The GRC Gulf Business Weekly Report - Gulf Research Center

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Gulf Research Center based in Abu Dhabi, and may set up branches and offices in other emirates. The board will meet once every month, and may hold an extraordinary meeting upon a request by its chairman. Qatar The Qatar Financial Center (QFC) can probably read the writing on the wall. Last week, the QFC announced that it was framing its own labor and immigration rules that will apply to companies it licenses. Labor disputes arising within a QFC-authorized company will be settled within the framework of QFC-framed regulations. As is the case with drafts of all legislation the QFC frames, the two aforementioned drafts will also be circulated for comment from expert circles. Saudi Arabia The Kingdom’s ambitious railway expansion project seems to be going full steam ahead. The Saudi Railways Organization will hold a project day next month for potential investors in the Makkah-Madinah rail link to provide information required by key players such as high-speed rail technology suppliers, passenger rail operators, civil and electromechanical contracting companies, and other prospective investors. Elsewhere, Riyadh’s governor, Prince Salman, laid the cornerstone of Saudi Arabia’s first private aviation school at Thumama Airport last week. Even though the school is not complete, classes will start soon in existing buildings at the airport and move to the new complex when it is ready. A shift in regulations means members of the public will now be allowed to fly. The stock markets were abuzz with reports alleging that the two dealers suspended by the Central Market Authority for manipulating the stocks of three companies this month were still managing their stock funds in their wives' names. Meanwhile, the Saudi Electricity Company announced that it suffered a loss of SR 436 million in the first quarter of 2006, a further increase over the losses of SR 303 million it incurred during the same period last year. The GRC Weekly Business Report Page 4 of 5
Gulf Research Center Oman Oman’s domestic insurance sector is on the threshold of a drastic restructuring in line with its WTO commitments. The $300-350 million industry is expecting a new and comprehensive insurance law, which will increase the competitiveness of the domestic insurance sector. Iran A combination of tension surrounding the country's nuclear program led to gold coins being traded at about $186 last Wednesday in Iran, a $25 premium over current international traded gold prices, and well above the $145 March figures of the informal Iranian market. The coins weigh 8.13 grams each. The markets were also reacting to the parliament's approval of a law ordering the central bank to lower interest rates to single digits by 2010, which analysts say will push bank deposit rates below the inflation rate. The government has also told private banks to slash their lending rates to 19 percent from the current figures of 25 percent or higher, in line with President Mahmoud Ahmadinejad's policy of lowering lending rates to help the poor. Sources: Regional newspapers and agencies ***************************** The GRC "Gulf Business Weekly Report” is published online in Dubai, United Arab Emirates by Gulf Research Center, as part of the GRC Gulf Business Weekly Bulletin Series. The opinions expressed in this publication are excerpts from regional newspapers and news agencies and do not state or reflect the opinions or position of the Gulf Research Center. © Gulf Research Center 2006 Gulf Research Center, 187 Oud Metha Tower, 11th Floor, 303 Sheikh Rashid Road, P. O. Box 80758, Dubai, United Arab Emirates, Tel.: +971 4 324 7770, Fax: +971 3 324 7771, E-mail: sales@grc.ae, Website: www.grc.ae. The GRC Weekly Business Report Page 5 of 5
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The GRC Gulf Business Weekly Report - Gulf Research Center

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