Business / Middle East Business

Libya aims to run economy and banking system on Islamic lines 07 Jan 2014 - 08:07 am

TRIPOLI: Libya will transform its banking and economic system to comply fully with Islamic law that bans interest payments, the economy minister and...

Kuwait 6-month budget surplus down 15pc 05 Jan 2014 - 11:24 pm

KUWAIT: Kuwait’s budget surplus narrowed in the first six months of its fiscal year as spending soared over 50 percent, partly thanks to...

Libya resumes production from El Sharara oilfield 05 Jan 2014 - 11:22 pm

TRIPOLI: Libya has restarted oil production at the southern El Sharara field with an initial output of 60,000 barrels per day (bpd) after...

Libya budget crisis looms as oil strikes wipe out finances 05 Jan 2014 - 06:28 am

TRIPOLI: , As strikes at Libyan oil ports run into a sixth month, reducing government income to a trickle, a budget crisis could...

Turkey crisis sends lira to new low 03 Jan 2014 - 07:33 am

ISTANBUL: The Turkish lira touched a new low against the dollar and shares also slid yesterday, under pressure from a corruption scandal roiling...

Oman’s budgeted spending growth to slow sharply 03 Jan 2014 - 07:33 am

MUSCAT: Oman’s 2014 budget plan will slow growth in state spending as the government grapples with rising pressure on its finances, Financial Affairs...

Middle East funds most bullish about Egypt equities: Survey 01 Jan 2014 - 12:35 pm

DUBAI: Almost half of a sample of Middle East-based fund managers expect to raise equity allocations to Egypt in the next three months,...

Gulf states seek food security in Europe, US 31 Dec 2013 - 09:57 am

ABU DHABI: The Gulf states are changing tack in their multi-billion dollar search for food security. With their farming projects in some of...

Egypt auctions 22 oil, gas exploration concessions 31 Dec 2013 - 09:55 am

CAIRO: Egypt’s General Petroleum Corporation and Natural Gas Holding Company announced yesterday an international auction for 22 concessions for oil and gas exploration...

Iran cuts gas supplies to industry 31 Dec 2013 - 09:52 am

DUBAI: The National Iranian Gas Company (NIGC) has been forced to slash gas supplies to industrial consumers as cold weather drives up heating...

Egypt pound weak at central bank auction 31 Dec 2013 - 09:51 am

CAIRO: The Egyptian pound weakened at a forex auction yesterday, extending a series of falls at the central bank’s regular sale of dollars,...

Middle income countries key to future growth 30 Dec 2013 - 09:58 am

London: As 2013 draws to a close, the outlook on globalisation and sustainability suggests a tentative balance between two alternative futures: one of...

Libya’s Hariga port to resume oil exports 29 Dec 2013 - 09:50 am

BENGHAZI: Libya’s eastern Hariga port will resume oil exports within days after protesters agreed to end a four month blockage, an oil official...

Libya optimistic about opening seized major oil export ports 26 Dec 2013 - 12:09 pm

TRIPOLI: Libya’s oil and gas industry association said that it was optimistic the government would soon reach an agreement with protesters occupying major...

Libyan steel maker sees slight output rise 25 Dec 2013 - 07:38 am

A worker operates a furnace at Libyan Iron and Steel Company (Lisco) in Misrata yesterday. MISRATA: The Libyan Iron and Steel Company (Lisco)...

Gulf bond issuance to surge in 2014 25 Dec 2013 - 07:33 am

DUBAI: Bond issuance from the Gulf Arab region is set to surge next year on the back of heavy infrastructure spending and refinancing...

Syria issues food tender with Iran credit 25 Dec 2013 - 07:31 am

ABU DHABI: A Syrian state purchasing agency has issued a tender to buy 50,000 tonnes of flour with payment through an Iranian credit...

Emirates boosts superjumbo fleet to 44 planes 22 Dec 2013 - 06:52 am

DUBAI: Dubai’s Emirates Airline announced it has boosted its fleet of Airbus A380s to 44 planes, taking delivery of another two of the...