The civic body said that cost-cutting measures were implemented to achieve a budget surplus in 2011.
Doha-based Mannai is planning to buy 58.8 percent of Damas in a deal estimated to be worth around $445 million.
Abu Dhabi’s Dolphin Energy will use the proceeds to meet its refinancing needs.
Dubai Gold and Commodities Exchange saw volumes increasing 95 per cent year-on -year in January.
Saudi Arabia might increase crude oil supplies to South Korea as Seoul looks for alternatives to Iranian oil.
Confidence decreased substantially in Saudi Arabia during the last quarter of 2011, according to Nielson.
The airline is planning an Islamic loan facility to fund two of its planes, according to reports.
The Abu Dhabi lender’s profits fell 19.2 per cent to Dhs135 million during the fourth quarter of 2011.
According to Ernst &Young, deal values in 2011 dropped by 28 per cent year-on-year to reach $31.7 billion.
Markets were subdued even as Greece delayed its decision regarding a new bailout.
Abu Dhabi-based investment firm may shed more than half of its staff.
The telecoms operator might also share infrastructure facilities with other carriers.
Prince Alwaleed, Citigroup’s biggest individual shareholder, said that he expects the bank to increase dividends this year.
Tameer Princess Tower is the highest residential building on earth at 414 metres.
The move follows the stringent financial and trading sanctions imposed by the US and EU on Iran.
The International Air Transport Association (IATA) reported that full year 2011 passenger demand rose 5.9 per cent.
The UAE’s central bank is reportedly planning to limit credit card interest rate at 18 per cent annually.
According to the IMF, Qatar’s economy is expected to grow six per cent in 2012.
According to jobsite, Bayt.com, the Middle East is teeming with strict bosses who are prepared to fire staff.
The mall operator is undertaking several new projects across the Middle East this year.
The pipeline will supply gas to the town of Duqm and is estimated to cost around $200- 220 million to build.
The airline’s CEO said that it was unlikely that the struggling carrier would be dissolved or sold.
Lebanon’s Azadea Group will bring the fashion label to the Middle East later this year.
The Kuwaiti bank reported a net profit of KD302.4 million in 2011 compared to KD301.7 million in 2010.
Qatar’s sovereign wealth fund is expected to acquire the property in a “few weeks.”
The country is scrambling to find an alternative to its threatened primary supply from Iran, Oman’s oil minister has said.
The Bahraini firm saw its subscriber base increase by 20 per cent year-on-year in 2011.
The social networking site will now let users know what their friends are doing on other sites.
Online shopping is surging in the Middle East as local buyers get comfortable using credit cards over the internet.
Saudi Arabia almost doubles income forecast, announcing a budget surplus of $81.6 billion for 2011.