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Stock News: Dubai’s Arabtec Hits Sentiment Across The Gulf

The company’s stock fell its daily limit of 10 per cent for a second session in a row.

Ferrari World Abu Dhabi In Major Expansion, Plans 7 New Rides

The theme park has already started the expansion process, and aims to complete it in three years.

UAE Announces Ramadan Working Hours For Private Sector

Working hours will be reduced by two hours during Ramadan for private sector employees with no reduction in salaries.

Dubai Contractor Arabtec Lays Off Staff, Execs In Wake Of CEO Departure

Large numbers of staff, including at least two senior executives, have departed the company since Ismaik resigned.

Abu Dhabi’s Mubadala Petroleum Says Makes Malaysian Gas Discovery

Mubadala Petroleum said it found substantial gas in the Pegaga well in its operating block SK320.

Abu Dhabi’s Al Hilal Bank Plans $500m Capital-Boosting Sukuk

The transaction is earmarked to price in the area of six per cent, a document from lead arrangers showed.

Flydubai Opens Dubai Business Class Lounge

Free wifi, food and beverages available to the airline’s premium passengers at Terminal 2

Restaurant Chain Just Falafel Signs Deal For 10 More US Outlets

The fast food chain will open restaurants in the Texan cities of Houston and Austin, as part of its expansion.

Expo 2020 Attracting Students, Professionals To Dubai – Expert

The six month long event is also encouraging business colleges to set up base in the emirate.

UAE Announces Ramadan Working Hours For Public Sector

Federal government and ministry employees will work from 9am to 2pm.

Exclusive Interview: Masafi CEO Reginald Randall

Randall faced waves of uncertainty when UAE water exports were banned. The Masafi CEO reveals how he got the ship firmly under control with a new plant in Turkey.

UAE Businessman Khalaf Al Habtoor Buys Intercontinental Budapest Hotel

The acquisition is Al Habtoor’s second hotel in the Hungarian capital.

Abu Dhabi Exchange Signs Bonds Listing, Trading Agreement

As per the deal, bonds can be listed and traded through the exchange by local and international investors, with NBAD using its account with Euroclear to process the transactions.

Dubai Tram Is Almost 93% Complete- RTA

The tramway’s stations are also almost complete, confirms RTA chairman Mattar Al Tayer.

Apple’s iPhone 5 Named UAE’s Most Popular Smartphone In Q1 2014

Samsung Galaxy S3 was the second most commonly used smartphone with 2.7 per cent of market share, followed by iPhone 5s that had 2.5 per cent share, official data reveals.

French City Nice Most Popular Destination For UAE Private Jet Users

Paris and London are the second third most favoured destinations, according to a study by Private Jet Charter.

UAE Warns Against Lebanon Travel Following Friday Bombing

UAE officials have also urged Emirati citizens in Lebanon to leave the country immediately.

Different Arab money

Growth In UAE, Saudi, Qatar Drawing Global Funds To Set Up Shop

Nomura Asset Management and Lazard Asset Management have opened new offices in Dubai this year.

Dr. Nasser Saidi: Understanding The MSCI Upgrade

The founder and president of Nasser Saidi & Associates explores the impact of the Emerging Market Upgrade on the UAE and Qatar.

Former CEO Of Dubai’s Arabtec Says Will Hold On To Stake

Hasan Ismaik who resigned from Arabtec on Wednesday, holds a 28.85 per cent stake in the company.

Etihad Cargo Among The World’s Top 10 Performing Global Air Cargo Operators

The cargo operator was included in the list after seeing record April and May tonnage.

Emirates To Launch A380 On San Francisco, Houston Routes

The airline will add over 135 seats to San Francisco and 137 seats to Houston after it launches the jumbo A380 on these routes.

GCC Visitors Spend $500,000 On First 4 Days Of World Cup In Brazil – Visa

The amount represents a five-fold increase compared to the same period (June 12 – June 15) in 2013, said Visa.

UAE’s Abraaj Submits Tender To Buy Cairo Medical Center

The investment firm said it plans to make a significant capital expenditure in the listed Egyptian hospital.

Etihad Airways Denies Talks With Malaysian Airlines Over Equity Stake

Shares of Malaysian Airline System Bhd rose the most in more than a year on Wednesday following a media report that the carrier will form a partnership with Etihad Airways.

UAE Firm Appointed Retail Consultant For $1bn Reem Mall Project

Construction on Abu Dhabi’s Reem Mall is expected to begin in 2015, with the project slated to complete in 2018.

India Plans To Pay $1.65bn Iran Oil Dues Via UAE Central Bank

Under the proposed new arrangement, the Reserve Bank of India would buy the dollars from authorised currency dealers, instead of the Indian oil buyers tapping the currency market.

UAE Ranks 12th Globally By Proportion of Millionaire Households

According to the report, 3.3 per cent of UAE households hold private wealth of at least $1million.

Dubai’s Arabtec Says To Protect Shareholders After CEO Quits

The company confirmed the appointment of Mohamed Al Fahim as Arabtec’s acting CEO for an unspecified “temporary period”.

UAE Recalls Envoy To Iraq, Hits At Baghdad’s “Sectarian” Policies

The foreign ministry said that the UAE, a close ally of Saudi Arabia, opposed any interference in Iraq’s affairs.