Dubai’s DIFC introduces new licence categories with reduced fees

Four new categories have been announced, primarily targeting non-finance firms

Saudi and Hyundai sign JV to manufacture marine engines and pumps

The venture will be located in the kingdom’s Eastern Province at Ras Alkhair

Abu Dhabi government awards contracts worth Dhs5bn to Aldar

The contracts include projects on Saadiyat Island, Yas Island and Al Falah

Dubai’s Emirates starts inspecting A380s to check for ‘cracks’

Cracks were detected in the wings of some of the older Airbus A380 superjumbo airplanes

Saudi cabinet says extension to cuts will help oil market stability

OPEC, Russia and other non-OPEC members agreed this month to extend their oil supply cut until the end of March 2020

Rapper Nicki Minaj pulls out of Saudi Arabia concert

She was due to headline the Jeddah World Fest music festival on July 18

Kuwait Petroleum hires NBK Capital to advise on $2bn financing

The state-owned oil company plans to invest hundreds of billions of dollars by 2040

Saudi Aramco awards 34 contracts worth $18bn for Marjan, Berri oilfields

Aramco plans to boost production capacity at the two fields

UAE entities sign deal to build largest desalination plant in the northern emirates

The agreement is for a 150 million gallons per day desalination plant in Umm Al Quwain

Emirates offers passengers discounts of up to 35% at select UAE hotels this summer

The offer extends to properties operated by Accor, Armani Hotel Dubai, Emaar Hospitality Group and Marriott in the country 

Sharjah grants first gold card permanent residency to Indian businessman

Lalu Samuel, the chairman and managing director of Kingston Holdings, received the visa on Monday

Dubai skyline

Hiring in Dubai’s private sector remains stagnant despite business growth

Staffing fell in tourism and recreation as well as construction, but rose in wholesale and retail

Dubai contractor Arabtec appoints new acting CFO amidst management reshuffle

Adel Al Wahedi replaces Peter Pollard, who has been made the group CEO

UAE troop redeployment in Yemen was agreed with Saudi Arabia

The UAE says it remains committed to restoring the internationally-recognised government of President Abd-Rabbu Mansour Hadi

SAUDI-CONFLICT-YEMEN-COALITION

Saudi-led coalition in Yemen says it foiled Red Sea ship attack

Saudi officials said they destroyed an unmanned boat laden with explosives which the militants had planned to use for the attack

Saudi forces intercept Houthi drone launched at civilian areas in the kingdom

Houthis have repeatedly launched attacks against targets in neighbouring Saudi

Most GCC stock markets bounce back from early losses

Kuwait rose for the eighth straight session following MSCI’s decision to include the country in its main emerging markets index

Dubai’s DP World hires Citi, StanChart for new 10-year Islamic bond

A series of investor meetings are set to be held in Hong Kong, Singapore and London

UAE’s nuclear regulator certifies first group of Emirati reactor operators

Construction of the four units of the power plant is more than 93 per cent complete

Global stock slide pulls down most GCC markets

The Kuwait bourse fell back after seven straight gains

Tremors felt in Kuwait after 5.7 magnitude earthquake strikes Iran

The earthquake struck western Iran on Monday

Abu Dhabi’s ADNOC waives attendant fee for filling petrol during summer

Those registered with the ADNOC Wallet service will be offered free assisted fuelling between 11am to 5pm during July and August

Abu Dhabi residential prices, rents continue to drop in H1

Al Reem Island was found to be the most popular area in Abu Dhabi to buy and rent apartments

UAE sets maximum daily cash limit for tourist VAT refund

Cash refunds have been capped at Dhs7,000 per tourist per day

Saudi airline flyadeal picks Airbus jets over grounded Boeing MAX

The airline is to take delivery from 2021 of 30 A320neo jets that were ordered by its parent Saudi Arabian Airlines

UAE’s TRA stops Etisalat and du from offering pay-per-use data plans

The move is aimed at “protecting subscribers from excessive charges of the service”

China and GCC expansion to boost Trade Bank of Iraq’s revenues

The bank is upgrading its licence in Abu Dhabi to an asset management company from a representative office

New Al Futtaim mall in Dubai with Ikea, Ace to open in December

Festival Plaza, located in Jebel Ali, will have over 120 stores

Apartments in Kuwait lie ‘vacant’ as expats leave the country – report

A total of 102,280 residency visas held by expats were cancelled between 2015 and 2018

Saudi dairy company Almarai’s CEO resigns

The company’s former CEO Georges P Schorderet has been re-appointed to the role