Top Economy & Politics News

Iraq delays provincial polls in reconciliation blow for US

Iraq on Thursday postponed provincial elections due in October after MPs failed to agree the necessary legislation in time, in a blow to US-backed efforts to consolidate national reconciliation. AFP - 07Aug 14:05GMT
Berri aims for Tuesday vote on granting new government vote of confidence

Parliament Speaker Nabih Berri said on Wednesday that the Parliament sessions aimed at giving the government a vote of confidence were likely to end on Tuesday. The Daily Star - 07Aug 12:25GMT
UAE residents are reaching boiling point: Maktoob business.com survey

As working hours and the time spent commuting on congested roads in the summer heat increase, UAE residents are reaching boiling point. Press Release - 07Aug 12:18GMT
ECB leaves key rate at 4.25 percent

The European Central Bank left its key short-term interest rate at 4.25 percent on Thursday as it faced the twin threats of inflation and recession in the 15-nation eurozone. AFP - 07Aug 12:17GMT
Bank of England holds interest rates at 5.0 percent

The Bank of England decided to hang fire on Thursday, holding British interest rates at 5.0 percent for the fourth month running as it weighs up slowing economic growth and soaring inflation. AFP - 07Aug 11:35GMT
Iraq delays provincial polls in reconciliation blow

Iraq on Thursday postponed provincial elections originally set for October after MPs failed to agree the necessary legislation in time, in a blow for US-backed efforts to consolidate national reconcilation. AFP - 07Aug 11:15GMT
Rice Threatens Sanctions On Iran

US Secretary of State Condoleezza Rice threatened Iran with more sanctions Thursday after it failed to give an adequate response to the latest bid by Western powers to induce it to freeze uranium enrichment. AFP - 07Aug 11:09GMT
S&P raises ratings for four GCC states

Standard & Poor's Ratings Services said that it raised its Banking Industry Country Risk Assessment on four countries of the GCC: Saudi Arabia (AA-/Stable/A-1+) to Group 3 from Group 4; State of Qatar (AA-/Stable/A-1+) to Group 4 from Group 5; Sultanate of Oman and Bahrain (A/Stable/A-1) to Group 5 from Group 6. Khaleej Times - 07Aug 07:25GMT
Five year plan to spur growth and control inflation in UAE

The Department of Planning and Economy of Abu Dhabi yesterday announced it will develop a five-year economic plan in line with the emirate's Plan 2030. Emirates Business 24/7 - 07Aug 07:14GMT
UAE leads GCC on importers list

The UAE has become the first Arab country to enter a top 30-nation list of world's largest services importer, according to official figures. Emirates Business 24/7 - 07Aug 06:21GMT

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Major Currencies per USD

Euros *	1.54321	07Aug03:50
Pound Sterling *	1.94818	07Aug03:50

Expressed as 'bid' price per USD except*

Regional Currencies per USD

Algerian Dinar	61.86000	06Aug22:50
Bahraini Dinar	0.37710	07Aug02:50
Egyptian Pound	5.30500	06Aug15:25
Irani Riyal	9225.00000	04Aug15:50
Iraqi Dinar	1188.40000	07Aug01:50
Jordanian Dinar	0.70750	07Aug01:25
Kuwaiti Dinar	0.26560	06Aug23:25
Lebanese Pound	1507.50000	06Aug20:25
Libyan Dinar	1.20820	06Aug05:25
Moroccan Dirham	7.41780	07Aug03:50
Omani Riyal	0.38490	06Aug23:25
Qatari Riyal	3.64070	07Aug03:50
Saudi Riyal	3.74500	06Aug23:25
Sudanese Dinar	234.38500	10Mar05:25
Syrian Pound	51.92000	06Aug05:25
Tunisian Dinar	1.18400	06Aug22:50
UAE Dirham	3.67300	06Aug20:25
Yemeni Riyal	198.60000	06Aug22:50

Expressed as 'bid' price

Petrodollar Windfall
Gulf economies are expected to explode by at least $300bn above 2007 as public and private spending climbs to its peak.

Iran
Blow to Ahmadi-Nejad
Iran's parliament dealt a blow to Mahmoud Ahmadi-Nejad, the president, by electing relatively moderate candidates to head the economy and interior ministries.

Financial Services
Buying Into The Boom
The same oil prices roiling markets from California to Kolkata are flooding the Gulf with cash. You can buy into this boom.

Company Ranking

Ranked by Market Cap | No. of Employees | Total revenue

	Company	Country	Market Capital ($mil)
1	Saudi Basic Industries Corporation	Saudi Arabia	98,732
2	Saudi Telecom	Saudi Arabia	33,778
3	Al Rajhi Bank	Saudi Arabia	32,543
4	Emirates Telecommunications Corporation	UAE	31,703
5	Industries Qatar	Qatar	27,812
» View Full List

Related Information

Macroeconomic Research
Country Analysis from EIU