Business & Management

Dubai's 2011 deficit cut to US$1 billion

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Dubai's government approved a 2011 budget that sees the budget deficit cut to US$1 billion due to the authorities continuing to cut spending.

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Saudi reaching out with more

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Saudi Arabia's King Abdullah unveiled additional financial support measures in mid March estimated to cost SR350 billion (US$93 billion). An estimated SR135 billion (US$36 billion) worth of measures were announced at the end of February.

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Ratings on Bahrain lowered on worsening political situation; watch negative remains

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Standard & Poor's Ratings Services  it has lowered its long- and short-term local and foreign currency sovereign credit ratings on the Kingdom of Bahrain to 'BBB/A-3' from 'A-/A-2'.

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Companies still not fully embracing risk management policies

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A recent survey showed that companies in the Middle East remain reluctant to fully implement sufficient risk management policies despite the negative effects the global economic crisis had on corporate companies that did not have proper risk strategies in place.

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Aggreko posts record profits

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Aggreko reported record profits for 2010 but stated that unrest in the Middle East region added significant uncertainty to its outlook for 2011.

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