Main headlines

September 17, 2014

The granting of the Unit Three and Four construction licence followed an intensive 18-month review by about 200 FANR and other technical experts.
04:55 GMT

The UAE has approved the construction of two additional nuclear power reactors at the Barakah site in the Western Region of the Abu Dhabi emirate by the Emirates Nuclear Energy Corporation (Enec)

September 16, 2014

An Egyptian misdemeanour appeals court has upheld a previous ruling sentencing construction tycoon Nassef Sawiris to three years of jail time and a LE50 million ($7 million) fine for failing to pay a settlement to Egypt's Tax Authority.
15:52 GMT

The original in-absentia ruling had been appealed in July, but Sawiris, former CEO of construction and fertilizer producer Orascom Construction Industries, failed to attend the appeals court session on Sunday.

Shares in Arabtec jumped 3.7 per cent on Monday following a report that its former chief executive Hasan Ismaik had agreed to sell half of his 27.9 per cent stake in the firm to Abu Dhabi state fund Aabar Investments.
15:45 GMT

Arabtec "does not have the information" on such a deal, it said in a bourse statement.

ICD is also developing the new Atlantic Hotel and Resort in Sanya city in Hainan Province, China, in cooperation with Kerzner.
15:31 GMT

Investment Corp of Dubai (ICD), the UAE emirate's sovereign wealth fund, will be developing a 800-room luxury hotel on Palm Jumeirah at a cost of $1.5 billion in partnership with Kerzner International Holdings.

The Suez Canal project includes the development of 76,000 sq km around the canal into an international industrial and logistics hub to attract more ships and generate income.
15:12 GMT

Fund-raising has closed and Egyptians will no longer be able to buy the investment certificates now that the initial goal of 60 billion pounds ($8 billion) has been exceeded, the governor said.

The UAE's non-oil producing private sector companies posted a marked strengthening of business conditions in August, as new orders and output rose at accelerated rate
05:55 GMT

That signaled stronger growth of output across global emerging markets, led mainly by a sharper increase in Chinese service sector activity.

The first-day pre-orders for the new iPhones, which feature larger screens, were double the two million orders for iPhone 5 models in 2012.
05:55 GMT

Apple said it received a record four million first-day pre-orders of its new iPhone 6 and iPhone 6 Plus, meaning many customers will have to wait until October for their new phones.

Additionally, members of Hilton HHonors, the guest loyalty programme of Hilton Worldwide’s 11 distinct hotel brands, can earn points or airline miles at participating hotels worldwide
05:55 GMT

The offer is valid across the 60 participating hotels and resorts in the Middle East and Africa when booked before September 30

Constituents from Qatar and UAE will be included in the S&P Emerging BMI series for the first time.
05:55 GMT

Constituents from Qatar and UAE will be included in the S&P Emerging BMI series for the first time.

September 15, 2014

Under the project, the capacity of the Mina al-Ahmadi refinery will drop to 347,000 barrels per day (bpd) from 466,000, while Mina Abdulla refinery’s capacity will rise to 454,000 bpd from 270,000.
21:37 GMT

Part of the country’s KD30 billion ($104.7 billion) economic development plan, the CleanFuels Project will upgrade and expand two of the Gulf Arab state’s largest existing refinerie

Also, the most popular university degrees for people in the UAE, according to another report from HSBC, are business and engineering, which are typically more expensive than non-vocational degrees.
21:24 GMT

International university education in the UAE is highly expensive, with the country ranking sixth globally in terms of overall costs, according to a new report from HSBC.

The majority of small companies in the region are aiming to grow staff numbers by more than 10 per cent, indicating rising optimism among businesses.
17:44 GMT

The poll also noted that 72 per cent of firms in the region expect to provide an annual salary increase of more than five per cent.

“Ismaik has finalised the sale of a stake in Arabtec to Aabar,” the source told Reuters, declining to elaborate on the size of the stake or the price.
17:10 GMT

Sources say that Hasan Ismaik has finalised the sale of stake in Arabtec to Aabar and the deal will be announced soon.

Commenting on the legitimacy of Parliament’s endorsement, he said MPs are not public sector employees; therefore they are not eligible for pensions.
15:40 GMT

The cost of the lawmakers’ decision, which has enraged the public, is expected to reach around JD6 million a year, a figure that will increase every new parliamentary term, if the law is enacted.

Egypt's trade balance deficit dropped to LE9.09 billion ($1.27 billion) in June 2014, the state-run statistical body CAPMAS reported Monday.
05:55 GMT

The figure represents a 63.5 percent decrease compared to the same month in 2013, when the deficit stood at LE24.88 billion ($3.48 billion).