Qatar Reveals New Foreign Worker Reforms Ahead of 2022 FIFA World Cup

New steps include a requirement that firms set up bank accounts for workers and pay wages electronically and a mid-day work ban in summer.

Bahrain Asks Court To Suspend Main Opposition Bloc’s Activities

The ministry asked for a three-month suspension of Al-Wefaq National Islamic Society.

UAE May Issue Federal Government Bonds By 2018 – Finance Ministry

The purpose of issuing bonds is to meet the requirements of Basel III, according to a senior official.

Abu Dhabi Islamic Bank Q2 Net Profit Jumps 22.6%, Beats Estimates

In May, the lender got regulatory approval to purchase much of Barclays’ retail operations in the UAE.

SABIC Chief Says Petchem Prices May Rise In Next 3 Years

Mohamed al-Mady said the global outlook for petrochemical demand over the next three years is positive.

RTA Begins Diversion Works On Sheikh Zayed Road For Dubai Canal Project

The first phase of traffic diversion will take place in the Dubai-Abu Dhabi direction near Safa Park, RTA said.

Stock News: Arabtec Drags Down UAE, Saudi Earnings Disappoint

Arabtec tumbled its daily 10 per cent limit, dragging down the entire Dubai stock market to close six per cent lower.

UAE Private Sector Workers To Get Two-Days Eid Al Fitr Holiday

The first and second days of the month of Shawwal have been announced as Eid-al-Fitr holidays for the private sector.

Dubai’s Property Prices Grow 36% Y-O-Y In Q2 But Market Slowing, Says JLL

Residential rents in the emirate also rose 24 per cent year-on-year during the second quarter of 2014, according to a JLL report.

UAE-Based Strata Signs $16.5m Deal With PCT For A380 Programme

Under the deal, Strata will outsource the treatment of composite materials for the production of A380 Flap Track Fairings to PCT.

UAE Announces 9-Day Eid Al Fitr Holiday For Public Sector

Federal ministries and departments will be closed from Sunday July 27, and reopen on August 3.

Stock News: Arabtec Tumbles, Weighs On Dubai

Arabtec tumbled its daily 10 per cent limit, dragging down the entire Dubai stock market, where the main index dropped 5.4 per cent.

Dubai Bank ENBD Repays Final $1.1bn Of 2008 Government Support

The lender had repaid the rest of its total Dhs12.6 billion of support in 2013.

Aabar Says Arabtec Talks Would Be Confidential

Aabar’s statement followed media reports last week that said the fund was in talks to buy at least part of the 28.85 per cent stake owned by Arabtec’s former chief executive Hasan Ismaik.

Oman’s Ominvest Says To Explore Possible ONIC Holding Merger

Any potential tie-up between the pair would be subject to both firms agreeing terms as well as receiving the approvals of shareholders and regulators.

UAE lender UNB Beats Forecasts Slightly With 5.6% Q2 Profit Gain

The lender reported a net profit of Dhs515.6 million for the three months to June 30, up from Dhs488.3 million in the same period last year.

Saudi’s Khodari Profit Slumps 68.8%, Widely Misses Forecasts

Net profit fell to SAR7.91 million ($2.1 million) in the three months to June 30 from SAR25.38 million a year earlier, the company said in a statement.

SABIC Q2 Profit Rises 7%, Matching Analysts’ Estimates

The company earned SAR6.46 billion ($1.72 billion) in the quarter, compared to SAR6.04 billion in the year-earlier period.

Saudi’s Dar al-Arkan Q2 Net Profit Up 17%, Misses Forecasts

Net profit in the three months to June 30 was SAR121.3 million ($32.3 million) compared to 103.7 million in the same period a year earlier.

Nakheel Launches New Mega Villa Project In Dubai

The project, which has an estimated construction value of Dhs2.5 billion, is expected to be completed by 2016.

Qatar To Host Gaza Ceasefire Talks With Abbas And U.N. Chief

The meeting, which will take place in Doha, will be headed by the Gulf state’s emir Sheikh Tamim bin Hamad al-Thani.

Saudi Arabia Investigates Imams Who Did Not Condemn Al Qaeda Attack

A senior official was quoted as saying in the local media that the imams were under investigation “for allegedly failing to highlight the incident in their sermons”.

Shell Pulls Out Of Qatar’s Block-D License After Dry Well

Shell said that it had wrapped up activity at the well after the negative result, while adding that it remained committed to future plans in Qatar.

Emirates Suspends Kiev-Bound Flights

The airline said the flight ban to Kiev would remain in effective until further notice.

Mali Grants Four Exploration Permits To Qatar Mining

A document outlining Qatar Mining’s investments showed that the company planned to take a share in a mining site in Mali that is already operational.

UAE Private Equity Firms Ithmar Capital, Gulf Capital Planning IPOs

The economic rebound seen both locally and internationally has seen deal-making revived in the last two years, with many now divesting stakes and looking for new opportunities.

Saudi’s Al Tayyar Travel Posts 8.3% Q2 Net Profit Rise On Higher Sales

The firm made SAR364 million ($97.1 million) in the three months to June 30, according to a bourse filing.

Will Murky UAE Markets Face Stricter Regulation After Arabtec Debacle?

The Securities and Commodity Authority said a new “technical committee” would ensure the integrity of share trading and prevent any manipulation of stock prices.

Upgrade Or No Upgrade, UAE and Qatar Keep Frontier Investor Fanbase

UAE and Qatar stock markets rallied sharply over the past year in anticipation of the upgrade to emerging market status by index compiler MSCI.

New UAE Law Allowing Sell Downs To Boost Listings, Private Equity

Under the law, founders of a company can list shares through a sell down of a certain percentage of their existing stock.