The aircraft are currently based in Abu Dhabi’s Al Bateen Airport, and only fly to destinations in the GCC region as they cannot fly longer than around three hours. (GI Aviation)
January 24, 2017 - 07:00 GMT
Abu Dhabi-based GI Aviation has spotted a gap in the market for more cost-efficient jets that sets its pricing 40 percent lower than other small private jets.
Nazaha said it found irregularities in eight contracts worth more than SR80 million, which were intended to purchase licenses to implement an electronic program to unify the company’s systems. (Shutterstock)
January 24, 2017 - 06:00 GMT
Saudi's anti-corruption body has identified a number of financial and administrative irregularities conducted by the SEC executives related to contracts, purchases of licenses and falsifying information.
Sheikh Adel Aujan (right), chairman, Aujan Group Holding, and Muhtar Kent, chairman and CEO, The Coca-Cola Company, celebrate the billionth can of Rani produced under their partnership. (Coca-Cola)
January 24, 2017 - 05:32 GMT
Aujan transformed Aujan Industries by acquiring exclusive distribution rights for Vimto and with $1B joint venture with the Coca-Cola Company.
In October last year, RTA signed an agreement with Dubai-based Careem to allow the public to book the RTA's fleet of about 9,800 taxis via the Careem app. (File photo)
January 23, 2017 - 13:30 GMT
Dubai's Roads and Transport Authority has claimed that it has no relation to the recent Dh3 fare increase imposed by Careem to book limos.
The Muslim market, 72 per cent of which originated from OIC countries, is the second largest travel market next only to China ($168 billion) and ahead of the United States ($147 billion). (Shutterstock/Anton Gvozdikov)
January 23, 2017 - 12:30 GMT
The Thomson-Reuters study evaluated the countries based on inbound Muslim travel, the quality of their Halal-friendly ecosystems, awareness campaigns, and the sector's contribution to employment.
From January, Starz Play will have access to hit TV shows such as superhero show The Flash, fantasy comic series DC’s Legends of Tomorrow, action-adventure Supergirl, and the mysterious crime drama Blindspot. (Screenshot)
January 23, 2017 - 11:30 GMT
Starz Play Arabia continues to build its offerings with a multi-year agreement with Warner Bros. International Television Distribution.
HyperloopTT chairman and co-founder Bibop Gresta said the backing meant the company had surpassed $100m in investment. (Live science)
January 23, 2017 - 10:30 GMT
Following the announcement of a feasibility study for the Abu Dhabi-Al Ain hyperloop route, Sheikh Falah bin Zayed had signed an agreement with Hyperloop Transportation Technologies.
The SABIC-Shell joint venture includes six world-scale petrochemical plants with a total output of more than 4m metric tons per year. (File photo)
January 23, 2017 - 09:30 GMT
Shell's divestment of the joint venture with the Saudi Basic Industries Corp, know as SADAF, for $820 million comes as the latest in a string of business disposals.
In April of 2016, Saudi Arabia said it was considering a US-style green card system to help reduce remittances. (File photo)
January 23, 2017 - 08:30 GMT
in response to reports of a proposal by the Shura Council to imposing fees on expats' remittances, Saudi Arabia has confirmed that it is "committed to the principle of free movement of capital in and out of the kingdom".
The proposed securities law will allow more freedom to agencies like Muscat Securities Market and Muscat Clearing and Depository Company.  (Times of Oman)
January 23, 2017 - 07:30 GMT
Oman's Capital Market Authority is in the process of forming a new law that would increase protection and interests of investors.
Under the December 10 agreement, producers will lower output by nearly 1.8 million barrels per day (bpd) aiming to ease a global glut that has weighed on oil prices for more than two years.  (AFP/Joe Klamar)
January 23, 2017 - 06:30 GMT
At a meeting in Vienna, OPEC has announced the formation of a new committee to oversee the monitoring of compliance with oil production cuts agreed in December.
This year will also see Bvlgari opening hotels in Beijing and Shanghai, which will be followed by a Moscow presence in 2018-19.  (
January 23, 2017 - 05:31 GMT
Built by Meraas, 165 apartments and penthouses under the luxury Bvlgari brand will be ready by the end of 2017, with 15 mansions to be available shortly after.
“If you include Turkish and Iran Air, the order book comes to a massive 1,058 passenger aircraft,” said Maurice Faber, regional managing director of Olympus Middle East and Africa. (File photo)
January 22, 2017 - 13:30 GMT
Emirates, Etihad and Qatar Airways have added almost 650 new planes to their fleets, which will have a direct impact on the growth of ancillary industries such as maintenance.
Mubadala has interests in aerospace, oil and gas, semiconductors, information and communications technologies, utilities, capital investments, real estate and infrastructure.  (Mubadala)
January 22, 2017 - 12:28 GMT
The new Mubadala Investment Company, formed by the merger of the International Petroleum Investment Company (IPIC) and Mubadala Development Company, has combined assets of $125B.
Led by Saudi Arabia, all GCC countries are facing mounting deficit due to the plunging oil revenue.  (Shutterstock/Clicksahead)
January 22, 2017 - 10:00 GMT
Preliminary estimates indicate that Oman's 2016 budget deficit may overshoot initial forecasts by 60 percent, due to lower oil prices and higher spending.

Deal making in the finance and consumer goods sectors will drop slightly in 2017 before rebounding in 2018. (Shutterstock)
January 22, 2017 - 09:00 GMT
The outlook for M&A transactions, while uncertain in the short term due to geopolitical factors, is a more optimistic one in the years ahead, reveals Baker McKenzie's Global Transactions Forecast.