Main headlines

January 13, 2015

The project, estimated to be worth $15.5 billion, is scheduled to be completed by 2018.
00:50 GMT

Rail projects across the GCC are expected to fuel intra-regional trade while helping reduce fuel consumption.

January 12, 2015

The new restructuring plan involves full, early repayment of 2015 maturities totalling $2.92 billion.
17:01 GMT

Dubai World has reached formal agreement with a substantial majority of creditors on its proposal to amend and extend the terms of its outstanding debt totalling $14.6 billion.

The weakness across oil markets became evident last week when for the first time since 2009, the entire oil complex slipped into contango.
16:44 GMT

Analysts at Goldman Sachs lowered their three-month price forecast for Brent to $42 a barrel from $80.

Saudi Oil Minister Ali al-Naimi has said he convinced his fellow OPEC ministers that it is not in the group’s interest to cut oil output however far prices may fall.
15:50 GMT

A diplomatic push by Venezuela and Iran for an OPEC oil output cut has failed to soften the refusal of the group’s Gulf members to do so for now.

Iran's President Hassan Rouhani, his oil minister and other top officials have criticised Saudi Arabia for not backing steps to bolster prices.
04:55 GMT

Saudi Arabia is the world's largest crude exporter and the biggest producer in the 12-member Organization of the Petroleum Exporting Countries (OPEC).

Egypt has been struggling with soaring energy bills caused by the high subsidies it provides on fuel for its population of 87 million.
00:55 GMT

Egypt has signed six new oil and gas exploration contracts worth hundreds of millions of dollars with foreign and Egyptian companies.

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.