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Finance World

The increase in affordable housing in Dubai is having a negative effect on rents in the Northern Emirates, according to the latest report from real estate consultancy Asteco.

Oman’s tourism and hospitality industry is building momentum, with total investment in the sector set to hit US$1.17 billion by 2026, according to the World Travel and Tourism Council (WTTC).

The global diamond industry performed moderately well in 2015, led by diamond jewelry retail sales, which grew 3 percent at constant exchange rates. However, currency depreciation last year, as well as slower demand in China, contributed to a decline in global revenue of about 2 percent in U.S. dollar terms. Similarly, in the midstream, U.S. dollar revenues dipped by 2 percent and rough diamond sales fell nearly a quarter (24 percent). That decline was the result of reduced purchasing volumes in the cutting and polishing sector and the release of about $5 billion of their inventories into the downstream markets. These are the findings in the sixth annual report on the global diamond jewelry market, prepared by the Antwerp World Diamond Centre (AWDC) and Bain & Company.

With bullish forecasts emerging on the GCC’s consumption of meat and poultry, a specialised segment focused on the product range has drawn a huge international response for world-leading food and beverage exhibition Gulfood 2017.

IT spending by banking and securities firms in the Middle East and North Africa is forecast to grow to $12.4 billion in 2017, a 3.5 percent increase from 2016, according to Gartner, Inc. This forecast provides total enterprise IT spending for internal spending and spending data on data center systems, devices, software, IT services and telecom services.