#World

Dirty Offices Cost ME Firms Dhs2m

Poorly maintained offices are proving very expensive for businesses in the region, according to a new survey.

Bahrain To Open New Dragon City

Chinese firm Chinamex is building a multi-million-dinar Chinese-themed retail shopping mall in Manama.

Qatar Buys Stake In Shell Oil

Qatar Investment Authority has reportedly acquired between three to five per cent of oil major Royal Dutch Shell.

OPEC Says Oil Supply Is Plentiful

The oil producing group said that crude oil supply was in excess of market requirements.

Abu Dhabi Eyes The Big Apple

The emirate is planning a massive advertising campaign in New York’s Times Square to attract more US visitors.

Toyota Posts 30.5% FY Profit Fall

The Japanese car manufacturer reported that its net profit for the year to March reached $3.5 billion.

Aabar Signs $2bn China Property Deal

Under the agreement, China State Construction develop real estate projects in Abu Dhabi.

MENA Ad Spend Fell 10.3% In 2011

Regional advertising spend is expected to pick up in the next few years and reach $5.95 billion by 2015.

Top Hotels To Hire 50,000 In MENA

Five international hotel brands are planning to hire almost 50,000 staff in the region over the next three to five years.

Saudi Pumps 10 Million bpd Of Oil In April

Saudi also has 80 million oil barrels in storage for sudden need, the Kingdom’s oil minister Ali al-Naimi said.

Etihad Cancels Seven Airbus A350-1000s

The Gulf carrier reduced its Airbus A350 order, cancelling aircraft worth $2.3 billion at current list prices.

UAE, Saudi Pledge More Oil To South Korea

The Gulf states have assured South Korea that they will make-up for any shortfall of oil supply from Iran.

Starwood To Open 40 MENA Hotels By 2017

The international hotel operator is planning to add 13,000 new rooms to the region by 2017.

BAE Nears Signing $800m Saudi Hawk Deal

UK defence firm BAE is close to signing a deal to sell up to 30 Hawk aircraft to Saudi Arabia, according to reports.

Emirates Scoops Accolades At BTME Awards

The Dubai-based airline bagged four awards at the Business Traveller Middle East (BTME) Awards 2012.

Heathrow’s Arabic Speaker Hiring Spree

The airport is increasing measures to cater to the rising number of visitors from the Gulf.

MENA IPOs Raise $82.8 Million In Q1 2012

The capital raised in Q1 2012 was almost four times higher than Q1 2011, but 63 per cent lower than Q4 2011.

Nissan Infiniti Sales To Grow 25% In 2012

Exclusive: The Japanese carmaker will sell 200,000 units this year, said global executive vice president.

Emirates May Acquire Other Airlines

Emirates Airlines will acquire other carriers at “the right time,” its chairman Sheikh Ahmed Al Maktoum has said.

MENA To See 195m Tourists By 2030

According to UNWTO, tourist arrivals in the region are set to grow seven per cent per year over the next 20 years.

GCC Visitors Flock To Munich

Last year, 80 per cent of the Gulf travellers visited the German city for medical reasons.

Gold Hits Two-Week High

Bullion rose as the latest data released by the US weakened the dollar.

Arab Spring Impact On UAE “Subtle”

Despite popular belief, the UAE’s hospitality sector did not benefit in a major way from the Arab Spring, said experts.

GCC May Soon Have E-Visa Platform

Jumeriah boss, Gerald Lawless, said the GCC could introduce an electronic visa platform for global visitors.

Kerzner Sells Stake in Dubai’s Atlantis

Istithmar World confirmed it has acquired a 50 per cent stake in the landmark Dubai hotel for $250 million.

MENA M&A Values Drop 40%

The value of M&As in the region fell to $8.5 billion during the first quarter of 2012, according to Ernst &Young.

Apple Crushes Street Targets

The US tech firm posted quarterly revenues of $39.2 billion, a 59 per cent jump on last year.

Top Arab Spenders At Heathrow

London’s Heathrow Airport found that Saudi visitors were the Middle East’s biggest spenders in 2011.

Julius Baer: Europe Crisis “Behind Us”

The threat of a severe Europe crisis has passed, but more needs to be done to ease the situation, said Julius Baer.

Bahrain F1 Race Goes Ahead Despite Protests

The Gulf country is hosting the Formula One Grand Prix amidst increasing protests on the streets.