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.

Dubai’s Godolphin Sets Up Permanent Stable In Australia

The racing stable has appointed John O’Shea as the head trainer for its unit in Australia.

Dubai Financial Market Q2 Net Profit More Than Triples

The firm, which runs securities trading in Dubai, made a net profit of Dhs252.5 million.

Etihad Launches Daily Flights To Perth, Rome

New routes will better connect Etihad with Europe and Western Australia, the airline said in a statement.

UAE Regulators Signal More Active Stance On Arabtec

On Thursday, the Dubai bourse said it was suspending trade in Arabtec pending clarification on media reports about strategic partners’ stake in the firm.

Dubai International Airport “On Track” To Reopen Runway On July 21

Airlines temporarily operating into Al Maktoum Airport at DWC will return to Dubai’s main airport once it’s back to full capacity.

Dubai’s Consumer Prices Rise Sharply In First Half Of 2014

Housing, water, electricity, gas and fuels recorded price increases of 4.6 per cent during the first six months of the year.

Stock News: Dubai Pulls Back As Arabtec Suspended

Dubai’s index slipped 0.7 per cent as property stocks retreated.

Emirates Airline Could Buy 60-80 More A380s If Engines Upgraded

Emirates, the largest customer for the Airbus A380, had ordered 140 of the aircraft as of November.

Dubai Bourse Suspends Arabtec Shares

Trading in Arabtec’s shares were suspended following media reports of Aabar increasing its stake in the company.

Aabar In Talks to Buy Stake From Former Arabtec CEO

The Abu Dhabi state fund is looking to raise its stake in Arabtec to almost 30 per cent to become the major stakeholder, a source said.