Main headlines

June 27, 2013

06:00 GMT

Oman is the fastest growing market for smartphones in the GCC region with 65 per cent users switching to these devices, according to Ashrf Fawakherji, vice-president, Middle East, for Huawei.

June 26, 2013

The Abu Dhabi Fund for Development has signed a memorandum of understanding with Morocco
13:11 GMT

The Abu Dhabi Fund for Development has signed a memorandum of understanding with Morocco for a $1.25 billion grant to be used for the provision of key services.

An artist's impression of the Dubai Palm Jumeirah managed by Viceroy.
13:10 GMT

China State Construction Engineering Corporation Middle East (CSCECME) on Tuesday announced that it will invest in Skai Holdings’ Dh3.67 billion ($1 billion) Viceroy Dubai Palm Jumeirah project.

The proceeds from the issuance will be used to fund the purchase of Islamic financing
11:07 GMT

Cagamas Berhad, the National Mortgage Corporation, announced the issuance of MYR 500 million three-month Islamic Commercial Papers (ICPs), while the proceeds from the issuance will be used to fund the purchase of Islamic financing from the financial system.

S2 is 54 percent owned by Abu Dhabi National Energy Co (TAQA)
10:59 GMT

Abu Dhabi's Shuweihat 2 (S2) power plant has mandated six banks to help arrange a potential bond issue, lead arrangers said on Tuesday.

Bahrain parliament
10:53 GMT

Bahrain's state spending is expected to jump 11 percent this year, by more than originally planned, after its parliament approved 174.2 million dinars ($462 million) in additional expenditure, official data showed.

Nakheel tower
10:47 GMT

Dubai's state-owned property firm Nakheel, is in talks with banks to refinance loans worth 8 billion dirhams ($2.2 billion) that are due in 2015, the chairman of the company said on Wednesday.

Mixed Egyptian pound bills
10:44 GMT

The cost of insuring Egypt's debt against default has risen to record highs in the five-year credit default swap market, according to Markit, on concerns about political unrest.

Saudi nonoil exports
07:16 GMT

The value of Saudi Arabia exports of nonoil commodities for the first quarter (Q1) of the current year 2013, reached SR 46.84 billion, compared to SR 47.84 billion, or a decrease of 2.1 percent, according to the Central Department of Statistics and Information (CDSI).

Saudi Arabian Monetary Agency (SAMA)
07:07 GMT

Reserve assets of Saudi Arabian Monetary Agency (SAMA) increased by 16 percent in May to SR 2.57 trillion, the highest in its record for three consecutive months, according to Al-Eqtisadiah newspaper.

June 25, 2013

Back in Saudi, the Ministry of Housing awarded six infrastructure projects worth more than $1bn USD
11:46 GMT

Construction and transport sector contracts worth over $39 billion have been awarded for projects in the GCC in the first half of 2013, Qatar Rail is the top ranked awarding client and ABV Rock is the top ranked contractor by value of contracts awarded.

Qatari Emir Sheikh Hamad bin Khalifa al-Thani awaits for France's President Francois Hollande prior to a welcoming ceremony at the Diwan Emiri as part of a two-day official visit in Doha on June 23, 2013 (BERTRAND LANGLOIS/AFP/Getty Images)
11:08 GMT

Qatar's emir Sheikh Hamad bin Khalifa al-Thani said on Tuesday he was transferring power to his son, Crown Prince Sheikh Tamim, taking the rare step for a Gulf Arab ruler of voluntarily ceding power to try to ensure a smooth succesion.

Stack of 50 euros bills
06:00 GMT

France and Qatar launched a mixed Franco Qatari fund on Sunday to invest €300 million in small and medium sized French companies, in a bid to quash concerns raised by a previous Qatari plan to invest specifically in French suburbs.

Meeting at Dubai Stock Market
06:00 GMT

As mounting concern about the United States reducing fiscal stimulus continued to spur a selloff in most emerging markets, Dubai’s benchmark stock index dropped the most in more than a year.

06:00 GMT

Arabtec Holding on Sunday said the subscription period for its $650 million equity rights issue has been extended to July 4, 2013.