Remember the story about the world's most expensive cupcake in Dubai?

Bloomsbury’s, a boutique cafe in Dubai, made headlines earlier this year for selling a chocolate cupcake – the 'Golden Phoenix' – for around $27,000.

Since the cupcake first made its debut, the store has reportedly only sold two.  And now, the shop's owner has said that part of the proceeds on sales will be donated to the United Nations World Food Programme, according to local newspapers in the United Arab Emirates.

Here's the Abu Dhabi-based National newspaper on the cupcake:

The creators of the world's most expensive cupcake now say they will donate 50 per cent of the profit from it to the World Food Programme.

Ashraf Hamouda, of the World Food Programme, pointed out that the income from a single cupcake could feed at least 1,850 children.

He described Bloomsbury's charitable gesture as "formidable generosity".

"This unique partnership is evidence that behind the biggest talents and business ideas, you often find the bigger hearts," Hamouda told the National. "As I would put it, a golden heart behind every Golden Phoenix."

Posted by: Jon Jensen
Filed under: Abu Dhabi •Culture •Dubai •Economic crisis •General •Health •Inside The Middle East •UAE •United Nations

Gaza Market (Fred Pleitgen/CNN)

Tired of hearing bad news from the Palestinian territories?

If so consider this: in the first quarter of 2010 the economy of the occupied West Bank and the Gaza Strip grew at an astonishing 11.5% compared to the same quarter the year before.

Broken down, real GDP growth in the Gaza Strip stood at a whopping 15% while the West Bank enjoyed a slightly more modest 10% increase.

These are just some of the pretty impressive sounding numbers contained in a new World Bank report on the Palestinian economy being released next week for a donor’s conference in New York.

In addition to signs of continued economic growth, fewer Israeli restrictions, and increased investor confidence the study, in part, credits the reform measures taken by the Palestinian Authority for the seemingly rosy economic news.

“These include increased efficiency of the social safety net system that is now one of the most advanced in the region, improved fiscal standing through greater revenue collections and a decrease in recurrent expenditures and an improved security situation in the West Bank” said World Bank vice-president Shamshad Akhtar.

But before you break open the champagne let’s briefly consider the bad news. Read the rest of this entry »

Posted by: Kevin Flower
Filed under: Economic crisis •Gaza •Israel •Palestinians •West Bank

By Andrew England in Abu Dhabi and Simeon Kerr in Dubai, FT.com
December 1, 2009

(FT) - Whether knowingly or not, Dubai, a city state built with grandiose long-term plans financed by piles of short-term debt, has cut off a crucial lifeline that may have helped it navigate the storm that threatens to engulf it.

Emirati traders follow the market's movements in Dubai as the stock market plunged Monday.

One of the immediate consequences of the emirate's decision to seek a standstill agreement with Dubai World's creditors, after weeks of officials talking up the prospects of their meeting their obligations, is to curtail its ability to raise financing through capital markets.

Analysts say that in the current climate it will be all but impossible for Dubai to issue bonds and tap fresh loans because of the damage to its credibility. That means its ability to refinance debts - estimated to be at least $80bn - will be severely hampered.

Many investors are looking to Abu Dhabi as the lender of last resort, whether bilaterally or under the cover of the United Arab Emirates' federal government. But there has been no word from the UAE capital, while the only federal statement has been that the central bank, which is backed by Abu Dhabi, will support local banks and set up a liquidity facility for those in need. Read full article

Filed under: Dubai •Economic crisis

A local UAE charity, Take My Junk UAE, is turning the unwanted junk of expats returning home because of the economic downturn into valuable donations to the country's poorer laborers.

Every day Faisal Khan, a 34 year old businessman, drives around Dubai's high end residential areas collecting anything from towels, clothes and furniture from expats who would have otherwise thrown them away before their return back home. He then makes sure those items are distributed to the needy.

For more information on how you could help this charity click here.

Posted by: IME Producer
Filed under: Economic crisis •UAE

CNN's Cal Perry spends a day with Elie Saab. The now-famous Lebanese designer gives his thoughts on the global economy.

Cal Perry reports. Click here to watch

Filed under: CNN Coverage •Economic crisis •Lebanon

CNN's Frederik Pleitgen explains why a war torn country is bucking the world wide trend.

Fred Pleitgen reports. Click here to watch

Posted by: IME Producer
Filed under: CNN Coverage •Economic crisis •Iraq •Video

CNN's Frederik Pleitgen on how the financial crisis is threatening Iraq's security.

Fred Pleitgen reports. Click here to watch.

Posted by: IME Producer
Filed under: CNN Coverage •Economic crisis •Iraq •Video

At a U.S. military base in Iraq, CNN's Nic Robertson joins a group soldiers learning to fight the global economic downturn.

Nic Robertson reports. Click here to watch

Posted by: IME Producer
Filed under: CNN Coverage •Economic crisis •Iraq

CNN's Ben Wedeman reports that even livestock are feeling the pain of the economic slowdown in the West Bank

Ben Wedeman reports. Click here to watch

Posted by: IME Producer
Filed under: CNN Coverage •Economic crisis •Video •West Bank

As more factories close down, CNN's Paula Hancocks reports on the increasing frustration of the Israeli workers.

Paula Hancocks reports. Click here to watch.

Posted by: IME Producer
Filed under: CNN Coverage •Economic crisis •Israel •Video