Saudi Cuts July Oil Output To 9.8m bpd- Source

The Kingdom reportedly reduced oil output by 300,000 barrels per day from June.

UAE’s Tabreed Appoints New CEO

The Abu Dhabi-based district cooling utility company appointed Jasim Thabet as its new chief executive officer.

Aldar Posts Three-Fold Rise In Q2 Profit

The Abu Dhabi developer reported a net profit of $113.8 million in the second quarter of the year.

Qatar Airways Partners With Canadian Carrier

Qatar Airways has entered an interline agreement with Canada’s short-haul carrier, Porter Airlines.

Industries Qatar Q2 Profit Inches Up, Meets Forecasts

The petrochemicals firm posted a net profit of QR2.14 billion in the second quarter of the year.

Local Equities Pick Up Pace

Amid growing investor concern about the Eurozone, Riad Meliti, CEO, Arqaam Capital, remains firmly bullish.

Dubai’s Arabtec Posts $3.1m Q2 Loss

Rising administrative and contract costs lead the construction company to post a loss during the second quarter of the year.

Apple Drops YouTube App In New Software

Next generation iPhones and iPads will no longer have Google’s YouTube app pre-installed in the software.

Saudi Is Spending More Than It Should – IMF

The Kingdom boosted spending to a record SAR804 billion in 2011, 23 per cent higher than in 2010.

Standard Chartered Questions New York Action

New York’s top bank regulator has threatened to revoke the bank’s state licence over alleged Iran ties.

Qatar Holding Plans To Raise Stake In Qatar Insurance

The Qatari sovereign wealth fund currently owns around 12 per cent of Qatar Insurance.

Saudi Grants Licence To Chinese Bank ICBC

The Kingdom’s cabinet has given a licence to the Industrial and Commercial Bank of China (ICBC) to open one branch in Saudi.

Air Arabia Q2 Net Profit Up 31%, Shares Rise

The UAE’s largest low-cost airline saw gains from under-served routes last quarter.

New Investment Funds Regulation In The UAE

DIFC may no longer provide a gateway to the UAE financial market.

Standard Chartered May Lose NY Licence Over Iran Ties

New York’s top bank regulator has accused the UK-based bank of hiding $250 billion in transactions tied to Iran.

Olympics: Saudi Wins Bronze In Equestrian Event

The Saudi team, which included royal family member Prince Abdullah al Saud, lost out to Britain and Netherlands in the team show jumping final.

Kuwait’s Zain Q2 Profit Inches Up 1%

The telecoms operator reported a net profit of around $251.58 million in the second quarter of the year.

Oman’s Bank Muscat $251m Rights Issue 128% Covered

The capital raised will be used to fund credit growth and the lender’s upcoming venture into Islamic finance.

UAE Bank Deposits Drop 1.6% In June

Total bank deposits in the country fell from Dhs1.125 trillion in May to Dhs1.107 trillion at the end of June.

Olympics: Saudi Team Leads Equestrian Competition

The Kingdom is in gold medal position as it enters the last round of the team show jumping final on Monday.

Kuwait Posts Record $47bn Budget Surplus Last Fiscal Year

The Gulf state’s surplus for 2011/2012 was boosted by increased oil income and lower spending.

Palm Jumeirah most expensive area in Dubai; Jumeirah Village cheapest

Where in Dubai should you rent or buy? What will it cost you? And is it even worth it? Read what Meghna Pant, features editor of Gulf Business has to say.

UAE Selects Consultants As World Expo Bid Gathers Pace

Jones Lang LaSalle and Mace will support the development of the proposed site for the 2020 World Expo in Dubai.

Saudi Plans Giant New Taxi Company

Saudi’s transport system may be overhauled with 30,000 monitored taxis.

Qatar’s Barwa Real Estate H1 Profit Slumps 21.1%

The Qatari property developer made a net profit of around $163 million in the first six months of the year.

Dubai Financial Market Q2 Profit Drops 31%

DFM’s net profit fell to Dhs10.2 million during the second quarter of the year, as revenues reduced.

5 Minutes With… Ishwar Chugani, Exective Director, Giordano

Chugani set up the Middle East, India and Africa Giordano network

Middle East Airlines Post Strong Growth Rates

Carriers in the region saw passenger demand increase by over 18 per cent year-on-year in June, says IATA.

Egypt Invites IMF Officials To Resume Loan Talks

A $3.2 billion loan from the International Monetary Fund will help Egypt handle a balance of payments crisis.

REVEALED: Top Places To Buy Property In Dubai

Gulf Business lists the top nine property growers, including Arabian Ranches, The Springs and Palm Jumeirah.