Etihad Rail To Begin Commercial Operations In 2015

The first phase of the network that is currently under testing is scheduled to begin operations soon, an official said.

Qatar Central Bank Governor Says Won’t Review Currency Peg

He declined to elaborate on the reasons for Qatar sticking to its peg.

Abu Dhabi’s Mubadala Petroleum To Explore Big Morocco Offshore Area

The company has an exclusive licence to carry out a geological survey of the Mediterranee Ouestarea, which comprises 3,433 sqkm.

Dubai Developer Arady To Handover Units At DIFC Tower From March-End

The Central Park Residential Tower in DIFC consists of 426 apartments.

Three Iraqis Dead In Explosion Near Kuwaiti Border

Police sources in Iraq said the victims were civilians who died in an explosion from a truck trailer.

Dubai’s DGCX In Talks With Local Bank For Spot Gold Contract

The exchange, which currently trades gold futures, said last year that the spot contract was expected to be for 1 kilogramme (32 troy ounces) of 0.995 purity gold.

Emirates President Rebuts Resignation Claims

Speaking in Washington, he said discussions with US authorities had been “very constructive”.

Etihad Received Loans And Equity Investment From Shareholder – CEO

Hogan said few young companies have operated as transparently as Etihad, which is little more than a decade old.

Bahrain’s BBK Launches $400m 5-yr Dollar Bond

The transaction will have a spread of 200 basis points over midswaps, a document showed.

Emirates Airline Says Will Rebuff U.S. Allegations, Seeks Apology

Emirates airline’s Tim Clark said that some figures in the report are factually wrong and that the airline will set the record straight.

Kuwait Renews $1bn Jet Fuel, Gasoil Supply Deals With BP

The contracts that cover 2015 will see Kuwaiti jet fuel flow through the BP system to Dubai and several European Airports, KPC said.

Saudi’s Savola Says Has All Approvals For Packaging Unit Sale

Takween in December agreed to buy the packaging unit of Savola, the region’s largest food firm for SAR910 million.

US And Gulf Airlines Set To Clash At Aviation Summit Over Subsidy Row

Three U.S. airlines have accused their GCC competitors of receiving more than $40 billion in government subsidies, a charge which the latter deny.

UAE Chauffeur Car App Careem Acquires Moroccon Start-Up Taxiii

The new service, called Careem Morocco, will begin services on March 26 in Rabat and Casablanca.

Qatar National Bank Says Signs $3bn Three-Year Loan

The facility will be used to fund general operations of the bank.

Egypt, Arabtec To Sign Agreement On $40bn Housing Project Within 10 Days

The two parties differed over the percentage of completed units that Arabtec should deliver to Egypt in lieu of payment for land used in the project.

Abu Dhabi Carrier Etihad Partners With Facebook

The partnership will enable the airline to tailor its services and marketing to specific travellers.

Bahrain’s BBK Tightens Price Thoughts For 5-Year Benchmark Dollar Bond

BBK has returned to the market in its first debt issue since 2010 to refinance an existing $500 million bond maturing in October.

Passenger Rail Not An Immediate Priority For The UAE – Minister

The country is currently focussing on operating rail services for the cargo sector, a senior official has said.

Dubai Needs Cheaper Telecom Rates To Become Global Financial Hub – Expert

Increased competition in the UAE’s telecoms sector will help make services more affordable for new companies.

Saudi’s PetroRabigh Signs $5.2bn Financing For Expansion Scheme

The total cost of the project, known as Rabigh Phase II, is now estimated at SAR30 billion.

Emirate Of Ras al-Khaimah To Meet Investors From Thurs For Sukuk Issue

Investor meetings will start in Singapore on Thursday, before moving to Kuala Lumpur on Friday, the United Arab Emirates on Sunday and London on Monday.

Investcorp Buys U.S. Residential Properties For About $300mn

The deals, made through its U.S. based property arm, bring the fund’s total purchases of properties in the country in the last 12 months to over $850 million, it said in a statement.

Dubai’s Daman Investments Aims To Launch IPO Within Weeks

The company had announced last November that it planned to list on the Dubai Financial Market during the first quarter of 2015.

Kuwait Considering Imposing Corporate Tax -KUNA

As part of economic reforms, the government is working on changing the tax system to diversify sources of state income and increase its non-oil revenues, the state news agency said.

Kuwait’s Electricity Minister Resigns Following Last Month’s Power Cut

No details were given on the reasons for the resignation, but the government said the emir had expressed understanding for the causes behind his move.

Exclusive: Palm Jebel Ali Will Not Be Cancelled – Nakheel Chairman

The project will be built in the long-term, depending on market conditions, says Ali Rashid Lootah.

Bahrain Seizes Bomb-Making Equipment Aboard Bus From Iraq

Authorities found 140 detonators, 41 electrical circuits, a remote control device and some cellular telephones hidden inside electrical appliances on the bus.

Saudi Arabia’s Index Slumps To Two-Week Low As Oil Extends Drop

Brent crude oil fell to around $54 a barrel on Monday, its lowest for more than a month.

NBAD To Add Export Financing To Its Egypt Operations – CEO

The lender plans to target affluent and high net worth individuals in Egypt.