Abu Dhabi state fund Mubadala reports 53.4% drop in first half net profit

Gains from financial investments failed to offset lower income from disposals and higher costs

Saudi Arabia denounces Israeli actions at Jerusalem’s al-Aqsa mosque

On Tuesday, Israeli police fired stun grenades and tear gas at rock-throwing Palestinians who barricaded themselves inside al-Aqsa mosque

Dubai ruler launches $3m Arab Reading Challenge project

The project will see over a million students committing to read 50 million extracurricular books during one academic year

Saudi diplomat accused of rape withdrawn from India

The diplomat was accused of repeatedly raping and torturing two Nepali maids working at his home near New Delhi

Saudi Aramco says Amin Nasser appointed as CEO

Nasser has been acting president and chief executive officer of Saudi Aramco since April

Qatari developer Katara buys iconic Rome hotel for $251m

As part of the deal, the Westin Excelsior Rome will undergo a complete renovation over the next five years

Kuwait to start offshore oil exploration in two years

Kuwait aims to add a total of 700,000 bpd of crude oil production capacity from offshore and onshore areas

Police seize suspected militants with guns and suicide vest in Riyadh

Saudi Arabia has detained hundreds of people suspected of links to ISIL over the past year

Saudi Arabia says six credit agencies apply for licences

The kingdom issued new regulations governing credit agencies’ operations in Saudi Arabia last year

Mecca crane disaster: Saudi king orders SAR 1m compensation for victims’ families

Those who suffered permanent disability will also receive SAR 1m while others injured will get SAR 500,000 in compensation

Emirates NBD to offer banking services via Twitter

The service will allow customers to tweet the bank for enquiries about their current or savings account and credit cards

Home Centre reveals 50 store expansion, Dhs 1bn investment

The investment will expand upon Home Centre’s 90 store footprint

Boeing appoints new business heads for Turkey and Qatar

Omar Arekat, Boeing Commercial Airplanes sales director, has been appointed managing director for Qatar

Dubai’s Juma Al Majid launches hospitality arm, takes over ex-Taj hotel

The former Taj Palace Hotel in Deira has now been renamed Jood Palace Hotel- Dubai

Saudi suspends Binladen group over Mecca crane disaster

King Salman also ordered that the group’s board members and senior executives be barred from travel abroad

GCC construction firms continue to hire despite oil slump

Previously awarded projects are continuing without impact, experts say

Rouhani’s nuclear dividend to feature in Iranian elections

Parliament is dominated by conservatives and many analysts say Khamenei will not want Rouhani’s allies to win a majority

Pictures: Accor opens Novotel, ibis in Iran, leads Tehran hotel drive

Accor is set to become the first international hospitality company to operate in Tehran since the 1979 Revolution.

UAE public and private sector Eid Al Adha holidays announced

The public and private sector holidays will end after September 26 and 25 respectively

Etihad Airways Partners to raise at least $500m via bond

Price guidance for the five-year bond was maintained in the area of 7 per cent

Buffet-backed fast food chain Dairy Queen in major UAE expansion

Over 20 outlets are planned across the UAE over the next four years

Kuwait court sentences seven to death over mosque bombing

The June 26 suicide bomb attack inside a Shi’ite Muslim mosque killed 27 people.

UAE retail chain LuLu expands into Indonesia, plans 15 outlets

The group plans to invest $300m in the first phase of expansion

Saudi-led coalition in Yemen sees victory “no matter what”

Yemeni forces and their Arab allies are fighting to oust the Houthis in a six-month war that has killed over 4,500 people

Saudi cabinet grants license to Qatari bank for first time

Qatar National Bank has been granted a license to open a branch inside the kingdom

Group of 32 countries criticises Bahrain’s human rights record

The group has expressed concerned about reports of harassment in the Gulf State

China’s SEPCO set to win gas booster project for Saudi Aramco

Under the new project called MGS 2, SEPCO will build a gas compressor station, industry sources said

Egypt security forces accidentally kill 12, including Mexican tourists

The tourist group of 22 had parked their four four-by-four vehicles off road for a barbecue near the Bahariya oasis

Nakheel signs contracts worth Dhs 2.4bn for Nad Al Sheba project

The Nad Al Sheba project, which includes 1500 villas and serviced residences, is slated for completion in early 2018

Swiss authorities helping Oman in oil corruption probe

Swiss authorities are involved because transactions related to the probe involved Swiss financial institutions, a source said