OPEC Delegates Start Whispering About Potential Oil Cut

International oil prices have fallen by around 30 per cent since June, as fast-rising U.S. shale production has contributed to growing supplies.

Aluminium Bahrain Q3 Profit Jumps 502%

The smelter made a third-quarter net profit of BD29.5 million ($78.25 million) in the three months to Sept. 30, up from BD4.9 million in the year-ago period.

Abu Dhabi’s Aabar Lifts Arabtec Stake To 34.9%

The trade, which made Aabar the biggest shareholder in Arabtec, was done at a price of Dhs5 per share, compared to the stock’s closing market price of Dhs4.26.

UAE’s Mubadala Petroleum Says Second Thai Oilfield Starts Production

Output is expected to reach a peak rate of around 15,000 barrels of oil per day (bopd) as the wells are completed at the Manora oil field, the company said.

Dubai Will Need 51 New Schools By 2020 – Report

A booming population, rise in income levels and improved returns on investment in education are boosting growth in Dubai’s school sector.

Dubai Aviation Corp To Meet Investors Ahead Of Potential Sukuk

The firm, also called flydubai, has picked seven banks as arrangers, a document from lead managers showed.

Saudi’s MMG Seeks Up To SAR900m In Claims To Survive

The company said in September this year that its accumulated losses as of August 31 stood at SAR2.689 billion, equivalent to 215 per cent of its paid-up capital.

Saudi Arabia To Introduce Credit Rating Agency Rules In Sept 2015

The rules, which outline the conduct, activities and supervision of credit rating agencies, will help to develop the country’s capital markets.

Kuwait Seals 2015 Gasoil Term At $1.30/bbl Premium, Down 42%

The middle distillates market was hit by high supplies this year compared to last, which may have affected the term premium.

Qatar’s Economy Not Affected By Lower Oil Prices -Emir

Qatar’s economy depends heavily on state spending funded by the coutnry’s gas exports but energy prices still appear far from levels that would stress government finances.

UAE Oil Minister Says OPEC Has Not Contributed To Oversupply

The official said that the oversupply is mainly caused by shale oil revolution in the market.

Abu Dhabi’s Bildco Tumbles After Q3 Loss Widens

Bildco posted a loss of Dhs10.8 million ($2.9 million) in the three months to Sept. 30, compared with a loss of Dhs7.7 million in the same period a year earlier.

Microsoft Unveils First Lumia Smartphone Without Nokia Name

Loaded with its latest Windows Phone 8.1 operating system, the Lumia 535 and Lumia 535 dual SIM will be priced at around 110 euros (about $137) before taxes and subsidies.

UAE’s Air Arabia Q3 Profit Up 22%, Beats Forecasts

The airline said it made a net profit of Dhs247.4 million ($74.71 million) for the period ended Sept 30, up from Dhs202.7 million a year-ago.

Dubai Tram Officially Launches, Passenger Services To Begin On November 12

The first phase of the Dubai tram, opening today, will stretch 10.6 kilometres and include 11 stations.

Dubai Meraas Unit Plans $689m IPO For Theme Park Project

The company will offer 2.53 billion shares at a price of Dhs1 each, in an offer that will run from November 17 to November 30.

Dubai’s Union Properties Q3 Net Profit Drops 26%

The developer made a net profit of Dhs127.93 million ($34.8 million) in the third quarter compared with Dhs171.89 million in the corresponding period of 2013.

Iran Calls For Cooperation With Qatar To Stabilise Oil Market

Iranian Oil Minister Bijan Namdar Zangeneh visited Doha on Monday and delivered a message from President Hassan Rouhani to Qatar’s Emir calling for cooperation.

U.S. Raises Level Of Concern On Kuwait Copyright Laws

The U.S. Trade Representative said Kuwait had failed to introduce a copyright law in line with international standards and to properly protect copyright and trademarks.

Abu Dhabi Onshore Oil Co To Invest $5-7bn To Raise Output -CEO

The state-owned crude oil producer currently produces 1.6 million barrels per day.

Egypt Considers Tighter Curbs On Media Coverage Of Military

A law in effect for decades already bans reporting on the military without permission, but a text of the new draft leaked to local media would increase curbs and penalties.

Saudi Bank NCB To Start Trading On Wednesday After $6bn Share Sale

The stock will be able to move a maximum of 10 per cent up or down on its first day of trading, the statement said.

Kuwait Looking At Reforming Petrol Subsidies – Official

A petrol price hike would probably have a much bigger impact on consumers than the diesel and kerosene changes.

Zain Iraq Says To Launch 3G Mobile Services By Jan 2015

Zain and its rival Asiacell had baulked at government demands to pay $307 million for 3G spectrum for seven to eight years remaining on their $1.25 billion mobile licences awarded in 2007.

Dubai’s Financial Free Zone To Double In Size In A Decade – Governor

The doubling in size would be in terms of floor space, the number of people working in the centre and the number of companies there, the DIFC governor said.

Kuwaiti Bank CBK Says Concerns Over Buyer Cash Behind Bond Cancellation

The bank said several of its customers who have ongoing credit facilities with the bank obtained external funding to subscribe to the bond.

Saudi Aramco Commitments Not Impacted By Oil Price Moves

The executive said that the fluctuating oil prices does not overshadow Saudi Aramco’s long-term commitment.

UAE Banks Profit Up 25% In First Nine Months Of 2014

Economic growth and lower provisions for bad debts have fuelled the banks’ profits, the UAE Banks Federation said.

Iraqi President To Visit Saudi Arabia Amid Hopes Of Diplomatic Thaw

An improvement in ties between Riyadh and Baghdad could help strengthen a regional alliance against Islamic State militants.

Don’t Panic Over Oil Price Drop, Situation Will Fix Itself – OPEC Head

Abdullah al-Badri said both producers and consumers would be happy with oil prices in a broad range around $100 per barrel.