Conservatives winning in Turkish Cypriot elections

NICOSIA/ANKARA - The conservative National Unity Party (UBP) was winning by a wide margin in premliminary results after Turkish Cypriots voted Sunday in parliamentary elections.

Bad times believed to be over for UAE economy

NICOSIA - The UAE Minister of Economy Sultan Bin Saeed Al Mansouri has said that the worst period for the United Arab Emirates economy was over and described the steps taken by the government to create a sense of stability as positive.

Iran warns foreign firms over delays in South Pars gas field developments

NICOSIA - - - In the face of interminable problems that have beset Iranian efforts to develop the South Pars gas field, the National Iranian Oil Company (NIOC) has warned Royal Dutch Shell and Spanish oil firm Repsol to submit their plans of action for the South Pars gas field and the Persian LNG projects within 45 days, otherwise they will be replaced by other qualified companies.

Dubai is more competitive than Japan, Germany and France, says report

NICOSIA - The National Competitiveness Report for 2009, published by the Institute for Industrial Policy Studies of the National University of Seoul, ranked Dubai 16th out of 65 global economies, saying it is more competitive than Japan, Germany, France and New Zealand.

Kuwait scraps 15 billion dollars refinery project

NICOSIA - The state-run Kuwait National Petroleum Company (KNPC) confirmed press reports that it had scrapped plans to built a fourth refinery at Al Zour, at an estimated cost of 15 billion dollars and has informed accordingly the companies involved.

Abu Dhabi President denies rumours that his government will buy Dubai companies

NICOSIA - Shaikh Khalifa Bin Zayed Al Nahyan, the President of Abu Dhabi, has denied rumours that his government wishes to acquire companies owned by the Dubai Government.

GCC Chambers call for more comprehensive aid package

NICOSIA - The Federation of Gulf Cooperation Council (GCC) Chambers of Commerce and Industry have urged the governments of the six states to adopt a more comprehensive aid package aiming to stimulate growth and reduce the effects of the global financial crisis on businesses in the Gulf region.

Refurbishment of Dubai’s Terminal 2 completed

NICOSIA - The refurbishment of Terminal 2 at Dubai International Airport, which currently serves some 25 scheduled airlines, has been completed.

Syria launches its first stock exchange

NICOSIA - After three years of delays and at the time of a world-wide financial crisis, Syria launched its first stock exchange on Tuesday in an effort to liberalise the country’s largely state-controlled economy and provide a measure of freedom to the private firms.