The Khartoum stock exchange on Sunday launched a long-awaited computer trading system that will bring to an end an era of scribbling stock prices on white boards and also marks Sudan’s efforts to attract more investment. But very thin trading in the first session of the electronic system — a gift from Oman —highlighted the [...]
Libya to Review Its Foreign Investments
30/01/2012 By
The head of Libya’s National Transitional Council, NTC, said on Saturday that Libya is bound to review its foreign investments and focus on investing in nearby African countries such as Sudan. At a joint news conference at Corinthia Bab Africa Hotel in Tripoli, with visiting Sudanese President Omar Hassan al-Bashir, Mustafa Abdul Jalil said: “We [...]
Yemen Government Approves Recycling Employment Law
30/01/2012 By
Government approved procedures related to recycling employment law and principles for good governance during its weekly meeting of the government held on Tuesday procedures related to recycling and employment law. Chaired by Prime Minister Mohammed Salem Basindwa, the meeting instructed the Ministries of Legal Affairs and Civil Service to develop a code of principles for [...]
UAE to Liberalize Trade in 12 Commodities, Eyes Prices
30/01/2012 By
United Arab Emirates cabinet announced on Sunday it would liberalize trade in 12 commodities, saying this would help market stability, state news agency WAM reported. “The 12 items that are being liberalized include livestock and dairy products, fats and oils, honey, eggs, fruit juices, salt, yeast, animal feed, detergents and hygiene products,” UAE Economy Minister [...]
Dubai, New Residency Office to be Opened at Ministry of Labour
30/01/2012 By
A residency office is to be opened soon at the Ministry of Labour premises to help the public finalize residency and labour issues more quickly, said a senior Ministry of Interior official. Major General Mohammad Ahmad Al Merri, Director General of the General Directorate for Residency and Foreigners Affairs in Dubai (GDRFA) said that [...]
Kuwait: Sponsor System Still Under Study
30/01/2012 By
A meeting between the representatives of the Ministry of Social Affairs and Labor, the Ministry of Interior and the Ministry of Foreign Affairs was held to put finishing touches to a draft law to import foreign manpower into the country, reports Al-Dar daily quoting a reliable from the Social Affairs and Labor Ministry as saying. [...]
Saudi Arabia , Joint-Stock Firms Urged to use Cumulative Voting System
30/01/2012 By
The Ministry of Commerce and Industry has asked all joint-stock companies to use a cumulative voting system to elect their boards of directors. This system allows a shareholder to multiply his or her voting shares by the number of candidates and vote them all for one person for director. This is intended to give [...]
Saudi Arabia, Deadline Extended for Change of Expats’ Professions
25/01/2012 By
The Ministry of Labor has set Rabiul Awwal 30, 1433H (Feb. 22, 2012) as the last date for expatriates to change their professions in their resident permits (iqamas). About 35,000 expatriates have benefited from the service since it was launched on Nov. 29, 2011. “The changes were done electronically without referring to any labor office,” [...]
Fines on Dubai Companies Reduced by up to 40% by Ruler
25/01/2012 By
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai, has issued a decree on the value of fines imposed on the economic establishments in the Emirate of Dubai. The Decree No. 1/Year 2012 stipulates to reduce the amount of the fines [...]
Egypt to Cut Energy Ssubsidies for Heavy Industries
25/01/2012 By
Egypt’s government will hike the prices for natural gas and electricity paid by heavy industries by 33 per cent to narrow its growing budget deficit, the country’s finance minister said. Speaking to Al-Ahram newspaper, Momtaz El-Sayed said higher rates will be applied in January to steel, cement and ceramics industries in a move to save [...]