Main headlines

August 13, 2013

Originally launched in 2005, it was slated to be completed by 2010 but was put on hold when the impact of the global economic crisis hit Dubai's real estate and construction industries.
15:00 GMT

In June 2012, it was announced Marvel Entertainment, the creator of popular comic book heroes X-Men and The Avengers, was to lend its name to one of the zones, which will feature retail outlets, dining facilities and interactive entertainment.

Established in 1999, Rainbow Hospitals is India’s largest specialised paediatric and maternity care company with four maternity, paediatric and neonatal intensive care units, and one outpatient clinic in Hyderabad.
13:55 GMT

Dubai-based private equity firm Abraaj Group on Tuesday said it has invested in Rainbow Hospitals, a 450-bed paediatric and maternity healthcare business based in the southern Indian state of Andhra Pradesh.

GCC sovereign funds accounted for 32.6 percent of the global SWF assets valued at $5.2 trillion
13:35 GMT

Saudi Arabia ranks top in the volume of assets of sovereign wealth funds (SWFs) among the GCC countries at $641 billion.

The bank's corporate banking, private banking and investment banking activities in the UAE are not part of the review, according to the sources.
13:17 GMT

Barclays is conducting a strategic review of its retail banking operations in the United Arab Emirates which could lead to a sale of the business, according to two sources familiar with the matter.

According to the latest world investment report released by the United Nations Conference on Trade and Development (UNCTAD), Iran absorbed nearly 5 billion dollars worth of foreign investment in 2012, which is 17 per cent more than 2011.
12:26 GMT

The nominee for the post of industry minister reported that Iran needs annual domestic and foreign investment of about $300 billion until 2015. Would such a target be attainable?

Baghdad claims sole authority over oil exploration and export. It has already accused the Kurds in the past of smuggling crude via Iran and keeping the revenue for itself
11:34 GMT

In a dispute largely over revenue sharing, Kurdistan’s crude exports through a pipeline controlled by the Iraqi central government dried up last year. Now, Kurdistan has found a new "alternative".

Empower specializes in providing cooling services that reduce energy consumption in one of the most energy consuming areas in the world.
07:42 GMT

The loan is part of a syndicated loan facility comprising a consortium of international and local banks and financial institutions with Emirates NBD being the facility agent.

August 12, 2013

Egypt was Sudan’s third largest investor and transport and logistics activities are also expected to increase due to the heightened trade between the two countries.
13:36 GMT

The route, which is approximately 362 km, opens up access to Northern Sudan and was done to encourage trade between the two countries.

Desalination is the main source of water in Saudi. Even though this requires high amounts of energy to convert sea water into drinking water, it is still the most viable solution for the country.
13:07 GMT

The Saudi Government has set aside around $7 billion to spend on water sector related projects this year, and this is expected to go up as more projects are in pipeline, specially desalination and wastewater treatment projects.

The latest addition to LVMH’s growing portfolio of five-star hotels consists of 39 rooms, suites and villas and was bought for an undisclosed sum.
10:04 GMT

LVMH Louis Vuitton Moet Hennessy, the French luxury goods conglomerate part owned by Qatar, has expanded its hospitality division.

Iran exported $12.536 billion of non-oil commodities during the four-month period, marking an 11.5-percent rise in weight and a five-percent decline in value compared to the corresponding period last year
08:42 GMT

The Islamic Republic of Iran has exported over $12.5 billion of non-oil goods in the first four months of the current Iranian calendar year despite the sanctions imposed on the country.

Owners of different businesses have expressed their frustrations, as their sales had fallen by 20 per cent during the first days of the Eid festival, as compared to the previous years.
07:49 GMT

Eid is the 'peak business season' for traders of different commodities, this year brought a 'big surprise' to business owners, as the number of customers was far less than what they had earlier expected.

The Dubai stock benchmark DFM General Index fell 0.24 per cent to close at 2667.65.
07:37 GMT

Abu Dhabi and Dubai indices fell on Sunday, the first day after the long Eid holiday weekend, amid a drop in trading volumes and a dry news spell globally at the end of last week.

August 7, 2013

The department dealt with more than 5,000 complaints filed by different customers against retailers based in Dubai in the first half of 2013 (Getty images)
13:12 GMT

The Department of Economic Development has warned it will impose penalties on those who violate the rules of trade as stated in the Bluebook that sets out the rights of consumers in the UAE.

With the exception of Bank Audi, which posted a 21.78 percent increase in net loans, the loan portfolios of Byblos, BLOM, Bank of Beirut and BEMO contracted respectively by 0.48 percent, 0.67 percent, 1.37 percent and 4.39 percent.
12:54 GMT

Declining consumer and business confidence will negatively impact the profitability of Lebanese banks in the second half of 2013.