Main headlines

January 12, 2015

The agents, who earlier charged Dh300 to Dh450 to process the tourist visas, said they would pass on the additional Dh40 to visa applicants.
00:41 GMT

Tourist visas issued in Dubai have just become costlier and non-extendable.

January 11, 2015

Miller had previously ruled he had no authority to hear Iraq’s dispute because the alleged misappropriation of the oil took place in Kurdistan.
11:46 GMT

Iraq’s Oil Ministry can sue the Kurdistan regional government for possession of 1 million barrels of crude that have waited in a tanker circling off the Texas coast for more than five months, a U.S. judge said.

"Without doubt, cooperation of countries that are on the same line in OPEC can neutralise the plans of some powers who are against OPEC, stabilising a reasonable price for oil in 2015," Rouhani said. (Photo: Your Middle East.)
11:40 GMT

OPEC members Iran and Venezuela are reeling from a slide in the cost of crude to around $50 per barrel from $100 just six months ago

Kuwait also has plans to raise heavy oil production to around 270,000 bpd by 2030 only if needed.
05:55 GMT

Kuwait has awarded a $4.2 billion (3.5 billion euro) to develop heavy oil fields in the north of the country, the central tenders committee announced Thursday.

The transaction was signed at the very end of 2014, the sources said, with two of them adding that around 15 local and international lenders contributed to the deal in total.
04:55 GMT

Dubai Aluminium (Dubal) has completed its $1.8 billion seven-year loan, the first facility which the company has raised to fund its general business purposes in two decades.

January 9, 2015

The decline of international oil prices will have a positive short-term impact on FY 2014/2015 real economy, fiscal accounts and price levels.
23:34 GMT

Annual urban inflation has hiked to register 9.8% in December, up from 8.5% in November.

In another step that could cut costs and attract business, the ADGM said it would introduce a new type of firm with lighter disclosure and compliance requirements.
13:40 GMT

Abu Dhabi’s new financial free zone plans to base its rules on English common law, in a decision that could reduce costs and help the emirate develop stronger banking and securities market ties with neighboring Dubai.

January 8, 2015

Qatar Airways bought several Airbus airplanes including A320 and A330 cargo aircraft, A321, A319LR, and A340.
17:43 GMT

Qatar Airways has taken delivery of the world’s first Airbus A350 XWB.


The Abu Dhabi and Dubai stock markets have dropped sharply in the past several months as the slide in global oil prices has burst speculative bubbles in equities.
11:41 GMT

Several companies in the United Arab Emirates have decided to hold off on initial public offers of shares because of the weakness of stock markets.

Doha-based Qatar Airways, along with Dubai’s Emirates and Abu Dhabi’s Etihad are “the fastest growing carriers,” Baker told a news conference in Doha.
04:55 GMT

Qatar Airways chief Akbar Al-Baker boasted Wednesday that European carriers “cannot keep up” with competition from Gulf carriers.

January 7, 2015

The strong greenback makes dollar-priced oil more expensive for buyers using weaker currencies, and this weighs on demand and prices.
23:35 GMT

European benchmark Brent oil sank under $50 on Wednesday for the first time since 2009.

“The value of Egyptian expatriates’ remittances doubled more than once over four or five years, and is estimated at about $20bn.”
23:20 GMT

The size of expatriate remittances worldwide is about $80bn annually, according to the Director of the Migration and Remittances Unit at the World Bank (WB), Dilip Ratha

The report also claimed that the company had approached banks to discuss financing for a potential acquisition.
04:55 GMT

Dubai-based construction firm Arabtec has denied media reports that it is looking for prospective acquisition targets.

One Egyptian cotton trader said planted acreage had dropped last season to around 350,000 feddans.
04:55 GMT

Growers of Egypt's high quality cotton will no longer receive any state support and have been advised not to plant the crop unless they have contracts to sell it,

January 6, 2015

But a new court ruling on Monday overturned that decision, according to the bourse statement.
17:17 GMT

Ooredoo Kuwait has won a court appeal against a 36.69 million dinars ($124.97 million) judgement in favour of the Ministry of Communications