#Breaking News

Dubai’s DIFC Authority To Split Into Two Entities

Dubai International Centre will split into DIFCA and DIFC Property arms to boost its development.

Syrian Defence Minister Killed

Daoud Rajha was reportedly killed in a bomb explosion during a meeting with ministry and security officials.

Barclays To Leave UAE Rate Panel

Barclays, hit by the Libor scandal in Britain, will leave the IBOR panel after around 90 days.

Ramadan Food Prices To Be Fixed

The government will ensure shops and supermarkets do not overcharge customers during the Ramadan period.

UAE Nuclear Power Plant Green Light

The country’s first nuclear station will begin construction as the licence is agreed for ENEC and KEPCO.

SABIC Q2 Profit Falls 35%

Saudi Basic Industries Corp saw its quarterly profit drop due to lower prices and production.

Bank Dhofar In H1 Profit

Oman’s lender makes $50.6 million profit for the first half of the year, a huge rise from the same period last year.

Saudi Plans Foreign Firms Listing Soon

The Kingdom plans to allow foreign firms to list on its stock exchange within a year, an official has said.

Air Arabia Sees Hike In Passengers

The low-cost airline carried 1.3 million passengers during the second quarter of 2012, up 15 per cent from Q2 2011.

Zain Saudi’s Rights Issue Struggling

Zain’s share hold in the Saudi operator could rise to above 50 per cent forcing the Kuwaiti firm to consolidate losses.

National Bank Of Oman Profit Up

The bank made a Q2 net profit of $26.8 million, up on analysts’ expectations and last year’s results.

Citigroup Q2 Profit Drops 12%

The US-based bank saw overall net income fall to $2.94 billion in the second quarter of the year.

UAE Announces Ramadan Timings

Working hours for private sector companies have been cut from eight to six per day, the labour ministry has said.

IMF Cuts Global Growth Forecast

The Eurozone debt crisis is slowing down economies across the world, said the International Monetary Fund.

Oman’s Oil Output Drops 4.1%

The country’s oil production fell 4.1 per cent to 27.7 million barrels in June compared to May.

Bank Muscat Q2 Profit Up 19%

The Oman lender made net profit of $90.9 million in the second quarter, above analysts’ estimations.

Saudi’s Mobily Q2 net profit up 22%

The telecoms company said that it made a net profit of $379 million in the second quarter of the year.

TAQA Gets $355m To Grow In Ghana

The Abu Dhabi-based oil explorer has secured financing to expand in the African country.

Dubai Rents Up 10% In 2012

Rents for both villas and apartments have increased year-on-year in 2012, says a new report.

UAE Ships First Oil Via Fujairah

The UAE aims to increase exports from the new oil terminal as threats to close the Strait of Hormuz rise.

Banks In UAE Need 10% Liquid Assets

The new rule, introduced by the central bank, will begin next year and extend until the end of 2014.

UAE Nuclear Plant Gets Eco Nod

The country’s first nuclear plant receives approval from the UAE’s environmental regulator.

ME Airlines On Recruitment Drive

Carriers in the region face a huge supply-gap of pilots and technicians unless they recruit drastically.

Barclays Off UAE Rate-Setting Board

The bank has withdrawn from the interbank panel following the Libor scandal in the United Kingdom.

Bank Muscat Shares Declined

Oman’s largest lender has offered new shares to existing holders at a discounted price to raise over $250 million.

Dar al-Arkan Repays $1bn Sukuk

The Saudi-based property developer said that Sukuk account holders will receive the funds on Monday.

Saudi To Lend Tunisia $220m

The loans, extended by the Saudi Fund for Development, are repayable over 20 years at two per cent interest.

KSA Agrees To Send Female Athletes

Saudi Arabia will include two female competitors in its London 2012 Olympic team for the first time.

Qatar Sells Largest USD Sukuk

The Gulf-state priced five and 10-year tranches at $2 billion each, attracting an order book of over $24 billion.

Qatar Islamic Q2 Net Profit Down

The bank dropped almost 35 million riyals in the second quarter in comparison to the same period last year.