Oman May Issue $518m Bonds

Oman plans to issue sovereign bonds worth OR200 million this year, but is waiting for the right time, according to officials.

Saudi Banks Post Rise In Q1 Net Profit

Al Rajhi Bank, SABB, Saudi Hollandi Bank and Banque Saudi Fransi recorded a rise in net profit during the first quarter of the year.

Kuwait To Launch $65.6m Trading System

The new system will help in the trading of financial instruments such as derivatives and Sukuks.

Kuwaiti Tweeter Gets Seven Year Jail Term

A Kuwaiti court ruled that the man’s comments on Twitter caused sectarian divisions in the country.

Drake & Scull Won Dhs1.3bn Deals In Q1

The UAE-based construction company will eye major contracts in Qatar this year.

Facebook Buys Instagram In $1bn Deal

The social networking site confirmed that the rival photo-sharing app will not be integrated into Facebook.

Saudi Leads In Job Creation

Around 77 per cent of Saudi firms are planning to hire more staff this year, according to a new survey.

QNB Posts 17.4% Q1 Net Profit Rise

Qatar National Bank recorded a net profit of $549 million during the first quarter of the year.

Dubai Duty Free Picks Banks For Loan

The airport retailer has chosen Dubai Islamic Bank, HSBC and Emirates NBD to arrange its $1.1 billion loan facility.

Oman Air Reports $285.6m Loss

The carrier said that the loss was “justified” and blamed it on the rising fuel prices.

Qatar’s Xstrata Stake Worth $2.65bn

Qatar Investment Authority (QIA) currently holds a five per cent stake in global mining and metals company Xstrata.

GCC Produces Record Aluminium Supply

Annual production in the GCC could reach five million tonnes by 2014.

Arab Billionaires Worth $121.3bn

Saudi Prince Alwaleed topped the list of regional billionaires released by Forbes with a fortune of $18 billion.

UAE Banks Falling Short – Experts

UAE banks will have to stop ‘yesteryear’ practices if they are to survive future competition.

TAQA Sells Tesla Motors Stake

Abu Dhabi National Energy Company (TAQA) booked a profit of $113 million on the sale.

Deutsche Bank’s Azzam Steps Down

Top finance guru Henry Azzam leaves MENA chairman role, citing no reasons.

Almarai Reports $64.5m Q1 Net Profit

The Saudi-based dairy company said that net profits for the first quarter of the year rose 2.9 per cent year-on-year.

Formula One’s FIA Monitoring Bahrain

The International Automobile Federation (FIA) said that it was keeping a close watch on the escalating violence in Bahrain ahead of the grand prix on April 22.

SABIC Plans $100m Centre In China

The Saudi-based chemical producer is planning to build a technology research and development in Shanghai.

UAE Oil Output Hit 2.7m bpd In March

The UAE oil production was reportedly at full capacity because of the rising demand.

DIC Reaches $2.5bn Debt Deal

Dubai International Capital, the private equity arm of Dubai Holding, has reached a final agreement with creditors for restructuring its debt.

Bahrain Tops Region In Global IT Index

The UAE and Qatar also ranked high for their IT technologies on the global index compiled by the World Economic Forum and INSEAD.

New System To Protect Indian Contract Workers

The new process, jointly introduced by the UAE and India, aims to improve transparency in the recruitment of workers.

Saudi Trims May Oil Prices For Asia

The Kingdom also slashed its crude prices for Europe, as oil demand weakens.

Batelco Eyes Acquisitions In 2012

The Bahraini telecoms operator hopes that new acquisitions will bring in revenues to compensate domestic losses.

Groupon Sued By Investor

The daily deals website has been facing increasing criticism from customers and investors across the world.

Drydocks Gets Approval From 98% Of Creditors

Only one creditor has not yet accepted the $2.2 billion debt restructuring plan proposed by the Dubai-based shipbuilding unit.

BAE Signs Saudi-Eurofighter Deal

The British defence contractor said that it had signed a contract to build 48 Typhoon aircraft for the Saudi Arabian air force.

New $1bn Islamic Bank In Doha

Saudi Arabia’s Islamic Development Bank and Dallah Albaraka Group have signed an agreement with Qatar to set up the new bank.

Kuwaiti Tweeter Denies Blasphemy

A Kuwait man accused of insulting the Prophet Mohammad on Twitter has said that his account was hacked.