#Breaking News

Former Alkhair CEO Found Guilty

Majid Al-Refai will serve four years in jail for a number of crimes during his tenure as CEO of Bank Alkhair.

Bahrain Eyes 10 Year Bond

The Arab state will need to attract conventional rather than Islamic investors due to the lack of sukuk.

MAF Eyes $350-500m From Bond

UAE mall developer Majid Al Futtaim Holding plans to issue a dollar-denominated bond this year.

Etihad, SpiceJet Deny Stake Sale

Media reports had claimed that Etihad and Qatar Airways were eyeing a minority stake in the Indian budget carrier.

Saudi Women To Enter Olympics

Women athletes from the Kingdom will be allowed for the first time to compete in the London Olympics.

Kuwait Government Resigns – Sources

At least seven governments have stepped down in recent years because of political deadlock.

UAE And Brazil Trade Rising

Trade links between the two countries have never been stronger as new figures reveal the growing relationship.

Abu Dhabi Optimism Rises

The emirate has seen consumer confidence rise in the first quarter of the year, say official statistics.

Zawya Sold To Reuters

Global news agency Thomson Reuters buys MENA-based online platform Zawya for an undisclosed amount.

ADIA Values Emerging Equities

Abu Dhabi’s sovereign wealth fund expects emerging market stocks to outperform in the long-term.

Bank Muscat Plans $251m Stake Sale

The Omani bank plans to use the proceeds from the sale to fund credit expansion and its foray into Islamic finance.

UAE Mall Developer Picks Banks

Majid Al Futtaim has begun choosing banks to arrange investor meetings ahead of a second bond issue.

Qatar Seeks $5bn Quota

The Gulf state is looking to increase it’s stake in China’s stock and bond markets along with ADIA.

Obama Calls Morsy On Win

Egypt’s newly-elected President receives support from US equivalent as does his rival Shafik.

Morsy Declared Egypt’s President

The Muslim Brotherhood’s Mohamed Morsy has promised a moderate, modern Islamist agenda for Egypt.

Dubai’s Daman Sells 22.7% Stake

The investment company, which plans to launch an IPO, raised Dhs100 million from the sale.

JAFZA Repays $2.04bn Sukuk

The free zone has repaid the Islamic loan five months early and consequently received a rating upgrade from Fitch.

UAE Signs Dhs435m Road Deals

Contracts have been signed for the construction of projects in Ras Al Khaimah and Khor Fakkan.

Qatar Buys French Luxury Hotels

Qatar plans to buy four hotels from Starwood for around $940 million, according to French media reports.

Egypt Braces For New President

While official election results will be announced today, the Brotherhood’s Morsy is expected to win.

UAE’s Hormuz Bypass Opens

The new pipeline is expected to end the UAE’s dependence on the shipping route that Iran has threatened to block.

Gulf Seen Muted After MSCI Move

The UAE and Qatar have not been upgraded to emerging markets status by index compiler MSCI.

Brent Prices Hit 18-Month Low

Poor outlook for the US economy and rising supply pushed oil prices to around $92 per barrel on Thursday.

Dubai Draws Lebanese Tourists

The number of Lebanese visitors staying at Dubai’s hotels rose two per cent year-on-year during Q1 2012.

KSA IPOs Strong Despite Outlook

Although the stock market is down 14 per cent from this year’s high, investors are positive on earnings.

Oman Posts Budget Surplus

First four months of the year see the sultanate’s revenue jump by 40 per cent to 4.6 billion rials.

Kuwait Reinstates Former Parliament

Prominent opposition lawmaker resigns calling the court’s ruling ‘a coup against the constitution’.

Gulf Banks Eye European Rivals

Regional banks are on the prowl to snap up Middle Eastern arms of European banks looking to sell.

Arkan Gets Dhs1.4bn Loan

The construction company will use the amount to refinance existing debt and fund expansion.

$20bn Gulf Fund Not Capitalised

The wealthier GCC states had planned to create an aid fund to assist Bahrain and Oman combat social unrest.