Arabtec Holding saw Q1 net profits slump 80 per cent after releasing figures for the first three month of the year as the property downturn in the Dubai had a knock on effect on the firms earnings.

Qatar Electricity & Water Co (QEWC) announced that it has cancelled plans to build two power plants in Syria.

Roots Steel International Co. Ltd (Roots Steel Group), a leading Saudi Arabia-based manufacturer of pre-engineered metal building systems, announced the acquisition of two Sharjah-based companies - Ginco Steel LLC and Polyco Co. Ltd, both wholly owned subsidiaries of Bank of Sharjah.

Abu Dhabi has told local companies they would have to pay tax for waste disposal services within a plan to be enforced very soon with the aim of easing the financial burden on the government and cutting waste dumping.