Saudi Budget Carrier Flynas To Become Profitable This Year

Flynas currently carries three million passengers annually and claims 15-18 per cent of the domestic air travel market.

Qatar Airways Launches Philadelphia Flights

Doha carrier looks to attract two-way traffic with new Oneworld member US Airways as it launches fifth US destination

Blasts At Cairo University Kill Two – Security Officials

Two bombs killed a police officer and wounded five other security forces who had been guarding the facility, the ministry said.

Sudan Says Qatar To Deposit $1bn As Part Of Aid Package

A sudanese official declined to disclose the total value of aid that Qatar had agreed to offer Sudan.

Dubai To Challenge London With Islamic Financing Platform

The NASDAQ Dubai bourse now hopes to grab some of that business with its own murabaha trading system.

Bahrain’s Batelco Names New CEO

Prior to joining Batelco, Alan Whelan has worked in firms such as AT&T, BT and other telecom companies in India and Macao.

UAE Resumed Projects Worth $12bn In 2013

Construction projects worth more than $23 billion were awarded in the UAE last year.

Kuwaiti Telecom Operator Zain Signs $250m Islamic Loan

Zain will use the money to meet its “operational and expansion financing needs”, it said in a statement.

Qatar 2013 GDP Beats Forecasts, Growth Slows In Final Quarter

Economic growth slowed in the final quarter of 2013 due to a sharp fall in the hydrocarbon sector.

Cebu Flights Will Divert To Sharjah During Dubai Airport Runway Closure

The low-cost airline said all flights to and from Dubai between May 1- July 20 will operate out of Sharjah.

Dubai’s DAMAC Launches Sukuk At Tight End Of Guidance

The size of the issue was expanded to $650 million from the originally planned $500 million.

Samsung Galaxy S5 UAE Price Confirmed

The S5 will be priced similarly to it’s Sony and HTC rivals, also set to release soon.

British Airways Launches Daily Flights On Jeddah-London Route

The expansion is part of British Airways’ investment in Saudi Arabia and the wider Middle East.

Bahrain Batelco’s Bond Buy-Back Ends, $131m Purchased

Debt holders tendered $136.1 million of bonds and Batelco agreed to buy back $131.4 million of them, a statement said.

Bahrain Eyes New Rules For Islamic Financing Contracts

The move comes as part of a broader push to revamp Bahrain’s efforts in Islamic finance.

Arabtec Appoints New CEO For Egypt Subsidiary

Sami Asad, formerly the CEO of Arabtec’s Construction Group, will now lead the newly created subsidiary, Arabtec Egypt.

UAE Exchange Remittances Up 6% In 2013

UAE Exchange estimates that robust economic growth in the UAE will lead to a hike in remittances from the region in 2014.

UAE Warns Nationals Against Travel To Thailand

The Southeast Asian country has been facing political turmoil since November.

Five minutes with… Mazen El Zein, CEO And Founder, Crystal Group

Mazen El Zein, CEO and founder of Crystal Group, shares his insight into the UAE nightlife scene and the company’s planned venue launches this year.

Gulf States To Invest Over $730m In Tourism Infrastructure In Morocco

The states will use their Wessal Capital joint venture to make the investment.

Oman Central Bank Sets Foreign Exposure Caps For Banks

Aggregate funded credit exposures to non-resident borrowers other than banks are capped at 20 per cent of the bank’s local net worth.

Kuwait’s Parliament Approves Bill To Create Telecom Regulator

Kuwait is the only Gulf Arab country without a telecom regulator.

Saudis Charge Three Over Allegedly Seditious Tweets

The men are reportedly the first to be charged under the terms of a February royal decree.

Dubai’s DAMAC Tightens Guidance On Sukuk Issue

The sukuk is expected to launch and price on Wednesday.

UAE’s RAK Ceramics To Raise Capacity In India, Bangladesh

The company is boosting annual production in India to almost 800,000 pieces of sanitary ware from 300,000 to meet rising demand.

UAE’s MAF Reports 11% Growth In Pre-Tax Profits

The company reported that its EBITDA grew 11 per cent to reach Dhs3.3 billion in 2013.

Saudi Arabia’s NCB Plans Capital Hike Before IPO

The government said it planned to float 15 per cent of the bank on the stock exchange later this year in an initial public offer.

Saudi’s Algosaibi Estimates Assets At A Fraction Of Claims Against It

The company has invited more than 70 financial institutions to a meeting in Dubai to propose “a comprehensive settlement” with creditors.

Kuwaiti Minister Rejects U.S. Accusations Of Syria Terror Funding

Nayef al-Ajmi was quoted as saying that comments made by the U.S. official in March, were “baseless and groundless”.

Toyota Recalls 790 Faulty Vehicles In The UAE

The company has recalled 372 Avalon vehicles, 2003 to 2004 models and 418 Land Cruiser 70 Pick Up, 2012-2014 models.