Shell Sells Australian Downstream Oil Assets For $2.2bn

Abu Dhabi Investment Council and Dutch-owned oil trader Vitol have reportedly bought Shell’s downstream Australian assets.

Babyshop To Open 15 New UAE Outlets By 2016

The kids’ retail store, part of the Landmark Group, currently operates 40 stores in the UAE.

Qatar Airways To Launch Business Class Flights To London

Doha carrier will be first Gulf carrier to operate a purely business class service on the high-density route

Kuwait’s KIPCO Q4 Net Profit Up 75%, Helped By Pay-TV Asset

Net profit in the three months to the end of December was 14 million Kuwaiti dinars ($49.7 million).

Emaar, Abdul Latif Jameel Create JV To Develop Projects In Saudi

The new entity, called Emaar Jameel, will focus on developing integrated real estate projects in the Kingdom.

Du Looks To Buoyant UAE Economy For Future Growth

The telecom operator currently claims 46.4 per cent of mobile subscribers in the UAE.

Dubai’s Property Market Sees Strong International Investor Interest

Along with domestic buyers, Dubai’s real estate market is recording a rise in institutional investors.

Saudi Utility Starts Power Output From Ras Al Khair

Power production at Ras Al Khair was expected to start in late 2012 but was delayed by construction issues.

Saudi To Lend $57.8m To Pakistan For Hydro Power Project

The Kingdom will also provide Pakistan a credit facility of $125 million for the import of urea.

Qatar’s Doha Insurance Gets Shareholder Nod For $120m Rights Issue

The plan will see 24,260,000 new shares offered to shareholders at a price of QAR18 per share.

Oman To Replace 100,000 Expats In Private Sector Jobs

The Sultanate is looking to reduce its expat work force to 33 per cent from its current level of 39 per cent, a senior official said.

New Abu Dhabi Finance Centre Appoints DFSA COO As Advisor

Jan Bladen has been appointed executive adviser and programme lead at Abu Dhabi Global Market.

Saudi Arabia’s MERS Death Toll Reaches 60

The latest casualty to succumb to MERS virus in Saudi Arabia was a 22-year old man, according to health authorities.

Nakheel Launches Luxury Residences At The Palm

Prices for the 504 units on sale at the Palm Tower Residences start from Dhs1.5 million.

UAE Telco Du Q4 Profit Falls 43%

Du’s full-year profit for 2013 was Dhs1.99 billion, up slightly from Dhs1.98 billion a year earlier.

Saudi Hardware Retailer Picks HSBC’s Saudi Arm As Listing Adviser

The firm will list 30 per cent of its shares on the Kingdom’s stock exchange.

Hotel Review: Ritz-Carlton, Dubai

The new Shorooq wing houses 148 rooms, while the new bar and pool offer a higher level of luxury and sophistication.

Dubai’s Mashreq Hikes Foreign Ownership Limit To 49%

Foreigners currently own two percent of the bank’s shares.

Air Arabia Q4 Net Profit Rises 12%

The Sharjah-based carrier made a net profit of Dhs94 million ($25.6 million) in the fourth quarter.

Saudi’s Tallest Tower To Consume 80,000 Tonnes Of Steel

Saudi Arabia’s Kingdom Tower, which is 173 metres taller than Dubai’s Burj Khalifa, is slated for completion in 2018.

UAE’s Gulf Marine Services Plans London IPO

GMS plans to sell new shares worth $100 million, as well as an undisclosed number of shares currently held by private equity backers.

Dubai’s Emaar Q4 Net Profit Up 48%, Beats Estimates

The developer, which launched several new projects last year, said its total value of sales in Dubai for 2013 was Dhs12 billion.

Pictures: Mall Of The Emirates New Fashion District Launch

The Fashion District, unveiled on Monday, is the first phase of the mall’s Dhs1billion redevelopment programme.

Mall of The Emirates Unveils Fashion District, Eyes New Hotel

The Dubai-based mall is undergoing a massive Dhs1 billion redevelopment programme.

Qatar Cuts April Al-Shaheen Crude Exports On Maintenance – Sources

The number of 600,000-barrel cargoes scheduled to load in April has fallen to 13, two less than March, the sources said.

Dubai Introduces Cap For School Fees

Schools can raise their fees from five to seven per cent depending on their rating by the KHDA.

Saudi Gets First Female Newspaper Editor

Somayya Jabarti has been appointed editor in chief of the English daily Saudi Gazette.

Bahrain’s Al Baraka Islamic Bank Sees New Scope To Expand

The bank’s growth in 2014 will be fuelled by the company’s entry into the Moroccan and Libyan markets and expansion in Tunisia.

Industries Qatar Misses Estimates As Q4 Net Profit Falls 6%

Results were adversely impacted by continued significant fertiliser price deflation, the firm said.

UAE Telco Du Agrees Terms On $720m Loan Financing

Du’s new loan will replace two existing debt facilities.