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Almarai In $4.2bn Investment Plan

The five-year plan will fund the expansion of the Saudi Arabian dairy company and boost its product innovation.

Dubai’s Economy Grew 3.4% In 2011

Improving tourism and strong trade flows helped the emirate’s GDP reach Dhs306.2 billion last year.

Saudi Needs Spectrum Change

Freeing up spectrum for Saudi’s telecoms operators may add $95.5 billion to the economy by 2025, said GSMA.

19 Killed In Qatar Mall Fire

Ministry officials have not yet determined the cause of the fire and are investigating the incident.

UAE Plans Multiple Entry Visa Permit

The country plans to introduce multiple entry visas for cruise tourists by September this year.

Flydubai Gets $172m Financing

The amount, secured from a unit of Standard Chartered Bank, will be used to buy two new aircraft.

Saudia Catering Unit To Launch IPO

Saudi Arabian Airlines has got approval to list 30 per cent of its catering unit on the Kingdom’s stock exchange.

IP – GDF Suez Deny Monopoly Issues

Exclusive: Utility company International Power-GDF Suez does not face market concentration in the ME.

MENA Residents Become Richer

Survey shows majority of residents are either the same or better off than this time last year.

Bahrain Rents Slump

Residential rents in some areas have fallen to 2005/ 2006 levels, and occupancy levels have reached as low as 30 per cent.

JAFZA To Repay $2bn Sukuk Early

A majority of JAFZA’s stakeholders have consented to the early redemption of the Sukuk, due in November.

Kingdom Holding Sells $200m Hotel

Prince Alwaleed’s Kingdom Holding Company will retain its stake in the Fairmont San Francisco Hotel.

Islamist, Ex-PM Eye Egypt’s Top Spot

The Muslim Brotherhood and an ex-PM have secured the most votes in the first round of Egypt’s presidential elections.

Omani Bank IPO Attracts $1.77bn

Bank Nizwa, the country’s first Islamic bank, will be listed on the Muscat Securities Market on June 12.

ME GDP To Grow 3.8% In 2012

The forecast for Middle Eastern economies has improved since the start of the year, said ICEAW.

UAE’s Global Trade Ranking Drops

The country is ranked 19th in the World Economic Forum’s Global Enabling Trade Report this year.

MENA Banks Need Capital Boost

A new report states that 20 per cent of MENA banks need capital to meet the Basel III banking requirements.

Bahrain To Issue $1.25bn Bond

The Gulf state plans to issue the bond in the second or third week of June, a central bank official said.

Etisalat To Cut Rates By 30%

UAE telecoms operator Etisalat will reduce international call tariffs from the second half of 2012.

Saudi Signs $3bn BAE Deal

The Kingdom’s defence ministry will be buying military aircraft from UK defence company BAE.

Eurozone Crisis Is Worst Global Risk

The OECD has warned that a worsening of the crisis could have “serious consequences” for the global economy.

Egypt Begins Landmark Election

Egyptians begin voting to elect their president in a poll believed to be the country’s first independent one.

Qatar’s Property Market Stabilises

As Cityscape Qatar begins, experts say that despite oversupply in the market, demand is catching up.

TAQA Eyes Turkey Investments

The Abu Dhabi National Energy Company (TAQA) is studying energy investments in Turkey.

New Guidelines For Saudi Journalists

Journalists in the Kingdom have to be accredited by the Saudi Journalists Association, the Cabinet has said.

US Firm Plans 500 Hires In Abu Dhabi

Digital Domain Media Group is opening up an animation and visual effects studio in Abu Dhabi’s twofour54.

Dubai Duty Free Ups Loan To $1.5bn

The airport retailer has increased the size of its loan facility because of high demand, an official has said.

Abu Dhabi Picks Banks For Merger

Four banks have been chosen as advisors for the proposed merger been Aldar and Sorouh, according to sources.

GCC SWFs Pull Out Of Europe

Gulf sovereign wealth funds are reducing international investment and focussing on the region, says a new study.

Drake & Scull Eyes $300m Iraq Deal

The contract will be an oil and gas project to build a pipeline in Basra, said the company’s CEO.