Business / Middle East Business

Qatar Luxury Group to launch first boutique 26 Jul 2013 - 02:16 am

DOHA: Qatar Luxury Group will launch the first boutique for its luxury brand Qela in Doha in late September, selling leather goods, shoes,...

Sudan currency falls to record low 25 Jul 2013 - 01:34 am

KHARTOUM: Sudan’s currency has fallen to a record low against the dollar on the black market since South Sudan started reducing cross-border oil...

Kuwait’s NBK Q2 profit up 18.6 pc 24 Jul 2013 - 03:40 am

KUWAIT CITY: National Bank of Kuwait, the emirate’s largest lender, said Tuesday its second quarter to June net profit rose by 18.6 percent...

Oman to invite bids for $3.5bn steam cracker 24 Jul 2013 - 03:40 am

MUSCAT: Oman plans to invite bids to build a steam cracker plant worth $3.5 billion with a production capacity of 1 million tonnes...

Saudi Telecom moves to sell Indonesia unit as profit tumbles 23 Jul 2013 - 01:08 am

DUBAI: Saudi Telecom Co (STC) has begun steps to sell its Indonesian business, banking sources said yesterday, as the state-owned firm posted a...

Iran denies missing World Bank payments 22 Jul 2013 - 12:45 am

DUBAI: Iran denied yesterday it had failed to make payments on its loans to the World Bank for the last six months, blaming...

Halting wheat imports was Mursi’s biggest mistake, says minister 22 Jul 2013 - 12:30 am

CAIRO: The biggest mistake deposed Egyptian president Mohammed Mursi made was stopping wheat imports, Egypt’s new minister of supplies said, pledging to ensure...

Global banks eye Iraq but risks abound 22 Jul 2013 - 12:13 am

BAGHDAD: Interest by Citibank and Standard Chartered to expand into Iraq highlights the vast potential of the country’s banking sector, but the experience...

Abu Dhabi sells Barclays stake 20 Jul 2013 - 03:20 am

LONDON: An Abu Dhabi sheikh who helped British bank Barclays avoid a state bailout during the global financial crisis has sold his stake....

UAE telecom operators fail to agree network sharing deal 19 Jul 2013 - 03:38 am

DUBAI: Two UAE telecom operators, Etisalat and du, remain at loggerheads over a deal to allow them to compete on fixed line services...

Kuwait to spend $3.5bn less this fiscal year 19 Jul 2013 - 03:35 am

KUWAIT: Kuwait expects to spend around 1bn dinars ($3.5bn) less in the 2013/14 fiscal year, according to the state budget published by the...

Bahrain sovereign fund loss narrows 18 Jul 2013 - 04:22 am

DUBAI: Bahrain sovereign fund Mumtalakat said yesterday its net loss for 2012 narrowed by 32.9 percent as improved performance by its financial services...

Bahrain Petroleum shuts unit after leak: Report 18 Jul 2013 - 04:19 am

Manama: State-run Bahrain Petroleum Co (Bapco) has unexpectedly shut a secondary unit at its 267,000 barrels per day (bpd) Sitra refinery after a...

Bank Dhofar aims for merger talks with smaller peer 17 Jul 2013 - 06:56 am

DUBAI: Oman’s Bank Dhofar has approached smaller peer Bank Sohar with a view to merging to create Oman’s second-largest bank, Dhofar said yesterday,...

Saudi falls from 15-month high on weak earnings; Gulf mixed 16 Jul 2013 - 05:02 am

DUBAI: Saudi Arabia’s bourse slipped off a 15-month high yesterday as earnings misses from petrochemical firms spurred profit-taking, while other regional markets were...

Kuwait sends $200m worth of oil to Egypt 15 Jul 2013 - 12:46 am

KUWAIT: Kuwait has sent two oil tankers carrying crude and diesel worth $200m to Egypt, a Kuwaiti newspaper said yesterday, part of a...

Egypt upheaval mars hopes of end to economic woes 14 Jul 2013 - 01:42 am

CAIRO: Egypt’s shattered economy was boosted this week by Gulf allies pledging billions of dollars in aid, but analysts say this simply buys...

Turkey faces interest rate dilemma as lira tumbles 12 Jul 2013 - 05:21 am

Turkish lira banknotes. ISTANBUL: Turkey’s central bank faced calls yesterday to raise interest rates to steady the embattled lira despite political pressure from...