Kingdom facing going into the red by $13.2bn in 2015 and 2016
Author Archives: Staff Writer
UAE Facebook user in court over fox image post
Friends claim the “insulting” image implied “cunningness and deception,”
UAE-based company blacklisted for supplying Iran’s ballistic missile program
UAE-based Mabrooka Trading, and its owner Hossein Pournaghshband blacklisted for helping Iran’s produce carbon fiber for the ballistic missile program
World tennis hit by match-fixing reports, authorities back integrity unit
Tennis authorities rejected reports that said 16 players who have been ranked in the top 50 had been repeatedly flagged to the Tennis Integrity Unit over suspicions they had thrown matches
Oil slides to lowest since 2003 as Iran sanctions lifted
Sanctions had slashed Iran’s oil exports by around 2 million barrels per day
Luxury hotels line up for Oman port redevelopment project
First phase of Mina Sultan Qaboos Waterfront scheme comprises one five-star and one four-star hotel, as well as other leisure attractions
Saudi Electricity Co says Q4 loss narrows to $386 million
The utility’s results are acutely seasonal because of the big swing between power demand in winter and summer
Obama says nuclear deal has cut off every path for Iran to obtain nuclear bomb
UN Secretary-General Ban Ki-moon hailed the exchange of prisoners and the lifting of sanctions against Tehran, saying the two countries should now cooperate on additional challenges to find “a safer future”
Bahrain MP calls for minimum age for women to marry to be raised to 18
Lawmaker says 15 years is too young for girls to be entering marriage
Emirates NBD posts 74 percent rise in Q4 net profit
Dubai’s largest bank made a net profit of $579.9 million in the three months to Dec 31
Abu Dhabi’s Etihad Rail cuts 30% of staff
The $11 billion) Etihad Rail network will eventually link the six Gulf nations from the UAE to Saudi Arabia through Ghweifat in the west and Oman through Al Ain in the east
50 Richest Arabs 2016
Revealed: The World’s 50 Richest Arabs 2016
Welcome to the 12th edition of the Arabian Business Rich List, our annual countdown of the 50 wealthiest Arabs.
Aviation
Oman Air in free flights promotion
Deal is part of loss-making airline’s bid to attract more business
Bahrain to host human rights conference
Event will address national, regional and international challenges
Qatar-backed Sainsbury’s reports improved Christmas sales performance
Positive news will help rejuvenate its takeover bid for Argos owner Home Retail
Fifth of world’s ‘supertall’ towers are in Dubai, study says
Dubai has 18 towers standing at 300m or more
Dubai ruler’s son reports for national service
Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum completed enrolment procedures alongside other young recruits
UAE’s RAKBank to cut up to 250 jobs as part of review
UAE lenders have been adjusting staffing levels in recent weeks as they react to deteriorating market conditions
Jeddah airport faces “grave challenge” as passenger traffic rises to 30m in 2015
Increasing amount of air traffic movement has left it three times over what it was designed to manage
Iran’s $90bn stock market just became more accessible: All you need to know before you invest
Once one of the world’s hardest-to-enter stock markets, inflows into the Tehran Stock Exchange may reach as much as $1bn after six to eight months, some estimate
Kleindienst’s first ‘Floating Seahorse’ nears completion in Dubai
Floating villas to feature in Heart of Europe scheme at The World islands
ISIL militants kidnap 400 civilians in Syria, some already beheaded
Families of pro-gov’t fighters were reportedly among those abducted
HSBC to build new $250m MidEast HQ in Dubai
Gulf Resources Development & Investment will construct the tower and sell it to the lender in 2017
14 MidEast Hyatt hotels among those affected by cyber attack
Data theft saw hackers steal guest payment card details
Dubai’s Damac launches $231m tower complex
Navitas Hotel & Residences five towers, including a hotel with 312 rooms
50 Richest Arabs 2016
Philanthropy: why the wealthy must do more
The Middle East has accrued scores of new millionaires and billionaires in the past few decades, but too few are putting their money to good use.
UAE-backed Jordanian film nominated for an Oscar
Best Film favourite ‘The Martian’ starring Matt Damon was also filmed in the desert in Jordan
SMEs
Cobone founder Paul Kenny to headline panel discussion
‘The Challenges of Starting, Growing and Exiting a Business’ is hosted by Club Fit For Business
Saudi falls 7%, Dubai down 4.6% as Iran plans oil-export boost
Stocks across the Middle East tumbled as the easing of sanctions against Iran raised the prospect of a surge in oil supplies
SMEs
Entrepreneurs of the Week: Rania and Zaina Kanaan, co-founders of Chari Cycles
Sisters turn their passion for cycling into a social enterprise designed to help children living in refugee camps
Officials release video of 69-car pile-up in Abu Dhabi
23 people were injured, including 17 in 69-vehicle collision caused by fog
Prince Ali asks FIFA to investigate Africa-Asia agreement
Sheikh Salman’s campaign issued a statement describing Ali’s complaint as “an unnecessary spat between FIFA candidates”
Jordan Speith, Rory McIlory head up Abu Dhabi HSBC Golf Championship line up
Four of the world’s top six golfers will be competing for the coveted Falcon Trophy and a share of the $2.7 million prize fund
Emir of Qatar to hold talks with Russian president in Moscow
Talks will focus primarily on comprehensive development of trade and economy, investment, energy sector, and humanitarian cooperation between Russia and Qatar
Rouhani hails “golden page” in Iran’s history as sanctions lifted
Tens of billions of dollars worth of Iranian assets are due to be unfrozen and barriers to international business will come down
Netflix to block proxy access to content not available locally
Announcement comes just a week after Netflix went live in more than 130 countries, covering almost the entire globe except China and Syria
Saudi’s Almarai Q4 profit rises 13 percent
Almarai made a profit $129.06 million in the three months to Dec. 31
Indonesia identifies militants, arrests others over attack
Seven people, including the militants, were killed in Thursday’s attack near the Sarinah department store in the Indonesian capital’s commercial district
Fire at Saudi petrochemical waste tank under control, no casualties
Kayan, the fifth-largest petrochemical manufacturer by market value in Saudi Arabia, gave no details on what caused the fire
Guests evacuated after Doha hotel fire
Civil Defence confirmed that the fire at the Retaj Al Rayyan Hotel started in the basement but was quickly contained by firefighters at the scene
Does the Saudi IPO signal the end of the age of oil?
Saudis may want to capitalise on an asset that’s only going to lose value if the world gets serious about global warming
Qatar provides 1,000 new homes for Gazans displaced by war
Gulf state also donates housing complex for poor in central Gaza
Iran to buy 114 jets from Airbus – Tasnim news agency
Deal for 114 airplanes would be worth more than $10 billion at catalogue prices, depending on the type of aircraft
Saudi Arabia plans new sovereign wealth fund – sources
New fund could change the way tens of billions of dollars are invested and affect some of the world’s leading asset managers
Iran frees US prisoners as international sanctions to end
Diplomats gather to announce the lifting of sanctions to bring country of 80 million people back to the global economic stage
Fitch applauds Saudi plan to tackle growing budget deficit
Ratings agency says it is unclear whether spat with Iran will further increase pressure on security budget
Dubai’s Dragon Mart posts record footfall during DSF 2016
Nakheel’s retail hub registers 110,000 daily visitors during Dubai Shopping Festival, up 30,000 on daily average
Qatari broadcaster secures World Cup 2018, 2022 media rights
beIN Sports says its French unit will be able to offer all 64 matches from both competitions
Emirates says to go double daily to Geneva from June
Dubai airline announces plan to double capacity on route, representing rise of 26% on Switzerland routes
Oman seeks $51m missiles deal with United States
State Department approves possible foreign military sale to help Oman strengthen homeland defences
Abu Dhabi’s $1bn Reem Mall wins final planning approval
Abu Dhabi Urban Planning Council backs retail project which is scheduled to open in 2018
Bahrain inks deal to build bridge to $1.6bn Dilmunia island
Ithmaar Development Company signs agreement for Dilmunia Gateway Bridge to link mega project to mainland
US giant GE wins near-$1bn deal for Saudi power plant
Company says plant will support phosphate mining operations in the kingdom; completion scheduled for 2020
Dubai property prices said to drop nearly 14% in 2015
New report says apartment prices decline by 12.7% while villa values slump 14.8% over the past year