SYRIA. Syria will link the Pound to the International Monetary Fund''s special drawing rights (SDR) in July, abandoning its peg to the US Dollar, the central bank governor said.
"We will do it now in July," Governor of the Central of Syria Adeeb Mayaleh told reporters in Abu Dhabi. Mayaleh said in October that the change would take place in the first half of 2007, but "we needed some time so we slightly delayed it".
Effective from 1 January 2006, the IMF set weightings for the SDR, its unit of account, at 44% of the US Dollar, 34% Ruro, and 11% each of Yen and the British Pound Sterling
LEBANON. Syrian President Bashar al-Assad arrived in Lebanon on Friday in a joint mission with Saudi King Abdullah to defuse a tense political situation.
SYRIA. Report explores countries bid to build public-private partnerships, particularly in the oil industry, and tap investors for key projects earmarked for the transport sector.
IRAQ. As part of this program, the country intends to build a pipeline that would carry heavy oil from the Majnoun, East Baghdad, Qayara and Najma fields to Turkey and to rebuild an existing export network to Syria.
UAE. Airline adds four additional flights to Amman, Damascus and Alexandria in response to increased seasonal demand. Flights will operate between June 21-July 4.
SYRIA. Standard & Poor's Ratings Services said today that it raised to 'BB+' from 'BB' its counterparty credit and insurer financial strength ratings on Syria-domiciled Arab Union Reinsurance Co. The outlook is stable.
INTERNATIONAL. The Middle East's construction sector is expected to grow at an annual rate of 3.5% through 2015, surpassing growth rates in the European and North American markets.
INTERNATIONAL. The triangle pattern has taken nearly 9 months so far, and a move over US$19.50 could start a multi-month run targeting US$26-US$29 per ounce for starters before a broad pullback.
UAE. Given the recent developments in Saudi Arabia and India, there is now a greater level of hope that the TRA and RIM will reach an agreement about the manner in which BB Messenger services are provided.
UAE. GCC Telecom markets are on the verge of saturation, while prices decline due to increasing competition, resulting in telcos profits being under very high pressure.
INTERNATIONAL. Masood Ahmed, Director of the IMF's Middle East and Central Asia Department, described the flooding as a "human catastrophe that is still evolving." Reconstruction costs expected to run into billions of dollars.
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