World Bank Picks New President

The decision to appoint Jim Yong Kim, an American, to the top post has been criticised by developing nations.

NBK Posts $292m Q1 Net Profit

National Bank of Kuwait reported a 0.3 per cent rise in Q1 profits year-on-year.

Giordano Unveils Expansion Plans, Web Store

Global fashion store will launch 14 more regional stores this year.

Dubai’s Residential Market Back On Track

Property prices in the city are hitting early 2008 levels, and the rental market is also positive, says a new report.

Nakheel Posts 33% Rise In 2011 Profit

The Dubai-based developer reported a net profit of Dhs1.3 billion for 2011.

Bahrain Is “Not Syria” Says Circuit Boss

Formula One teams taking part in the Bahrain Grand Prix will not be at risk, circuit chairman Zayed Al Zayani has said.

Bank Muscat Q1 Net Profit Up 20%

Bank Muscat, Oman’s largest lender by market value, posted a net profit of $86.7 million for the first quarter of the year.

SABIC Approves SR15bn Dividends

Saudi Basic Industries Corporation will be distributing a dividend of SR5 per share to shareholders for 2011.

Saudi’s Al-Tayyar Group Plans 30% IPO

The travel firm had to cancel a similar sale two years ago due to a lack of demand.

Al Ghurair appointed DIFC Authority chairman

Mashreq bank chairman Abdul Azuz Al Ghurair is also vice chairman of DIFC’s higher board of directors.

Experts Slam Buying Facebook ‘Likes’

Digital experts have slammed the practice of hiring fake users to ‘like’ a page.

QNB Buys Stake In Libyan Bank

Qatar National Bank has acquired a 49 per cent stake in Libya’s Bank of Commerce and Development for an undisclosed sum.

Courting Appeal

Dubai’s financial court is revving up efforts to become the home to international dispute hearings.

Saudi Denies Reports of Sweden Arms Plant

The Kingdom stressed that it has not signed any deal with Sweden to help build a weapons factory in Saudi.

UAE Central Bank Posts Dhs3.7bn Net Profit

The bank plans to distribute 55 per cent of its 2011 net profit to the ministry of finance, reported WAM.

Oil Market Fundamentals Easing: IEA

Increasing output from OPEC and slow global demand are easing fundamentals, said the International Energy Agency.

Mubadala Reports $1.1bn Net Loss

The Abu Dhabi-based investment company attributed the loss to negative fluctuations in its financial investments.

Arabtec Nominates Aabar Execs To Board

Dubai-based builder Arabtec has nominated four top Aabar executives to its board.

The Rise Of Social Networking

Never before has social media so dramatically shaped the behaviour of businesses in the Gulf, writes Ryan Harrison.

QIA Plans $10bn Indian Investment

Qatar Investment Authority said it is looking to invest $10 billion in India, but is waiting for policies to change in the country.

Oman May Issue $518m Bonds

Oman plans to issue sovereign bonds worth OR200 million this year, but is waiting for the right time, according to officials.

Saudi Banks Post Rise In Q1 Net Profit

Al Rajhi Bank, SABB, Saudi Hollandi Bank and Banque Saudi Fransi recorded a rise in net profit during the first quarter of the year.

Kuwait To Launch $65.6m Trading System

The new system will help in the trading of financial instruments such as derivatives and Sukuks.

BT Expands MENA Presence

The UK-based telco sets its sights on the region’s young and growing population.

Kuwaiti Tweeter Gets Seven Year Jail Term

A Kuwaiti court ruled that the man’s comments on Twitter caused sectarian divisions in the country.

Drake & Scull Won Dhs1.3bn Deals In Q1

The UAE-based construction company will eye major contracts in Qatar this year.

Facebook Buys Instagram In $1bn Deal

The social networking site confirmed that the rival photo-sharing app will not be integrated into Facebook.

QNB Posts 17.4% Q1 Net Profit Rise

Qatar National Bank recorded a net profit of $549 million during the first quarter of the year.

A Home For Everyone

Amid regional unrest, providing affordable housing for the Gulf’s growing masses has become a priority.

Dubai Duty Free Picks Banks For Loan

The airport retailer has chosen Dubai Islamic Bank, HSBC and Emirates NBD to arrange its $1.1 billion loan facility.