Egypt denies Arabtec project to build a million homes has stalled

Egyptian officials have said the entire project will cost about 280 billion Egyptian pounds ($36.7 billion).

QEWC, Mitsubishi to build Qatar’s biggest-ever power, water plant

The $3.2 billion plant at Umm Al Houl, 20 kms south of Doha, will provide 2,520MW of electricity and 136.5 million gallons per day of water.

Japan’s Mitsubishi, Tepco win $2.5bn Qatar gas plant bid

The 2.4 GW plant, located 20km south of Doha, is scheduled to begin operations in 2017.

Different Arab money

With oil cheap, public pressure grows on Gulf sovereign funds

With most of the funds publicly disclosing little information, lawmakers in some states are looking out for poor performance or even wrongdoing.

Airbus sees “significant” orders at Paris Airshow in June

Airbus’ A400M will be displayed on the ground at the Paris Airshow, but will not take part in daily flying displays.

GCC, EU plan joint aviation agreement

Officials from both the regions held extensive talks recently to discuss an agreement based on liberated skies.

Kuwait’s Al Ahli Bank buying Egyptian unit of Greece’s Piraeus Bank for $150m

The transaction, which requires approvals from the central banks of Kuwait and Egypt, stands to benefit both lenders.

Saudi shells hit Yemen aid office, killing five – local official

Artillery fire and air strikes hit the town of Maydee along Yemen’s border with Saudi Arabia in Hajja province.

Over 30% of consumers choose 20% salary cut over giving up mobile phone – study

The global mobile technology industry made revenues of almost $3.3 trillion in 2014 and is directly responsible for 11 million jobs.

US regulators decline to curb expansion of Gulf airlines over subsidy row

The regulators refused to take any action while they review whether the Gulf carriers received unfair subsidies.

Boeing appoints Bernie Dunn as head of Mideast business

Dunn had been president of Boeing Turkey and North Africa since July 2012 and succeeds Jeff Johnson.

Low oil prices slow IPO activity in GCC- PwC

The bearish run of oil prices- a key driver of economic growth in the region- has largely affected the IPO activity.

Saudi Arabia, partners turn down Chinese requests for extra oil

Research found Saudi Arabia’s share of Chinese crude imports dropped to just over 30 per cent in May from 36.5 per cent in April.

UAE’s Abraaj Group to invest $30m in Middle East SMEs

The company is investing in a new fund, which aims to address the funding gap for SMEs in the Middle East, North Africa and South Asia region.

Yemen government says no peace talks with Houthis yet

The government made no mention of the proposed peace talks, but instead called for military aid for groups fighting the Houthis and for international intervention.

Qatar Airways to fly A350 to Munich

Bavarian city set to become second German destination to have double-daily A350 flights

Five luxury homes you can buy for $1m

Property site Lamudi lists five properties in emerging markets around the world that have a price tag of around $1 million.

Saudi Arabian Airlines fined $1.6m for breaking EU aviation law

The airline was fined by the Belgian government for breaching EU carbon emissions rule.

South Africa’s FirstRand Bank raises $235m via two-year loan in Gulf

The loan was priced at 100 basis points over the London interbank offered rate, with the participation of nine institutions from the GCC.

Senior Iranian adviser says Saudis should not host Yemen talks

The statement comes as a conference of Yemeni parties convened in the Saudi capital on Sunday to discuss ways of ending Yemen’s political turmoil.

Saudi-led air strikes hit Yemen’s Aden after truce expires

Bombings struck the rebel-held presidential palace in Aden’s downtown area.

Oil prices rise on Middle East fighting; OPEC output eyed

Prices were supported by concerns that conflict in Iraq and Yemen could disrupt production or supply routes.

Saudi-led alliance resumes air strikes on Yemen as ceasefire ends

Explosions could be heard near Aden’s airport and the districts of Khor Maksar and Crater, a witness said.

ICBC Middle East plans benchmark dollar bond issue

It would be the first bond issue by ICBC through its DIFC branch, underlining the bank’s growing business in the Middle East.

UN Yemen envoy calls for truce to be extended for five days

The five-day humanitarian truce began on Tuesday to distribute aid to the millions deprived of food, fuel and medicine by weeks of fighting.

Obama seeks to reassure Gulf allies at summit, sees no early end to Syria war

The US leader said that the rare summit with Gulf Arab leaders was “very frank and honest”.

Egyptian court seeks death penalty for ex-president Mursi

Mursi and his fellow defendants were convicted for killing and kidnapping policemen, attacking police facilities and breaking out of jail.

Saudi man gets life in US prison in Africa embassy bombings case

Khalid al-Fawwaz was not charged with planning or participating in the attacks, which killed 224 people and injured more than 4,000.

Etihad Airways says US carriers got $70bn in government aid

The claim follows US carriers’ allegations that Etihad, Emirates and Qatar Airways have received more than $40 billion in state subsidies.

Google’s new self-driving cars to hit roads for testing

Engineers will operate 25 prototype vehicles designed by Google.