Bank Dhofar, the larger of the two lenders, said last week that it had approached Bank Sohar with regards to a merger proposal.
Net profit for the first six months of 2013 was 291.3 million riyals, 4.1 per cent up on the 279.7 million riyals made last year.
The Manchester City owner sold all of his stake in the British bank after helping to rescue the lender during the financial crisis.
Hazem el-Beblawi, an international liberal economist, called for dialogue between political parties, adding that security had to be restored to Egypt’s streets after weeks of mass protests.
Gulf Arab oil producers have promised aid packages worth $12 billion to Egypt since the overthrow of president Mohamed Mursi.
Among the UAE clubs, only Abu Dhabi’s Al Jazira Stadium has a capacity greater than 20,000 with most crowds often only in the hundreds.
Sooner or later OPEC members will have to reduce output to reflect their reduced share of the global oil market.
GCC petrochemical players must capture the next wave of growth by analysing the value chain and tapping into unconventional sources.
The tiny Gulf state will take on Abu Dhabi and Dubai as it looks to become the region’s financial powerhouse.
Du and Etisalat already offer fixed-line, broadband and television packages in the UAE, but not in the same districts, with du confined to the newer areas of Dubai.
The GCC is increasingly concerned that the waters of the Gulf may become undrinkable if there are any leaks from energy installations into the water.
Five countries from the MENA region made the top 50 list, which highlights the areas that a country should focus on to improve the well being of its people.
Net profit for the first half of the year was 18.77 million rials compared with 19.92 million rials in the prior year period.
The value of real estate transactions rose 30 per cent on the same period last year.
Sepp Blatter has said he will propose moving the dates of the tournament to winter, in a bid to avoid Qatar’s summer heat.
The Abu Dhabi carrier agreed in April to buy a 24 per cent stake in Jet Airways but political concerns and scrutiny by Indian market regulators have delayed the deal.
Secondary malls, like Discovery Gardens Centre, will come as a relief as retail space at the major malls faces high demand.
The UAE capital recorded the highest number of sales across the maker’s markets in the first half of 2013.
Air Arabia is the top trader on the UAE bourse after jumping 8.3 per cent to reach its highest levels since October 2008.
Mumtalakat made a net loss of 181.7 million dinars versus a net loss of 270.6 million a year earlier.
The new legislation protects maids and drivers but also punishes them for breaking their contracts.
Work is underway on 700,000sqm facility which will be supported by dedicated road feeder services to Dubai International.
A majority of the internet users polled said they preferred virtual communication over face-to-face or telephone conversations.
The offer came just days after ADGAS, partly owned by ADNOC, offered 25,000 tonnes of naphtha for loading from Das Island.
Partnership with Universal Enterprises Maldives will see more Per AQUUM hotels across Middle East, Asia, Indian Ocean and Africa.
The armed forces chief, Abdel Fattah al-Sisi, was given the post of first deputy to interim Prime Minister Hazem el-Beblawi.
Etihad in April agreed to buy a 24 per cent stake in Jet for $379 million and it is also making a $150 million equity investment in Jet’s frequent flyer programme.
The UAE’s financial sector is poised for expansion in the second half of 2013 but hiring depends largely on winning new projects.
Alaeddine Mokri, a student at the Masdar Institute of Science and Technology, has invented the ‘UltraSmart’ – a smartphone tool for engineers and scientists.
High prices on Europe-destined sour crude coupled with weak demand for sour crude in Asia has opened a price gap over the last month.