News


News from the MENA region


Revealed: 44% of UAE expats don’t expect to hit financial goals

Despite tax-free salary, a large number of expats in the UAE fail to fulfil financial targets before they leave – survey


Dubai house prices facing further falls in 2015 amid new supply

Bayut.com report says owners may be forced to offer lucrative incentives as 25,000 properties are slated to enter market


GCC career women aiming high to narrow gender gap

New survey reveals ambitions of businesswomen with over 50% aiming at senior or board level positions


Saudi, US firms buy $201m stake in Canadian grain handler

State-owned agricultural investment firm and US grain trader Bunge in deal for controlling stake in CWB


Pending F1 race spurs renewed Shi’ite protests in Bahrain

New Amnesty report highlights ‘political and human rights crisis’ but gov’t dismisses claims


Qatar retailer refutes ‘rotten meat’ claims made in video

Al Meera Goods Company says inspectors have given it the all-clear after customer posted video on social media


New Dubai Metro extension ‘could lift house prices by 15%’

Research firm ValuStrat says properties within 10-minute walk of new stations will see uplift in value


Dubai’s Marka completes deal to buy Retailcorp

Istithmar subsidiary is one of the largest retail companies in the UAE’s sporting goods sector


MidEast investment banking fees hit $182m in Q1

New report reveals 5% rise compared to Q4 2014 and 20% increase on year-earlier period


Emirates said to pick Rolls-Royce to power new A380s

Source says British engines maker will supply 50 of the 140 A380 aircraft Emirates has on order


Dubai’s Emaar approves $292m dividend to shareholders

Property giant’s AGM also re-elects Mohamed Alabbar as chairman; approves plan to reduce number of board members


Strong earnings fuel Saudi, Dubai stock market surges

Dubai’s index jumps 3% on its heaviest trading volume this year, hitting a two-month closing high


Egypt signs deals with Kuwaiti firm for $1.6bn energy projects

Prime minister announces preliminary agreements with Alghanim International for two energy-related projects


Qatar expects VW CEO may go after chairman spat – report

Shareholder Qatar Investment Authority reportedly sees Volkswagen chief exec departure in leadership crisis


Delta chief eyes new price-lowering rules in Gulf Open Skies pacts

US airline boss hints at potential changes to US Open Skies pacts with Qatar and the UAE amid subsidies dispute


Dubai’s TECOM Investments completes $1.1bn loan upsizing

Business park operator closes loan after exercising an option to increase the size of an existing facility


Dubai’s Deyaar posts 6% rise in Q1 net profit

Developer says it made quarterly profit of more than $15m in three months to March 31


Reem Island murder accused ‘confessed on video’

Federal Supreme Court is shown video evidence is which Alaa Bader Abdulla Al Hashemi reportedly confesses to killing US teacher


Saudi Arabia should consider water, power price reform – official

Deputy electricity minister hints at move as demand for power, water soars over recent years


Saudi stock market says 2014 net profit up 74%

Company’s bottom line of more than $70m is boosted by higher income from trading


Kuwait’s IFA picks Morgans to run new Palm Jumeirah hotel

New York-based boutique hotelier will bring Delano brand to Dubai; scheduled to open in 2017 as part of The8 project


Abu Dhabi cops foil bid to sell $10m of fake banknotes

Investigators says they have thwarted an African gang in largest seizure of its kind so far this year


Bahrain retailer Jawad said to raise $235m loan

Sources say franchise operator of Papa Johns and Burger King in the Gulf will use funds to refinance debt


Nakheel says Dubai Metro extension will add value to its homes

Dubai developer welcomes plan to build a 15km extension to Red Line to serve Nakheel communities


Saudi banks Samba and SABB post small profit gains

Mixed fortunes for Saudi banks as second-largest lender Al Rajhi reports seventh consecutive drop in quarterly profit


Saudi Arabia dismisses Iran calls for Yemen ceasefire

Saudi foreign minister Saud al-Faisal says Tehran should not be interfering in conflict


First Investor announces $80m deal for Saudi expat compound

Compound in Riyadh has been leased to Saudi Arabia Airlines to accommodate more than 1,000 cabin crew


Iran aims to export natural gas to Kuwait – official

National Iranian Gas Company chief also confirms plan to begin exports to neighbouring Iraq


Qatar’s Hamad Int’l said to start charging for long-term parking

Airport reportedly says payment structure will be rolled out by the end of April, a year after aviation hub opened


Dubai gov’t launches $163m fund to help innovative Emiratis

Mohammed bin Rashid Fund for SME seeks to develop local entrepreneurs with funding of up to $1.36m


UAE’s luxury Swiss watch demand rises by 9% in 2014

Federation of the Swiss Watch Industry says UAE is among the world’s top 10 import markets


Will plunging oil prices impact Middle East investor activity in Europe?

CBRE’s Mat Green on why European markets are likely to continue to be an attractive proposition for Middle East investors


Pearl Initiative, UNGC forum aims to improve Gulf business transparency

Reem Al Hashimy, UAE Minister of State, will be giving keynote speech at event in Dubai on April 16


Saudi authorities catch police shooting suspect

Security services detain local man on suspicion of shooting dead two policemen in Riyadh


Plans approved to link Expo 2020 site to Dubai Metro network

Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum backs 15km extension of rail system’s Red Line


Qatar Airways offers Italian brands in new luxury push

Giorgio Armani Fragrances & Beauty and Missoni sleeper suits and slippers part of inflight ‘five-star indulgence’


Sharjah’s Technomak to create 800 jobs in expansion plan

Company announces plan for $75m new factory as it aims to double manufacturing capacity


New luxury Jeddah apartments project unveiled

Prices for apartments at Bayat Plaza start from $266,582; expected to be completed by the end of 2016


Gulf firm inks deal to buy Spanish solar power developer

Abdul Latif Jameel Energy and Environmental Services announces acquisition of Fotowatio Renewable Ventures


Asian hotelier inks Saudi JV deal amid MidEast push

Dusit International signs agreement with Dyar Hotels and Resorts; has three hotel projects in pipeline


Kuwait drafts law for independent human rights agency

Move comes just weeks after Kuwait was accused of escalating punishments against people critical of the gov’t


GCC in talks to unify traffic controls in bid to curb accidents

Special committee holds first meeting to debate mandatory unified guide for traffic control devices across Gulf


Damac opens two new hotel apartment projects in Dubai

Damac Maison The Vogue and Naia Breeze offer a joint capacity of more than 500 suites, says developer


UAE’s Etihad renews sponsorship of IPL team Mumbai Indians

Abu Dhabi airline and partner Jet Airways named as sponsors of one of India’s top sports brands


UAE private sector growth slows to 17-month low

Business activity slows in March as expansion of both output and new orders eased