Relatives of Air India’s 2010 air disaster victims must be paid $168,174 within month, says court
Author Archives: Staff Writer
S&P raises Kuwait rating to AA after methodology revision
New method places heavier weight on Kuwait’s high GDP per capita, strong fiscal balance sheets
Abu Dhabi’s NBAD posts 2.5% rise in Q2 profit
Higher interest income, gains from Islamic financing helps lender beat analyst forecasts
Bahrain construction costs ranked highest in MidEast
New global report shows it is almost half as expensive to build in Saudi Arabia as Bahrain
Bank Dhofar posts H1 loss after provision on court order
Omani lender sees $11.84m loss after a profit of $46.07m in year earlier period
Telecoms
Batelco Q2 net profit drops as customer costs rise
Bahrain’s former telecoms monopoly made a second-quarter net profit of BHD20.6 ($54.66m)
Saudi PetroRabigh posts Q2 net loss of $107m
Two-month closure of refinery slashed state-owned oil company’s sales
Al Jaber, creditors meet on debt revamp update
Abu Dhabi family-owned firm has $840m in two syndicated facilities outstanding
Iran says shot down US spy plane over nuclear site
Tehran says plane was trying to collect information about nuclear site’s location
Corinthians pulls out of Tevez, Man City deal
Brazil club says time has run out to bring striker back from Abu Dhabi-owned Manchester City
Aviation
Nationals slam Qatar Airways over poor service
Qataris complain of preferential treatment of foreigners, poor on-ground service
UAE fighter pilot dies in jet crash near Dibba
UAE Air Force pilot dies during training session over UAE’s Indian Ocean coast
US lingerie brand Baci set to launch in Middle East
UAE franchise partner United Fashion House plans to open 10 Baci stores by 2016
Briton fined AED3,000 for insulting Ramadan
Dubai court fines 31-year-old woman for insulting religious celebration on Facebook
Aviation
BA eyes daily flights to Riyadh amid demand surge
London-based carrier plans to launch daily flights from London in October
UAE’s Tabreed repays $200m Islamic bond
Sukuk was launched in 2006 and total amount paid to certificate holders of bond was AED735m
End attacks on Bahrain medics, urges rights group
HRW says Bahrain waging campaign against medics, denying activists treatment
Signing sees $950m Zain Saudi deal draw nearer
Batelco, Kingdom Holding sign term sheet with Zain for $950m stake purchase
DP World buys into two South American ports
Dubai state-backed ports giant buys controlling interest in two terminals in Suriname
Real Estate
Dubai house prices set to plummet another 10%
House prices in city squeezed by nearly a third too much supply, say analysts
Dubai ranked as top global business hub
Gulf emirate makes top 15 in world rankings of best cities for business
Euro edges up but doubts remain over EU summit
Rally may be curbed if Euro zone summit offers long-term solution to region’s debt crisis
Oil rises on US debt talks; awaits IEA data
Prices also supported by weakening dollar against euro and tightening crude stocks in US
Record gold price fails to deter buying in India
Indian jewellers see fast trade despite gold hitting all-time high of over $1610 an ounce
Dubai shares snap 4-day losing streak on earnings
Tamweel, majority owned by Dubai Islamic Bank, surges the most in a week
Philippines warns workers in Saudi may lose jobs
Tough new visa curbs threaten jobs of some of Philippines 1.3 million workers in Saudi
Trial delay for UAE officer in ‘trafficked’ maid case
Emirati naval officer faces charges over claims he kept maid in slave-like conditions
Aviation
Indian superjumbo ban hurts Emirates’ A380 growth
India dragging heels over protectionist rule that bans aircraft bigger than 747 from country
Four in five expats not saving enough for retirement
UAE residents face ‘grim realities’ of paying down debt instead of saving, say experts
Arab uprisings
Yemen opposition to set up council to oust Saleh
National Council for the Forces of the Revolution to lead efforts to oust President Ali Abdullah Saleh
Murdoch attacked during UK phone hacking hearing
Murdoch hit by protester with foam pie during grilling he called ‘most humble day of my life’
Iran set to sign $4bn deal with China for metro system
State TV reports that contract will be inked for development of underground transport system
Swiss power firm wins $144m Saudi orders
ABB set to build new substations, upgrade existing plants to help meet growing power demand
Kingdom Holding says Q2 net profit up by 21%
Saudi billionaire Prince Alwaleed bin Talal’s company sees profit rise 80% over previous quarter
Kuwait needs to raise gov’t spending, says cenbank chief
Sheikh Salem Abdul-Aziz al-Sabah also calls for more support for private sector in TV interview
UAE’s inflation rises to 1.7% in June on food prices
Official data shows annual inflation at 1.7% as food prices hit a new nine-month high
Saudi’s Mobily posts 34% rise in H1 net profits
Telco’s chairman says improved performance was due to increase in data revenues
Dubai hotels firm eyes Seychelles launch in early 2012
Jebel Ali International Hotels set to press ahead with delayed luxury resort, says regional chief
Spanish consortium ‘wins $10bn Saudi rail deal’
Media reports say group of firms to build high-speed rail network linking key cities in kingdom
Telecoms
Morocco says to sell part of telecom stake
State may be forced to offer discount on Maroc Telecom amid modest growth potential
Aviation
Global airline bosses say worse is behind them
Aviation industry forecasts increases in passenger traffic and profits, says IATA poll
Doha Bank second-quarter profit climbs 13 percent
Qatari lender beats estimates as it gains from interest income and lower provisions for bad assets
Real Estate
Dubai home loans firm Tamweel in the black
Islamic lender Tamweel sees second quarter profit surges to $7.52m as provisions fall
Aviation
Dubai Aerospace signs new loan deal with banks
State-owned firm this month scrapped orders for over 200 Boeing, Airbus plans
North Sudan seeks survival after split
Loss of oil resources add to woes caused by US trade embargo, low foreign currency and high inflation
Facebook’s primary engine nears burnout
End of the social network’s rocket ride may be in sight, writes Robert Cyran
UAE users to get broadband choice by year-end
TRA vows users will be able to pick between du, Etisalat for fixed line and broadband services
Your guide to Dubai’s best iftars
As Ramadan approachs, we’ve picked the best of Dubai’s iftars to break your fast with
Today’s deal: an IPO?
Group-buying sites have made a select few the quickest-earning billionaires in history. But given the competition, will any of them survive?
US presidential hopeful slams Muslims, Sharia law
Republican Herman Cain blasts the building of mosques, alleged efforts to spread Sharia law
The UAE’s revolving door: top executive resignations
Arabian Business profiles the top 10 senior executives to have left key roles in Q2
British pair have UAE ice-cream market licked
Mobile ice-cream business Desert Chill eyes franchise growth, Gulf-wide expansion
Egypt crisis
Why Egypt shouldn’t let the pound slide just yet
Backing the pound is costly but may have avoided a capital flight, says Una Galani