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Dubai-based Emirates group reported record results, with an 81% increase in revenues to AED119.8bn ($32.6bn) for the 12 months to end-March 2023 and a record annual profit of AED10.9bn. The airline contributed almost all of the group’s profits.

MBC Group Holdings, a British Virgin Islands-registered company connected to Saudi Arabia’s Al-Ibrahim family, has submitted a petition to a Cayman Islands court to wind up its partnership with a son of Saudi Arabia's late King Abdullah Bin Abdelaziz. The move offers an insight into how lucrative deals were awarded in the later years of Abdullah’s reign and how those deals were treated when King Salman Bin Abdelaziz took over in 2015.

The UK's Financial Conduct Authority (FCA) has fined Luxembourg-based Banque Havilland and a number of its executives and employees for trying to devalue the Qatari riyal in 2017, at a time when Qatar was facing a boycott by Bahrain, the UAE, Saudi Arabia and some allied countries.

Alpha Dhabi Holding – the Abu Dhabi Securities Exchange (ADX)-listed investment firm linked to national security advisor Sheikh Tahnoun Bin Zayed Al-Nahyan – said it had bought a 36.4% stake in National Corporation for Tourism and Hotels (NCTH) for AED730m ($199m), becoming the largest shareholder in the local hotel owner and operator.

Abu Dhabi National Energy Company (Taqa) is to invest £25m ($31m) in Xlinks, which is developing an ambitious project to lay the world's longest high-voltage direct current (HVDC) subsea cable, from Morocco to the UK.

Saudi Aramco announced late April that a first shipment of low-carbon ammonia had arrived in Japan, where it will be used for power generation. The ammonia was produced by Sabic Agri-Nutrients, with feedstock from Aramco, and was sold to Fuji Oil Company for use at its Sodegaura refinery in Chiba, east of Tokyo.

The High Court in London has issued a summary judgement against Prince Fahd Bin Sultan Bin Abdelaziz in his dispute with Credit Suisse over a loan for his yacht Sarafsa. Mr Justice Bright ruled in favour of the Swiss bank on 31 March and set out his reasoning in a full statement on 5 April, saying the prince had no real prospect of succeeding in defending his position if the case went to trial.

Sheikh Hamdan Bin Mohammed Al-Nahyan, one of the lower-profile sons of UAE President Sheikh Mohammed Bin Zayed Al-Nahyan (MBZ), was due to list his company Ethmar International Holding on the Abu Dhabi Securities Exchange (ADX) as GSN was going to press.

UAE relations with South Africa have soured after a Dubai court rejected a request from Pretoria to extradite Atul and Rajesh Gupta to face charges of money laundering, fraud and corruption.

Manama is offering a 'golden licence' to companies that invest in large projects and create hundreds of jobs for locals, in the latest sign of increasingly stiff competition among Gulf economies for international capital

A leak of top secret US intelligence reports included allegations that UAE intelligence agents have been cooperating with their Russian counterparts to act against western interests. Abu Dhabi has denied there is any substance to these allegations, but they have come at a time of heightened concern in Washington about commercial and military ties between the UAE and Moscow.

Doha-based Urbacon Trading & Contracting (UCC) has signed a contract to build a 1GW power plant in Libya, as it looks abroad to make up for the post-Fifa World Cup lull in construction activity in its home market.

In a so far unusual move against a Russian entity, the Central Bank of the UAE (CBUAE) cancelled MTS Bank’s licence to operate in Abu Dhabi in late March, citing the "sanctions risks associated with the bank".

While America and Europe continue to present a united front in response to Russia’s war in Ukraine, the UAE’s more ambivalent stance continues to cause concern in western capitals – and has the potential to undermine, or at least complicate, the country’s diplomatic and commercial relations with the United States and its allies.

Saudi Arabia’s Public Investment Fund (PIF) is preparing to launch a new body to oversee shipbuilding and ship maintenance and repair services in the kingdom in the near future, in its latest effort to diversify the economy and develop new industrial sectors.