Developer Damac Reveals Plans to Create A Rainforest In Dubai

The rainforest, to be created within a dome, will be located in Damac’s Akoya Oxygen project.

Saudi Regulator Suspends Mobily Shares After 2014 Results Revision

Mobily on Wednesday said it had swung to a full-year loss in 2014, according to audited results.

UAE Firm, Armed Forces In $235m Support Contract For Oshkosh Vehicles

EARTH will provide support for 750 mine resistant ambush protected (MRAP) vehicles which Oshkosh Corp sold to the Gulf Arab state in 2013.

Saudi’s Mobily Set To Slash Dividends After Earnings Scandal

Tuesday’s price of SAR35.30 per share means around $13 billion has been wiped off Mobily’s market value since May.

US Firm Raytheon Agrees To Equip UAE Armoured Vehicles With Rockets

The firm did not give a contract value or say when delivery will begin.

Saudi Court Gives Death Penalty To Man Who Renounced His Muslim Faith

The man, in his 20s, reportedly posted an online video ripping up a copy of the Koran and hitting it with a shoe.

Gulf Economies Have Failed To Diversify, Qatar Central Banker Says

GCC economies should rethink their monetary policies and the long-term sustainability of their currency pegs to the U.S. dollar, he said.

FIFA Taskforce Recommends Nov/Dec For Qatar 2022 World Cup

The taskforce suggested that the tournament be moved from June and July to avoid Qatar’s hot summers.

Bahrain Central Bank Chief: Lending To Pick Up After Slump

The plunge in oil prices is not hurting liquidity in the banking system, Rasheed al-Maraj said.

Saudi’s Mobily Says Chairman Quits, Appoints Replacement

Abdulaziz al-Saghyir quit due to health reasons, but will remain on Mobily’s board, the company said.

Ooredoo Kuwait Blames FX Losses, Higher Costs As Q4 Profit Wiped Out

The company’s 2014 annual profit was KD45.7 million, down from KD76.1 million in 2013.

Kuwait’s Burgan Bank Q4 Net Profit Jumps

The lender reported a 424 per cent rise in fourth-quarter net profit.

Airbus To Deliver 30 Commercial Aircraft To UAE Airlines In 2015

The UAE currently comprises around 20 per cent of Airbus’ Middle East market, an official confirmed.

UAE Companies Are Biggest European Football Shirt Sponsors This Season

Firms in UAE and Qatar invested about 160 million euros this season, almost a quarter of the total spend worldwide.

Dubai Aerospace Explores StandardAero Sale – Sources

State-owned DAE purchased aviation services firm StandardAero from the Carlyle Group in 2007.

Bomb Damages Bahrain Mosque As Police Detain “Terrorist Cell”

The explosion appeared to have partially destroyed the roof of the Muqsha village mosque, west of Manama.

Saudi Fransi Capital CEO Resigns – Source

Yasir al-Rumayyan resigned from the bank last week after heading the business since the start of 2011.

Abu Dhabi Ship Building To Deliver 3 UAE Warships By 2016, Eyes New Deals

The company is holding discussions with some of the GCC countries as well as other international ones.

UN Experts Warn Of “Critical Knowledge Gaps” On Saudi MERS Virus

The WHO says 1,026 confirmed cases – including at least 376 deaths – have been reported since MERS emerged in 2012.

UAE Still In Talks With BAE, Dassault On Planes, Signs Airbus Satellite Deal

The UAE has signed a Dhs3.745 billion ($1.02 billion) contract with Airbus and Thales

UAE’s RAKBANK Will Raise $300m Through 2019 Bond Tap

Order books for the bond tap have crossed $500 million, as per the document.

Ex-Apple CEO-Backed Obi Mobiles Says Has 4.3% UAE Marketshare

The brand launched in the UAE six months ago and its current portfolio includes eight smartphone models.

Etisalat-Owned Maroc Telecom’s 2014 Profit Up 5.6%

Increased revenues from its African subsidiaries helped the company post a strong profit.

Emaar Launches Residential Project ‘Acacia At Park Heights’ In MBR City

The development features 479 residences and is located within Dubai Hills Estate.

Saudi Telecoms Regulator Cuts Call Connection Fees By 40%

The move is seen as mostly benefiting Zain Saudi, the smallest of the Kingdom’s three mobile network operators.

UAE’s Abraaj Group Buys Stake In Turkish Online Retailer Hepsiburada

No purchase price or stake size was disclosed.

Qatar Islamic Bank Approves Up To $1.37bn Tier-1 Sukuk Issuance

The sale would be in accordance with Basel III banking rules and the final amount and currency of the offering would be decided by the board at a later date.

Dubai Marina Blaze Pushes Case For Home Insurance In The UAE

The UAE has an extremely low home insurance penetration rate with just six per cent of the population insured against emergencies, experts say.

Internet Of Everything To Drive Dubai’s Smart Economy

Mobile collaboration and Bring Your Own Device will open up opportunities worth Dhs17.9 billion in Dubai by 2019, says Shukri Eid, director at Cisco Consulting.

Dubai Refiner ENOC Hires M&A Team, Close To $1.5 bn Loan -Sources

The state-owned company might use some of the proceeds from a $1.5 billion long-term loan for its expansion plans.