GCC Sees Construction Projects Worth $67.6bn Completed In 2014

Around 42 per cent of the completed projects were residential buildings while 16.9 per cent were commercial buildings, a new study shows.

Etisalat’s Egypt Unit Signs $120m Loan

HSBC and National Bank of Abu Dhabi, will each provide $60 million each to Etisalat Misr.

Kuwait To Boost Drilling Rigs, Crude Capacity Despite Low Oil Price

The Gulf state plans to deploy 120 oil and gas rigs by the start of next year, up from 80 rigs now.

UAE Banks’ Profit Growth To Dip On Weaker Economy, Asset Quality -S&P

Sector-wide profit growth this year is expected to drop to five or six per cent from 22 per cent in 2014.

UAE Calls Egyptian Hostage Killings By ISIL “An Ugly Crime”

The UAE’s president and other leaders condemned the killings and affirmed their support to Egypt in rooting out such radical groups.

Bahrain’s Batelco Q4 Net Profit Rises 22%

The former monopoly has now posted rising profits in four of the past six quarters.

Orascom Construction To List On Nasdaq Dubai, Egyptian Exchange

The listing followed a demerger of OCI NV’s engineering and construction business from its fertilizer and chemicals business.

Emirates Introducing A380 On Milan-New York Route

The service will begin from June 1, and raise superjumbo capacity between Dubai and Milan.

Hospitals on Alert As Saudi Arabia Finds Six New MERS Cases

Two people have died after being affected with MERS over the last two days, prompting fresh health warnings to prevent an outbreak.

Oil Steadies Around $61, Kuwait Sees Prices Supported

The price of Brent crude has increased by more than 30 per cent in the last four weeks.

Abu Dhabi’s NMC Health Says Signs $825m Loan Facility

The facility is divided into two tranches and will be used to refinance existing debts of NMC and to fund its acquisitions.

Kuwait Oil Minister Says He Expects Price Rally To Continue

Omair said the current market surplus was less than 1.8 million barrels per day.

Egypt Says It Bombed ISIL Targets In Libya

The attack focused on ISIL camps, training sites and weapons storage areas in Libya, where Islamist militants have thrived amid chaos.

Dubai’s MAF To Open Canadian Brand Lululemon Stores In ME

The first lululemon athletica store is slated to open in Dubai later this year.

Omantel Says Board Proposes Paying Cash Dividend Of 75%

The proposed cash amount, for which no timeframe was given but which is in line with what the company paid for the second half of 2013.

Sisi Warns Of Response After ISIL Kills 21 Egyptians In Libya

The president said Cairo would choose the “necessary means and timing to avenge the criminal killings”.

Bahrain Sends Warplanes To Jordan To Fight ISIL

The country did not say how many aircraft or what kind were sent.

ISIL Releases Video Purporting To Show Killing Of 21 Egyptians In Libya

The Egyptians, dressed in orange jump suits, were beheaded after being forced down on the ground.

Bahrain Confirms Six-Month Sentence For Opposition Official

Jameel Kadhim was sentenced on charges of making false allegations that undermined national elections.

Oman Antimony Project Secures $40m Loan

Antimony trioxide is mostly used as a flame retardant and a catalyst in the production of plastics.

Saudi Arabia Condemns Attacks In Copenhagen And North Carolina

Two civilians died in attacks in Copenhagen on Saturday and five police were wounded.

Omantel Q4 Net Profit Falls 11%

The former monopoly made a net profit of 26.5 million rials ($68.8 million) in the last quarter of 2014.

Westerners Join Iraqi Christian Militia To Fight ISIL

Dwekh Nawsha operates alongside Kurdish peshmerga forces to protect Christian villages on the frontline in Nineveh province.

Egypt Lines Up $6.8bn Of Kuwaiti Investment For Energy Projects

Prime Minister Ibrahim Mahlab signed MoUs with Kuwaiti companies involving projects due to start in three to five years.

Dubai’s Emaar Properties Q4 Net Profit Rises 14%

Emaar made an annual profit of Dhs3.29 billion in 2014, up 28 per cent year-on-year.

Different Arab money

Gulf States Continue Dialogue On Value-Added Tax – UAE Official

The GCC states have been mulling the introduction of VAT since 2007 to broaden their revenue base.

Egyptian Court Puts Ousted President Mursi On Trial Over Qatar Link

Ex-Islamist president Mohamed Mursi is charged of endangering national security by leaking state secrets and sensitive documents to Qatar.

Dubai’s Shuaa Capital Appoints New Chairman

The company appointed Abdul Rahman Jareb Rashed Al Hareb as the new chairman, replacing Sheikh Maktoum Hasher Al Maktoum.

UAE’s Commercial Bank International Names Robinson As CEO

He replaces Kris Babicci, who stepped down from the post in October.

Dubai’s National Petroleum Services Signs $200m Financing

NPS secured the refinancing deal from a group of banks and financial institutions.