Damac Announces Sale of Units In AKOYA Drive Hotel Project

Prices for the units at NAIA hotel, located on Damac’s 1.3km AKOYA Drive shopping strip, start at Dhs680,000.

Saudi Regulator Lifts Share Trading Suspension On Etihad Atheeb

The regulator had halted the trading of STC shares after the company failed to give sufficient details on a network sharing deal.

Saudi Mulls Raising Minimum Age For Drivers

The Kingdom’s Shoura Council is examining a proposal that suggests raising the minimum age of drivers to 20.

Saudi’s Sipchem Says Postpones Merger Talks With Sahara

Both firms agree the merger is still in the interest of shareholders but said it couldn’t be achieved under the current regulatory regime.

UAE Central Bank: Rental Yields May Indicate Growing Imbalances, Overheating

Monitoring development in the UAE real estate markets and the banks’exposure to it remains a core financial stability priority, the bank said.

UAE Central Bank To Propose New Capital, Liquidity Rules In H2 2014

The new rules on capital will include requirements for enhanced capital, the application of a new leverage ratio and a shift in definition of capital.

Egypt, UAE Choose Army-Linked Company To Build Wheat Silos

The UAE pledged last October to build a total of 25 wheat silos with a storage capacity of 1.5 million tonnes to help prevent the loss of billions of dollars worth of wheat per year.

Alitalia Gives Initial Nod To Etihad Plan, To Continue Talks

Alitalia’s board on Friday “expressed appreciation” for Etihad’s proposals, which government sources say include plans to make the Italian carrier profitable by 2017.

WHO Experts Find Hospital Breaches Worsened MERS Outbreak In UAE

A six-strong team from the WHO and the Global Outbreak Alert and Response Network were invited by the UAE to investigate MERS after an upsurge in cases there in April.

Qatari-Backed Plan To Redevelop London Site Gets Go-Ahead

The start of building had been delayed after the government intervened to consider how the project would affect views of the Houses of Parliament and Big Ben.

Egypt Implements Temporary Tax Increase For Wealthy

The tax will apply for three years, Egyptian state media reported.

UAE Issues Compulsory Military Service Law For Emirati Men

The state WAM news agency said President Sheikh Khalifa bin Zayed al-Nahyan had issued the federal law, which was published in the official gazette.

Saudi Investment Bank Sells $533m Capital-Boosting Sukuk

The offering will support the bank’s capital base in accordance with Basel III requirements, assist its future growth and diversify funding sources, a statement said.

Global Airlines’ Summit Highlights Growing Power Of Gulf Carriers

Senior representatives of over 200 airlines attended the IATA meeting in Doha, making Qatar the first Gulf country to host the summit.

Shortfall In Middle East Oil Investment Could Push Up Prices -IEA

A large part of the investment to increase output will need to come from the Middle East as a rise in non-OPEC production such as U.S. shale oil starts to lose steam in the mid-2020s.

New Dhs860m Resort Planned For Abu Dhabi’s Saadiyat Island

The beach resort will include a 295-room low-rise hotel, spa and 11 villas.

UAE Banks Launch Mobile Wallet Programme

The first phase of the project will include putting in place mobile payments and a money transfer platform for smartphones.

Ras Al-Khaimah Eyes Sovereign Sukuk Issue

A deal from the emirate isn’t expected until at least the third quarter of this year.

Twitter In Talks To Buy Online Music Firm SoundCloud

Twitter’s renewed interest in music-streaming companies comes after Apple Inc acquired Beats for $3 billion.

Egyptian Tycoon Sawiris Backs $257m Bid For 20% Of EFG Hermes

EFG Hermes is one of the biggest investment banks in the Middle East.

Saudi Retailer Alhokair Signs $267m Islamic Loan

The amount will be used to help repay loans and fund expansion.

Egypt Studying International Bond Issue

An official said that the bond issue would mainly be aimed at Gulf Arab investors.

Kone To Provide “World’s Fastest” Elevators For Saudi’s Kingdom Tower

The firm will provide the world’s highest double decker elevators, which will travel at a speed of over 10 metres per second.

Trading In Saudi’s Etihad Atheeb Halted Pending More Info On STC Deal

The Capital Market Authority (CMA) has suspended trading in Atheeb shares until the company provides more details.

UAE-based Just Falafel Opens First US Restaurant

The restaurant, located in San Francisco, is the first of 160 outlets planned across North America.

Saudi Telecom Co And Landline Firm Atheeb Sign Network Deal

The so-called Indefeasible Rights of Use (IRU) agreement gives Atheeb access to 30,000 STC data connections for 15 years.

Dubai Emaar’s Malls Unit Eyes Potential Debut Sukuk Issue

The meetings will be held in Asia, Europe and the Middle East and the sukuk will be sold afterwards, subject to market conditions, Emaar said.

Assad Declared Landslide Victor In Wartime Syrian Election

Assad’s foes have ridiculed the election, saying no credible poll could be held in the midst of a conflict that has killed 160,000 people.

Saudi Study Strengthens Case Against Camels In MERS Outbreak

MERS has infected 691 people and killed at least 284 of them in Saudi Arabia alone since it first emerged in 2012.

Kuwait Suspends TV Programmes Over Report Related To “Plot” Tape

In April, Kuwait imposed a ban on reporting on an investigation into the recording, saying that media coverage was damaging to the country.