The UAE consists of seven states, termed emirates, but only Abu Dhabi and Dubai are well known. Thanks to possessing the world's seventh largest oil reserves and a leadership that emphasizes development, it is one of the most developed economies in the Middle East with a high per capita GDP.

Tiffany Lowers Profit Forecast, Shares Rally Anyway

When Tiffany & Co. (NYSE: TIF) cut its fiscal year sales and earnings guidance for a second straight quarter on Monday, stock in the company rallied over 7 percent. The reason: investors think the worst is over for the New York-based jeweler.

Nepal Urged To Revoke Ban On Young Women Migrating To Gulf

A rights group has urged the Nepal government to revoke its recently imposed ban on women under the age of 30 working in the Persian Gulf nations and, instead, improve protective measures to ensure safer migration for domestic workers.

Navy Ship USS Porter Collides With Oil Tanker By Strait Of Hormuz [PHOTOS]

A U.S. Navy guided-missile destroyer, USS Porter, collided with a Japanese-owned and Panamanian-flagged bulk-oil tanker, M/V Otowasan, on Sunday at 1 a.m. local time just outside the strategically important Strait of Hormuz between the Gulf of Oman and the Persian Gulf, according to the U.S. 5th Fleet.