the six member states.

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All eyes on GCC for signs of currency policy rift

Gulf risks renewing bets on demise of dollar peg at upcoming meeting on monetary union.

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Six-year expat cap gets UAE backing

Proposal to limit how long unskilled workers can live in Gulf top of the agenda, says labour minister.

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GCC single currency to be delayed

Officials will meet later this month to discuss possibility of pushing back 2010 deadline, minister says.

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GCC to break down borders with common market

Gulf Arab block to announce formation of common market at GCC summit, official says.

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GCC condemns Iraq break-up

Gulf Arabs states strongly opposed to US Senate resolution calling for partition of Iraq, head of GCC says.

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Dividing Iraq a 'disaster' for country

Iraq's Prime Minister Al-Maliki slams US Senate calls for separate Sunni, Shi'ite and Kurdish regions.

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GCC likely to miss currency deadline

SAMA chief says economic developments in the region mean the single currency is unlikely to launch by 2010.

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GCC considers free trade with Iran

The Gulf Cooperation Council has responded positively to a letter from Iran requesting trade talks.

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GCC, EU set for trade deal

Free trade agreement between the GCC and Europe expected within the next two months, official says.

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Are we banking on the impossible?

Banks. A few weeks ago we said lots of them would merge. But will that be such a good idea...

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Gonu forces Oman to let Doha host GCC summit

December's meeting will take place in Qatar due to reconstruction, sources say.

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Experts call for GCC stock market

Joint market would improve image of region and attract more foreign capital, analysts say.

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Delay to EU-GCC FTA hurting UK firms

UK is losing out to US on valuable Gulf export opportunities due to delay in FTA negotiations.

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GCC opens FTA talks with New Zealand

Both sides are hoping an agreement will enhance trade between the two markets.

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GCC, India near FTA deal

A free trade agreement between India and the GCC is likely to be finalised by the end of the year.

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GCC grid nears solid legal footing

The GCC Interconnection Authority hopes to finalise legal deals for pan-GCC power grid by end of the year.

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Gulf companies told to phase out CFCs

GCC calls on government agencies and private organisations to phase out ozone-depleting substances.

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Why we'll never forget July 1

James Bennett explains why July 1 is one of the most significant moments in the GCC's 26-year history.

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GCC Council in Saudi Arabia goes paperless

The office of the General Secretary of the GCC Council in Saudi Arabia is to banish manual paperwork by switching over to Sakhr Software’s ArabDox document management system.

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