Surging Saudi Fuel Use A Bigger Threat Than US Shale Oil

The growing domestic demand for hydrocarbons, exacerbated by low prices, is the key long-term challenge faced by the Kingdom, said Jadwa Bank.

Bahrain’s GFH Names Rayes As Permanent CEO – Statement

Hisham Al Rayes had been acting CEO since March 2012.

Dubai Sells Stake In Landmark Miami Hotel To Turnberry

Dubai World had paid $375 million in 2008 for its 50 per cent stake in Fontainebleau Miami Beach.

Dubai’s Arabtec Denies Drake & Scull Merger Speculation

Shares in Drake & Scull, which are up 93 per cent year-to-date, have been buoyed by the merger speculation.

Deadly MERS Coronavirus Found in Camels on Qatari Farm

Since September 2012, MERS-CoV has infected at least 163 people and killed 71 of them, according to the WHO.

Saudi Hollandi Bank Plans Bonus Share Issue

The lender plans to boost its share capital to SAR4.76 billion to help support its growth and capital base.

Nine Officials, Executives Accused Of Corruption In Oman

The charges, mostly involving infrastructure projects, were outlined in six trials that opened on Sunday.

Saudi Developer ACWA Signs $472m Bridge-To-Sukuk Financing

The loan will act as a bridge financing until the company launches a sukuk issue in 2014.

Qatar Launches Mega Bridge Project Ahead Of World Cup 2022

Construction of the Sharq project will start in 2015 and completion will be by 2021.

TAQA Receives UK Approval For North Sea Development

The Morrone field is expected to initially produce over 3,000 barrels of oil equivalent per day.

UAE’s Low-Income Earners Found To Save More

The survey found that low-income earners saved two per cent more than the UAE’s general population.

Emaar Shares Fall 3.3%, Most In A Month

Dubai’s benchmark index declined 1.6 per cent, paring the surge for the year to 93 per cent.

BP Signs Deal To Develop $16bn Oman Shale Gas project

The Khazzan gas project aims to extract around one billion cubic feet (bcf) per day of gas from deep under central Oman.

Qatar Raises 2013 Economic Growth Forecast To 6%

GDP growth in the world’s top liquefied natural gas exporter is forecast to ease to 4.6 per cent in 2014.

Waldorf Astoria Dubai Palm Jumeirah Targets December 24 Soft Opening

Hilton’s top-end brand will reach out to tourists and corporates

Qatar’s CBQ Eyes Local Bank Tie-Ups, Bonds To Fund Infrastructure

The lender, which recently bought a 74.2 per cent stake in Turkey’s Alternatifbank, is also open to further foreign acquisitions, says CEO.

UAE Ranked World’s 11th Biggest Clothing Importer

UAE’s strong growth in its retail sector is expected to boost the country’s apparel industry.

UAE’s Bank of Sharjah Sees 25-30% Profit Growth In 2013, 2014

The bank benefited this year from lower bad loan provisioning and the writing back of existing impairments.

Bahrain Economic Growth Slows To 4.6% In Q3

The oil sector contributed about 45 per cent of output growth, thanks to higher crude prices on global markets.

Villa Resort Opens On Sir Bani Yas Island

Couples can now get even closer to the wildlife and island’s distinctive environment.

Qatar Airways Provides Online Tourist Visas

One-month visas can now be booked online priced $55 per person

Kuwait May Impose Corporate Income Tax on National Companies

Foreign companies in Kuwait pay a 15 per cent tax.

UAE Nationals Exempt From EU-Schengen Visa

The decision has been passed by the EU Council of ministers, but requires final approval from the European Parliament.

UAE Nears Debt Listing Rules To Boost Sales: Islamic Finance

The Securities and Commodities Authority has circulated draft rules that treat sukuk and non-Shariah compliant debt separately.

Mall Of Qatar To Boast “Completely Different” Offering To Dubai

Mall of Qatar’s general manager says the complex will set the standard for malls internationally.

Saudi Activist Sentenced To Lashes And Prison – Rights Group

Omar al-Saeed is reportedly the fourth member of the Saudi Civil and Political Rights Association (ACPRA) to be jailed this year.

Expert Calls For Tougher IP Laws In The UAE

Tougher penalties and strict law enforcement are needed to stamp out intellectual property fraud in the UAE.

Saudi PetroRabigh Says Marketing Fee Deal To Boost Revenue

The petrochemical company is a joint venture between oil giant Saudi Aramco and Sumitomo Chemical.

Dubai Index Rises To 5-Year High; Qatar Gains

The DFM General Index climbed 1.3 per cent to 3,199.88, the highest since October 2008.

ADCB, Emaar Among UAE’s Favourite Stocks

MubasherTrade report forecasts low-to-mid-single digit economic growth rates in the Middle East in 2014.