Dubai-based TV station City7 is reportedly closing because of the slowdown in the market.
Staff at the privately owned free-to-air channel told the Associated Press that operations were ceasing soon.
City7 is owned by BinHendi Enterprises, which also has interests in fashion, trading, hospitality and retail. According to AP, there was no official statement from the owners.
It is the latest blow to the media industry in the GCC which has been hit hard by the impact of low oil prices on the economy.
Last year, Dubai newspaper 7Days closed down while it was reportedly earlier this week that the Abu Dhabi-based The National is cutting jobs.