Oil Service Titans Gaining Power Vs Big Oil

Big Oilfield service companies are rapidly gaining importance over major oil giants.

Omani Firm Plans To Issue Country’s First Sukuk

Al Madina Real Estate says it will issue a five year $130 million Islamic bond in Q1 next year.

PayPal Launches Dubai Office; Aims To Expand ME Footprint

The global online payment provider currently has one million customers in the MENA region.

Dubai’s Mashreq Says Majed Saif al-Ghurair Resigns From Board

The lender did not provide any reason for his resignation.

HSBC Gets UAE Central Bank Nod For Lloyds Acquisition

HSBC Middle East is taking over Lloyds’ retail, commercial and corporate banking business in the UAE.

Europe Has Become Largely Irrelevant, Says Kevin Rudd

Ex-PM of Australia pans Europe and says regional unemployment levels are ‘shocking’.

Agility Reports 20% Rise In Q3 Profit

Kuwaiti logistics firm sees its net profit reach $34.54 million for the quarter even as it faces charges of fraud.

UAE’s TAQA In Q3 Loss On Higher Costs

Abu Dhabi National Energy Company blames loss on construction costs and lower gas prices.

Saudi Arabia To Fine Firms With Foreign Worker Majorities

Private sector companies will have to pay $640 a year for each excess foreigner they employ.

Omantel’s Q3 Profit Rise Limited By Costs

The Omani telecoms operator reported a net profit of $2.6 million in the third quarter of the years.

Top 10 Fashion Brands In The Middle East

Gulf Business asked Sophia Serin, Senior Editor at Emirates Woman Group, to round up the region’s most popular fashion brands.

Kuwait Nominal GDP Grew 29% In 2011, Fastest Since 2005

High crude oil prices helped to boost revenue in the country, according to official data.

First Gulf Bank Signs $900m International Loan

The UAE’s second largest lender secures loan, up from original $800 million after demand from banks.

Apple To Pay Samsung’s Court Fees After Poor Apology

A UK judge orders the Californian giant to cover its rivals costs after it fails to obey court order.

Qatar Airways Receives First Boeing 787 Dreamliner

The Middle East’s first Dreamliner aircraft arrives in Doha.

Marks & Spencer’s Middle East Expansion

The giant British retailer is opening a new store in Jordan before the end of the year.

Dubai Needs Affordable Shopping Malls

Retail must accommodate middle-class tourists’ needs as their numbers rise, say experts.

Kuwait’s Global Sees Creditors Reject $1.7bn Restructuring Plan

Global Investment House looks at legal options as it undergoes its second debt restructuring in three years.

Drake & Scull Wins Contracts Worth $87 Million

The Dubai firm secures contracts in Saudi Arabia and the UAE ahead of Q3 profit announcement.

Telco Mergers On The Rise As Market Intensifies

Telecoms companies in the GCC continue to seek control and profits by bulking up their presence in foreign firms.

World’s Tallest Hotel Opens In Dubai

The 355-metres tall JW Marriott Marquis Hotel opens its first tower, adding 804 rooms to Dubai.

UAE’s Crescent Petroleum To Enter Libya, Lebanon

The company is also looking to expand investment and production in Iraq, its CEO says.

UAE Toughens Law On Internet Dissent

Any person who “derides or damages” the reputation of the state or any of its institutions online will be imprisoned.

Abu Dhabi Rents Drop 6% In Q3 2012

Residential rents in the emirate continue to fall but still remain higher than Dubai, says new report.

Gulf Air Restructures Fleet To Save $2.5bn

Tough economic conditions and Bahrain unrest push Gulf Air to reduce fleet.

Qatar National Bank Close To SocGen Egypt Deal

Trading on shares is suspended as the French bank is close to selling its asset to QNB.

US To Overtake Saudi As Top Oil Producer – IEA

Forecasts suggest the States will achieve self-sufficiency in oil and gas and become an exporter by 2030.

Nokia Launches Lumia 920 In Middle East

The new Windows Phone 8 enabled handset has made its official debut in the region.

Air Arabia Posts 126% Rise In Q3 Profit

The low-cost carrier reported a net profit of Dhs226 million in the third quarter.

Dubai Is Not Worried: Sheikh Ahmed

The emirate sees no need to recapitalise the support fund that helps state-linked bodies, said Sheikh Ahmed, head of the Supreme Fiscal Committee.