Main headlines

May 8, 2013

Abu Dhabi is poised to make huge yields from the location of the company’s second spaceport in the capital of the UAE
12:22 GMT

The UAE is in talks with Virgin Galactic to start commercial space flights in 2013 with Abu Dhabi as a regional hub for the 21st Century spaceport, said Frank Rose, deputy assistant secretary (Space and Defense Affairs) at the US Department of State.

A shop in Tahrir Square is spray painted with the word Twitter after the government shut off internet access on February 4, 2011 in Cairo, Egypt. (Getty Images)
12:13 GMT

Today, well over two years into the Egyptian revolution, increased numbers of Egyptian youth are still struggling to find jobs. With political instability looming large, the economy receives one blow after another.

Construction workers in Saudi Arabia
11:38 GMT

Water provision and road development projects worth SR 1 billion are progressing well in the governorates of Al-Kamil and Khulais, according to Makkah Gov. Prince Khaled Al-Faisal.

Rationalization of subsidies, particularly on fuels for non-targeted participants is needed to improve Saudi productivity
11:10 GMT

Saudi Arabia should cut energy subsidies that are burdening public finances, the economy minister and the head of the state-run utility said, a move that would also tackle the issue of erosion of crude exports.

Technical and financial offers for the bus network project this month had been received from six coalitions already qualified to compete for the implementation of the project
07:07 GMT

The High Commission for Riyadh Development (HCRD) has offered investment opportunities in various real estate projects being implemented here.

A branch of Abu Dhabi Islamic Bank in UAE
06:19 GMT

Abu Dhabi Islamic Bank (Adib), one of the major lenders in the UAE, said yesterday its fiscal first quarter net profit rose 10.7 per cent on year to Dh340.1 million while its total assets increased 15.9 per cent year-on-year to Dh88.7 billion and net customer financing rose 8.9 per cent to Dh54 billion.

Finance Minister Ibrahim Al-Assaf addresses the 8th Euromoney Conference in Riyadh on Tuesday. (AN photo by Ahmed Fathy)
06:19 GMT

Finance Minister Ibrahim Al-Assaf has said the Kingdom achieved a growth rate of seven percent due to its sound economic policy and planning carried out with the private sector participation.

Nasair has recorded a 20 per cent increase in passenger numbers since the beginning of the year
05:30 GMT

Nasair, a low-cost carrier based in Saudi Arabia, is set to go public as the airline prepares for an initial public offering (IPO), a top official said.

Transgulf Investment makes OMR 2.334 profit in Q3
04:30 GMT

Omani investors lifted trading on the Muscat Securities Market as they net bought 7.7 per cent of the total value and the general index closed flat at 6,191.47.

May 7, 2013

A vessel transporting Iranian oil
14:08 GMT

A€“ Croatian oil and gas company, INA, has withdrawn from a project for developing an oil block in Iran.

Central Bank of Bahrain
13:41 GMT

The Central Bank of Bahrain (CBB) announced yesterday (Monday: 6 May 2013) that this week’s BD35 million issue of Government Treasury Bills has been oversubscribed by 297%.

One of Emarat's stations in UAE
13:34 GMT

Abu Dhabi: Emarat will not expand its fuel retailing business in Dubai in the foreseeable future as the company feels its existing filling stations in the emirate are more than adequate to meet customer needs.

A photo of an old train in Egypt
11:03 GMT

The Egyptian Railways is one of the most popular modes of public transportation in Egypt with around 800 million passenger miles annually. Most of this network connects the Nile Delta with Cairo and Alexandria.

The tourist expenditure in the retail sector remained the highest with a $1.4 billion
10:41 GMT

Visitors to the UAE spent around $4.7 billion via their Visa cards last year, a 17.1 per cent increase compared to the previous year.

Qatar Airways' inaugural passenger flight to Chicago is welcomed by a traditional water salute at Chicago O'Hare Airport on April 10, 2013 in Chicago, Illinois.
06:13 GMT

Qatar Airways is preparing to open business in Saudi Arabia as one of two operators that won in December licenses to serve the Kingdom’s domestic market.