Egyptian Tycoon Sawiris Backs $257m Bid For 20% Of EFG Hermes

EFG Hermes is one of the biggest investment banks in the Middle East.

Egypt Studying International Bond Issue

An official said that the bond issue would mainly be aimed at Gulf Arab investors.

UAE-based Just Falafel Opens First US Restaurant

The restaurant, located in San Francisco, is the first of 160 outlets planned across North America.

Assad Declared Landslide Victor In Wartime Syrian Election

Assad’s foes have ridiculed the election, saying no credible poll could be held in the midst of a conflict that has killed 160,000 people.

Dubai Islamic Bank Buys 25% Of Indonesia’s Bank Panin

The agreement with DIB was made official about two weeks ago, a senior official from the Indonesian bank has said.

Middle East E-Commerce Sales To Reach $15bn By 2015

E-commerce is booming but limited number of players in the industry and logistical challenges are hindering the sector’s growth.

Nakheel Partners German Firm To Launch New Dubai Real Estate Company

The Dubai developer has joined hands with Germany-based real estate brokerage company Engel and Völkers (E&V).

Kuwaiti Faces Guantanamo Transfer Hearing After Security Assurances

Fouzi Khalid Abdullah al-Awda, 37, may have fought alongside al Qaeda and Taliban, according to a U.S. Defense Department prisoner profile.

Saudi King Invites Countries To Attend Donor Conference For Egypt

The monarch said any country that did not contribute to Egypt’s future despite having the ability to do so would “have no future place among us”.

Demand For Middle East Carriers Soars – IATA Report

Middle East carriers saw an 18.6 per cent increase in passenger demand in April, which is the strongest growth for any region.

Qatar Allowing Freed Taliban Men To Move Freely In Country -Gulf official

Five Afghan Taliban prisoners were freed in exchange for a US soldier.

Emirates To Start A380 Frankfurt Services

One of the airline’s three daily services to be upgraded to A380s from September, complementing double-decker A380 flights into Munich

Barclays Cuts Several Hundred Investment Bank Jobs

The cuts will mostly be in the fixed income, currencies and commodities (FICC) trading and markets businesses, according to sources.

Apple Allows ‘Approved’ Virtual Currencies In Apps

The company did not provide details on the approved virtual currencies.

Drake & Scull Engineering Awarded Two Deals Worth Dhs259m

The deals were awarded by a consortium consisting of UAE contractors Arabtec, CCC and Drake & Scull Construction.

PineBridge Investments Raises $140m For GCC Real Estate Fund

The fund will acquire existing real estate assets, with a focus on the logistics, social infrastructure and community retail sectors.

Top Egyptian TV Comic Says Show Pulled Off Air

Bassem Youssef’s show was alleged to have made fun of the recently concluded presidential elections in Egypt.

Park Hyatt Vienna Set To Open

Hyatt’s first hotel in Austria is located in a 100-year-old building on the Am Hof square

Etihad Launches Daily Zurich Flights

Daily services on A330-300 aircraft will be supported by Etihad Regional’s traffic growth

Egypt To Collect Foreigners’ Capital Gains Tax On Each Transaction

The expected amount to be collected from this tax will range between 3.5 billion pounds and 4.5 billion pounds, Egypt’s finance minister said.

Egyptian Govt Says It Is $9.8bn Over Budget On Fuel Subsidies

Energy prices in Egypt are among the lowest in the world, and the government spends more than a fifth of its budget keeping them down.

Etihad Starts Los Angeles Flights

Today’s inaugural flight marks Etihad’s fourth US destination and one of the longest flights globally

UAE Says Sisi Represents “New Hope” For Egypt

The UAE is one of the main supporters of the government in Egypt and has showered it with aid since its military ousted elected Islamist president Mohammed Mursi last year.

Cashing In On The GCC’s Electronics Boom

With the GCC’s electronics industry witnessing extraordinary growth, competition and challenges loom large, according to retailer Emax.

Egypt Approves New 10% Capital Gains Tax On Stock Market Profits

The tax is part of the first phase of income tax reforms in the country expected to bring in 10 billion Egyptian pounds.

Prince Alwaleed Sees 130% Investment Hike After Chinese Firm JD.com Listing

The Saudi businessman and his Kingdom Holding Company invested $250 million for a combined stake of 2.5 per cent in the Chinese online retailer.

Air Serbia Passengers Rise On Etihad’s Connectivity

Revenues rise 47 per cent on back of Etihad Airways’ global connectivity, growing codeshare partners and introduction of three Airbus aircraft

Gold Slips To 16-Week Low On Firm Dollar, Equities

Spot gold fell to $1,251.50 an ounce – its lowest since Feb. 4.

With Sisi Voted President, Will Egypt See A Rise In GCC Investments?

The Gulf states have pledged billions of dollars worth of aid to Egypt since former President Mohamed Mursi’s ouster last year.

Apple To Get Beats, Music Mogul Jimmy Iovine For $3bn

The deal is seen as Apple’s effort to jump-start an uneven attempt to make headway in music streaming.