Main headlines

January 8, 2015


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

The Gaza Marine reserve was discovered in 2000.
12:47 GMT

While it was reported in Jordan yesterday that the negotiations on importing Israeli gas from the Leviathan reserve had been halted.

However, the oil price crash and surging US dollar are a toxic combination for 2015.
11:50 GMT

In the past two it is the Dubai Financial Market that has slumped the most in the world with a decline of more than seven per cent.

Up to $3 billion of Brent contracts will be bought versus $1.14 billion of WTI contracts, the bank estimated.
11:41 GMT

Oil extended losses on Tuesday to touch fresh 5-1/2-year lows, following a 5 per cent plunge in the previous session as a slew of bearish factors added to supply woes.

Oman Air, the national carrier of Oman, has announced the launch of a new plan to reduce its operational expenditure.
04:55 GMT

Oman Air, which reported an annual loss in 2013, previously said that it will spin off some of its business units to become profitable.

Iraq plans to boost crude exports to a record this month, the Oil Ministry said. Russia’s output rose to a post-Soviet high in December.
04:55 GMT

Gulf stock markets extended their decline on Monday after the price of Brent crude fell below $56 per barrel.

The new long-term facility was arranged by Abu Dhabi Commercial Bank, First Gulf Bank and Mashreq
01:01 GMT

United Arab Emirates utility Tabreed said on Monday it had completed the refinancing of debt facilities worth Dh2.6 billion ($707.9 million).

January 5, 2015

Petra Airlines will be rebranded as Air Arabia Jordan and the UAE carrier will establish a hub at Amman's Queen Alia International Airport
14:28 GMT

Air Arabia, a leading low-cost carrier, has bought a 49 per cent stake in Jordan's Petra Airlines.

Al-Mansoori projected an increase in the UAE’s GDP to more than AED1.54 trillion in 2014, compared to AED1.47 trillion in 2013, an approximate growth of 4.8 percent.
13:52 GMT

The UAE Ministry of Economy has stepped up the preparations for the 5th Annual Investment Meeting (AIM).