Stock News: Dubai Pulls Back As Arabtec Suspended

Dubai’s index slipped 0.7 per cent as property stocks retreated.

Emirates Airline Could Buy 60-80 More A380s If Engines Upgraded

Emirates, the largest customer for the Airbus A380, had ordered 140 of the aircraft as of November.

Dubai Bourse Suspends Arabtec Shares

Trading in Arabtec’s shares were suspended following media reports of Aabar increasing its stake in the company.

Aabar In Talks to Buy Stake From Former Arabtec CEO

The Abu Dhabi state fund is looking to raise its stake in Arabtec to almost 30 per cent to become the major stakeholder, a source said.

Oman’s Bank Muscat Posts 22% Jump In Q2 Net Profit

The bank made a quarterly profit of OMR46.6 million ($121 million) in the second quarter compared to OMR38.1 million in the corresponding period of 2013.

Etihad Chief Aims To Seal Alitalia Deal As Union Warns On Jobs

Etihad’s chief executive said that the company wants to “guarantee the success and long-term viability of Alitalia” through the deal.

Qatar’s Doha Bank Q2 Net Profit up 9.9%

The bank made QAR388 million ($107 million) in the second quarter, up from QAR353 million in the same period of 2013.

Telecoms Firm Zain Saudi Posts Narrowed Q2 Net Loss

The company made a net loss of SAR329 million ($87.7 million) in the three months to June 30, according to a bourse filing.

Saudi’s Savola Beats Estimates with 32.4% Net Profit Gain

The company made a net profit in the three months to June 30 of SAR513.3 million ($136.9 million), compared with SAR387.8 million in the same period a year earlier.

Saudi Arabia Boosts Security On Heavily Fortified Iraq Frontier

Saudi officials have not made public the total number of extra troops they have sent to the frontier, so far declining to comment on the accuracy of media reports which put the number at 30,000.

Kuwait’s Zain Posts Slight Decline In Q2 Net Profit, Meets Expectations

The former monopoly made a net profit of KD59 million ($209 million) in the three months to June 30.

Airbus, Boeing Climb Close To $100bn In Airshow Deals

The biennial Farnborough Airshow has already outsold the 2012 show which saw $72 billion of orders and commitments.

Omani Sohar Refinery To Restart Units After Maintenance

The refinery has capacity to process 116,000 barrels per day of Omani crude.

Nakheel Inks Dhs46m Contracts For Palm West Beach, Deira Islands Mall

The developer signed a Dhs6 million contract for a beachside entertainment complex in Palm Jumeirah and confirmed that it has signed the contract for Deira Islands Mall.

UAE Plans To Send Unmanned Probe To Mars By 2021

A new space agency is being created in the country to supervise the mission.

FIFA 2022 World Cup Loss Will Drag Down Qatar’s GDP Growth – Report

Direct world cup spending is estimated to be $16 billion, which is 7.5 per cent of Qatar’s GDP, says report by Bank of America Merrill Lynch.

Qatar Airways Finalises $19bn Boeing 777X Plane Deal

The Gulf carrier also said it had agreed purchase rights to buy a further 50 777X aircraft.

Samsung Faces Rising Pressure As Apple Readies iPhone 6

Research firm says the eight-month-old iPhone 5s outsold the Galaxy S5 in May, although Samsung’s flagship device was only released in late March.

Exclusive: MAF Properties Planning Mixed-Use Project In Dubai

The project is expected to be launched in the next 12 months, confirms CEO George Kostas.

Kuwait’s NBK Q2 Profit Rises 29%, Misses Estimates

Net profit climbed to KD60.9 million ($215.8 million) in the three months to June 30 from KD47.2 million a year earlier.

Sobha Group Launches $4bn Mixed-Use Project In Dubai

The project will comprise of residences, two international schools, nurseries, three hotels, mosques, a clubhouse, a retail centre and restaurants.

Qatar’s Nakilat Q2 Profit Rises On Higher Charter Rates

The company made a net profit of QAR238.6 million ($65.6 million) in the three months to June 30.

Saudi Retailer Jarir Marketing Says Board Proposes Lower Q2 Dividend

Cash divident is lower than the SAR1.70 per share which the firm paid for the corresponding period of 2013.

Emirates Flies A380s To Kuwait

At just one hour 45 minutes, the new flight will be Emirates shortest A380 route globally.

Five Minutes With… Steve Rotter, VP Digital Marketing, Brightcove

Video content is playing an increasingly important role in online advertising, marketing and brand awareness, says Steve Rotter, VP Digital Marketing, Brightcove.

Qatar Airways Seeks Compensation From Airbus For A380 Delay

Akbar Al Baker said Qatar Airways was entitled to ask for compensation after a 30-day grace period for “excusable” delays which had now expired for all three aircraft.

Qatar Bank Masraf Gives JV Sale Details After Bourse Suspension

Masraf said the sale price would be QAR1.53 billion ($420.3 million), which would generate a gain of QAR466 million for the bank spread over three years.

Different Arab money

Saudi’s Ma’aden Posts Sharp Rise In Second-Quarter Net Profit

The miner made a net SAR370.8 million ($98.9 million) in the three months to June 30, compared with 40.98 million in the year-earlier period.

Kuwait Threatens To Revoke Citizenship In Crackdown On Opposition

The warning is part of an “iron fist” policy adopted by the cabinet, following protests earlier this month over the arrest of a prominent opposition politician.

Saudi’s Al Rajhi Bank Trims First-Half Dividend After Profit Fall

The bank has proposed paying SAR1 ($0.27) per share for the six-month period to June 30.