Abu Dhabi’s TAQA says not holding merger talks

The company “confirms that it is not engaged in merger discussions with any government or other entity”, it said in a statement to the bourse

More than 100 dead as militants, Egyptian army clash in North Sinai

The militants’ assault was the second high-profile attack in Egypt this week after a prosecutor general was killed in Cairo

Kuwait parliament approves budget with $27bn deficit

The budget for the year features spending of KD19.17bn and revenues of KD12.2bn, assuming an average oil price of $45 a barrel

The future of data centres

IoT and big data will transform the way we think about data centres, writes Fujitsu Middle East’s VP and MD

Oman central bank sets up Islamic banking department

The creation of a separate Islamic banking department will clear the way to develop the industry in the country

Kuwait arrests two police officers in crackdown on militants

About 90 people have been detained by authorities investigating the attack on a Shi’ite Muslim mosque in Kuwait City

Saudi’s Alwaleed to give $32bn to charity in coming years

Prince Alwaleed said some of the donated wealth will include his personal stake in his investment firm Kingdom Holding

Saudi government acquires stake in Virgin Mobile’s local operations

Virgin Mobile said the investment would be used to grow its regional operations

ENOC presses ahead with Dragon Oil takeover amid shareholder protest

ENOC published its offer document on Wednesday, showing the deal is moving ahead

Abu Dhabi’s IPIC 2014 net attributable profit drops 37%

IPIC made a net profit attributable to equity holders in the parent of $1.21bn against $1.92bn in 2013

Dubai to begin linking health insurance scheme to visa renewal

The regulation will be enforced from August 1, 2015 in order to ensure that all companies comply with the new rules

Kuwait in “state of war” with militants, warns of other cells

Kuwaiti authorities have detained 60 people in connection with the bombing and closed a charity for alleged militant ties in raising funds for Syrians

Abu Dhabi considers state-backed merger for troubled TAQA – sources

Billions of dollars were spent on assets and expansion but the recent oil drop has impacted TAQA’s operations.

Emirates rebuts subsidy claims with new report

The carrier said it has paid the Dubai government – its parent firm – nearly $3bn in dividends and is financially transparent with no room for subsidies.

Experiential events: leading the future of media communications

The experiential event industry is well placed to lead media communications, writes Prisme International creative director George Collier

Dubai plans to construct world’s first 3D printed building

The project is the first major initiative of the ‘Museum of the Future’, a scheme to develop and deploy cutting edge prototypes across Dubai

UAE man jailed for tweets critical of high court

Nasser al-Faresi allegedly called the proceedings of a 2012 sedition trial a “judicial farce” and insulted the UAE’s president and Abu Dhabi’s crown prince

Top 10 countries with best residence-by-investment schemes

The UAE ranked 15th in an index rating countries’ residency-in-return-for-investment programmes

Kuwait detains 60 suspected of Islamist militant links

Arabic-language al-Qabas newspaper quoted security sources as saying that 60 people, including Kuwaiti citizens and nationals of other Gulf states, were detained.

Saudi central bank May net foreign reserves drop 1% to $672bn

Assets dropped by 8.1 per cent from a year earlier to their lowest level since April 2013, central bank data showed

Abu Dhabi finance zone gears up to open with draft rules

The drafts will be available for public comment over a six-week period, and the zone plans to accept its first applications for financial service operating licences by the end of this year

Etihad signs codeshare deal with Pakistan International Airlines

Through the deal, both airlines will place their code on each other’s flights between Abu Dhabi and Pakistan

Tunisia sees tourism losses of $515m for 2015 after attack

Tunisia’s second terrorist incident this year involving tourists will heavily impact the sector, officials say.

Nakheel awards Dhs550m contract for Deira Islands coastal work

The contract includes construction of 8.5km of beaches, 3.5km of quay walls and 9.5km of rock revetments at two of the four Deira Islands

Saudi regulator maintains Mobily shares halt until restated financials disclosed

Mobily shares have been suspended since June, when the market regulator halted trading until the operator disclosed the financial impact of an investigation into its accounts.

Social Entrepreneurs: unleashing creative destruction for social change

Through necessity, hardship, and even disasters, social entrepreneurship is gaining momentum in the MENA region

US lifting holds on security assistance to Bahrain -State Department

Holds on security assistance to the Bahrain Defense Force and National Guard were put in place after Bahrain cracked down on demonstrations in 2011

Dubai Land Department says no hike in property fees

The clarification came following reports that the transaction fee would rise from 4 to 8 per cent

UAE sentences Emirati woman to death for killing US teacher

The woman, referred to as the Reem Island Ghost, killed Ibolya Ryan by stabbing her in a toilet at an Abu Dhabi shopping mall.

Mubadala buys into Trafigura’s Spanish mines as part of new venture

For Abu Dhabi’s Mubadala, the purchase is part of a push to invest in assets other than oil.