Ambitious Gulf investors to launch Islamic bank in Luxembourg with goal of serving wider European market
- Published on Friday, 29 November 2013 06:30
- 3 Comments
Egypt’s sovereign credit rating upgraded (but still junk) with a stable outlook siting $12 billion in aid from GCC countries
- Published on Friday, 22 November 2013 13:59
- 2 Comments
Photo source: Think Progress
Standard & Poor’s raised Egypt’s long and short-term credit rating from real junk to junk siting $12 billion in aid pledged by GCC countries as one of the main reasons for the improvement. The firm also says it has a stable outlook on the country going forward. What has changed since Morsi left and the outlook was negative? The economy has not improved. Some would even say it’s getting worse. The $12 billion pledgde is still a pledge, not much has been delivered yet and there are no guarantees that Egypt will get this money… its merely a pledge and not a legal promise as Kuwait is finding out.
Amnesty exposes Qatar’s slave labor practices, Qatar hires law firm to investigate itself, other GCC countries continue with similar practices
- Published on Friday, 22 November 2013 07:30
- 1 Comment
All of Qatar’s construction workers are from poor neighboring countries such as India and Bangladesh
Last week Amnesty International exposed Qatar’s inhumane labor practices some describe as modern-day slavery. In its investigation, Amnesty interviewed laborers, companies and government officials. This story made worldwide headlines as Qatar has taken center stage recently as it prepares for the 2022 FIFA World Cup. Amnesty should have gone further and expand its investigation beyond Qatar. These poor labor practices are not unique to Qatar, all neighboring GCC* countries are guilty of these same practices.
Junk sukuk – the next trend in Islamic finance… and Kuwait looks to launch derivatives to pump up market
- Published on Wednesday, 13 November 2013 15:23
- 3 Comments
Middle East high tech startups take off
- Published on Tuesday, 22 October 2013 09:26
- 0 Comments
Source: Smithsonian.comThe Middle East has been a hotspot for tech start-ups lately. This growing trend has been overshadowed by all the bad news coming out of the region since 2011. Don’t expect any competition to Silicon Valley any time soon, but entrepreneurship is catching on in the Middle East in a big way. Political troubles are only adding more fuel to the trend.