#World

Etihad Launches Brazil Flight

The Abu Dhabi-based airline announced that it will operate daily flights to Sao Paulo from June next year.

Saudi Unlikely To Cut Oil Supply

Despite oil prices falling below $100 a barrel, Saudi Arabia will not cut supplies anytime soon, say experts.

ME Airlines See 16% Growth

Passenger demand in the region grew 16 per cent year-on-year in April, according to the IATA.

Abu Dhabi Bank Opens UK Branch

Abu Dhabi Islamic Bank’s UK branch, located in an upscale development, hopes to target wealthy Gulf clients in Britain.

Oil Hits Seven-Month Low

Crude oil prices dropped to nearly $100 per barrel fueled by fears about the Eurozone crisis.

Facebook Has 45m MENA Users

The social networking site has opened an office in Dubai to try and boost advertising revenues from the region.

Zuckerberg Drops Off Billionaires List

The Facebook CEO has lost $1.5 billion in the last five days, losing his spot among the world’s 40 richest people.

Iron Maiden’s Lead Pilot

A preview to Bruce Dickinson’s exclusive interview with Gulf Business, discussing airlines and the Middle East.

Saudi Issues Travel Warning

The Kingdom has warned its citizens not to travel to Yemen due to increasing insecurity in the country.

IP – GDF Suez Deny Monopoly Issues

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

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.

ME GDP To Grow 3.8% In 2012

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

Facebook, Banks, Sued Over IPO

Investors have accused the company of hiding weakened growth forecasts ahead of its $16 billion IPO.

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.

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.

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.

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.

Facebook Listing Falls Flat

The social networking site’s IPO fizzled out on day one, dampening high expectations and expert predictions.

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.

EU Will Exit Crisis: White House

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

Virgin To Allow Calls On Flights

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

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.

Qatar Buys Stake In Shell Oil

Qatar Investment Authority has reportedly acquired between three to five per cent of oil major Royal Dutch Shell.