UNITED ARAB EMIRATES

UAE-based low cost airline Air Arabia will begin flights on its new Egypt-based carrier in June after it received an operating certificate from Egyptian authorities, the company said on Saturday.

(Reuters) - People using cholesterol-lowering statins have a higher risks of liver dysfunction, kidney failure, muscle weakness and cataracts and such side effects of the drug should be closely tracked, doctors said on Friday.

Dubai World, the state-owned conglomerate, has reached a deal to restructure $23.5 billion in debt with its core lenders, addressing the most immediate of a string of problems facing investors in Dubai.

Bank creditors to Dubai World have accepted an offer from the indebted conglomerate to settle $14.2 billion in outstanding bank claims, according to a report in a UAE newspaper on Thursday.

The plunge in oil prices in the wake of the euro crisis has OPEC worried. Qatar oil minister Abdullah bin Hamad Al Attiyah emerged as an unofficial spokesman for the oil cartel over the weekend in a series of news agency reports from the Gulf that signaled the group's concern.

The world will soon run out of Internet addresses as the number of devices connected to the Web explodes unless organizations move to a new Internet Protocol version, the head of the body that allocates IP addresses said.

At a time when China is tightening its realty industry and which in turn is impacting the demand for steel, Gulf countries have decided to abolish the 5% steel import duty soon to ease supply strain that has been mostly felt in Saudi Arabia. Finance ministers from the six-nation Gulf Cooperation Council (GCC) examined the proposed measure at a meeting. There is consensus among GCC countries about this proposal.

OPEC's Secretary General said on Sunday global oil markets were oversupplied, but it was too early to talk about the producer group taking action to halt the sharp price fall sparked by the euro zone debt crisis.

Oil ministers from several OPEC nations played down on Saturday a sharp fall in prices, but Kuwait said another $10 drop may force the group into action.

Dubai World's restructuring plan is very fair and could be signed by lenders in coming weeks, a senior executive at one of its major bank creditors said on Monday.

UAE banks are likely to face the brunt of the Dubai World restructuring in the second quarter, after the central bank told lenders they are not required to book provisions until there is more clarity.

Malaysia's Petronas has stopped supplying gasoline to Iran, a company spokesman said on Thursday, as the threat of U.S. sanctions on oil firms with supply ties to the Islamic Republic looms large.

Malaysia's state oil firm Petronas has stopped supplying gasoline to Iran, a spokesman told Reuters on Thursday.

U.S. exports to Arab countries in the Middle East and North Africa are forecast to grow almost 20 percent this year to a record $75 billion, fueled by big infrastructure projects and resurgent consumer demand, according to a new private sector report.

Creditors of state-owned Dubai World will give their response to the indebted conglomerate's debt restructuring proposal within weeks, one of its main lenders said on Monday.

UAE's largest oil company, Abu Dhabi National Oil Co (ADNOC) followed Saudi Arabia's Aramco in raising crude oil prices for Asia and US. In a statement, Adnoc said it raised March crude selling prices more than 5 percent to the highest since November. The Abu Dhabi-based company increased the price for Murban crude, its largest export grade, to $78.30 a barrel. Lower Zakum crude rose the most, adding $4.20 a barrel, or 5.7 percent, to $78.15 a barrel.

India, world's largest producer of aromatic, premier variety basmati rice, is planning to expand its market by exporting to two more countries and increasing shipments to existing country, said APFPEDA official on Friday. State run Agricultural and Processed Food Products Export Development Authority (APFPEDA) said that Mexico has contracted for the basmati rice and China is expected to open a market for premium rice soon.

Dubai will recapitalize its Dubai World conglomerate and repay property unit Nakheel's bonds in full, with $9.5 billion of aid for a debt deal promising creditors all their money back in up to eight years.

Bankers gathered in Dubai on Wednesday to hammer out a $26 billion debt plan with state-owned Dubai World as a repayment deadline loomed, adding to pressure on the glitzy emirate to settle the conglomerate's debt.

Internet telephony firm Skype has questioned Egypt's move to ban international calls made through mobile Internet connections and said markets should be left open for consumers to choose.

Dubai's debt restructuring proposal will determine the fate of UAE equity markets as the ailing emirate seeks support from Abu Dhabi, with markets poised to rally if the deal includes guarantees, analysts said.