MENA fund managers to boost UAE investments, bearish on Saudi

Dubai was one of the worst-performing markets globally last year, but has rebounded with its benchmark index up almost 15 per cent so far

Omani driver jailed for Dubai bus crash released on bail

The driver was sentenced to seven years in jail and ordered to pay Dhs3.4m in blood money for causing the wrongful death of 17 passengers

Flydubai to launch daily flights to Krabi via Yangon later this year

The new daily service will begin in December and is being codeshared with Emirates

Saudi’s Taif season tourism festival creates 15,000 jobs, say organisers

The 30-day festival runs throughout August and features more than 70 events

Muslims in Saudi urged to report moon-sighting on Thursday

The crescent moon will mark the start of the Islamic month of Dhu Al Hijjah

Abu Dhabi to grant licences to companies for renting out electric scooters

The service will be available in the pedestrian and bicycle paths in Corniche and Khalifa Street during the first phase

Oman’s National Gas Company terminates CEO

Oman says on track to implement VAT

No date was given for the implementation of the new tax

Dubai lender Emirates NBD to support Denizbank if capital increase needed

Emirates NBD now owns 99.85 per cent of the Turkish lender

Different Arab money

Saudi, UAE, Bahrain cut interest rates after Fed

The Federal Reserve lowered US interest rates for the first time in over a decade

Saudi Binladin group seeks adviser for jumbo debt restructuring – sources

The move is the latest in state efforts to restructure the construction giant

Eight injured after fire breaks out in residential building in the UAE

The blaze broke out in a five-storey building in Ajman on Wednesday

Dubai’s DP World slams Djibouti’s plan to disregard international adjudications

The case has seen five rulings by London courts over the last three years

Iraq, Kuwait to appoint British firm for joint oilfield development study

There are several oilfields in the border area between Iraq and Kuwait, most prominently Ratqa

Selling cigarettes without digital tax stamps in the UAE prohibited from August 1

The scheme seeks to electronically track cigarettes packs from the production facility and until they reach the end-consumer

Dubai’s DIFC Courts announces changes to will registration rules

Will registrations will now cover investor assets across the UAE and outside the country

Saudi’s biggest bank NCB posts 24% rise in Q2 profit

The bank reported a net profit of SAR2.69bn in the quarter ended June 30

Saudi Arabia deposits $250m into Sudan’s central bank

The financial grant is part of a package with the UAE worth $500m announced in April

Singapore’s sovereign wealth fund to invest $600m in ADNOC’s crude pipelines

The deal will take the combined lease-based investment of GIC, ADRPBF, KKR and BlackRock in the ADNOC’s pipeline infrastructure to $4.9bn

UAE increases petrol prices for August

Fuel prices in the country were cut by 10 per cent in July

List of business service fees cancelled by UAE’s ministry of Economy revealed

Earlier this month, the ministry announced it had waived or reduced the fees for over 100 services

Dubai’s DIFC adds 250 companies, 660 new jobs in first half of the year

The total number of active registered firms in the centre now stands at 2,289

Baby dies in Dubai villa fire

The baby was sleeping in her room when the blaze broke out in the house in Al Barsha 3 on Sunday

Kuwait 2018/2019 budget deficit narrows on higher oil prices

State revenue was KD20.5bn in the year to March 31, 2019, compared to the KD15bn that had been projected

Abu Dhabi’s Etihad to launch fourth daily service to London

The new service will launch in October to meet growing demand on the route

Saudi’s ports authority issues licence to Maersk to operate in all ports

Maersk currently has shipping services to the ports of Jeddah, King Abdullah, Dammam and Jubail

Abu Dhabi’s Mubadala says assets grew by 80% to $229bn in 2018

The results are the first since Abu Dhabi Investment Council (ADIC) joined Mubadala last year

Saudi to ban recruitment of expats in several hospitality jobs

The kingdom has implemented a strict Saudisation policy in several sectors

Abu Dhabi Commercial Bank Q2 profit falls 11% on lower income

This is the first combined proforma financials after ADCB merged with Union National Bank and Al Hilal Bank

Oman not mediating in resolving regional tensions

The sultanate said it is in contact with “all parties” in order to maintain stability in the Strait of Hormuz

Saudi King Salman’s brother, Prince Bandar, passes away

Prince Bandar was the tenth son of Saudi’s first ruler King Abdulaziz Al Saud