Standard Chartered appoints audit head as new UAE chief executive

Group head of internal audit Julian Wynter will replace Mohsin Nathani, who resigned from the bank in April, sources said

Houthis, Saudi-led coalition fight on as Yemen ceasefire quickly unravels

The Arab coalition fighting the Houthis had announced a five-day truce from 11:59 pm on Sunday to allow in emergency aid

RBS ends plan to sell UAE transaction services to ADCB

The deal was called off in part because ADCB asked at a late stage to select which of RBS’ customers it would take, sources said

Dubai Financial Market Q2 net profit drops 48%

The firm, which runs securities trading in Dubai, made a net profit of Dhs 132.4m in Q2

LuLu group buys London’s Great Scotland Yard building for $170m

The iconic building is currently being converted into a five-star hotel

Nakheel posts 53% net profit rise in first half of 2015

The company attributed the increase in profit to a rise in property handovers

Drake & Scull wins Dhs 281m deal for Kuwait education project

DSI will undertake mechanical, electrical and plumbing works for the educational institution, slated for completion in 2018

British man arrested in Abu Dhabi airport for “insulting the UAE”

The man was also accused of verbally abusing security officers at the airport

Dubai Holding unit seeking to sell stake in Maltese telco Go

Emirates International Telecommunications has a 60 per cent stake in Go

UAE’s First Gulf Bank Q2 profit boosted by lending rise

FGB made a net profit of Dhs 1.45bn for the three months to June 2015, up 8 per cent to Q2 2014

Dubai residential rents fell 3% in Q2 – ADIB report

The drop in rents was attributed to a surge in supply

Iran’s foreign minister begins GCC, Iraq tour to defend nuclear deal

Mohammad Javad Zarif is visiting Kuwait and Qatar before heading to Iraq

Houthis, Saudi-led coalition fight for Yemen air base

The al-Anad base, 50 km from Aden, has been held by the Iranian-allied Houthi movement

Thousands sign petition against beach closure as Saudi king visits French Riviera

Section of public beach closed off as King Salman vacations at his villa in southern France

Kuwait’s Jazeera Airways restarts flights to Egypt’s Assiut

Flights were stopped after Assiut’s airport closed for renovation in June 2014

Bahrain foils arms smuggling bid, recalls Iran envoy

The arms smuggling plot was masterminded by two Bahrainis with ties to Iran, officials said

Saudi-led coalition announces five-day ceasefire in Yemen

News of the ceasefire came after 80 people were killed in an air strike on the central Yemeni city of Taiz

Kuwaiti MPs head to UK to check on sovereign wealth fund’s London office

They plan to check how investments are being made and whether enough official oversight exists

Relationships must come ‘before business’ in GCC

People looking to do business in the region must respect cultural hierarchies, says senior Arab official

Saudi Arabia says relations with Hamas have not changed after meeting

The kingdom has emphasised that Hamas delegation’s visit to Saudi Arabia was religious rather than political

Dubai Holdings unit says to pull out of Malta telecoms company

Emirates International Telecommunications Malta, which holds a 60 per cent share in Go, did not say how it plans to divest its stake

Iran eyes $185bn oil and gas projects after sanctions

Iran will focus on its oil and gas, metals and car industries with an eye to exporting to Europe, a top official said

EU foreign policy chief to visit Saudi Arabia and Iran next week

Federica Mogherini will arrive in Saudi Arabia on July 27 and then proceed to Iran to discuss the nuclear deal

R Hotels awards deal for Palm Jumeirah resort to ANC Contracting

The hotel operator is currently building a 253-room four-star property in Palm Jumeirah

UAE oil price deregulation to boost economy, government finances

The move, which comes into effect from August 1, will increase fuel prices for residents

Saudi-Kuwait joint Wafra oilfield staff told to take leave

The Wafra field was first shut for maintenance on May 11 for two weeks

Abu Dhabi wins bid to host 2020 world swimming championship

The UAE capital beat rivals Lima and Almaty to win the bid

Dubai’s Emaar says committed to India, still part of MGF joint venture

Media reports in India quoted sources as saying Emaar was close to ending its decade-old joint venture with MGF Developments

Bahraini insurer ARIG plans full ownership of Takaful Re

ARIG already owns 54 per cent of Dubai-based Islamic reinsurer Takaful Re

Pentagon chief tells Saudi Arabia: Iran threat is shared concern

In talks with US Defense Secretary Ash Carter, King Salman reiterated support for the deal while voicing some concerns