Private Banking Special: Emirates NBD

Mark McFarland, chief investment strategist, Private Banking at Emirates NBD, says its time for wealth preservation.

The Address The BLVD Sells Out Apartments On First Day

Property agents paid labourers to stand in line 48 hours before doors opened in bid to secure new prime location.

Over 1.3m Saudis On Unemployment Benefit

The Kingdom introduced the Hafiz programme last year, which pays unemployed nationals up to SAR2,000 a month.

Credit Suisse Cuts Dubai Investment Banking Jobs

The investment bank is reducing staff in Dubai and relocating some jobs to Qatar, say sources.

UAE Salaries Up For 2012 – Higher Next Year

Wages in the country have risen this year as Western and Asian expats demand higher packages.

Swiss Lift Ban On UAE Arms Exports

United Arab Emirates are once again able to buy weapons from the European country after a previous ban following re-exported grenades is lifted.

UAE Non-Oil Trade Up 5%

The country’s non-oil trade reached Dhs76.6 billion in February this year, according to official statistics.

Saudi’s Mojil Group Eyes Disbandment As Losses Build

The Mohammed al-Mojil Group say its losses exceed three-quarters of its capital and its liabilities exceed its assets.

Etisalat Plans Network Growth After Indonesia Sale

The UAE network is eyeing up new ventures into core markets, funded by a $510 million sale of its Indonesian stakes.

UAE To Build Weapons Systems In JV With Denel

State-owned Tawazun Holding will build guidance weapons in Abu Dhabi in a joint venture with South African defence company.

UAE Agrees Nuclear Energy Deal With Canada

Canadian firms have been green lit to provide nuclear energy and materials to the Gulf country as it builds four new reactors.

MAF Eyes $800m Mall of Egypt Launch By 2015

The UAE-based shopping mall operator hopes to start construction on the project by the end of 2012.

Saudi Arabia May Run Small Budget Deficit In 2016-IMF

The IMF also cut its forecast for Saudi’s budget surplus this year from 16.5 per cent to 12 per cent, citing oil price movements.

UAE Denies Tourist Visa Ban For Non-Graduates

Reports had earlier claimed that unskilled visitors from Asian nations would not be granted UAE tourist visas.

Saudi Aramco To Choose Refinery Contracts From Pack Of 20

The Saudi-based oil giant will see its domestic output increase to 3.5 million bpd when new refineries come online.

Flydubai Cargo Launches Global Operations

The low-cost airline will now transport goods to Europe, the US and across Asia.

Emirates Launches A380 On Dubai-Singapore Route

The Dubai carrier will use Airbus’ superjumbo on a permanent service, giving a 46 per cent rise in seat capacity.

Etihad Rail Appoints New CEO For Future Projects

The Abu-Dhabi developer behind the country’s railway network appoints Nasser al-Mansoori as its new chief executive.

Dubai’s Arabtec Blames Q2 Loss On Project Delays

The Dubai-basd builder made a loss of Dhs11.6 million in the second quarter of the year.

RAK Takes Flight

The Northern emirate is boosting its planes to attract wealthy Westerners.

Doha Bank Plans 50% Capital Raise In Q1 2013

The Qatari lender said that it will use the additional capital to meet strategic business requirements.

Kuwait Not To Cut Spending Because Of Investment Move

Kuwait plans to more than double the portion of state revenues it puts into its Future Generations Fund.

Bahrain’s Bank Alkhair Appoints New CEO

Following the arrest and conviction of its former chief executive, Khalil Nooruddin takes the reigns.

Qatar’s Central Bank Comfortable With Interest Rates

Sheikh Abdullah bin Saud al-Thani estimates two to three per cent inflation for 2012.

Dana Gas Shareholder Optimistic On $920m Sukuk

Crescent Petroleum says it is confident that Sharjah-based Dana will find a resolution for its Islamic bond maturing in October.

Dubai Property Scam Artist Is Wanted By Interpol

Haitham Al Kouatly is accused of conning homeowners and tenants out of Dhs6 million in various property locations across Dubai.

Abu Dhabi Rents To Drop By 10%

Increasing supply in the emirate’s property market will continue to force rents and sale prices to fall, says new report.

Dubai’s DFSA Fines E&Y, Arqaam Over Iranian Art Valuation

E&Y and Arqaam were accused of failing to comply with international accounting standards.

Bahrain’s Batelco Eyes $1bn Telco Deal In Monaco

The Bahraini telecoms operator is planning to buy the Monaco & Islands portfolio of British telecoms group CWC.

Kuwait Aims To Boost Rainy Day Fund

The government plans to allocate around 25 per cent of state revenues into the fund.