Gulf Business News Update – March 2009

Online Trading Platform to Boost US-ME Trade

A new website, www.usexportsonline.com, is to be launched in March, 2009, that will be used to promote online trade between US and UAE. This move will prove useful particularly for small and medium enterprises by providing them greater exposure and business opportunities in the Middle East.

35 Big Hotels to Open in UAE by 2010

UAE is expected to witness mushroom growth in the hospitality industry in the upcoming years. The industrialists acknowledge the slacked demand but argue that the current downward trend will reverse as more and more business opportunities are opening up.

Saudi Arabia Makes Efforts to Create Jobs for Women

The government of Saudi Arabia has realized the growing need for women in work places and is taking effective measures to identify those sectors where women can easily be employed and are allowed to work in line with the Islamic principles.

Gulf Economies Proving Resilient

The Gulf economies are expected to recover faster from the global recession as compared to the more developed economies. The continued efforts of the government to increase spending on the infrastructure development and education will continue despite lower revenues due to falling oil prices.

UAE Construction Sector on Track

About 50 per cent of the construction projects that include building, infrastructure, schools, hospitals, hotels, sports and leisure facilities are still proceeding despite recession.

Abu Dhabi Banks Rally on Government’s Boost

The government of Abu Dhabi has announced an injection of AED 16 billion five banks in order to improve the liquidity situation.

Ernst & Young to Move Headquarters to Bahrain

More jobs will be created in the region as a result of the decision taken by Ernst & Young, one of the largest privately held companies in the US, to move its world energy headquarter from Houston, Texas to Bahrain.