Saudi Telecom Posts 32.6% Q4 Net Profit Slump, Raises Dividend

The firm made a net profit of SAR2.44 billion ($649.8 million) in the last quarter of 2014.

Qatar’s Emir To Attend Egypt Economic Summit, Sources Say

Qatar’s role as a host to exiled Brotherhood leaders has irritated Egypt, which considers the group a political threat.

Abu Dhabi Developer TDIC Confirms CFO Departure

TDIC’s deputy finance head Matt Matharu is currently serving as acting CFO, a spokesman said.

Air Arabia To Begin Services To China

The budget carrier will fly to Urumqi thrice a week on Tuesdays, Fridays and Sundays, from February 1 this year.

Saudi Issues Shoot On Sight Order For Border Infiltrators

The orders follow an attack on the Saudi border earlier this year leaving two guards and a senior military commander dead.

UAE’s Al Hamra Real Estate Says Increases Loan To $340m

The loan will be used for capital expenditure and general business purposes, Al Hamra said in a statement.

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Abu Dhabi’s Al Jaber Says Wins $545m Road-Building Contracts

Abu Dhabi General Services Co awarded the contracts to the company for improvements to two sections of the highway from Mafraq on the outskirts of Abu Dhabi.

Bahrain’s GFH Says No Information To Disclose After Shares Leap

In Dubai on Sunday, the shares soared their 15 per cent daily limit to Dhs0.35 in their heaviest trading since mid-December.

Saudi’s Sipchem Q4 Profit Falls 33% As Production, Sales Drop

Sipchem made a profit of 132.4 million riyals ($35.28 million) in the last quarter of 2014.

UAE’s ADNOC Seeks 288,000 T Gasoline For March-April Delivery

The specified amount is slightly higher than the usual volumes that the company buys, a Singapore-based trader said.

Former ‘Enemy Combatant’ Back In Qatar After Release From U.S. Prison

Ali al-Marri, who was convicted in 2009 of providing material support to al Qaeda, was released from federal prison in Colorado in the last few days.

UAE Firm Bids For Egypt’s Renewable Plants

Access Infra Africa plans to invest over $500 million in renewable power assets in Africa over the next three years.

Saudi’s Almarai Cites Sales Growth For 15% Profit Jump

The company made net earnings of SAR428 million in the last quarter of 2014.

Iran Minister’s Saudi Visit Delayed Due To Oil Price Fall – Tehran

The two sides have been talking about the visit for about 18 months, and a date had been tentatively set for last October.

Air Arabia May Lease Aircraft After Jordan Expansion – CEO

The airline ordered 44 Airbus A320s in 2007 and 29 of those hade been delivered by November 2014, according to Airbus data.

Saudi’s Savola Group Misses Estimates With 23% Profit Drop

Net earnings in the three months to Dec. 31 were SAR434.4 million.

UAE-Based H Holding Enterprise Launches New Property Arm In The Middle East

The newly launched firm is aiming to establish a real estate portfolio worth Dhs500 million by the end of this year, the company’s chairman said.

Qatar Islamic Bank Q4 Net Profit Up 30.4%, Raises Dividend

Net profit for 2014 gained 20 per cent year-on-year to QAR1.6 billion.

Kuwait Likely To Post Deficit Before 2017- Minister

Falling oil prices will slash Kuwait’s public revenues by 60 per cent, the country’s finance minister told the parliament.

Ajman’s R Hotels Gets Dhs204m Funding For Palm Project

The company’s Dhs500 million hotel project on Palm Jumeirah is set to open in Q4 2016.

Mashreq Q4 Net Profit Up 28%, Eyes Citigroup’s Egypt Retail Business

The bank’s profit was boosted by strong performance in operating income.

Emirates NBD Q4 Profit Jumps 82%, Reclassifies Dubai World Loans

The bank said its 2014 balance sheet was strengthened by its reclassification of its exposure to Dubai World, as performing.

Lower Oil Prices Can Help Airlines Post “Unprecedented Profits” – Emirates Head

Tim Clark says airline industry will reap the benefits of lower oil prices in 2015.

SABIC Has No Plan For New Bonds In 2015 But May Refinance Loans

The company is considering refinancing two loans that fall due in June and November, an official said.

SABIC Sales Drop 10% As Profits Plunge – CEO

SABIC’s chief executive Mohamed al-Mady told reporters that the outlook for 2015 was unpredictable and contingent on oil prices.

Dubai Residential, Hotel Real Estate Markets Peaking -JLL

Dubai’s residential sector is likely to remain subdued over the next 12 months with the market absorb 25,000 extra units in 2015.

Saudi’s Al Khodari Posts Five-Fold Q4 Net Profit Hike, Project Pipeline Grows

The company made a profit of SAR45.6 million ($12.2 million) in the last quarter of 2014.

Oil Slump Slashes Saudi Basic Industries Q4 Profit 29%

The company earned SAR4.36 billion ($1.16 billion) in the last quarter, a statement said.

UAE’s RAK Ceramics Says To Sell Stake In Laticrete Venture

RAK Ceramics said it aimed to close the deal by March 25 and that the sale of shares would be at a premium to book value.

UAE To Fund Solar Projects In Four Pacific Island Countries

The Emirates will fund solar-powered projects in the Marshall Islands, Nauru, Palau, and the Solomon Islands through its $50m renewable energy fund.