Deputy Minister Says Saudi Should Consider Water, Power Price Reform

Water and power use in Saudi Arabia are growing about eight per cent annually, putting a pressure on the government.

Saudi SAFCO Q1 Net Profit Slumps 30%, Misses Forecasts

It is the seventh quarter in the last eight in which the firm has posted decreasing profits.

Egypt And Saudi Arabia Discuss Manoeuvres As Yemen Battles Rage

The statement from the Egyptian presidency appeared to be a sign that the Arab coalition may carry through on threats to eventually launch a ground intervention.

Dubai’s Deyaar Q1 Net Profit Rises 6%

The developer made a quarterly profit of Dhs55.2 million in the three months to March 31.

Qatar Launches First Chinese Yuan Clearing Hub In Middle East

The centre is expected to facilitate greater cross-border renminbi investment and financing business and boost trade between China and the region.

Dubai’s TECOM Investments Says Completes $1.1bn Loan Upsizing

The firm said in January that the cash would be used to fund the company’s general corporate needs, new developments and growth plans.

Abu Dhabi Crown Prince To Meet Obama At White House Next Week

The National Security Council said the meeting is scheduled for next Monday.

Dubai Metro Expansion To Push Up Nearby Property Prices by 10-15%

Properties in close proximity to the new stations may receive stronger interest, even in the short term, Valustrat said.

Oman’s Bank Muscat Posts 8.9% Rise In Q1 Profit, Beats Forecasts

The bank made a profit of OMR43.3 million ($112.5 million) in the first quarter of 2015.

Sheikh Mohammed Asks UAE Residents To Name Country’s Mars Probe

Dubai’s ruler asked residents to share their suggestions on Twitter via the hashtag Mars_Probe.

Dubai’s Noor Bank May Sell Debut Sukuk After Setting Up $3bn Programme

Noor Bank said its sukuk programme had been arranged by itself as well as Citigroup and Standard Chartered.

Kout Food Joins Delisting Queue In Sagging Kuwait Stock Market

The company’s board said it would ask shareholders to vote on the matter, just a day after Bahrain’s Gulf Finance House said it was considering leaving the Kuwaiti bourse.

National Bank of Kuwait Q1 Net Profit Up 15%, Beats Estimates

Net profit was $319.5 million in the first quarter of 2015, a statement said.

Qatari Banks, Southwest Securities Plan Islamic Finance Venture In China

Qatar National Bank and Qatar International Islamic Bank have signed an MoU for the venture.

Ahli United Bank To Issue Tier 1 Bonds, Meet Investors From Thursday

The lender chose Goldman Sachs, HSBC and Morgan Stanley to arrange investor meetings for the bonds.

Saudi Arabia’s Ras Tanura Port Reopens After Shutdown

The port was shut on Monday because of poor visibility and strong winds.

Dubai Issues New Law On Lost/Abandoned Property In Emirate

Those finding abandoned plots of land in Dubai are required to report the property to the police within 48 hours.

Cyber Attacks Targeted At UAE Increase – Report

Symantec also reported a slight increase in cyber criminals exploiting online IT vulnerabilities in the country.

Russia’s Lukoil Last To Leave Saudi Arabia’s Search For Gas

Lukoil was the last company left active in the consortia of international oil firms Saudi Arabia invited in 2003-2004 to search for gas.

Saudi’s Yansab Q1 Net Profit Slumps 48.7%, Misses Forecast

The firm made a net profit of 285.1 million riyals ($76 million) in the first quarter of 2015.

Video: ‘Spiderman’ Climbs World’s Tallest Twisted Tower In Dubai

Alain Robert, 52, climbed the 75-storey tower in Dubai Marina in 65 minutes.

Saudi British Bank Q1 Net Profit Up 3.2%, Beats Forecasts

The bank, an affiliate of HSBC Holdings, said it made SAR1.12 billion in the three months ending March 31.

Saudi Bank Samba Sees 3.1% Q1 Net Profit Gain

The bank attributed its increase in net profit to higher total operating income.

Oman’s PDO Says To Increase Oil Output 5% In Four Years

State-controlled Petroleum Development Oman plans to invest over $40 billion in its projects by 2019.

Majority Of UAE Residents Use Funds From Bonus To Pay Debts, Bills

Emiratis are the most likely to spend their bonus amounts while Indian expats are most likely to invest their bonus payments in a savings scheme, a new survey says.

Saudi Repeats Would Need Cooperation To Improve Oil Prices

The Saudi cabinet also affirmed that the Kingdom is not in competition with shale or other high-cost oil supplies.

Total Pulls Out Of Oman Offshore Exploration Block

The French oil company failed to make commercially attractive discoveries in the block.

Bahrain-Based Retailer Jawad Raises $235m Loan

The group is the franchise operator of clothing brand Mango and restaurant chains Papa Johns and Burger King in the Gulf.

Miami-Based Delano Hotel To Open In Dubai

Delano Dubai, 110-key deluxe hotel apartments, will be a part of a mixed-use resort development The8 in Pam Jumeirah.

Bad Weather Shuts Saudi Arabia’s Ras Tanura Port

Ras Tanura port is a major oil operations centre for Saudi Aramco.