Dubai’s DP World Posts 11.8% Rise In 2014 Net Profit

The firm made a profit attributable to shareholders of $675 million compared with $604 million in the prior year.

Oman’s Bank Muscat Shareholders Approve $1.3bn Sukuk Programme

The plan comprises issuance in domestic and international markets through public subscription or private placement, a bourse statement said.

UAE Recalls Envoy To Sweden Over Minister’s Comments On Saudi

The country also summoned Sweden’s ambassador to the UAE to deliver a formal protest against remarks made by the Swedish foreign minister.

Saudi Food Firm Savola Cuts First-Quarter Profit Forecast

Savola reduced its projection to SAR178 million before capital gain from its previous forecast of SAR360 million.

Kuwait Drops Court Case Over “Plot” Tape

Government investigators determined that the recordings were not authentic and had been edited.

Kuwait Detains Political Activist Over Tweets Against Saudi Arabia

Tariq al-Mutairi, head of the liberal Civil Democratic Movement was detained on his way home early on Wednesday.

Dubai World Unit, Port And Free Zone World, Completes $1.1bn Loan

The funds will be used to help the company meet commitments at the group and subsidiary levels.

US Embassy In Saudi Continues To Remain Closed Over Security Fears

Currently no visa or consular services are being provided in Riyadh, Jeddah or Dhahran.

Qatar Undertaking Projects Worth $8.48bn To Boost Tourism – Report

Over $2.5 billion worth of contracts were awarded in Qatar’s hotel and tourism sector last year.

Saudi Crude Exports Up In January To 7.47m Bpd

Production was steady in January at 9.680 million bpd from 9.630 million bpd in December.

Stock News: Gulf Markets Drop As U.S. Oil Hits 6-Year Low

Dubai’s index fell 3.6 per cent by Wednesday’s close to a 10-week low of 3,408 points.

Etihad Rail To Begin Commercial Operations In 2015

The first phase of the network that is currently under testing is scheduled to begin operations soon, an official said.

Qatar Central Bank Governor Says Won’t Review Currency Peg

He declined to elaborate on the reasons for Qatar sticking to its peg.

Abu Dhabi’s Mubadala Petroleum To Explore Big Morocco Offshore Area

The company has an exclusive licence to carry out a geological survey of the Mediterranee Ouestarea, which comprises 3,433 sqkm.

Dubai Developer Arady To Handover Units At DIFC Tower From March-End

The Central Park Residential Tower in DIFC consists of 426 apartments.

Three Iraqis Dead In Explosion Near Kuwaiti Border

Police sources in Iraq said the victims were civilians who died in an explosion from a truck trailer.

Dubai’s DGCX In Talks With Local Bank For Spot Gold Contract

The exchange, which currently trades gold futures, said last year that the spot contract was expected to be for 1 kilogramme (32 troy ounces) of 0.995 purity gold.

Emirates President Rebuts Resignation Claims

Speaking in Washington, he said discussions with US authorities had been “very constructive”.

Etihad Received Loans And Equity Investment From Shareholder – CEO

Hogan said few young companies have operated as transparently as Etihad, which is little more than a decade old.

Bahrain’s BBK Launches $400m 5-yr Dollar Bond

The transaction will have a spread of 200 basis points over midswaps, a document showed.

Emirates Airline Says Will Rebuff U.S. Allegations, Seeks Apology

Emirates airline’s Tim Clark said that some figures in the report are factually wrong and that the airline will set the record straight.

Kuwait Renews $1bn Jet Fuel, Gasoil Supply Deals With BP

The contracts that cover 2015 will see Kuwaiti jet fuel flow through the BP system to Dubai and several European Airports, KPC said.

Saudi’s Savola Says Has All Approvals For Packaging Unit Sale

Takween in December agreed to buy the packaging unit of Savola, the region’s largest food firm for SAR910 million.

US And Gulf Airlines Set To Clash At Aviation Summit Over Subsidy Row

Three U.S. airlines have accused their GCC competitors of receiving more than $40 billion in government subsidies, a charge which the latter deny.

UAE Chauffeur Car App Careem Acquires Moroccon Start-Up Taxiii

The new service, called Careem Morocco, will begin services on March 26 in Rabat and Casablanca.

Qatar National Bank Says Signs $3bn Three-Year Loan

The facility will be used to fund general operations of the bank.

Egypt, Arabtec To Sign Agreement On $40bn Housing Project Within 10 Days

The two parties differed over the percentage of completed units that Arabtec should deliver to Egypt in lieu of payment for land used in the project.

Abu Dhabi Carrier Etihad Partners With Facebook

The partnership will enable the airline to tailor its services and marketing to specific travellers.

Bahrain’s BBK Tightens Price Thoughts For 5-Year Benchmark Dollar Bond

BBK has returned to the market in its first debt issue since 2010 to refinance an existing $500 million bond maturing in October.

Passenger Rail Not An Immediate Priority For The UAE – Minister

The country is currently focussing on operating rail services for the cargo sector, a senior official has said.