Since stepping down as UK prime minister last year, Mideast envoy Tony Blair has been working on behalf of the Mideast diplomatic quartet which comprises the United Nations, European Union, Russia and the United States.
Business should be improving for the Abu Lafi Stone and Marble Company.
Egypt has realized it needs to create more jobs, more factories and more exports -- and fast.
The glare of the global spotlight on the Middle East this week almost outshone the shimmering sun reflecting off the Red Sea.
With Egypt's GDP running at 7.5 percent and foreign direct investment above $11 billion, the Middle East's most populous country is on the economic upswing. MME's John Defterios (JD) talks with the man responsible for accelerating Egypt's economic reforms and creating a friendly business environment, Prime Minister Ahmed Nazif (AN).
Since stepping down as UK prime minister last year, Mideast envoy Tony Blair has been working on behalf of the Mideast diplomatic quartet which comprises the United Nations, European Union, Russia and the United States.
Business should be improving for the Abu Lafi Stone and Marble Company.
Egypt has realized it needs to create more jobs, more factories and more exports -- and fast.
The glare of the global spotlight on the Middle East this week almost outshone the shimmering sun reflecting off the Red Sea.
With Egypt's GDP running at 7.5 percent and foreign direct investment above $11 billion, the Middle East's most populous country is on the economic upswing. MME's John Defterios (JD) talks with the man responsible for accelerating Egypt's economic reforms and creating a friendly business environment, Prime Minister Ahmed Nazif (AN).
President Bush, on a one-day visit to Saudi Arabia, is taking a second stab on Friday at getting the oil-rich nation to increase production and drive down soaring gasoline prices hurting U.S. consumers.
As record oil prices dominate the headlines, natural gas is an energy sector gaining more recognition. MME's John Defterios (JD) talks with the CEO of Dolphin Energy, Ahmed Ali Al Sayegh (AS) about the importance of the natural gas sector, the impact of high oil prices, and increasing global energy demand.
Keeping up with the world's oil demands is a full-time job.
They're doing the same job. But suddenly Dubai's migrant workers are earning a lot less money.
After a troubled start to the decade, 2005 proved a golden year for the Palestinian Securities Exchange.
In Saudi Arabia today perhaps the biggest factor fuelling inflation is the influx of money from oil. The kingdom is the world's top oil producer -- making an estimated $2 billion from oil exports last year.
Jihad Azour (JA) was hand-picked by Lebanon's Prime Minister to steer the country's economy in 2005.
A hot night in Beirut and hipsters, dressed to kill, dance the night away.
Oil prices slipped further Friday after falling more than $2 a barrel in the previous session as the U.S. dollar strengthened, prompting investors to book profits.
Bread. For Egypt's middle classes it is breakfast, lunch and dinner. In Egyptian Arabic it is known as "aish" which means both bread and life.
Going to to the supermarket is a chore at the best of times.
On Wednesday, at the glittering Emirates Palace hotel, in front of a who's who of the United Arab Emirates, the front page of the world's newest daily broadsheet was unveiled.
This week, the International Monetary Fund (IMF) warned the Gulf countries that inflation could pose a serious risk to their economies.
Dubai has grown rapidly from a small trading hub into a thriving city, and one of the key players in this transformation is a company called Tatweer -- which in Arabic means "to develop." Executive Chairman, Saeed al Muntafiq has been there from the start and played a huge part in the expansion and diversification of the tiny Emirate.
While governments across the region grapple with the rising cost of food, groups like the Organization for Economic Co-operation and Development (OECD) are working to create strategies to address the problem.
Despite the credit crunch and rising inflation in the Gulf, the region has found a new passion for investing. And one of the biggest growth markets at the moment is modern art.
China's economy is booming and Sheikh Mohammed Bin Rashid Al Maktoum's visit there this week highlights the U.A.E.'s ambitions to join in on this growth. CNN's John Defterios (JD) sits down with Shaukat Aziz (SA), former Prime Minister to Pakistan to talk about the emerging relationship.
This week the who's who of the United Arab Emirates rubbed shoulders at a Gala dinner. Business people talked deals, swapped business cards and rubbed shoulders with government elite -- in China.
When it comes to Sharia-compliant banking, few Western countries can compete with Britain. One of the world's prime financial centers, the City of London is also the key Western hub for Islamic banking.
As Middle East economies try to combat the impact of rampant inflation this week, Egypt raised interest rates for a second time this year to control the problem.
Known for its support of Sharia-compliant banking, the British government is continuing to make legislative changes to level the playing field for Islamic instruments. One of the most revolutionary has been the foundations the Chancellor laid in the latest budget for "sukuk" or Islamic bonds.
As everyone keeps a close eye on the shifting state of the global money markets, inflation is an issue that continues to rear its head -- and the Middle East is a region that is seeing more than its fair share of it.
Storm clouds may be gathering over the global economy as the credit crunch bites harder, but a group of young Arab business leaders are remaining positive.
Gulf investors steered clear of the deal to rescue the fifth largest U.S. Investment bank this week, over fears that U.S. investments could sink even lower.
Business leaders who cut red tape, improved efficiency and kept ahead of multiple demands on their organisations were recognised at the Middle East CEO of the year Awards in Dubai this week.
It has been a turbulent week for global stock markets. On Monday U.S. stocks fell sharply -- the seventh down day in eight sessions -- and markets in the rest of the world including those in the Middle East felt the reverberations. The Dubai Financial Market followed Dow Jones' downward tumble.
The Gulf nations are experiencing a major construction boom, as their leaders make definite steps to encourage development.
It can't be easy to talk up the U.S. economy in the middle of a global stock market sell-off based on growing fears of a U.S. recession.
This year's Forbes Rich List is notable for the absence of Bill Gates at the top. After 13 years as the world's richest man, he has finally been toppled by his friend Warren Buffett who has an estimate fortune of $62bn.
In a week where oil hit a new high and the dollar hit a new low, sovereign wealth funds -- and their motives for investing in the West -- have once again come under the spotlight.
A legendary US investor steps to the plate to defend sovereign wealth funds, while the European Union proposed a voluntary code of conduct for governing their activities.
Not so long ago predictions that oil would break the $100 barrier seemed fanciful, alarmist even. But here we are, with the price of a single barrel of oil now into three digits and beyond.
This is not the first oil boom to deliver windfall revenue to the world's leading oil exporter, Saudi Arabia.
A massive stage set in the middle of an empty stretch of Abu Dhabi's desert, with a projector screen several stories high, lined with TV cameras and lights. It was the setting for a stunning announcement -- an ambitious plan to spend $22 billion to build an entirely new green city.
Noor Al-Mohannadi is a budding Qatari businesswoman taking part in the inaugural class of a new entrepreneurship program -- the first of its kind her country -- delivered by the Pittsburgh-based Carnegie Mellon University in partnership with the Qatar Science & Technology Park.
The Gulf may still be booming but inflation - and skyrocketing prices - is making life tough for the workforce.
Iraq has a vast and untapped oil wealth, perhaps 100 billion barrels worth. That's enough, industry experts say, to boost world oil supplies and trigger a decline in prices.
Hussein al-Shahristani is a survivor; an internationally respected nuclear scientist who endured torture and solitary confinement in Iraq's notorious Abu Graib prison for defying former dictator Saddam Hussein.
Dramatic economic expansion in the Middle East has forced the region to shop around for talent.
If there's anything in which Qatar takes pride -- aside from a massive construction boom -- it is providing its Qatari minority and the hundreds of thousands of expatriates working and living here with plenty of shopping opportunities.
Mohammed Alshaya owns more high street brands than most fashion addicts could stuff in their closets.
Nestled in a corridor of Emirates Mall in Dubai sits Hassam Goldooz's boutique. The retailer sells Italian ladies fashion to women of the Gulf, and those in for a visit.
You expect a motorist to shell out a little extra cash for a vanity license plate.
"Face Time" with Sheikh Hamad bin Jassim Al Thani A small peninsula with a big role in the region and one of the world's fastest growing economies. The Emirate of Qatar is host to a number of economic and political events including the 28th GCC Annual Summit. This week Marketplace Middle East sits down for an exclusive television interview with Qatari Prime Minister Sheikh Hamad bin Jassim Al Thani, one of the most influential figures in Qatari politics to discuss Qatar's economic blueprint, its energy sector and the role of sovereign wealth funds (SWFs) in the region.
The second cut in U.S. interest rates in as many weeks is putting further pressure on the members of the Gulf Cooperation Council to reconsider their currencies' peg with the dollar; and none more so than Qatar.
Amid all the talk about storm clouds gathering over the U.S. economy, it's easy to forget there are other places in the world where the sun is still shining.
This week, Bill Gates made his annual pilgrimage to Swiss skiing resort of Davos for the World Economic Forum.
Every year, the finest minds in the economic world are joined by heads of state, investment gurus and boardroom leaders.
Middle East Scorecard This week, CNN Marketplace Middle East is on the road in Davos for the World Economic Forum, a melting pot of CEO's, World Leaders, and the Media. It is a place where deals are made and peace talks brokered. But, why is this yearly event in the Swiss Alps a go-to event for Middle East businessmen and politicians alike? The Forum has historically been a backdrop for Middle East Peace talks, but increasingly, but now the profile for the region is evolving to economics. MME will look at the region's economic progress, as well as its potential risks.
Sovereign wealth funds, with their deep pockets and government backing as they invest worldwide, offer little transparency and could flex their political power by taking key stakes in foreign defense companies, major banks and other companies, critics said at the World Economic Forum on Thursday.
The Middle East may be awash with cash, but that didn't stop the region's stock markets being swept up in the global gloom that engulfed investors around the world this week.
When Youssef Boutros Ghali slipped into the role of Egypt's finance minister in 2004, the country's economy was poised for rapid growth.
As U.S. President George W. Bush wrapped up his tour of the Middle East, some of the region's biggest investors were doing business in the U.S.
The U.S. reinforced its close ties with Jordan this week by increasing aid to the Kingdom by 48 percent.
The U.S. relationship with Middle East Sovereign Wealth Funds Middle East Sovereign Wealth Funds are hitting the headlines this week as U.S. President George W. Bush tours the region.
Israel's economy has done remarkably well for a country involved in a prolonged and violent political struggle over the Palestinian territories.
Stanley Fischer is an eminently qualified central banker. In May 2005 he left his job as Vice Chairman of U.S. banking giant Citigroup to take the top job at the Bank of Israel.
The Israeli Economy With U.S. President George W. Bush kicking off his Middle East trip in Israel this week, MME takes the opportunity to explore the health of the Israeli economy. While most countries around the world are getting ready for an economic downturn, Israel's economy is looking pretty good. Even Israel's political problems with the Palestinians haven't halted economic growth. Gross Domestic Product is predicted to grow by around 4% in 2008 and Foreign Direct Investment has surged in the last few years. The major contributors to this economy are the high-tech, pharmaceutical, and chemical industries. MME meets with Yossi Vardi, a veteran high-tech entrepreneur, to understand more about the high-tech industry in Israel and the prospects for growth of the Israeli economy.
The New Year brought with it a new record for oil -- it traded at above $100 a barrel.
In a city strewn with scaffolding, it's a project with no equal. Dubai World Central is set to be a bustling metropolis 40 kilometers south of Dubai's city center, with homes, offices and a port no less, surrounding the jewel in the crown -- the world's largest airport.
Throughout Turkey, Sabanci Holding is a byword for success. And its boss, Guler Sabanci, is the embodiment of the professional dynamism that has helped make Turkey one of the most feted new markets in the world.
Building the World's Largest Airport Economic growth fuels the need for a new airport in Dubai. Dubai International Airport has seen passenger traffic more than double in the past five years, and Emirates Airlines recently announced its record order of $35 billion for 143 planes at this year's Dubai Airshow.
Oil prices eased Thursday after soaring to touch a record $100 a barrel overnight on escalating violence in Africa's leading oil producer, a weaker U.S. dollar and a view that global demand for oil will outstrip supplies.
If you thought it was difficult managing your own money in 2007, consider the pressure of the task when you're dealing with $1.8 trillion of client assets.
GCC Single Currency January 1st will witness the launch of a Gulf common market hoping to encourage co-operation within the Gulf. The next step is to launch a single currency ala the Euro by 2010. This week for Marketplace Middle East, Jim Boulden reports from Doha on how a single currency could help business and investment in the region.
No less than nine dates have been put in the diary for politicians to pathe the way for a successor to departed Lebanese President Emile Lahoud.
Deal-making clearly runs in the Sawiris family. All three sons have followed in the footsteps of their father, the founding patriarch of the Orascom Group, Onis Sawiris.
Position Vacant: The Lebanese elections have been postponed for the ninth time this week and the international community is calling for an end to the political deadlock. Marketplace Middle East takes a look at the impasse and its impact on the economy.
The Syrian-backed opposition boycotted a vote to elect a new Lebanese president Monday, delaying parliament's decision for the ninth time and prolonging a bitter yearlong struggle with the Western-backed government.
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