Dubai’s DEWA Will Not Raise Electricity Rates In 2015, 2016 – CEO

The decrease in oil prices has not had an impact on electricity generation in Dubai, said Saeed Al Tayer.

Oman’s Bank Dhofar Mulls Options For Up To $300m Capital Raising

A Tier 1 capital-boosting bond was its preferred method, the bank said.

Lord Mayor Of London To Visit UAE To Boost Finance Ties

Alderman Alan Yarrow will visit Abu Dhabi and Dubai during his trip next week, part of wider 12-day GCC visit.

UAE Urges More GCC Cooperation To Solve Air Traffic Congestion

Air traffic in the GCC is expected to grow by six per cent over the next few years, a top industry official said.

Stock News: Mobily Weighs On Saudi; Egypt Extends Gains

Saudi Arabia’s main index was nearly flat while Egypt’s bourse rose 1.2 per cent.

Yemen Leader Ready To Accept Demands Of Houthis After His Guards Defeated

Hadi said the group had a right to serve in posts in all state institutions, and a draft constitution that has been a source of disagreement was open to amendment.

OPEC Chief Says Oil Will Rebound, Defends Decision Not To Cut

Badri said, if OPEC had reduced its supply, non-member countries would have increased production, forcing OPEC to implement further cuts.

Gulf Arab Ministers Condemn Houthi “Coup” In Yemen

Although the GCC described the Houthis’ actions as terrorism, they stopped short of promising any measure to counter the group in Sanaa.

Saudi Ma’aden To Shut Ammonia Plant For 30-Day Maintenance

The closure of the facility in Ras Al Khair belonging to Ma’aden Phosphate Company will have no significant financial impact.

Oil Export Losses To Reach $300bn In Middle East

Economies such as Qatar, Iraq, Libya and Saudi Arabia will be hit hardest by the more than 50 per cent decline in petroleum prices, the IMF said.

Saudi Firm Mobily Rings Up Surprise Loss

Mobily made a net loss of SAR2.28 billion ($607.1 million) in the last quarter of 2014.

Oman Oil Minister Slams OPEC Policy On Prices, Market Share

The minister said that OPEC’s policy might temporarily force high-cost producers out of the market but they would eventually come back.

Zain Saudi Q4 Net Loss Narrows, Beats Forecasts

The company has yet to make a quarterly profit since launching services in 2008.

Saudi Dar Al Arkan Q4 Profit Falls 26%, Misses Forecasts

The company attributed the fall to losses in financial investments, higher operating expenses and finance charges.

Kuwait Oil Minister: Better Economic Growth Needed To Absorb Oversupply

Ali al-Omair also said the Kuwait’s budget for the next fiscal year was expected to be based on an average oil price of $40 to $45.

Spain’s Abengoa Wins Deal For Solar-Powered Desalination Plant In Saudi

Abengoa will jointly develop the project with AWT, the commercial arm of King Abdulaziz City of Science & Technology.

UAE Appoints Hamad Obaid Al Mansouri As TRA’s Director General

Al Mansouri was previously director general of the UAE mGovernment and the deputy director general of the TRA.

Dubai’s Emaar Malls Q4 Net Profit Rises 5%

Emaar Properties owns 84.6 per cent of EMG, having floated 15.4 per cent of its subsidiary last September.

Saudi Q4 GDP Growth Lowest In Over A Year

GDP, adjusted for inflation, grew two per cent from Q4 2013, down from 2.4 per cent in the third quarter.

Yemen’s Houthi Gunmen Guard President’s Home But Say He Has Not Been Toppled

Houthi leader Abdel-Malek al-Houthi warned President Abd-Rabbu Mansour Hadi that he had to implement a power-sharing deal.

Middle East CEOs’ Confidence Has Dropped In 2015

Business confidence was notably down in oil producing countries across the world due to falling crude prices, the survey said.

Dubai Raises Renewable Energy Targets On Cheaper Solar – DEWA CEO

Renewable energy targets have been revised to 2.3 per cent by 2017 and 15 per cent by 2030.

Dubai’s Nakheel Says Not Seen Drop In Property Prices

Although the developer recorded a slowdown in sales during the second half of 2014, prices have stayed the same, says chairman.

Dubai’s Limitless Gets 85% Creditor Assent For Debt Extension – Chairman

The firm is seeking a three-month extension to a debt repayment due at the end of 2014.

Oman Oil Minister: 2015 Crude Oil Output Expected To Rise About 20,000 bpd

Lower oil prices are not affecting Oman’s upstream strategy, and there is no change in its 2015 energy plans, the minister said.

Dubai’s Nakheel 2014 Net Profit Jumps 43.2% Despite Revenue Slump

The company made a net profit of Dhs3.68 billion ($1 billion) in 2014, up from Dhs2.57 billion in 2013, its chairman said.

Saudi’s Sahara Petrochemical Says Unit Signs $522m Loan Refinancing

The new loan also has more favourable pricing and conditions than the existing deal.

Kuwait Petroleum Corp Chief Says Expects Oil Below $100 For Next Few Years

Oil minister Ali al-Omair said that Kuwait would nevertheless continue developing its production and refining capacity.

Reef Real Estate Launches New Residential Tower In Jumeirah Village Circle

Reef Towers will comprise of 378 units and seven retail units, the developer said.

Qatar’s Doha Bank Plans Bond Issues, Tier 1 Capital Instruments

The bank said that it would seek shareholder approval to issue Tier 1 capital instruments worth $549 million.