Middle East Politics.Net » UAE http://middleeastpolitics.net Facts, News, Trends, Analysis Tue, 12 Jan 2010 20:56:32 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 Emirates Aviation Group to Expand into Saudi Arabia http://middleeastpolitics.net/2008/11/18/uae-aviation-group-to-expand-over-region-into-saudi-arabia/ http://middleeastpolitics.net/2008/11/18/uae-aviation-group-to-expand-over-region-into-saudi-arabia/#comments Tue, 18 Nov 2008 15:06:35 +0000 Holly MacGillivray http://middleeastpolitics.net/?p=2541 The Empire Avaition Group (EAG), operating out of Dubai, U.A.E. was founded last year and is already looking to expand its business into other countries in the Middle East.  The company recently announced a joint venture with an unnamed company in Saudi Arabia and has openly committed a sales representative to Qatar.  The Saudi Arabian country that partakes in the joint venture will follow EAG’s business plans, including aircraft sales and management.  The deal is to have the company working out of Riyadh and to be up and running for business by next year.  EAG has been quoted as  saying that while the economy may be suffering they are confident about their business ventures and success and that the joint venture with Saudi Arabia will help their business develop immensely.

Holly MacGillivray

]]> http://middleeastpolitics.net/2008/11/18/uae-aviation-group-to-expand-over-region-into-saudi-arabia/feed/ 0 GCC Finance Ministers OK Proposals to Set up Monetary Council http://middleeastpolitics.net/2008/09/18/gcc-finance-ministers-ok-proposals-to-set-up-monetary-council/ http://middleeastpolitics.net/2008/09/18/gcc-finance-ministers-ok-proposals-to-set-up-monetary-council/#comments Thu, 18 Sep 2008 15:43:36 +0000 brgordon http://middleeastpolitics.net/?p=637 Arab News reported that on September 17, finance ministers of the Gulf Cooperation Council (GCC) met in Jeddah and approved proposals for a monetary council. Representatives from Saudi Arabia, Bahrain, Qatar, Oman, Kuwait and the United Arab Emirates hope to utilize a single currency by 2010. Their oil-fueled economies have offered a safeguard against the current US economic decline and by pursuing a unified currency they anticipate further protection from US inflation and financial woes.

Now that this long awaited proposal has been approved, the next steps include deciding and understanding the powers of the central bank, overcoming inflation, creating an appropriate exchange system and balancing regulatory powers. The Director General of the International Monetary Fund, Dominique Strauss-Kahn commented, “Achieving a monetary union will be a major challenge as much remains to be done to enable the creation of a common currency.”

The finance ministers also discussed the EU’s response to the GCC’s view on difficulties that are slowing a free-trade agreement between the organizations.

Brandie Gordon

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