UAE’s TAQA Q1 profit drops by close to 95%

Profits were hit by foreign exchange losses and revaluation of U.S power assets

Etihad to operate daily flights from Al Ain to Jeddah during end of Ramadan

The airline will operate the flights from May 26 to June 4 to meet increased demand

Dubai’s DP World acquires Canadian terminal Fraser Surrey Docks

The marine terminal has 1,200 metres of berth and 189 acres of yard

Dubai’s Emirates Investment Bank CEO resigns

Khaled Sifri joined the bank in 2008

Emirates reports 69% profit drop as high oil prices, strong dollar hit earnings

The airline’s fuel bill – its “biggest-ever”, accounted for 32 per cent of operating costs

Saudi Arabia’s oil exports to stay below 7 million bpd in June

Riyadh is reluctant to boost oil supply too quickly and risk a price crash and a build-up in inventories

Saudi’s Shoura Council approves new ‘green-card’ residency scheme for expats

The new ‘privileged’ iqama law will seek to provide “qualified” foreigners residency without the need for a Saudi sponsor

Bahrain receives first instalment of GCC aid

Saudi Arabia, Kuwait and the UAE agreed last year to give Bahrain $10bn to support the country’s funding requirements

Video: UAE leaders exchange Ramadan greetings with President Sheikh Khalifa

Sheikh Mohammed bin Rashid and Sheikh Mohamed bin Zayed also received officials at the palace

Abu Dhabi’s Gulf Capital, Waha Capital have held early merger talks

The talks have taken place over the last few months and may or may not lead to a deal

Nakheel awards Dhs8.6m contract for 5km cycling, running track at Nad Al Sheba

The cycling track, jogging route and outdoor gyms are slated for delivery next year

Saudi’s Arabian Centres prices IPO at lower end, books covered

Arabian Centres owns 19 malls, making it the leading owner and operator of shopping malls in Saudi

Ferrari World Abu Dhabi to offer free weekend entry during Ramadan

Other parks in Yas Island including Yas Waterworld and the recently opened Warner Bros have also revealed Ramadan offers

UAE royal passes away, three-day mourning declared in Sharjah

Sheikha Mariam bint Salem Al Suwaidi passed away on Tuesday

Saudia apologises for recurrent flight delays, assures of compensation

The airline blamed “exceptional circumstances” including bad weather conditions and technical malfunctions

Abraaj founder does not post $20m bail, remains in jail

Arif Naqvi was granted bail on Friday by the UK court

Bahrain, Manama, Cityscape view of Bahrain World Trade Center and Bahrain Financial Harbor

Bahrain ditches subsidy reform plan as political tensions simmer

Bahrain has had to introduce austerity measures in recent years such as VAT and higher water and power prices

Saudi appoints new head for civil aviation body GACA

The kingdom sacked the previous president of the body in January

Etihad says reduced 148,000 tonnes of carbon emissions in 2018

The savings are equivalent to the removal of over 10,200 cars from the road, the airline said

Abu Dhabi launches $145.7m venture capital, start-up fund

The fund has been set up as part of the Abu Dhabi government’s Dhs50bn stimulus initiative Ghadan 21

UAE will soon lift Lebanon travel ban – official

Saudi Arabia said in February it was lifting its advice to citizens not to travel to Lebanon

JCDecaux wins 10-year advertising contract for Abu Dhabi’s new Midfield Terminal

Abu Dhabi’s Dhs10bn Midfield Terminal is slated to open by the end of this year

UAE low-cost carrier Air Arabia launches flights to Tunis

The new service will begin in early July and operate three times a week

Emirates offers sale on fares to Porto ahead of the route’s launch in July

The airline will launch four-times weekly flights to Portugal’s second largest city

Saudi, Russia, Qatar and Venezuela agree to freeze oil output at Jan levels

Saudi Arabia’s Taqa plans to acquire two North American firms

Taqa has allocated about $1.2bn for new investments and acquisitions in North America and the MENA region

Dubai’s Atlantis Aquaventure to expand, aims to be one of the world’s biggest waterparks

A new 34-metre tall ‘Trident Tower’ will introduce 12 new slides to Aquaventure

UAE’s Majid Al Futtaim to raise up to $650m in green sukuk

The proceeds of the sukuk will back environmentally-friendly projects

Dubai’s Drake and Scull chairman resigns from board

Obaid Bin Touq was appointed to the role late last year

Video: Swarms of locusts invade Saudi city

Saudi has seen locust outbreaks since the start of this year

Abu Dhabi’s ADCB’s Q1 profit falls 5%, sees cost synergies from three-way merger

ADCB finalised the bank’s integration with Union National Bank and Al Hilal Bank last week