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First Dubai Real Estate Development Co, a unit of Kuwait's Al-Mazaya Holding Co, has announced that it has more than quadrupled its capital to expand its operations and acquire Kuwait property developer First Waterfront Co, reported Bloomberg. The Gulf firm's capital increased to 94 million dinars (3m) from 22 million dinars, First Dubai said in a statement. The company plans to raise the capital to 100 million dinars by the first week of next month.
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A EU-Gulf Cooperation Council (GCC) summit will beginon Tuesday May 8, in Riyadh, Saudi Arabia.

The summit could lead to a free trade deal between EU and the GCC - which includes Saudi Arabia, Bahrein, United Arab Emirates, Kuwait, Omand and Qatar.

The two blocs had started to negotiate a free trade agreement in 2002, however they failed to agree on a commons set of rules regarding investments and market access.