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Austrian Airlines to cancel direct Dubai flights

The airline said it was stopping flights to Dubai due to over-capacity on the route

Damac subsidiary launches Versace branded project in London

Located in the Nine Elms regeneration area, the 50-storey project is slated for completion in 2020

Top five challenges faced by execs in the region – Bain

Regional directors say cyber attacks, customer loyalty are amongst the biggest challenges they face, finds new survey

Eurozone strikes deal with Greece after all-night haggle

EU officials said Tsipras finally accepted a compromise on German-led demands for the sequestration of Greek state assets to be sold off to pay down debt

Eurozone summit aims to keep Greece in single currency

Eurogroup ministers resumed a meeting on Sunday suspended after nine hours of acrimonious debate on Greece’s application for another three-year loan

Italian firm wins $859m contract for Qatar 2022 World Cup stadium

The Al Bayt stadium in Al Khor will have the capacity to accommodate 70,000 spectators

Greece launches tourism charm offensive in UAE

Minister says potential ‘Grexit’ will have no impact on the tourism industry

Emirates confirms halting ticket sales by travel agents in Greece

The airline’s sales office in Athens will remain open for bookings, it clarified

Oman takes legal action against Bulgaria over bank collapse

Oman’s biggest sovereign wealth fund owned a 30 per cent stake in Corporate Commercial Bank

FIFA head Blatter says political pressure behind Qatar World Cup

Blatter alleged that former French president Nicolas Sarkozy and Germany’s Christian Wulff backed Qatar as the host for the 2022 World Cup

Greeks defy Europe with overwhelming referendum ‘No’

Official figures showed 61 per cent of Greeks had rejected a deal that would have imposed more austerity measures

Gulf markets steady as investors await Greek referendum

Oil prices also subdued stock markets after Brent crude slid $1.75 to $60.32 a barrel on Friday

Emirates starts A380 Dusseldorf flights

Western city becomes third in Germany to welcome the superjumbo

France, Saudi Arabia seeking to sign deals worth $12bn

The countries set up a joint committee in May to finalise some 20 projects across sectors ranging from defence to transport infrastructure

Saudi carrier takes 50 Airbus planes in Islamic leasing deal

Dubai-based International Airfinance Corporation will buy the aircraft and lease them to Saudi Arabian Airlines

Qatar teams up with RSE to buy stake in Formula One

RSE is looking to acquire the 35.5 per cent stake from private equity fund CVC Capital Partners

Accor opens 15th Saudi hotel, Suite Novotel Riyadh Dyar

The new midscale property is the French group’s fifth hotel in Riyadh

Germany frees Al Jazeera journalist despite Egypt’s request

Ahmed Mansour was released after Egypt was unable to dispel concerns about the extradition process

ABN Amro says Dubai employee dismissed for misconduct

The bank said the employee had received about $100,000 from a client and transferred it through his personal account to a third account

Saudis say to jointly invest up to $10bn with Russian fund

No details have been disclosed as yet about where or when the joint investments would be made

Saudi Arabia, Russia sign nuclear power cooperation deal

The King Abdullah City for Atomic and Renewable Energy announced the cooperation deal on its website

World Cup insurers risk flood of claims if Russia, Qatar lose bids

Russia and Qatar could be stripped of their FIFA World Cup hosting rights if evidence emerges of bribery in the bidding process, a senior official has said

Major investor in Dragon Oil says ENOC offer undervalues company

Dubai’s ENOC, which owns 54 per cent of Dragon Oil, raised its offer this week to buy out the minority shareholders

France’s Natixis to make Dubai capital markets hub for Mideast, Africa

In the past two years, Natixis has increased staffing levels in Dubai by around 50 per cent to 45 people

Russia, Saudi Arabia to discuss broad oil cooperation agreement

The talks follow OPEC’s meeting on June 5 in which the group kept its output policy unchanged

Dragon Oil agrees to ENOC’s increased takeover bid

Dubai-based ENOC’s offer values Dragon Oil at around $5.75bn

Airbus in talks to sell up to 50 planes to Saudi Arabian Airlines

The deal could include 30 A320neo planes and up to 20 A330 aircraft, sources said

Emirates airline sees more opportunities to fly in Europe

CEO Tim Clark says governments, airports and organisations in Europe frustrated with local airlines have asked Emirates to start offering international service

France nears $1.1bn Kuwait deal to sell Airbus helicopters

The contract is for the sale of 24 Airbus-built military helicopters to Kuwait

Emirates signs codeshare deal with Europe’s Flybe

The deal, due to be implemented in July, provides the Dubai carrier with greater access to the UK and Europe