Migrant workers trapped by economic downturn

Under an unforgiving sun, South Asian workers stir giant pots of rice, their only food, in a barren patch of desert 80 kilometres from a gleaming Dubai skyline built over decades by migrant labour.

Low oil price 'still a major risk to Gulf growth'

Economic growth in the Gulf is strengthening but a major risk to the outlook is that oil prices remain low for a protracted period, the International Monetary Fund has said.

Nuclear talks 'after Ramadan'

Iran will be ready to hold negotiations with world powers on its nuclear programme after the Ramadan, says Manouchehr Mottaki, its foreign minister. Mottaki said technical discussions could begin immediately in Vienna on the details of a proposed fuel swap.

Bahrain plans to privatise Gulf Air as soon as possible

Bahrain plans to privatise national carrier Gulf Air as soon as possible, encouraged by positive results in its restructuring, according to a senior government official.

Blackberry poses social, security risks, warns UAE

The BlackBerry, made by Canada’s Research In Motion, is open to misuse that poses security risks to the United Arab Emirates, which said it would seek to safeguard its consumers and laws.

Qtel row over Virgin Launch

Qatar Telecom (Qtel) faces an unspecified fine and possible further legal action over violations during its launch of Virgin Mobile services into the Gulf state, telecoms regulator ictQATAR said.

Indian monsoon 'could raise Gulf food prices'

Weak monsoon rains in India may spark food inflation in the Gulf region over the coming months as tighter supplies pressure prices of basic commodities, according to traders.

Bahrain government sees growth rising to 4 per cent

Bahrain’s economy is expected to grow by slightly more than four per cent this year, the country’s Economic Development Board (EDB) said, while it sees the country’s financial sector recovering only slowly.

Kuwait Petroleum Corp (KPC) will invest up to $9 billion in a new 300,000 barrels per day (b/d) oil refinery on Indonesia’s Java island, Indonesian Industry Minister MS Hidayat.

BP sees 40 to 50 new wells in Rumaila in 2010 and 2011

BP and its partners expect to issue tenders to drill 40 to 50 new wells in Iraq’s supergiant Rumaila oilfield this year and “about the same” next year, a company official said.

Abu Dhabi Islamic Bank eyes double digit growth

UAE lender Abu Dhabi Islamic Bank said it will post double-digit profit growth for the remainder of the year after second-quarter net profit came in above analysts’ forecasts. The bank, the second largest Islamic lender in the UAE, made a net profit of Dh 301.6 million ($82.

BlackBerry users in Gulf may have services cut off

More than a million BlackBerry users may have key services in Saudi Arabia and the UAE cut off after authorities stepped up demands on smartphone maker Research In Motionfor access to encrypted messages sent over the device.

Saudi lenders press on with loans clean-up

Three Saudi lenders have booked provisions for loan losses during the second quarter, as the Saudi banking sector pushes on with a clean-up of loan portfolios hit by defaults of local firms. Samba Financial Group, the kingdom's second-biggest lender by market value, booked 57.

Malaysian experts seek reforms to aid sharia banking

Malaysian sharia finance experts, backed by the central bank, are studying possible conflicts between civil and Islamic law amid a raft of high-profile legal disputes which have dampened the industry's appeal.