Business

Two Arab investment companies have announced the launch of the first private equity fund designed to boost the Palestinian economy. The semiofficial Palestine Investment Fund and Dubai-based private equity firm Abraaj Capital, said Sunday that they will invest in small and medium-sized businesses. They say they will provide an initial $15 million, and hope to … Continued

An unprecedented agreement signed between the Palestinian cellular phone operator Jawwal, which is owned by the Palestinian communications company Paltel, and the Kuwaiti company Zain, which provides mobile telephone services throughout the Arab world, will allow West Bank and Gaza Strip residents visiting Jordan to use their mobile device in Jordan and pay local Jordanian … Continued

US fast food chain Fatburger plans to open 58 stores in the region, the company said in a statement. “Despite the recent downturn in the domestic economy, the international market is on fire,” said Andy Wiederhorn, Chairman of Fatburger. “The Middle East and Asia Pacific are becoming exciting territories for us. Our current locations in … Continued

The American-Arab Anti-Discrimination Committee (ADC) commends the decision by Commissioner Douglas Shulman to publicly commit the Internal Revenue Service (IRS) in tackling the issue of US charities that launder tax exempt US donations into illegal Israeli West Bank settlement activities. The construction of settlements in Occupied Palestinian Territory (OPT) is illegal under international humanitarian law. … Continued

Jordan has managed to avoid the worst of the global recession in 2009, with the economy still expanding. Nevertheless, the drying up of liquidity and a slowing of business activity, along with a widening gap between state revenue and expenditure, means that the effects of the international crisis will continue to be with the Kingdom … Continued

In the first three days after Dubai opened the tallest building in the world, about 10,600 people paid a total of more than $280,000 to ride an elevator to the observation deck on the 124th floor. Outside, day after day, revelers jockeyed for position to be photographed standing before the shimmering tower that reaches 2,717 … Continued

Dubai opened the world’s tallest skyscraper Monday in a blaze of fireworks, then added a final flourish: It renamed the half-mile-high tower for the head of neighboring Abu Dhabi, whose billions bailed out Dubai amid last year’s financial crisis. Long known as Burj Dubai — Arabic for “Dubai Tower” — the building rises 2,717 feet … Continued