Dubai RTA Awards Dhs38m Deals

The contracts are part of Dubai’s Dhs1 billion five-year plan to improve internal roads in the city.

Saudi Shares Drop 2% On Global Fears

Saudi bourse and oil drops to a three month low as fears of the Eurozone crisis affect the Gulf.

UAE Faces $30bn Debt Wall In 2012

According to the IMF, UAE’s state-related entities have a “significant” amount of debt maturing in the next few years.

Aramco Invites Bids For New Refinery

Saudi Aramco’s new refinery in Jizan will have a capacity of 400,000 barrels per day when ready.

Saudi Index Falls 10% Since April

The Kingdom’s Tadawul index has dropped on global economic fears and political instability in the Eurozone.

Facebook To Increase IPO Size

The social networking site reportedly plans to float an additional 85 million shares in its IPO.

Oil Prices To Stay Over $100: Experts

A fall below that level will lead to a cut in Saudi’s oil output and force high-cost oil projects to shut down.

Greece’s Exit Will ‘Rattle’ GCC

If Greece leaves the Euro next month the impact will be indirect but significant for the Gulf, say experts.

EU Will Exit Crisis: White House

Europe has the “capacity and the will” to overcome its current crisis, says the White House.

Revealed: Top 5 Real Estate Gainers

Gulf Business reveals the top five UAE real estate firms based on profit gains in the first quarter of the year.

Dubai Villas Record Rent Rise

Average lease rates for villas in the city increased by three per cent during the first quarter of the year.

Saudi’s IDB Plans Up To $1bn Sukuk

Islamic Development Bank plans to issue the Islamic bond in June this year, its chairman has said.

Oman Eyes 2,000 New Hotel Rooms

The Gulf state will add a plethora of new hotel and resort rooms across the country by 2012-2013.

Agility Q1 Profit Falls 8.1%

The Kuwaiti logistics firm made a net profit of $25.4 million during the first quarter of this year.

Virgin To Allow Calls On Flights

Passengers travelling with the airline will now be able to make and receive calls on their mobile phones.

HSBC Launches Dhs1bn SME Fund

The bank said that it expects loans to the UAE’s SME sector increasing by 20 per cent this year.

NMC Reports Rise In Q1 Revenues

The UAE healthcare provider said that revenues rose 18 per cent to $166.4 million during the period.

Drake & Scull Q1 Profit Drops

The UAE-based construction firm posted a 15.6 per cent drop in its first quarter net profit.

New Bankruptcy Law In UAE By 2012

The final draft of the UAE’s new bankruptcy law will be ready by the end of this year, the Justice Minister has said.

GCC Union Talks Delayed

The Gulf States, which met in Riyadh on Monday, have postponed talks of a possible integration.

Union Properties Posts Profit Drop

The Dubai property developer announced that net profit for the first quarter of the year dropped 72.7 per cent to Dhs22 million.

Man City’s Rich Rise To Glory

Abu Dhabi shelled out close to $1 billion on Manchester City’s Barclays Premier League title, writes Neil Churchill

Invest AD JV Plan $100m Fund

A joint venture between US-based Paladin Capital Group and Invest AD plans to launch a $100 million MENA fund.

Dirty Offices Cost ME Firms Dhs2m

Poorly maintained offices are proving very expensive for businesses in the region, according to a new survey.

Bahrain To Open New Dragon City

Chinese firm Chinamex is building a multi-million-dinar Chinese-themed retail shopping mall in Manama.

Aabar Clarifies Arabtec Stake

Aabar said that it had only raised its stake in Arabtec to 20.7 per cent and not 53 per cent as previously reported.

IEA Warns Of High Oil Prices

High oil prices “pose a real threat to the economic recovery” says the International Energy Agency.

Dubai Plans New Safari Project

The Dhs150 million project will replace the existing zoo and will also include a butterfly park and golf courses.

Kuwait’s Finances Concern IMF

The IMF questions Kuwait’s fiscal stimulus and warns of the sustainability of public finances.

ADIB Q1 Profit Up 5.8%

Abu Dhabi Islamic Bank reported that revenues rose 7.3 per cent to reach Dhs874.8 million during the period.